... There were also some struggles in understanding, but overall the objectives proved applicable to all goals within this learning team. Objective One: Determine pricing strategy to meet organizational goals Overall, the team thought this objective was interesting. The chapters laid out the different types of markets well and discussed how each was either affected by price or affected price. Shalonda feels comfortable with ways to implement nonprice barriers of entry, increase product differentiation, and reduce cost. Deneese really grasped the concept of monopoly versus oligopoly. Lynda enjoyed learning how pricing structure can help a company meet their goals and profit margin. The team had little difficulty mastering this objective. Danielle has a better understanding of what affects prices in her industry and use this knowledge to help make better purchasing decisions. Michelle stated that pricing strategies make more sense to her, from marketing strategies to determining pricing for the actual services that are provided at each of her facilities. She feels more comfortable developing a framework for pricing strategies and using them in her field. Objective Two Objective Three Objective Four My team stated that the subject for this week was fair easy to grasp. The objective focused on reducing costs, which is a common goal across most organizations. Each market structure has effective ways to reduce these...
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...and goals could turn that dream into a reality. The creation of Action Adventures Llc, will create an opportunity for people and families with the need for high energy, adrenaline packed adventures to access various outlets of thrill seeking adventures. Action Adventures will tap into opportunities such as, Nascar adventures, sky diving, hang gliding, wind surfing and many more thrilling adventures. Aa will serve as the middleman in creating customer specific adventures for the thrill seeking enthusiast. Aa will mirror the general purpose of a travel agency. The vast difference being that aa will plan and seek out high energy action sports adventures for those that are more daring and seek a vacation of a lifetime. The market is currently saturated with individual operators that offer one specific extreme action sport adventure. Aa will bring together the enthusiast and the providers. Strategic planning will determine the course of this new business. A strategy provides a framework for managerial decisions, reflection a company’s awareness of how, when and where it should compete; against whom it should compete, and for what purposes it should compete. (Pearce, Robinson 2004) The mission statement is a living statement and may need to be changed to meet the needs of changing times. Once the mission statement has been formulated goals to be reached to accomplish the mission must be selected. Specific strategies and approaches must be implemented to reach each goal. The...
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...profitable during this time. The plan that a company follows throughout with plenty room for upgrades or change is strategic planning. Riordan is company that has benefited from a strategic plan to keep the company goals at the forefront and maintain company values as the company matures and adapts to the ever changing competitive market. As a group, we will focus on explaining different aspects of strategic planning while explaining the need for a strategic plan, and defining the role of ethical and social responsibility for the company. The team will list the competitive advantages of Riordan Company and how constant innovation and sustainability affect domestic and international markets. The team will discuss the measurement guidelines to follow and determine strategy effectiveness, setting internal dynamics with consideration to cultural and structural leadership, influencing business continuity, and finally setting up a strong resolution team to deal with assessments and feedback to improve on the strategic plan of Riordan Company. Environmental Scanning An environmental scan of an organization evaluates the internal and external factors of an organization that is concluded in a SWOT analysis of the organization. Riordan Manufacturing has number factors that determine the progress of the organization that are its strengths, weaknesses, opportunities, and threats to the organization. Internal factors...
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...ASOS is a global online fashion and beauty retailer selling over 65,000 branded and own-label products to fashion forward twenty-something through the website, Asos.com. On Asos.com there are 9,000 products available at any one time, with 450 new fashion items added every week. These include women’s fashion, menswear, accessories, jewelry and beauty products. Asos.com attracts 6 million unique shoppers every month and has more that 2 million registered users. This report is examining Asos.com through their marketing mix and the external environment that may effects the industry, in order to select the most appropriate mix for the organization. Moreover, we monitor the performance of the organization’s products and services in order to determine which components should be tested. Finally, we adjust components of the marketing mix in response to test results. Component of the Marketing Mix Key characteristics of products and services Products can be physical goods or services or a combination of both. For Asos.com, their main products include women’s fashion menswear, accessories, jewellery and beauty products. They have also recently introduced a new line of children clothes that is known as little ASOS. Here are some key characteristics of product of Asos.com: * Brand: Asos.com sells over 850 brands as well as its own range of clothing and accessories. This enables it to provide well-known brands such as Levis and Adidas, which appeal to s target market. * Range...
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...Strategic Management - An Introduction Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry. Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance. The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to take right decisions. They should conduct a SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats), i.e., they should make best possible utilization of strengths, minimize the organizational weaknesses, make use of arising opportunities from the business environment and shouldn’t ignore the threats. Strategic management is nothing but planning for both predictable as well as unfeasible | | |contingencies. It is applicable to both small as well as large organizations as even the smallest organization face competition and, by formulating| |and implementing appropriate strategies, they can attain sustainable competitive advantage. | Strategic Management is a way in which strategists set the objectives and proceed about attaining them. It deals with making...
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...Competitiveness, Strategy, and Productivity McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. You should be able to: 1. List the three primary ways that business organizations compete 2. Explain five reasons for the poor competitiveness of some companies 3. Define the term strategy and explain why strategy is important 4. Discuss and compare organization strategy and operations strategy, and explain why it is important to link the two 5. Describe and give examples of time-based strategies 6. Define the term productivity and explain why it is important to organizations and countries 7. Provide some reasons for poor productivity and some ways of improving it Instructor Slides 2-2 Better quality, higher productivity, lower costs, and the ability to respond quickly to customer needs are more important than ever and… the bar is getting higher Instructor Slides 2-3 This chapter focuses on three separate, but related that are vitally important to business organizations Competitiveness Strategy Productivity Instructor Slides 2-4 Competitiveness: How effectively an organization meets the wants and needs of customers relative to others that offer similar goods or services Organizations compete through some combination of their marketing and operations functions • What do customers want? • How can these customer needs best be satisfied? Instructor Slides 2-5 Identifying...
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...Accounting Concepts 1. 2. Value Chain a. Just in Time (JIT) b. Total Quality Management (TQM) c. Theory of Constraints 3. 4. 5. 6. 7. 8. 9. Target Costing Kaizen Costing Life Cycle Costing (LCC) Pricing Methods Uses and Limitations of Cost-Based and Market-Based Pricing Factors Affecting Prices Pricing Models for Not-for-Profit Organizations 3 4 5 5 6 7 8 9 10 11 11 Page Chapter Two: Total Quality Management (TQM) – an Introduction and Its Applications Chapter Three: Conclusion Appendix 1: References 12 23 CHAPTER ONE: INTRODUCTION TO CONTEMPORARY MANAGERIAL ACCOUNTING CONCEPTS Over the years, the managerial accounting practices had evolved. From the traditional costing method, many firms now have adopted the contemporary managerial practices to achieve better product costing and manufacturing processes. There are many contemporary managerial accounting in practice, some of them being Value Chain, Just-In-Time (JIT) Manufacturing, Total Quality Management (TQM) and the Theory of Constraints (TOC). All of the mentioned concept will be explained in brief in this chapter. Other than that, Target Costing will also be highlighted in brief. Kaizen Costing, a Japanese concept adapted by the westerners, will also be introduced. This chapter will also touch on life cycle costing (LCC), pricing methods, uses and limitations of cost-based price & market based price, factors affecting prices...
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...marketing plan. It provides a description of the pricing strategy that Toyota will use when establishing product prices. The report further gives a detailed explanation of two distribution channels that Toyota will use to supply products to customers. These channels include the dealership and retail channel. Toyota will also use a promotional strategy that will use various components of the marketing mix: Advertising, public relations, personal selling and sales promotions. The marketing implementation plan of Toyota covers various concepts, which include, structural issues and tactical marketing activities. The final part of the marketing plan is an evaluation and controls. It covers formal and informal controls, marketing implementation schedule and an explanation of a market audit. Pricing Strategy The pricing strategy that the Toyota company applies should fit the financial preferences of their target emerging markets such as the Asian countries and other potential international markets. The pricing objectives of the company will be: * To increase the profit margin by 50% in the next one 12 months * To increase sales volumes by 20% in the next two years Toyota will apply various pricing methods, in order to achieve the above pricing objectives. According to Shefer (2007), marketing managers use various pricing methods to achieve their pricing objectives. Besides using the price methods, they may also design innovative pricing methods that fit the needs of both the organization...
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...management plan for the marketing activities, with clear strategies and actions for the achievement of marketing objectives: The following are the steps described the management plan for the Houzit stores marketing activities: Marketing Activities: The three marketing activities those indicated the potential for the Houzit stores are: • Leading home-ware magazines • In-store advertising displays that will display featured products with other areas in Houzit’s assortment and with displays the web address line of ‘Find us at www.houzit.com’ • The company’s web page will display visual advertise on the home page and will use the PR copy in article marketing on popular article content sites Integration of organizational activities: The PR article and featured in the advertising of ‘stylish bathroom’ and ‘exotic mirrors ‘are integrated with the range of marketing, promotional and sales activities to ensure the achievement of the established marketing activities. The tagline of the products featured and advertising campaign can be helped the company’s to create image in the customers mind and attracts them that ensure it achieve the goals of the established marketing activities (Florès, 2014). Monitor progress: Houzit’s marketing team monitor process through the collects statistical, information, feedback and data from the customers regarding the products features as well as distribution, pricing and marketing activities. The company’s directly interact...
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...environmental analysis for your proposed business. • Use the information obtained from your internal and external analysis, as well as the lesson learned from the Considerations of a Strategic Plan: List assignment. • Create a SWOTT table summarizing your findings. Your environmental analysis should take into account, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table. • External forces and trends considerations: • Legal and regulatory • Global • Economic • Technological • Innovation • Social • Environmental • Competitive analysis • Internal forces and trends considerations: • Strategy • Structures • Processes and systems • Resources • Goals • Strategic capabilities • Culture • Technologies • Innovations • Intellectual property • Leadership • Write a 1,400-1,750-word synopsis in which you analyze at least seven of the forces and trends from the list above. Your analysis must include the following: o Include economic as well as legal and regulatory forces and trends. o Critique how well the organization adapts to change. o Identify issues and/or opportunities: o Identify the major issues and or opportunities that the company faces based on your analysis above. o Generate a hypothesis surrounding each issue and research questions to use for conducting analysis. o Identify...
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... The Organization’s Goals and Objectives 2. The Organization’s Strengths and Weaknesses B. External 1. Customer Analysis 2. Competitor Analysis 3. PEST Analysis C. Identify Key Problems & Opportunities 1. Perform SWOT Analysis 2. Set Priorities 3. Develop an Overall Assessment II. Segmentation, Targeting, and Positioning (STP) A. Identify Relevant Markets and Segments B. Select Target Markets and Target Segments C. Develop Positioning Strategy III. Determine Marketing Mix Alternatives A. Product (Goods and/or Services) B. Price C. Place (Distribution) D. Promotion (Advertising and Promotion) E. Evaluation of Alternatives IV. Implementation, Adaptation, and Renewal A. Implement Decision B. Monitor & Control C. Adapt & Renew Figure 1 Framework for Marketing Overview The framework for marketing - the process for implementing the Value Cycle - is illustrated in Figure 1. The basic steps are outlined on the previous page and each is developed more fully in the pages that follow. It is best to begin with a brief overview. The first stage, the Situation Analysis, combines internal analysis of the organization with external analysis of its customers and the competitive environment. Careful analysis of the firm’s situation - past, current, and future - provides a foundation for determining how the firm’s resources can best be deployed in terms of marketing strategy and tactics. The purpose...
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...trends considerations: • Legal and regulatory • Global • Economic • Technological • Innovation • Social • Environmental • Competitive analysis • Internal forces and trends considerations: • Strategy • Structures • Processes and systems • Resources • Goals • Strategic capabilities • Culture • Technologies • Innovations • Intellectual property • Leadership • Write a 1,400-1,750-word synopsis in which you analyze at least seven of the forces and trends from the list above. Your analysis must include the following: o Include economic as well as legal and regulatory forces and trends. o Critique how well the organization adapts to change. o Identify issues and/or opportunities: o Identify the major issues and or opportunities that the company faces based on your analysis above. o Generate a hypothesis surrounding each issue and research questions to use for conducting analysis. o Identify the circumstances surrounding each issue; classify the circumstances; attribute the importance of each classification; and test the accuracy of the importance for each classification. Proposed Business Action Adventures; Mission, Vision and Purpose High energy extreme sports vacations are something that is my lifelong dream. Having a strategic plan and goals could turn that dream into a reality. The creation of...
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...competition is only getting stiffer every day. Engaging in marketing activities on a daily basis is vital for ensuring the growth and success of any company. The marketing plan for Houzit stores was developed over 12 months ago and I am actively engaged in implementing the strategies to achieve the marketing objectives. Specifically, I am instigating those marketing activities that meet the marketing objectives of a 12% market share (up from 11%) and an increase in sales by 8.5% over last year’s result. Some of the marketing activities are listed below: ● magazine advertising and PR ● in-store promotions ● web based promotions. 2. Integration of organisational activities: Integration relates to how the different areas of the company coordinate their operations. A highly-integrated company has strong connections between departments and product lines, with each section working under a cohesive set of rules and strategies. Integrated companies are highly vertical and hierarchical in nature. These companies operate from a "topdown" mindset, where the management dictates the structure of each department rather than allowing the individual departments to set their own agendas. Some of the integrated of organizational activities for Houzit are: ● ● ● ● visual advertising links throughout web address on all material PR copy – used in all mediums key word throughout. 3. Monitor progress: In order to monitor the progress, it is in need to follow the timetable below: Month Jan Feb Mar...
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...anticipating consumer’s needs and wants during the concept phase of creating the next company innovation. Products and services are the foundation of an organization existence. Incorporating new merchandise in a competitive marketplace and making it an exceptional product is always a challenge for any business. General Electric throughout history has embraced the challenge of creativity, innovation and meeting the needs of the consumer. This final marketing plan will describe General Electric’s new GE Space Saver Model 2012 marketing plan to create and bring to market a modern refrigerator that will save consumers time, money, space, and energy. This final marketing plan will provide an overview of the appropriate place and promotion strategy used to develop General Electric’s GE Space Saver. This market plan will summarize the promotion schedule and advertising plan, identify public relations opportunity for the GE Space Saver, analyze the effects of channel management decisions on marketing, select the appropriate distribution channel, address cost for placement, shipping, and middlemen, and develop a budget plan. The plan will also identify quantifiable elements that will be used to evaluate, monitor, and control effectiveness of the marketing plan. General Electric Company Overview General Electric is an organization that has evolved into a diverse pallet of business initiatives that range from lighting, energy, health care, financing, and consumer products...
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...Organizational Impact Creativity, Innovation and design all have an impact on organizations outcomes. Well-executed designs are what determine the longevity or success of an organization. Creativity is the idea of what an entrepreneur has or had envisioned when starting a new product or business. Innovation is how a product or business is maintained by using innovating ideas or designs to keep the product alive and new. The final design is the actual action that a business will plan for and follow to succeed. The companies will continue using creativity, innovation and design to adjust unforeseen events or accomplishments that may or may not become a reality. Creativity, innovation and design are used in any business industry, whether it would the manufacturing industry or a service industry (von Stamm, 2008). Riordan Manufacturing is a research and development company that uses polymer type materials such a plastic, as a principle form polymer to solve organizational needs. The creativity is the way they solve their customer’s needs. The innovation is how Riordan Manufacturing has designed a process that sustains the companies’ processes, products and services (Riordan Manufacturing, 2013). Riordan Manufacturing’s processes were carefully designed to cater to their customers, but also to insure that they do not fall into any form of allegations. They have carefully designed a process that ensures that they meet all regulatory obligations while meeting the customer’s...
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