Strategy Composition

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fqrhagen7

Business Finance

Description

APA Format

2-3 Pages in length

At least 3 Sources

Assignment Objectives:

Compose, prepare and recommend strategies to achieve and sustain a competitive market profile.

Assignment Details:

Deborah enters your office, and you notice that she looks apprehensive. “Hi, Deborah. What’s up?” you ask, hoping that nothing is wrong.

“Well, your team is doing an excellent job researching, and you’ve been keeping me up-to-date on your findings. My concern is that we are approaching this from a narrow-minded approach.”

“How so?” You ask. You are puzzled. “Our team has been looking at every aspect of the company and considering both internal and external pros and cons.”

“We need your findings put into some kind of management system so we can really see where we are headed regarding our global expansion. I think we need to cover our bases here. Please report back to me next week with your thinking put into a framework.”

Complete the following:
  • A balanced scorecard suggests that we view the organization from four perspectives (the learning & growth perspective, the business process perspective, the customer perspective, and the financial perspective). Briefly discuss these four perspectives analyzing what each means to your organization? Based on this analysis:
  • What other strategies would be a good fit for your company profile?
  • Provide a brief overview of these strategies.
  • Why is it important to have more than one strategy in mind when pursuing global expansion?
  • The materials found in the M.U.S.E. may help you with this assignment such as the audio file Choosing a Strategy. This file provides real-world experience that may help you with this assignment. In addition to your textbook material, here are a few resources that may help you learn more about the basics of the balanced scorecard:
    You decide that Deborah has brought up another good point that should have been discussed in the beginning of the project. You make a note to add this to a list of project management ideas to help make future projects go smoother.Complete the following as well:
    • What other strategies would be a good fit for your company profile?
    • Provide a brief overview of these strategies.
    • Why is it important to have more than one strategy in mind when pursuing global expansion?

Attachments: Company Details and Previous Assignment

Unformatted Attachment Preview

Company Biography In January of 2002, John Ferrer and his wife Deborah started their own corporation, a large custom furniture manufacturer located in Boston, MA. Their initial accounts were in the Northeastern region of the United States, and they annually observed a constant profit increase. By March of 2006, they were able to grow the company enough to go from five distribution and manufacturing plants to 10 to allow shipping to 48 states. Although they have two retail stores, one located in Phoenix and one in Boston, their primary source of revenue is online catalog sales. They have 10 manufacturing plants and distribution centers throughout the country. John and Deborah’s corporation is known throughout the industry for its exceptional customer service and superior quality. The contemporary designs lend themselves to a younger market, and the customer base is predominantly upper-middle class because it is one of the highest priced furniture companies in the market. Part of the appeal of John and Deborah’s brand is their consistent involvement with the local communities to create green gardens. They have also been a major contributor to organizations that build houses for people in need. One of their primary strengths is their vertical integration. They have a team of in-house designers saving the company design costs and allowing the flexibility to rapidly change designs as the market changes. Their products have been featured on several prominent home design and gardening shows and have been endorsed by several well-known designers. Because of the recent housing market sales decline (8% from 2005–2006), home renovations have slowed significantly. This has impacted the amount of furniture and fixture sales and continues to impact revenue. Furniture sales in the United States have decreased significantly, and John and Deborah have recently been discussing the possibility of global expansion. Another potential threat to their company is that many higher-end brands have been marketing aggressively and creating lines for popular retail stores. These allow the lower-income consumers to have access to high-end brands at a much lower price point. So far, these lines have been incredibly successful and have significantly increased profits for competitors. Many of these competitors have also had great success in the global marketplace with these lower cost replicas. John and Deborah know that it is time to seriously consider expanding their business. They want to be able to make it through the economic crisis and rely on other ways to increase sales and business. They are open to looking into the global market, but they want to be sure that it is the right move for the business. They have requested an advisory board meeting next month in which you will present the global marketing strategy. As the market strategist, you will play a key role in helping the board decide if this is the right move for the company. The Problem You are sitting in Deborah Ferrer’s office. After the customary small talk, Deborah sits forward and states, “I am very impressed with the work that you have done as the strategic marketing manager. Since John and I started this company in Boston, we have seen continuous growth, but nothing like what we have seen since you started. However, the housing market is really starting to impact our profits. This last quarter’s numbers were not looking good.” You reply, “The crisis has really hit us hard. We have some stiff competition, too, with the other brands creating retail knock-offs.” She counters, “We’ve had great success with your strategies in the domestic markets, but we do need to think of a new approach and strategy. I have complete faith in your abilities to take this company exactly where it needs to go. I must say that we are really counting on you, and I know that you will follow through.” “I will make sure that we do well. Do you have any new projects for me?” you ask. Deborah smiles and says, “You know me well. I do have a new project for you. I sent you an e-mail just before our meeting. I’m curious if expanding in a global market would be a good move for our company. I would like you to look into this for me.” “Our team is definitely up for the challenge,” you say with enthusiasm. Deborah shakes hands with you warmly, and you make your way out of the meeting. As you drive out of the parking garage, you think about your success with the company. You cannot wait to get started. Analytical and integrative tools Analytical and integrative tools In analytical tools for performing in-depth analysis include Porter's five forces, PEST analysis and SWOT analysis. The integrative tools to use include benchmarking tool. Thus the business objective of using the variety of the research tools supports a higher level of output in the industry. In this study, I will propose the use of a competitive five forces model (Porter's five forces). The Porter's five forces include the intensity of industry rivalry (Greenspan, 2017). This is also contributed by the low differentiation level of the products; there are also high costs associated with the purchase of the assets, labour unions which make the competitors fight even more. The market shares of these rivals already in the market also mark a point of competition in the market, either if the products are not differentiated add to the competition available. The threat of potential entrants which shows that the ease in which new competitors enters the market shows the increase in risk due to the new competitors' entry. If the industry has a difficult entry for the new entrants, then the company can enjoy the advantage associated with the higher profits and market dominance of few industries. Then there is the bargaining power of suppliers which affects the industry depending on their number. If the suppliers are too many, then the industries enjoy a lot of freedom in their bargaining power. The bargaining power of buyers is also another force. If the buyers lie with the buying power, then there is the possibility that companies will be operating at low prices since they can easily negotiate the prices. This can be realised when the industry has more competitors and a single buyer. Finally, there is the factor of the threat of substitute goods Analytical and integrative tools 2 and services. Companies always are faced with threats of substitute products hence it prevents industries from charging too high prices on their products due to the competition. Then I also propose the use of benchmarking tool which will help the company to improve in its performance by identifying as well as applying the best techniques which have been practically approved in the same industry (Rothwell et al. (2018). Thus managers are in the position to compare their practices externally with those of the competitors as well as internally with those of the best performing departments. Thus the use of benchmarking is to realise the superior performance as well as come up with the ways of improving the same. In benchmarking, one has to identify the key performance metrics, and then choose the company which is your competitor in which you will benchmark from, and then come up with data for performance as well as practices associated. Identify the areas in which you will improve on. Finally, adopt the best practices and implement them in your company and make sure to set reasonable goals to achieve the sane. Thus I believe benchmarking will be reasonable enough to enable the company to compete favourably even in the global market. Thus these two strategies porter's five forces and the benchmarking tool will enable the company to realise several factors (Belton, 2017). In the use of benchmarking tool, the company will realise how the other already operating companies in the industry will function and thus enable it to achieve success in the seen area. The company will realise the areas of strengths as well as the weak areas of operation. The competitive forces model gives the company a clear look of the industry even before entry into it. The company will thus look at the forces of the supplier, the customer, substitute products and services, complementary goods and services as well as the threat from the potential entrants into the market. Analytical and integrative tools 3 References Greenspan, R. (2017). Amazon. com Inc. Five Forces Analysis & Recommendations (Porter's Model). Belton, P. (2017). Competitive Strategy: Creating and Sustaining Superior Performance. Macat Library. Rothwell, W. J., Hohne, C. K., & King, S. B. (2018). Human performance improvement: Building practitioner performance. Routledge.
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Explanation & Answer

Attached.

Running head: COMPETITIVE MARKETING STRATEGIES

Competitive marketing strategies
Name
Professor
Institution
Course
Date

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COMPETITIVE MARKETING STRATEGIES

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For every business to prosper it requires marketing strategies. Competitive
marketing strategies are the best for they ensure the company and its business are
relevant in the market and that they satisfy the customer’s needs and requirements.
Therefore, there are competitive strategies that fit an organization’s learning &
growth perspective, the business process perspective, the customer perspective,
and the financial perspective and influence its day to day activities.
There are other strategies that really fit the company’s profile. These
strategies are an acquisition, a partnership with another firm and a joint venture. To
start with, a joint venture involves the pooling together of resources by two firms
with the aim of achiev...


Anonymous
I was struggling with this subject, and this helped me a ton!

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