What was your firm’s marketing strategy? How would you rate your performance (less than 1 page)? Cheetah Corp. as many other corporations has a customer oriented marketing focus is on customer needs and satisfaction. Cheetah Corp. caters to the needs and requirements of the existing and future customers, and uses resources to gather new consumers. Each time we opened to other markets, we created content and published to give information about our new computers and services to potential customers.
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To influence our potential customers we used advertisement ads highlighting their preferences and most have list. This strategy was possible with database provided in the simulation giving us the opportunity to create customized communication strategies through our newspaper in order to promote our new products and services. Opening to other diversities and cultures in terms of beliefs, expectations, tastes and needs and then create a customized marketing plan to target those consumers effectively. Our performance was good, but it can improve.
As now we are the number one on sales and market share. LO1: Explain the “marketing concept” and its strategic importance to business performance Our marketing concept and strategy that we used to focus on keeping and improving relationships with current customers was learning from our database their needs/preferences, their market, amount willing to pay, and physical location to determine their culture. By reviewing customers’ needs and wants we were able to identify Workhorse price was the number one in their list of importance, while Mercedes was too much concerned about price.
Mercedes number one priority was “can work on multiple complex tasks” while Workhouse and Travelers did not care as much about this feature. Under “Segment by applications” we were able to identify Mercedes was not concern as much as Workhorse. Mercedes was more concern about “engineering/design” than Travelers and Warhorse. This gave us the ability to focus on pleasing our customers accordingly. The ability to know their price willing to pay allows us to be reasonable and competitive with our cost of production and selling price.
Develop and execute a marketing plan Clarify business objectives and strategy while executing our plan. There’s so much going on in the simulation marketing exercise, each team is struggling to keep up. At the same time, each team feels pressure to be “progressive” and actively integrate emerging media and strategies to be able to gain market share at all cost. Now each group is looking and analyzing what strategies the other groups are using, what mistakes are they committing.
Once this valuable information is on other groups hands everything starts to get more competitive and a minimum error could cause devastating consequences. Even while we are ahead of the game and in Q2 we were far from the other groups, each quarter the other groups are getting closer and closer. The execution of the plan was’ a good marketing strategy since we did not necessarily focused is on many gadgets and instead we focused in a simple marketing approach. We selected Mercedes since they were willing to pay high price for quality and their market share was very competitive.
We discussed possible Innovation and opportunities to Identify, evaluate and activate emerging opportunities. We are now focusing in creating compelling advertising campaigns that would get the consumer’s attention and drive awareness. Once potential customers were aware of the product, direct sales and retail promotions could then close the deal. LO3: Analyze marketing situations, offer solutions, and justify recommendations We analyzed the industry current size by market place to determine future expansions, sales people, support and training.
Our target market, based on our performance we analyzed with detail the possibility and financial capacity to enter other markets and what strategies are we going to use to design our new computer, determine the right prices, services and the right marketing ads. Distinguishing characteristics of our potential customers allowed us to enter the right computer products, the right price, the right marketing approach based on location, historical data and a big piece was taking the risks and chances.
The size of the primary target market is our main focus and our goal is to get stronger with Mercedes until the numbers tells us the opposite. New locations and how much market share can we gain the market share percentage and number of customers we expect to obtain in the defined geographic areas. We are now present in all places we the hope of getting market share from our competitors. We still are looking at their strategies, learning from the successes and also from their mistakes.
Our current pricing and gross margin targets, at this level we are going to focus on price reduction new attractive ads, new and better computer features. We still have room for improvement and our disadvantage still in our competitor’s knowledge and performance improvement. LO4: Identify and address the ethical and legal issues related to a firm’s marketing activities Fortunately we did not have any ethical or legal related issues in our firm. These issues may affect the competition in a positive way. One the reputation of any company has broken it would take a lot of effort to remedy it.
Putting the competition in advantage and will gain good reputation over issues over truth and honesty. LO5: Apply marketing concepts and tools to solve business problems in your work environment I work in the healthcare industry, and my company has gain market share rapidly by focusing on customers and their needs. Their marketing has improved as well by utilizing the right approach and creating new opportunities for physicians with better and more attractive compensation and benefits.
This strategy was very clever if you think about what runs patient levels. Another strategy was the media, performance improvement, employee satisfaction/retention and the publicity about it. With the new reforms the healthcare industry is getting more competitive as our simulation is, and the reasons are very similar “competition and performance improvement”. The healthcare industry has been evaluated and this performance is now public and at the same time the scores would determine the amount Medicare would reimburse.
Conclusion I was able to learn about fundamental strategic marketing concepts, experience essential marketing tools, such as: marketing plan, master market and competitive analysis, combine tactical implementation with long-term strategy, broaden the long-term focus, design brands, design appropriate and accurate ads, set the right selling prices, adequately hire, train and sales people, analysis profits and performance, pay attention to details, learn from competition mistakes and successes.