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Marketing Strategy Issues & Alternatives

DEPARTMENT OF MANAGEMENT AND MARKETING

BACHELOR  OF  BUSINESS   : BBUS

BSNS 7370 MARKETING STRATEGY                    SEMESTER ONE 2015

ASSESSMENT THREE: INDIVIDUAL - REPORT

•        45% of the final grade

•        Guidance on size: 15 pages, 12 pt, 1 ½ line spacing.

Total marks:        100 marks

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Instructions:        Complete this cover sheet, sign and scan, then incorporate it as the first page of your assignment.

  • Read the attached instructions carefully and the report format.
  • This is an Individual assignment and must be your own work.
  • Collusion, copying or plagiarism may result in disciplinary action
  • We advise that you keep a copy of this assignment.

Case:  Company where you did thegroup marketing audit

Student ID No:    1400415

Lecturer:  Alastair EmersonClass time: Thursday 5.30 – 8.30 pm

Student declaration:     I confirm that:

  • this is an original assessment and is entirely my own work.
  • where I have used ideas, tables, diagrams etc. of other writers, i have acknowledged the source in every case.

 

  • this assignment has not previously been submitted as assessed work for any academic course.

Signature - student:Date:24.06.2015

 

 

BSNS 7370 Marketing Strategy

Assignment Three: Strategy Issues & Alternatives

 

 

By Jiangmeng Lin

 

Date: 24.06.2015

 

 

 

 

Contents

Executive Summary........................................................................................................................... 4

Introduction...................................................................................................................................... 5

Strategic Marketing Issues................................................................................................................. 5

Objectives for Resolving the Issues.................................................................................................... 7

Changes to the Organization Direction................................................................................................ 9

International Changes.................................................................................................................... 9

Changes in Segmentation............................................................................................................... 9

Sales Force Team.......................................................................................................................... 10

Changes in Mission, Goals & Objectives........................................................................................ 10

Alternative Strategies....................................................................................................................... 10

Appropriate Business level Strategy.................................................................................................. 12

Functional Strategies........................................................................................................................ 13

Implementation of Strategies........................................................................................................... 14

Monitoring & Controlling the Strategies............................................................................................ 15

Conclusion....................................................................................................................................... 16

Recommendation............................................................................................................................ 16

Personal Experience......................................................................................................................... 17

Reference........................................................................................................................................ 19

 

 

 

 

 

 

Executive Summary

Foodstuff is an organization based in New Zealand and dealing in grocery and retail business for their customers. Their main strategic issues are not too complex as they found the success in the recent years. However, it is important for them to overcome these issues and implement the alternatives for those changes that they will go to conduct after occurring issues.

The main emphasize is on marketing activities and we found different issue like segmentation, diversification, sales force teams, employees retentions, targeting, globalizations and differentiations. These are the strategic issues from the study and rests of all functions are running extremely well in this country.

Changing the different aspects regarding the strategies will lead this company towards the immense success in the country and in the world is well. Objectives for changing the directions are very effective which include making the product and services different from other competitors in the market. They will have to play more with their products a customers will find the product more attractive and lucrative.

Apart with this changing the goals and mission for change management process will allow them to expand their retail business in the market and grab the new customers. We explain the example of freight services by the foodstuff in New Zealand, which is to provide services in all over the country. In result, mission and goals will have to change according after this adopted trend from this company.

Globalization changes and segmentation changes are the big changes in the scenario. This is important to have diversification process to be more profitable and well-recognized company in the world. Segmentation should be enhancing on the different aspects such as placement, behaviors, and age groups to increase the sell. Apart with this different alternatives regarding the sales teams, productivity and other mentioned strategic issue in this report are well elaborated.

We also provide some effective and workable recommendation for this company to avoid the issues and barriers in the future. However, firm level and business level strategies have urged this company to evade the possibilities to strategic flaws. Study is lucrative and well elaborated for the business people and as well as for the student of marketing and business.

Introduction

Foodstuff is based in New Zealand and conducting the retail business for their customers. This company was founded in 1922 and made many strategic plans for their retail operations. This is a fact that different organization often faces different problems while developing their strategies. The best thing is to find the solutions about those issues and sustain the success.

In this study, we will discuss about the prominent strategic issues for this particular company and fine the alternative and solutions for their better success. We will also discuss about the recommendations to avoid the barriers in the future.

Foodstuff sustained its exceptional strategy in the past years and set an example for the other companies. However, fast food made its direction with setting the best strategy but issues like globalization, marketing differentiations and many others are the barriers. Foodstuff was in limelight to make an effective strategy and road towards the planned objectives.

This study will emphasize on the road map have optional alternatives for their strategic issues or barriers which are obstacle towards attaining the planned goals. Retail business is very challenging where company contains higher risk then other businesses.

All the key stakeholders of the company such as suppliers, creditors, retailers, employees, customers and shareholders always interact with the strategic planning and affect from it. The observed strategies issues for this company are globalization, recruiting and retaining the employees, impact of technology and social media, short term and long-term strategy and adaptability with change management.

There are many solutions but making the choice among those strategic solutions is the thing that can be successful for them. Foodstuff is successful but just need to concentrate on its strategic execution for achieving the long and short-term success. (Kokemulle, 2012)

Strategic Marketing Issues

Now we can first talk about the strategic challenges that this company has faced in the recent years. This is a fact that these challenges came in for this company in form of issues, which are to discuss below. These main challenges are the globalization, retention of employees, technology, social media, adaptability and changing management. Now this is better to find the issue from these challenges for Foodstuff Company. Now we can pick globalization and different strategic issues related to it for this company.(Wensley, 2013)

Foodstuff is containing the legal and languages issues while looking for diversification process. Security and culture issues are also the issues for this company in the different cities of the world. This company has to invest more quickly as their competitors are looking forward to stay ahead in the retail industry.

Companies made different strategies for their globalization process but these strategic issues make the resistance for them. Another strategic issue is to handle the employees and retaining them is the better way. World is now change where employees can demand more than company often provide them. It is seen in the companies that employees conduct many strikes in the year to take their rights and demand something extra from the company. (Satell, 2013)

In result, some employees leave the job and some are terminated which is a big issue. Employees are the assets of the company for Foodstuff Company but issue is yet to resolve. Foodstuff is failing to achieve its long-term planned objectives due to lacking employee retention. They are found to be less productive than before as there are note motives, incentives and environment for them to sustain their work and contribute for the success for the company.

Another strategic issue is about the technology enhancement in every aspect of the operation. This may be very expensive to adopt which may affect the production or operations of placing the goods or services of different companies in the different cities. Foodstuff Company is facing issues in using the social media sites to market its product and services. Position the image and devices in the customer mind are necessary. (Leadership.com, 2012)

Strategic issues are also containing the issue of adaptability and change management for this company as they made the plans for many times but failed to adopt the actions, which can change the structure of management. Changing the structure of management is very important for this modern world of business. Apart with this, changing the operations and adopt the new actions plan which are derived from this globalized world are difficult to sustain in this company and that is why we can see this company a little behind of some of the famous retailers businesses in the world.

Other marketing strategic marketing issues are planning the next product for the best placements, spending much time on development and not on sales, inefficient sales team, slower sale process, differentiation process, diversification issues, advertising and brand portfolio and market segmentation problems. (Chaffey, 2011)

Objectives for Resolving the Issues

There are immense objectives for resolving these issues. Globalization is a need of this modern business world as this is very important to have operations wider in the world. If foodstuff resolves these globalization issues such as languages, politics and different culture, they will have the difference.  The best thing is to develop them to adopt any culture in the country.(Leadership.com, 2012)

 This will contain the objective to successful business in the different countries of the world. Objectives may include the immense sales in the world, placing them in every city of the world. Grab the worldwide customers. Collaborating with new world will allow them to have their goods and services in their stores in the different countries of the world.

Another issue is retaining the employees. This is containing the big objective for this company. This will be better for this company to have the productive and efficient employees for their different operations. The main objective is to satisfy their employees with providing them the best possible environment and compensations. They can set their main objectives to resolve this issue to have loyal and satisfied employees in the different operations.

Technology enhancement and social media activities will allow them to improve their productivity, quality and marketing techniques. Digital disruptions and marketing risk are very prominent in this age of the business and their main objective shod be adopt the new technological tools and channels such as social media to position better in the customers mind. (Businesvic.com, 2015)

Now we talk about marketing and the major issue is differentiation in my opinion. This is a fact that there are many companies in the market, which are dealing with the same product and services for their customers. This is important for this company to have effective differentiation with sustaining the promotions on different items, discounts and attractive placement. This is containing the objective of immense sales and customer’s loyalty.

Diversifications for this company will definitely contain the objective of business expansion immensely. They will have to crate or develop the new product to enter in the new market to attain their objectives in the presence of the competitors. In addition, they must have to develop their sales team to increase the performance of sales.

Segmentation is a big issue for this company and they can decide their customers for following objectives, which are in limelight for the success of their marketing strategy.

  • Producing Commercial Advantage
  • To make the decisions safer and powerful
  • To cover the each group of people
  • To sustain the profitability

Changes to the Organization Direction

International Changes

Now we can talk about the solutions or changes for Foodstuff Company. Being a New Zealand’s biggest grocery distributor and one of their largest organizations in the country, they must look forward to adopt the change according to the mentioned challenges and issues. According to their vision, they are intended to provide the best shopping experience for their customers.

The company is conducting the three operations, such as retail sales, supply chain, and wholesales operations. Therefore, the first step for them to make the changes is globalization process. They have to conduct the international marketing analysis in the presence of different big competitors, as Walmart is the perfect example of it. (MORRIS, 2013)

While conducting the globalization one change that they can make is to mix the global brands with the local brands of that country ort city to retain the customers in the current place. This is good for their business as more local people will come to their stores and make the buying decision with communicating the company. (Torbenrick.eu, 2013)

This will be ongoing process and with little improvisation, they can cover the gap of communication with the local people. Apart with this building relations ship will eliminate the political barrier while conducting the globalization for their business. This is a fact that running the business operations in the different cities of the world may be challenging for them but with proper execution of changed strategies, they can do it. (Torbenrick.eu, 2013)

Changes in Segmentation

Market segmentation for foodstuff is the best choice to differentiate the customers but I would like to suggest some changes in this regard. It is found that foodstuff is only creating the difference in the customers on the bases of location. This is good to create the difference on the location base but rest of all techniques of segmentation should be implemented to have exceptional results.

They should work on different age group of the people is well and try to distribute the product or services according to the market size, ages of the people and environment. Customers will have different choices to make their buying decision in the different time and it will increase the sales and diversity in marketing. (Gavett, 2014)

Sales Force Team

Sales force teams are to develop according to the international standards. It is found that they have slower sales force team to sell the product of different companies in their grocery stores to the customers. This is better to divide the sales force team into the different parts to deal with different kind of customers.

With increasing the product line and sustaining the brand portfolio, sales teams will be more effective and active to deal with the customers with moiré productivity. Sales teams should be trained well with great empowerment and motivation. Planning the rewards and additional payments will increase the results.

Changes in Mission, Goals & Objectives

There should be addition in mission, goals and objectives of this company. The world is changing and containing the separated requirements for the people. Foodstuff should improvise with its mission, goals and objectives. Objectives are described earlier in this study. The main goal will remain the same to gain the profitability at the end.

Apart with this, they should consider the customer services and customers retention in their goals to make the customers loyal and profitable. Their mission may be to lead the country with great retail experience and sales of goods and services.  Changing does not mean to change the whole goal or mission for foodstuff. (Leadership.com, 2012)

We are talking about the little changes with little improvisation according to the demand and situation. For example, freight initiatives by the foodstuff is a new trend and this should be include in their mission and goals to provide the excellent freight services to the other businesses in all over the country. Therefore changing in the goals, objectives and missions are very prominent and need to be improvised according to the market, business and environmental situation for their customers. (Gcr.org, 2015)

Alternative Strategies

Foodstuff requires alternative strategies to deal with its ongoing problems. It is extremely important to develop alternative strategies to overcome deficiencies and problem faced by the company. Reason behind formulating alternative strategies is that, it provides multiple solutions. Company is in position to choose among different solutions, which are quiet, feasible and in some cases may not be feasible. Hence, requirement of alternative strategies is twofold.

Company has also formulated and implanted different strategies, which is quiet feasible to overcome performance deficiencies and shortcomings. These shortcomings are faced in various areas such as lack of skills in sales team, segmentations, promotion and advertising as well as lack of work force motivation. It is extremely important to focus on these areas to develop strategies, which could be essential to overcome these problems. (Frauman, 2011)

For that purpose, various alternative strategies are developed. These strategies include:

  • Increasing workplace motivation
  • Better diversification
  • Better diversification
  • Improving marketing campaign

Formulation and implementation of such strategies will enable the company to cope better with problems being faced by the company in its day-to-day operations. Increasing work place motivation will increase the morale of the employees and they will be in better position to cope the problems under investigation. Similarly, better diversification will enable the company to deliver its products and services in better way. They will be in position to serve the market with greater satisfaction and customer fulfillment. (Torbenrick.eu, 2013)

These strategies will improve the performance of the company in way that is way, it is more appropriate and company will be in position to boost its sales and performance in its overall business operations. Hence, it is extremely important to consider such strategies for the betterment of the company in its best possible form.


Appropriate Business level Strategy

Business level strategies include improving the advertisement of the business and enhancing its sales throughout the divisions as well as increasing market segmentations. These are the business level strategies, which will positively affect the overall business of the organization and its profitability. It is worth noting that business level strategies play an important role in increasing devisal level performance with respect to products and services. Company will adopt the same strategy and increase its performance with improving segmentations, sales and profitability. (Wensley, 2013)

However, pint is to be noted that these strategies do not work in silo. For that purpose, proper implementation is required to yield the benefits of the strategies.  Proper integration and implementation is extremely important for the company for that purpose. Graphical representations of the strategies are given below which can be utilized to better understand the strategies and the way they are implemented in the business.

Functional Strategies

Once alternative strategies and business level strategies are formulated, functional strategies are developed.  Functional strategies are adopted and implemented by functional units of the organizations. These functional units typically include finance, marketing, operations, human resources and production. These functional units differs with respect to the nature of the organizations and they way operations and processes are perfumed in the organization.

Business level strategies are break down to functional units and each functional unit is obliged to perform these strategies according to its own functioning. For instance, marketing department will enhance marketing campaign to increase the sale of the products. Moreover, marketing department will focus on segmentations and marketing campaign to improve overall marketing of the business. (Wensley, 2013)

Similarly, human resource department will work on employee motivation and morale building so that productivity and performance of the company should increase which will ultimately affect the sales figure of the organization. Hence, it can be concluded that every functional unit has its own strategy to enhance sales figure to increase business performance and its outcome.

Implementation of Strategies

Strategies will be implemented with the inclusion of top management, business unit level and functional units of the organizations. Strategies will be implemented with the inclusion of these three layers. First top management of the company will decide the strategies to be implemented in the organization. They will set strategic objectives, vision and direction of the company. Once these objectives are set, next phase will be the implementation of the strategy. After that, strategic objectives and vision of the strategies will be trickle down to the business unit level. (Media, 2013)

Business units will decide what strategies should be implemented in the best favor of the business. Once the strategies are developed and properly conveyed to all levels, they actually implemented with the roles, responsibilities, and tasks assigned to the work force. Top management, middle management and functional manager from all departments participated in the strategy formulation and implementation.

Monitoring & Controlling the Strategies

Monitoring and controlling is the most important stage. It decides whether the strategies are implanted affectively and they are yielding the right results. For that purpose balance, scorecards will play an important role to measure the progress in strategy implementation in quantifiable form. These scorecards will be given to all levels of the management. Top management will measure overall performance of the organization.(Gcr.org, 2015)

Similarly, middle management will measure the functional strategies of functional managers whether they are performing in a right direction or not. When they measure the performance, they make sure that performance is heading the right direction and targets are fulfilled. Performance evaluation plays an important role in this regard. Performance evaluation decide that what are the areas for further development and what are the areas in which company’s performance is already better. (Leadership.com, 2012)

Conclusion

In this study, we will discuss about the prominent strategic issues for this particular company and fine the alternative and solutions for their better success. These main challenges are the globalization, retention of employees, technology, social media, adaptability and change management. Now this is better to find the issue from these challenges for Foodstuff Company. Foodstuff is containing the legal and languages issues while looking for diversification process. Security and culture issues are also the issues for this company in the different cities of the world. Strategic issues are also containing the issue of adaptability and change management for this company as they made the plans for many times but failed to adopt the actions, which can change the structure of management.

There are immense objectives for resolving these issues. This will contain the objective to successful business in the different countries of the world. Objectives may include the immense sales in the world, placing them in every city of the world. Grab the worldwide customers. The company is conducting the three operations, such as retail sales, supply chain, and wholesales operations. Apart with this Market, segmentation for foodstuff is the best choice to differentiate the customers but I would like to suggest some changes in this regard. Sales force teams are to develop according to the international standards. It is found that they have slower sales force team to sell the product of different companies in their grocery stores to the customers. There should be addition in mission, goals and objectives of this company. The world is changing and containing the separated requirements for the people.

Recommendation

Following are the recommendation for Foodstuff Company to evade the flaws of strategic issue and for the best execution of the alternatives.

  • This is important for foodstuff to have good collaborations in global and local activities
  • Foodstuff should develop the local market needs and try to initiate with their alternatives to have collaborated approach
  • This is important to have feedback after completing the global and local marketing plans
  • With sustaining the segmentation they should concentrate on immense customers’ services for their customers
  • Adoption of new technology will help them to have immense diversity and creativity retail business
  • Identifying the needs with modern technological tools can be handy for this company to expand their customers and business is well
  • They should try to improve the sales teams to have best opportunities to attain the sales objectives
  • Develop the effective communication planning among the employees to make the more productive and efficient
  • There should be merger with some of the best competitors in the world to share values and techniques with each other.
  • Creating an environment for the customers to get them exited can comes through the effective controlling and monitoring of the different alternative action plans.

Personal Experience

Report was very informative regarding personal experience gained from the assignment. I learned lot of lessons. I learned about lot of skills involved in the development of the report. Strategic intentions of the organizations, its development and implementation were the major areas behind such learning. Companies formulate strategies in three hierarchical levels. These levels include upper, middle and lower management. Upper management is involved in the development of strategic objectives of the organization and its vision. 

When these strategic objectives are formulated, trickle downs to the middle management. Middle management is responsible for looking after the operations of the functional management. Functional management then makes sure that strategies of the respective departments are being implemented affectively. In current assignment, I learned about various strategies that include improving market segmentation, increasing sales and improving marketing campaign.

This is a valuable information, which I have learned, and experience during the course of the assignment. This information enables me to perform the similar kind of projects with same functionality and ease. Moreover, other aspects of marketing were also very affective learning outcomes. Overall experience was great and helped me a lot to grasps the basic idea about marketing and various strategies implemented by various functional units and top management to run the organization smoothly without any errors.

This report was very affective in learning and development of marketing skills. I went through all phases of strategy formulation, which enabled me to implement the real time concept with efficiency and effectiveness. Overall, the report was very affective, contributed in learning a development of academic skills in marketing, and enhanced my knowledge area in marketing subject. I am able to implement further these concepts in my upcoming projects.

It can be concluded that current report sheds light on various strategies, which are necessary for the better performance of the company. Development of strategic objectives and implementation through middle and functional units of the organization is an important consideration in this regard.

Reference

bigeyeagency.com. (2011). Alternative Marketing Strategies. Retrieved June 2015, from bigeyeagency.com: http://bigeyeagency.com/alternative-marketing-strategies/

Businesvic.com. (2015, March 15). 4 Principles of Marketing Strategy In The Digital Age. Retrieved June 22, 2015, from Business Vic: http://www.business.vic.gov.au/marketing-sales-and-online/increasing-sales-through-marketing/marketing-mix-strategies-and-tactics

Chaffey, D. (2011, March 26). 11 Digital Marketing. Retrieved June 22, 2015, from Slide Share: http://www.slideshare.net/conversionation/11-digital-marketingstrategy-issues-for-2011-by-dave-chaffey-fusionmex

Frauman, T. (2011, january 17). Alternative Market Segmentation Models. Retrieved June 22, 2015, from Coasting World: http://www.coatingsworld.com/issues/2011-01/view_business-corner/alternative-market-segmentation-models/

Gavett, G. (2014, July 9). What You Need to Know About Segmentation. Retrieved June 22, 2015, from HBR: https://hbr.org/2014/07/what-you-need-to-know-about-segmentation/

Gcr.org. (2015, April 22). Vision, Mission, Goals and Guiding Principles. Retrieved June 22, 2015, from APN: http://www.apn-gcr.org/about-apn/vision-mission-and-goals/

Kokemulle, N. (2012). Four Generic Strategy Alternatives for Marketing. Retrieved 2015, from smallbusiness.chron.com: http://smallbusiness.chron.com/four-generic-strategy-alternatives-marketing-52875.html

Leadership.com. (2012, March 7). 5 KEY STRATEGIC CHALLENGES LEADERS FACE. Retrieved June 22, 2015, from linked2: http://linked2leadership.com/2012/03/07/5-challenges-leaders-face-2012/

Media, D. (2013). How to Identify Alternative Plans in a Strategic Marketing Plan. Retrieved 2015, from smallbusiness.chron.com: http://smallbusiness.chron.com/identify-alternative-plans-strategic-marketing-plan-75324.html

MORRIS, B. (2013, may 22). o set direction, your message must be clear. Retrieved June 22, 2015, from Global Mail: http://www.theglobeandmail.com/report-on-business/careers/careers-leadership/to-set-direction-your-message-must-be-clear/article11945224/

Satell, G. (2013, July 13). 5 Marketing Problems We Need To Solve Now. Retrieved June 22, 2015, from Forbes: http://www.forbes.com/sites/gregsatell/2013/07/13/5-marketing-problems-we-need-to-solve-now/

Torbenrick.eu. (2013, February 15). TOP 12+ IMPORTANT ELEMENTS FOR SUCCESSFUL CHANGE MANAGEMENT EFFORT. Retrieved June 22, 2015, from Meliorate: http://www.torbenrick.eu/blog/change-management/12-important-elements-for-successful-change-management-effort/

Wensley, R. (2013, October 28). Current Issues in Strategic Marketing : Digital Disruption and Marketing Risks. Retrieved June 22, 2015, from open.ac.uk: http://www.open.ac.uk/business-school/business-perspectives/current-issues-strategic-marketing-digital-disruption-and-marketing-risks

bigeyeagency.com. (2011). Alternative Marketing Strategies. Retrieved June 2015, from bigeyeagency.com: http://bigeyeagency.com/alternative-marketing-strategies/

Kokemulle, N. (2012). Four Generic Strategy Alternatives for Marketing. Retrieved 2015, from smallbusiness.chron.com: http://smallbusiness.chron.com/four-generic-strategy-alternatives-marketing-52875.html

Media, D. (2013). How to Identify Alternative Plans in a Strategic Marketing Plan. Retrieved 2015, from smallbusiness.chron.com: http://smallbusiness.chron.com/identify-alternative-plans-strategic-marketing-plan-75324.html

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