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Strategic Marketing - Essay Example

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Situational analysis is one of the major requirements for a business process. For an effective situational analysis SWOT analysis is the tool which helps the manager to understand the company’s strength and weaknesses as well as the prospective opportunities and threats for the firm…
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Strategic Marketing
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Download file to see previous pages Figure 1: Effectiveness of analysis tools (Source: Ferrell, Hartline, 2008, p. 119) Of the four elements of the SWOT analysis Strength is the most effective element which is needed to be evaluated by the company. Identifying the strength of the firm gives better understanding of the market scenario in accordance to the company’s position. With more strong position in the market the company will be able to minimize its weaknesses in the market. Also SWOT analysis facilitates the company to find new opportunities in the field which shows stronger position for the company. As for example if a company has strong financial condition it’s a good opportunity for the firm to invest into expansion strategy as the strategic plan. When a company has good understanding of its strength and weaknesses the company will also be able to cater with the threats which might arise in the business process. But conducting a SWOT analysis is not an easy task for the organization. Several issues might arise in the process. ...
Planning and estimation of the business activities can help the company to understand the prospect of the new business and act and implement accordingly for building strong base into the market. Cash Flow Forecasting is one of the most important plans for the company to document its planning process. Calculating the Break Even point in the business can give a good start for the company as it is the point where the expenses equal the sales revenue generated by the company. At first the company needs to calculate the fixed cost of the different operations and then the variable costs of the goods like labor, materials etc. Then estimation of the output production unit will then help to calculate the breakeven point of the firm by dividing Fixed Cost with the difference of Unit price and Unit Cost of the product. The projected balance sheet of the company will give a snapshot of the assets and the liabilities of the company along with the equities involved in the business. The company needs to forecast its sales and income statement to understand its profitability position in the business process. Here is an example of a breakeven point where the portion above the line represents profit where as below the line represents loss for the company. Figure 2: Break Even Point graph (Source: British Columbia, n.d., p. 16) QUESTION 3 Identify Two (2) Malaysian companies that you believe have high brand quality. Why do you suggest so? Give reasons to support your answer. How does having high brand equity help them compete against competing companies? In service industry the most crucial factor for conducting business in a competitive environment is maintaining customer relationship through quality service and maintaining high brand value in the mind of the ...Download file to see next pagesRead More
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