Sustainability in Australian Business Principles and...

The Relevance of Sustainability in Marketing Decision Making Introduction Sustainable marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while preserving and enhancing the ability of future generations to meet their needs (Kotler amp; Armstrong 2012, p. 582). The aim of sustainable marketing is to satisfy the customer’s the needs and wants while also putting high emphasis on the environment and the social issues and thus creating profits in a socially responible way. Mention triple bottom line While traditional marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers†¦show more content†¦Walmart constantly initiates sustainability initiatives which postively affects the customer’s environmental behaviors, employees and its suppliers. It also promotes sustainablity to its employees by initiating ‘personal sustainability project’ (PSP) where employees are com mitted to responsible acts in front of their coworkers like from quitting smoking to replacing their lighting system at their house with energy saving bulbs. Because Walmart operates under very stringent environmentally focused practices they also enforce many laws to its suppliers to examine the carbon life cycle of their products and change the way they manufacture, package and transport the goods. This strategy saves Walmort extra costs which in turn reduce costs on the poducts they sell and which adversely can save customers money. This creates a win-win scenario for both Walmart and itsShow MoreRelatedThe Topic Of Sustainable Business Practices966 Words   |  4 Pagessustainable business practices. Firstly this report will define what is meant by the term sustainability and its dimensions. Secondly examples will be provided to illustrate the ways in which ExxonMobil is operating in an ethical and sustainable manner. Thirdly this report will critically look at the area of envi ronmental responsibilities to an organizations and what ExxonMobil is doing in that aspect. Finally this report will observe the importance for organization to be sustainable. Sustainability accordingRead MoreThe Sustainability Of The Telstra Network1616 Words   |  7 Pagesmillion fixed voice services and three million retail fixed broadband services around the country. The company comprise with the Australia largest stakeholders with 1.4 million. The research projects will discuss and analyse the sustainability of the Telstra network business in the environment through the review of academic works, corporate websites and annual reports. It also focuses on different trends which are applied by Telstra to bring drastic change in the eco-friendly atmosphere. To start,Read MoreIntegrated Reporting And Non Financial Information1749 Words   |  7 Pagesfinancial and sustainability report into a single document. (Sokya, 2013) Integrated reporting may be used as a management device; the success of the current business model and corporate decision-making processes in dealing with economic, social and environmental difficulties that arise during business can be summed up in an integrated report. An integrated report creates value for shareholders and the wider stakeholders in society by balancing the imperative for long-term sustainability with short-termRead MoreThe Mining Boom And Western Australia s Changing Landscape : Towards Sustainability Or Business As Usual?951 Words   |  4 PagesA., Mayes, R., Pforr, C. (2013). The mining boom and Western Australia’s changing landscape: Towards sustainability or business as usual?. Rural Society, 22(2), 111-124. doi: 10.5172/rsj.2013.22.2.111 This publication processes the challenges of the Western Australian Mining Industry. The journal will focus on the economical benefits of the mining boom that occurred in the Western Australian mines, as well as, the effect it has on society and environmental challenges. The text continues to exploreRead MoreEthics And The Ethical Dilemma1252 Words   |  6 Pages Ethical dilemma occurs in every business field and in every area of work. Now speaking about the ethics in an engineering perspective we generally refers to code of ethics 2010 that was written for Engineers in Australia. But these are basically applied to all employees in engineering field. The four principles to be followed according to code of Ethics 2010 are 1. Demonstrate Integrity. 2. Practice Competently. 3. Exercise Leadership. 4. Promote Sustainability. Now let us see each of themRead MoreAdvantages And Disadvantages Of Csr918 Words   |  4 PagesINTRODUCTION Corporate Social Responsibility (CSR) practices are the self-regulatory and long term practices of almost every organization in terms of Social, Economic and Environmental sustainability as compliance with ethical norms and legal requirement (McWilliams, 2000). CSR has practiced in almost every business as the growing concerns of broader stakeholders involving corporation business such as community, investors, employees, suppliers, etc. instead of only companies’ shareholders as in theRead MoreCorporate Social Responsibility And Its Legal Requirements1366 Words   |  6 Pagessocial environment, issues related to social responsibility and sustainability are gaining more and more importance, especially in the business sector (Webfinance. 2014). Business goals are inseparable from the societies and environments within which they operate. Whilst short-term economic gain can be pursued (Catalyst Consortium. 2002), the failure to account for longer-term social and environmental im pacts makes those business practices unsustainable. In our current society, the Global Compact asksRead MoreA General Description Of The Westpac Banking Corporation1568 Words   |  7 Pagesoil among many others. b. The external forces that impact on the organization. External factors that Westpac have no control over include - The environment- Westpac was one of the many organizations which signed the Equator Principles. The main aim of the Equator Principle is to handle social and environmental risk in financing certain projects and also dealing with climate change. - Customers- With the aim of helping their customers and the community to ensure long-term growth The legislationRead MoreMarketing sustainability1333 Words   |  6 Pagesrelevance of sustainability in marketing decision making What is marketing? What exactly is marketing? Is it just convincing people to buy products through various media? Billboards, TV commercials, junk mail and magazines filled with advertisements? From the consumer’s perspective, that is how it seems (Kotler et al. 2010, p. 5). But from a business’s standpoint, marketing is viewed very differently. Marketing is viewed as being based on an exchange relationship between a business and its customersRead MoreWesfarmers : Financial Analysis Essay1488 Words   |  6 Pagesgroup with strong financial focus (Australian Securities Exchange,2008). The ongoing success of Wesfarmers is based on shareholder focus, financial disciplines and goodwill and hence it has achieved significant financial growth in the preceding 6 years. It is a â€Å" diversified Australian group, provides home improvement products, building supplies, coal mining, gas, industrial and safety products, food, groceries, apparel, office products and insurance (Business Review, 2008). Wesfarmers key

Ethics Ethical And Unethical Behavior Essay - 1183 Words

As defined by Webster Dictionary ethics are â€Å"rules of behavior based on ideas about what is morally good and bad; an area of study that deals with ideas about what is good and bad behavior: a branch of philosophy dealing with what is morally right or wrong†. There is more to ethics than the simple definition. To understand ethics one must define what is ethical and unethical behavior in the workplace and it importance, prescriptive approaches, psychological approaches, whistle-blowers, and ethics as organizational culture. These factors help establish a strong foundation of security and positive ethic practices for an organization. The purpose of this analysis is to dissect the five factors (business ethics, prescriptive and psychological approach, whistle-blower, and ethics as organization) as it relates and supports each other. This analysis will also discuss the responsibilities that come following ethical procedures and the consequences for not abiding to these guidelines. Ultimately, individuals or groups’ decision are influenced by the nature of a company. Therefore, ethics are critical the success of an organization. Analysis Straight Talk Managing Business Ethics To begin, Trevino and Nelson (2014), defines ethical behavior in business as behavior that is consistent with the norms, principles, and practice of business practice that have been agreed upon be society. Laws encode many principles and standards; and ethical standards and laws certainly overlap inShow MoreRelatedEthics, Ethical, And Unethical Behavior1290 Words   |  6 Pagesmember within a corporation starts to cheat, steal, and coerce the system, it becomes a domino effect that leaves devastating ramifications. We will discuss issues like falsifying financial statements, improper use of company funds, ethical behaviors and unethical behaviors. Fairness The first virtue that I choose to discuss within this paper is the word fairness. Fair is defined as â€Å"agreeing with what is thought to be right or acceptable; treating people in a way that does not favor some over others;Read MoreEthics : Ethical And Unethical Behavior869 Words   |  4 PagesWhat is ethics? What are some of the issues of ethics that occur in social research? How important is ethics in research? Ethics or moral philosophy involves, arranging, defending, and endorsing concepts of right and wrong conduct in society. The term ethics, according to Henry Sidgwick, derives from three great ethical philosophers of ancient Greece, Socrates, Plato, and Aristotle. Conducting social research, without proper use knowledge pertaining to the code of conduct is violating human rightsRead MoreDifferences Between Ethical And Unethical Business Activity956 Words   |  4 Pagesbetween ethical and unethical business activity Ethical Behavior In recent years big corporations have discovered the significance of the corporate social responsibility issue. They have increasingly made sustainability declarations or advertised ethical codes, which then they are expected to abide by. (Law Business Ethics Research Initiative.) Keith Miller the author of Is Ethical Behavior Good for Business has found that ethical behavior is good for business. His research found that ethical businessRead MoreUnethical Behavior Has A Negative Impact On The Public, Economy And Work Environment Essay910 Words   |  4 PagesEthics according to the Merriam-Webster dictionary is â€Å"the principles of conduct governing an individual or a group† (Ethic, 2015). As public administration professionals, we have a duty to make ethical decisions and always put the general public’s interest before our interest. Repeatedly, the general public is being confronted with unethical behavior. Unethical behavior continues to be a persistent problem in the public, nonprofit and for-profit sectors. Some recent unethical behavior includesRead MoreHuman Nature, Unethical Behavior, Ethical Behavior And Work934 Words   |  4 Pagesnew idea of an ethical work force. According to Business Ethics, â€Å"ethics is the set of principl es a person uses to determine whether an action is good or bad† (Collins, 2012). While some would argue the greatest achievement in longevity is a strong bottom line, others state by forging a strong correlation between ethical behavior and work habits, employees are less likely to participate in workplace misconduct. This essay identifies the direct correlation with longevity and an ethical work force. SoRead MoreSales Ethics Is an Oxymoron1567 Words   |  7 PagesIs Sales-Ethics an Oxymoron? Globalization highlighted the ethical issues and concerns for every individual organization, multinational organizational conduct their operations under ethical code of conduct to confine the issues faced by unethical conducts. Many organizations such as pharmaceutical firms, technological firms and financial firms pay more attentions to ethical behavior to ensure the sales to consumers have been impeccably ethical. However managers pay attention to behavioral ethicalRead MoreEthical Behavior : The Good And The Bad828 Words   |  4 PagesEthical Behavior: The Good and the Bad Written Assignment I Alea Mayes Eastern Michigan University â€Æ' Ethics is needed within every organization. Before I get into that concept in great detail, I would first like to explain what ethics is. â€Å"The concept has come to mean various things to various people, but generally it s coming to know what it right or wrong in the workplace and doing what s right† (McNamara). This doesn’t intercept with the law. Yes, many legal things can be considered ethicalRead MoreWhat Is Business Ethics?1294 Words   |  6 Pages6308 – Assignment: Business Ethics Essay (50 points) What is business ethics? Business ethics can be understood as codes that define the actions and behavior of the employees in an institution. Standards are set by every company to define what is accepted as ‘Right’ and each employee is expected to abide by these standards. For a business to run successfully it is important to abide by the set of standards that are defined. Companies around the world observe these ethical principles strictly; ensuringRead MoreCode Of Ethics And Ethics Essay1704 Words   |  7 PagesCode of Ethics Implementation A Code of Ethics is regarded as the written guideline to the moral constitution of an organization ( ). The Code of Ethics (Appendix A) outlines the rights, duties, responsibilities, and a benchmark for the organization and its evaluation (Mihai Alina, 2013). It contains behavioral principles and rules of conduct that aids in the decision-making processes and balances the stakeholders expectations and interests against corporate responsibilityRead MoreImportance Of Ethics In Interior Design1721 Words   |  7 PagesIntroduction: Ethics is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct (Internet Encyclopedia of Philosophy, 2017). In simple terms, ethics is the system of what is right and what is wrong. Usage of ethics on daily basis is important to a human being, a person is judged based on his/her behavior, whether it’s reasonable or aimless, ethics help people to have a purpose for their actions. Whether it’s during work or outside

Marketing Strategy and Plan

Question: Discuss about the Marketing Strategy and Plan for Retail Marketing Sustainable Management Futures. Answer: Retail Marketing In the current growing market, the term retail marketing is known to become the major trend that is emerging in the whole of the economic cycle. For the consumer, the retail market provides the basic platform is order to encounter with the goods and the shop owner at the start. Fixed locations such as departmental stores, specialty stores, supermarkets, etc. are comprised under the retail market (Goworek McGoldrick, 2015). Here Marks and Spencer in Singapore is taken as the Non-domestic Retailer. These are the locations where the consumer is met with the shopkeeper and will make the purchases of the goods in return which has some certain value. All goods are sold by the shopkeepers to the consumers by maintaining a certain margin for gaining the profits. The main purpose of the retail market shopkeepers is just to satisfy the customers. In addition to this, their needs are fulfilled along with the demands (Boboc, Ariciu Ion, 2015). In the marketing strategy, the strategy of the Marks and Spencers retail marketing has developed into one of the fundamental elements. In this, a whole lot of planning and the proper implementation of the planning are included (Gupta, 2014). First, the focus should on the nature of the retail which is simple. The major factors in the retail industry are that the marketer has to focus primarily on the desires and the needs of the consumers. The customer loyalty of Marks and Spencer has to be created by the business which is considered to be the basic function of the retail. This is because if ones the loyalty of the customer is gained towards your brand than to sustain in the marketplace will not be a difficult task for the longer duration of time. But creating the customer loyalty is not an easy task. It will take years in order to create the customer loyalty by the brand (Miller, 2014). Analysis of Retail Mix Retail mix could be defined as a formidable element in the strategic direction of an enterprise and is responsible for accomplishment of retail strategy objectives. The retail mix allows the translation of a strategic planning process into a functional marketing campaign. The comprehensive planning and integration for accomplishing reasonable retail mix objectives is accountable for the outcomes such as improvised differentiation in products, competitive advantage of the retail organization over industry peers and emphasis on the marketplace. The retail mix of Marks and Spencer comprises of six profound factors such as merchandise range and assortment; marketing communications; store layout, visual merchandising and store design; store formats and locations; customer services and delivery of services; and pricing strategy and tactics. The following illustration of the individual elements in the retail mix facilitates a comprehensive evaluation of feasible prospects for realizing reta il strategy. Merchandise range: The retail industry primarily relies on the efficiency of the merchandise in attracting as well as retaining customers regardless of the nature of products or services. Therefore the necessity for reflection on product breadth in context of Marks and Spencer range element in the retail mix could be imperatively observed. The merchandise mix could be aptly moderated to the market requirements through determination of a cognizable balance between the product depth and breadth thereby contributing to the success of the retail establishment. Furthermore, these factors are also assumed as generic elements of a retail inventory strategy (Floyd, et al., 2014). Product breadth can be defined as the assortment of product lines provided by the retail establishment and it is also known as merchandise breadth, product line width and product assortment width. The references to higher product breadth are accountable for a larger assortment of product lines without any prominent concerns for brand choices. The efficiency of product breadth in context of Marks and Spencer is also associated with the product mix length that accounts for the total products served by the organization in individual product lines. The definitions of merchandise depth is also a necessary implication for product mix since it serves as the significant half of the retail inventory question alongside product breadth. The merchandise depth is indicative of different variants of specific product facilitated by the organization (Fornari, et al., 2013). The difference in the product line breadth and depth would have to be considered accountable for determining the retail product mix. However, these two elements are responsible for framing the merchandise mix or the product assortment of a retail organization. It could be observed that product breadth is minimal for specialty retailers such as Nike which provide higher product depth i.e. variety in its specific product line. On the other hand, retailers such as Tesco provide higher product breadth and hence customers could be able to access assortment from the merchandise mix (Haddock, et al., 2014). Marketing communications: Marketing communications are assumed as viable resources in the retail mix since they are able to address the promotional requirements for the business. Marketing communications allow the organization to access opportunities for informing, persuading and reminding people regarding the organization and its products. The essential references to the generation of plausible outcomes through store based methods and market based methods for promotion of the organization refer to impact of promotion on beliefs, behavior and feelings. The implementation of communication mix in retail industry is indicative of the outcomes of competitive advantage as well as customer engagement. Necessary elements for store based promotions refer to in-store displays of discounts for specific products and new product arrivals. Point of Sale displays, in-store advertising, personal selling, the sale and in-store sales promotion can be assumed as the profound indicators of store based promotion methods. Store b ased promotion methods are associated with promising characteristics such as offering products to customers, in-store motivation of customers for purchasing, promotional pricing in a specific period, comprehensive communication with store personnel and in-store customers (Jayasankaraprasad, 2014). Store layout, design and visual merchandising: The store layout, design and visual merchandising aspects of retail mix are also accountable for describing the strategic capabilities of the organization to acquire sustainability. The impact of the aesthetics of a store is also considered as prominent inclusion in the retail mix since it influences consumer behavior thereby moderating the implications for sustainability and competitive advantage of the organization. The exterior design is accountable for drawing customers towards the store on the basis of the propagated vision of the organization. Examples of major retail organizations implementing similar store exterior design in various locations could be imperatively observed (Melis, et al., 2015). The influential factors in context of store layout refer to the functional utilization space, invitation for customers and interior arrangements. Depending on the store location and shopping scenarios, retail store design and visual merchandising approaches could be determined for an organization. The store design and layout offer the customer with a viable impression of the stores offerings alongside providing retailers with the opportunity to improve communication and create a promising image of the store in customers minds. The environment created by the layout and design of the store refer to the exterior look of the store, store interiors, promotions, atmosphere of the store and the themes associated with the store. The exterior design of the store comprises of the location, parking, architecture of the building, ease of access and compliance with health and safety regulations (Oppewal, Tojib Louvieris, 2013). Customer service: Providing service of superior standards has always been an objective for Marks and Spencer. To render best service is also challenging and complex at the same time. This is due to the inconsistent and intangible characteristic soft the services that are provided. Standardization and customization are basically used by the retail company to deliver better customer service. Customization of services of Marks and Spencer in accordance with the requirements of the customers while standardization involves following of the guidelines during the delivery of the service. Different services provided by the retail company can be categorized into three groups such as pre-transaction, post transaction, and transaction services. Availability of information and convenient retailer hours are the pre-transaction services that are commonly offered to the customers by the company (Rolbina, et al., 2016). The customers are targeted for gathering of information regarding a merchandise of a store and the processes to purchase through pre-transaction services. The delivery of the transaction service occurs when the customers are shopping at the store. The retailer provides post-transaction services after the services or merchandise have been purchased. Evaluation of the quality of service is done by the customers through comparison of the delivery of the actual service at the store with the expected service. The gap between the expected service quality and the perceived service equality has resulted into the recognition of four types of gaps in the delivered service quality. The retail company has to minimize and try to close the gap between expected and delivered service so as to improve the service quality. The Marks and Spencer can reduce the gap by identifying the expectations of the customers, standards establishment to deliver the service that is expected by the customers, provision of support to the service provider on an instrumental and emotional level, and communicating the service offerings and merchandise to the customers in a practical manner. The Marks and Spencer can strengthen and re-establish the bonds with the customers by following the procedure of listening to the customers, provision of a practical and fair solution and fast resolution to the issues. Customer service is the major determinant of success in the retail industry. Maximum profits can be earned by the retailer by developing the integrating programs for the customer service (Stovall III, 2015). Formats and Locations of Retail Mix: The retail formats have evolved over time since as they are considering consumers ease and hassle free experience. The retail formats adopted today have made the customers experience convenient and simple. The retail formats can be classified into various kinds. Departmental stores These forms basically deal with wide range of consumer goods like home appliances, apparels, electronic, etc. Premium assortments are stocked and customers can check them and make purchases based on their preferences. Emphasis is laid on quality of products. Eg: Marks Spencer plc is a British multinational retailer which has multiple stores in Singapore. Supermarket It is a large form of traditional retail store which deals with grocery items like eatables and other household items. Generally it is situated at a location which is easily accessible by customers. Eg Walmart is an American retail supermarket which has international presence. It has over 800 stores in Asia alone. Emporium It refers to an outlet which sells large variety of products. Eg: Furniture emporium. The American furniture brand Ashley Furniture Homestore plans to open over hundred stores in India. Superstore: A superstore can be described as a very large supermarket that is mostly the selling centre for household goods, electrical goods, clothes, foods, etc. Superstores generally charge anywhere from 16 to 45 percent less than the smaller counterparts in the market. Hypermarket: The hypermarket is a retail store that includes a grocery supermarket and a departmental store. It is a large establishment that offers a wide range of products such as clothing, groceries, and appliances. Pricing strategy and tactics in Retail: There are various external factors which affect profitability of retail business. Setting up fair price is crucial since it is the only source of revenue generation. Before determining right price they should be aware about costs associated with products. The two prime costs involved are cost of goods and operating cost. The first cost comprises of amount paid for the product, shipping charges. The latter involves expenses incurred for marketing, overhead charges, etc. The main object of pricing strategy is to cover costs involved in obtaining products and expenses involved in operating in the business. Below are a few major retail pricing strategies: Premium The pricing technique involves setting a high price for the products or services so that they can encourage customer to have positive perception about the offering (van Loon, et al., 2015). They try to bring about psychological association of luxury when they adopt this strategy Eg: Apple. Discount The strategy is to sell low priced products in large quantities. The object is to increase the sales in peak seasons. Promotional discounts are short-term and are given to increase sales. It is beneficial for customers who purchase in bulk. Eg: Walmart. Every Day Low Price With this technique the consumers can purchase products at a low price without having to wait for discount season or promotional events. It helps retail stores to reduce time, effort and expenses involved to reduce prices during specific events. Eg: Procter Gamble. High-Low Pricing This strategy is adopted when high price is charged for a product but once its popularity declines, it is sold at lower price through sales.. Buyers should have a specific preference while making such purchases. A different method of using the strategy involves inflating the price for short duration. Eg: Apparel retailers. Sustainable competitive advantage The conclusive interpretation of individual strengths and weaknesses that could be facilitated by the distinct elements of the retail marketing mix should be a promising factor for determining the sustainable competitive advantage that can be acquired by retail organizations. The first element in the retail mix of Marks and Spencer is related to merchandise range or product assortment that could provide considerable competitive advantage (Gruber Wigmore, 2016). Retailers face substantial difficulties in attaining sustainable competitive advantage since majority of competitors could purchase products of popular brands and sell them. However, the aspect of formulating private-label brands which indicate the existence of prospects for product development, marketing and sale could be realized in the case of the concerned retail enterprise to obtain sustainable competitive advantage (R?ducan R?ducan, 2014). This factor could be considered as the benefit derived from product depth and indicates the pitfalls that could be associated with product breadth. The extent of the product breadth creates choices for competitors to introduce substitutes or sell the nationally accessible brands at rationally minimal prices (Gruber Wigmore, 2016). Private label brands are also reflective of the potential for quantified results that could be accomplished from the customer loyalty and feedback for a specific product of private label brands. The store location, design, layout and visual merchandizing can be moderated to adapt to the existing market scenarios which provides advantage. On one hand while these elements in the retail mix are accountable for advantages such as behavioural influences on the customers mind-set and creating an amiable environment. However, the changing preferences of customers and the increasing variation in product lines could require changes in the store layout and designs which could involve substantial costs for renovation and remodelling. While the notable benefits of brand identity and attractiveness could be obtained from this aspect of retail mix, the limitations that could arise in the long term activities of the retail enterprise could reduce the potential of store location and design to accomplish sustainable advantage for the enterprise (VarleyRafiq, 2014). Marketing communications serve as the channel which connects the organization with the customers. Customers have the opportunity to access information pertaining to various product lines and the discounts which are offered for specific products. The use of marketing communications for estimating the prominent factors related to brand attractiveness also serve as prolific advantages for the company (Gruber Wigmore, 2016). The critical reflection on the disadvantage that can be noticed in the case of marketing communication refer to the insufficiencies in addressing diverse customer segments and the presence of noise in various marketing channels which could lead to false perception of brand identity by customers. Customer service is also accountable for providing sustainable competitive advantage for a retail organization. Customer services have the capability for developing a considerable brand image for a concerned retail organization since the identity of an enterprise is largely framed on the basis of interrelation between reputation, tradition and customer service (R?ducan R?ducan, 2014). On the contrary, the dependence on human resources and the prospects for sustainable competitive advantage could be acquired only through developing a service reputation. Formats and locations of stores serve as the critical factors for the decision of customers. The development of strong competitive advantage with respect to the selection of a favourable location could be considered as a prominent advantage of formats and store location in the retail mix. However, a critical gap is also associated with this element of retail mix which refers to requirement of a sustainable location alongside the concerns for establishing strategic approaches to establish various store formats according to location and the type of merchandize that would be provided to customers (Varley Rafiq, 2014). Pricing strategy and tactics of Marks and Spencer could provide sustainable competitive advantage when moderated effectively in unison with the merchandise range and customer service aspects of retail mix. One of the formidable strengths of pricing strategy and tactics element in the retail mix is directed towards the immediate acquisition of customers. However, the pricing strategy and tactics are associated with pitfalls in the long term when changes in the enterprises external and internal environment or changes in customer preferences could lead to revision of pricing. Challenges to continued international growth SWOT Analysis of Marks and Spencer: Strength Weakness Financial Backing Uniqueness Cost leadership strategy Little Differentiation Bad publicity Increased Employee turnover Opportunity Threat Growth in International Market Online selling growth Increase competition Changing exchange rates Rising commodity product price Challenges of Marks and Spencer: Huge competition at international Market Due to technical advancement Political environment has immense effect on it. Need to establish the good relationships with other franchisees. Conclusion: With the help of the appropriate retail marketing plan the customer loyalty can be created. Some of the examples of such plans are as follows: promotional activities of sales in the form of gifts, discounts, coupons, reward points, loyalty cards, etc. It is now possible for creating the healthy relationship with the customers with the help of the numerous newly developed sales promotional programs that are promoted by the retail marketing strategies. During earlier times, it has not taken into consideration in creating the emotional bonding with the customers, and hence customers were just treated as the customers to buy goods and pay the amount. Thus, this is the reason for the lower loyalty of the consumers and therefore gave rise to the wide range of product switching. Therefore, for igniting the sales target the marketing strategy of creating strong bonding with the customers has to be made by the company so that it can reach its profit level with the increased loyalty for the brand. References Boboc, D., Ariciu, A.L. and Ion, R.A., 2015. Sustainable Consumption: Analysis of Consumers Perceptions about Using Private Brands in Food Retail.Sustainability,7(7), pp.9293-9309. Floyd, K., Freling, R., Alhoqail, S., Cho, H.Y. and Freling, T., 2014. How online product reviews affect retail sales: A meta-analysis.Journal of Retailing,90(2), pp.217-232. Fornari, E., Fornari, D., Grandi, S. and Menegatti, M., 2013. The influence of retailing-mix levers on private label market share: The case of the Italian FMCG market.Journal of Retailing and Consumer Services,20(6), pp.617-624. Gruber, P. and Wigmore, T., 2016.Leadership and Management. In Handbook of Intensive care: Organization and Management (pp. 3-25). Goworek, H. and McGoldrick, P., 2015. Retail Marketing Management: Principles and Practice. Pearson Higher Ed. Gupta, S., 2014.Retail marketingan exemplar changeover.ZENITH International Journal of Multidisciplinary Research, 4(8), pp.1-8. Haddock, C.K., Hyder, M.L., Poston, W.S., Jahnke, S.A., Williams, L.N. and Lando, H., 2014. A longitudinal analysis of cigarette prices in military retail outlets.American journal of public health,104(4), pp.e82-e87. Jayasankaraprasad, C., 2014. Consumers cross-format shopping behavior in an emerging retail market: multiple discriminant analysis.Journal of International Consumer Marketing,26(1), pp.29-57. Melis, K., Campo, K., Breugelmans, E. and Lamey, L., 2015. The impact of the multi-channel retail mix on online store choice: Does online experience matter?.Journal of Retailing,91(2), pp.272-288. Miller, D., 2014. Retail Marketing: A Branding and Innovation Appraoach. Oppewal, H., Tojib, D.R. and Louvieris, P., 2013. Experimental analysis of consumer channel-mix use.Journal of Business Research,66(11), pp.2226-2233. Rolbina, E.S., Kalenskaya, N.V., Novenkova, A.Z. and Ukpere, W.I., 2016. Marketing foundation for retail and office centers tenant mix. Riel, A., Lelah, A., Mandil, G., Rio, M., Tichkiewitch, S., Zhang, F. and Zwolinski, P., 2015.An Innovative Approach to Teaching Sustainable Design and Management.Procedia CIRP, 36, pp.29-34. R?ducan, R. and R?ducan, R., 2014. Leadership and Management. Procedia-Social and Behavioral Sciences, 149, pp.808-812. Stovall III, G.W., 2015. A Tale of Two Cities-San Francisco and Tucson: The Effects of Retail Mix on the Perceived Value of the City, Urban Identity and Willingness to Pay. van Loon, P., Deketele, L., Dewaele, J., McKinnon, A. and Rutherford, C., 2015. A comparative analysis of carbon emissions from online retailing of fast moving consumer goods.Journal of Cleaner Production,106, pp.478-486. Varley, R. and Rafiq, M., 2014.Principles of retailing. Palgrave macmillan. Williams, C., 2013. Principles of management.South-Western/Cengage Learning. Marketing Strategy and Plan Question: Explain "Marketing Strategy and Plan". Answer: Introduction This report is a marketing plan of a 360-degree online assistance plan of a live tutor. The report discusses the marketing strategies and detailed marketing analysis including customer analysis, market growth and acquisition strategies. Who is your target market? The target market for 360-degree online assistance program will be covering all age group segments. The live stream application will be covering people of all classes belonging to any kind of occupation. This innovative online stream tuition portal will focus on all the customers however the major focus will remain on the age group of 15 to 50 years of age group. The focus of advertising will be on every segment. People of every field will be targeted. For identifying the necessity of the online live stream tutorials, questionnaire method will be considered. This idea will help in identifying the nature and demands of customer who prefer live streamlining of tutorials(Smith, 2004). Profile of the customer and how are their needs currently being met? The most essential analysis for a marketing plan to get successful is to have the analysis of the customers of a business. Customers analysis helps in identifying the strengths of the customers, so that a company can make their product better. Before launching of a product, a company needs to undertake a thorough plan in relation to the prospective customers. This is essential for our company, as the company is going to deal online, so it becomes more necessary to understand what customers company is going to interact with. The target segment of 360 degree live assistance application will be teachers, students, working people, homemakers and even old age people who are looking for some tutorials. The product will be helping in transferring the solutions to the queries of the customers based on live tutor streaming. There has been extensive usage of online tutorials nowadays. There are many online sites, which are offering solutions to the queries raised by the customers; however this site offers high level of satisfaction, as the customer will be discussing his issues face to face with some tutor, with the help of video chat. With no such facility available in the market currently, the people at present mail their queries to online the portals of tuition sites, and most of the times, they get frustrated as they get a different answer to their queries and most often they get late replies. The major reason behind the dissatisfaction was that there was no physical person present with whom the customers can directly communicate with. Now this new product of 360-degree tuition through live streamlining will help the customers in getting their queries resolved as and when it occurs. Hence, after analyzing the requirements of the 360-degree live streamlining online tutorial site, the company can decide to launch the site, as there is opportunity in market(Khan, 2004). Any Complementary Products or Services The 360-degree live assistant application will be accessible on every i-phone and android. The application will be allowing the customers to purchase the tutorial help and classes for 10 dollars per class. The stream application will be requiring a front facing camera for the video calling and hands free stands that can be purchased from the application itself, for 20 dollars that will be having a built -in microphone. How large is your market? Growth rates? The e- learning market is currently expected to hike by around 125 billion dollars by the end of 2020. The market is completely self paced and it has reached more than 25 billion dollars in the year 2010(DOCEBA, 2014). The below pie chart shows the percentage of growth of the market in the countries: Figure 1: E- Learning Statistics (E-learning, 2015) The e-learning market has reached more than 1 billion dollars in the year 2013. On the other hand, market of e- learning is expecting to grow more than 10 billion dollars by the end of 2020. What are the trends in the market? Automation is a new concept in the world of e- learning. Though many of e- learning tools have been offered in the online market now days, the coming years are expected to bring in new levels. For instance, responsive learning management system will be accessible by all the platforms in the coming time. Through this kind of learning system, the customers will be able to automatically adjust the e- learning course elements. How do you see the market evolving? E- Learning is no longer a new concept. The development of the effective instructional designing and online practices considering the time and cost savings, reveals that the e- learning business has strong growth prospect in future. The market research done by the ambient insight in the year 2012- 2017 across the world in respect of e- learning market, shows that the five year annual growth for the e- learning market will be 18 percent and estimated global revenue would be at around 12 billion dollar. It was identified that around 80 percent of the users will not be leaving home, if they will have an option of virtual e- learning. How will your competitors react? There are various e- learning options available in the online market, for offering tuitions to the customers. The main competitors of the 360 degree will be the online tutorial sites that offer the service of online tuitions. The competitors are not going to get much happy with the new service in market. This is because, the 360 degree live assistant is going to offer the video chat service option, which will give an additional benefit to its customer to deal directly with a tutor through video chat regarding their queries. Marketing Plan Sales and marketing strategies The marketing strategy of 360-degree live assistant will be based upon the classification of future growth opportunities within the market and assessment of risk associated. It would be good, if the company adopts product differentiation strategy. There are other competitors, which are well established and very popular. The company has to differentiate the service line from others. Thus the company will be offering unique core capability to its users through live online tutorial assistance. This assistance will be available in the companys site only. Uniqueness in the application design and services will be about selling unique proposition, as this the best strategy that the company can adopt. How will you convert from contacts to leads to customers to advocates? Nurturing the contact to leads and thereafter to advocates, will require the company to have nurturing campaign, in which the company will be using CRM software for assisting and strengthening inbound marketing efforts(Janzer, 2012). The CRM strategy will enhance the inflow of the prospects from the initial contacts to sales by keeping the customers engaged and involved. As every aspect of the inbound marketing process is very important, but the sad part is that it will never reach the potential without the effective CRM(Cognizant, 2011). CRM will increase the conversion of the lead into adapters. Company will try to build long-term relationships in between the company and the prospects in the market(Market Smartly, 2014). CRM services will help in understanding the leads better. The nurture campaigning is important for sales enhancement(Mathur Trivedi, 2016). Costs and strategy of acquiring customers Customer acquisition cost is the metric that has been growing in usage, along with the emergence of online learning sites. 360 degree online Assistance Company will be spending around 100000 dollars in three months on advertisements and the marketing team is expecting that they will able to acquire around 10000 new orders during this time period. This means that the cost of acquisition of the company is 10dollars per order. Company will be able to improve the cost of acquisition by enhancing the on- site conversion metrics and by enhancing the value of customer. Acquisition is probably the main issue which companies comes across, because there are many competitors in market, which are also looking for such customers. For acquiring new customers, the company needs to add more functionality, which the other companies are not offering (Tech Target, 2004) Company needs to have varied management options. Company will be following ACTMAN strategy for acquiring the customers (Bhardwaj Maharshi, 2014) At first, the company will be focusing on targeting the customers In the second step, awareness generation and product positioning will be done In third point, the company will be placing the pricing In the fourth step, the company will be giving the chance of trial of services. In this service, customers will be given a chance to use the services of 360-degree live assistance free, for a certain time. After the trial, the company will be taking feedbacks and in case of negative feedbacks, the changes will be made then and there In the last step, the company will be developing long term valueAny way to schedule marketing and sales expenditure to pay as you go Marketing and sales (Kundu, 2013)expenditure plan of 360-degree online assistance services Advertising $7500 Website $6000 Promotions $4000 Mailing $12000 Referral $3000 Training $3000 Services $7440 Total $42940 Customer's looking forward for online stream tutorial will have to pay around 10 dollars for any class they wish to attend. As and when, a customer will pay for the class; he/she will be guided to an online video chat option for live streamlining tutorials. The company will charge certain sum of money and the amount will be decreased as the customer uses the services. The deduction will be according to the customers usage. Company will be following pay as you go strategy for the sales purpose(Weber, 2002). 4Ps Product, Price, Promotion and Place Place: For enhancing the sales of the 360-degree online assistance, it is essential that the company place the product in close connection with the leading players in the marketplace. Company needs to target the social sites and other consulting sites that offer advertisements of such kind of similar sites. Apart from it, the company will be having its own online site and application(Training place, 2013). Price: The strategy which company is planning to use for its services is the price skimming strategy. In this strategy, company will be keeping high price for the services in the initial period. After acquiring the first set of the customer, they will be decreasing the prices for catering to the next set of consumers. The application will be free to download and commission will be taken from the purchases of service made in the application. Promotion: Company will be promoting through social sites, as the social sites offer a platform through which the company will be able to diffuse the information at a very fast rate(Uzulu, 2009). Product: 360 degree live assistant will be like an application which will be a live stream application that will be accessible on android and IOS. This service will be offering an opportunity to the individuals to purchase the live streaming tutorial help and classes. Company will be offering services in the fields of DIY, cooking, automotive, technology and beauty. Conclusion The market plan and marketing analysis shows that the company will be offering 360-degree online assistance for live streamlining tutorials. The customers have to pay 10 dollars for each class. The company will be offering tutor services in varied areas. The company is planning to offer new services, which are unique in market and because of that; the company is planning to enter the market with skimming pricing technique. References Bhardwaj, N. Maharshi, D.N., 2014. Interplay of 7Ps of Marketing Mix in Customer Acquisition: An Empirical Study of Retail Banking. The International Journal Of Business Management. Cognizant, 2011. Building the Advocacy-Based Customer Loyalty Roadmap. Cognizant. DOCEBA, 2014. E-Learning Market Trends Forecast 2014 - 2016 Report. DOCEBA. E-learning, 2015. Elearning Market Online Learning Statistics. Khan, B.H., 2004. The PeopleProcessProduct Continuum in E-Learning: The E-Learning P3 Model. Issue of Educational Technology. Kundu, D.S.S., 2013. SALES MANAGEMENT: AN OVERVIEW. ddegjust. Market Smartly, 2014. Nurture to Convert: Turning Leads into Loyal Advocates. Mathur, A. Trivedi, D.V., 2016. Nurturing the Sales Funnel Through Social Media for Creating Brand Advocates. Global Journal For Research Analysis. Smith, D.C., 2004. Implementing an institutional e-learning centre: guiding notes and patterns. E- Len. Tech Target, 2004. Customer-Based Strategy. Tech Target. Training place, 2013. Building a Strategic Plan for E-Learning. Uzulu, 2009. E-Learning Implementation Strategy and Plan for the University of Zululand. uzulu. Weber, J.A., 2002. Managing the marketing budget in a cost-constrained environment. Industrial Marketing Management.

The Devil and Daniel Webster Essay Example For Students

The Devil and Daniel Webster Essay The play The Devil and Daniel Webster was written by Stephen Vincent Bent in 1938. Stephen Vincent Bent was born in 1898 in Bethlehem, Pennsylvania. His education came from Yale University and the Sorbonne in Paris, France. The Devil and Daniel Webster has a wide array of characters, each with a distinguished personality, yet an overall temperment that would be fitting of a New England community. The main character is Jabez Stone, a wealthy New England statesman whose possition was the state senator of New Hampshire. He had started out as a farmer though, but moved up in life and, when he was about thirty years of age, married the fair woman, Mary Stone- who was in her early twenties. The fiddler, though not incredibly important, was a key character in that he provided foreshadowing. We will write a custom essay on The Devil and Daniel Webster specifically for you for only $16.38 $13.9/page Order now When he said, But the very devils got into that fiddle of mine., he was forshadowing the coming of the devil to disturb the merriments. A very key character in this play is the devil himself, which took the name of Scratch (for that was what he was called in New England communities). He had come to steal the soul of Jabez Stone, claiming that he had a right to Jabez because of a legal contract. Last- but most certainly not least in this story- is the great Governor of New Hampshire, loved by all, Daniel Webster. Daniel Webster was not only the governor, but an excelent orator. He had a way of using words to pursued the opinion of others, sometimes by conveying feelings or emotion. The play starts out in the ornate home of Jabez and Mary Stone, right after their wedding has taken place. The Fiddler, who sat upon a Cider Barrel, played a tune on the Fiddle, and all of the guests danced to it. Basically, it was a wedding reception. At first, there was nothing more than small talk going on, but by using even this smalltalk, Bent very accurately described the lifestyles of the New England residents. As the play progressed, political favor of the day was expressed as Daniel Webster arived, associating himself with Jabez Stone. One man cried out, Vote the Whig ticket! and another, Hurray for Daniel Webster! Of course, political disfavor was also shown, as Scratch (the devil) portreyed himself as a lawyer from Boston, implying that the political party from Boston was disfavored. Later on, after some forshadowing by both Jabez and Mary, it is learned that Jabez had sold his soul to the devil. He had done this because of the dessolite land he had to farm, it was entirely baren, and had an abundance of large stones there. In return, the devil brought him prosperity- for a time. Jabez had become state senator, married a wonderful woman, and had friends in high places. But it did not last forever. A small climax- more like a turning point- occurred when Scratch had driven all the guests away from fear. He then left for a short time, preparing to come back at a later time to reclaim his prize. Daniel Webster, however, felt confidant that he could defeat Scratch in a fair trial and/or debate. As it turned out, both happened. When Scratch came back, they had a trial- a trial with a biased jury of the undead. A great oratory debate soon followed between Scratch and Daniel Webster. It was a fierce debate, though it did remain civil. Webster used his cunning intellect against Scratch, but in every case, either Scratch would refute his claim, or the judge at this trial, Judge Hawthorne of the Salem Witch Trials, would over-rule Daniel Webster- no matter how logical he had been. For instance, when Daniel Webster claimed that Mr. Stone is an American citizen, and American citizen may be forced into the service of a foreign prince., the devil replied that he was no foreigner with when t he first wrong was done to the first Indian, I was there. When the first slaver put out for the Congo, I stood on her deck. Such a trial was impossible to win, until Daniel Webster used his words to bring back memories of the undead jury- of when they had been alive and human. He appealed to them, one by one, and slowly changed the sway of the biased jury of the undead. In the end, the verdict was not guilty, and old Scratch was finally flung out the door. Overall, I thoroughly enjoyed this play by Stephen Vincent Bent, and I would recommend reading it.