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Triangle Creative Ltd - Essay Example

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TCL should adopt a flexible pricing so as to ensure that the company is able to adopt a customer based pricing strategy that can respond customer needs. TCL should also own its services as opposed to outsourcing so as to enable the company address specific customer needs. …
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Triangle Creative Ltd
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"Triangle Creative Ltd"

Download file to see previous pages The report is structured to include three main parts namely the marketing mix, relationship with variables and business networks, and the structure of the sales force. The three parts of the report form the basis of the success of the business during the current economic downturn. The recommendations presented in this report are based on the analysis of the current situation facing the company and are also effective in making sure that the business will manage to create a competitive advantage in the market. 2.0 Marketing Mix According to marketing principles regarding the marketing mix of a given business, there are a number of conditions that ensure the success of the business in its marketing functions (Kalish, Vijay & Eitan, 2005, p. 176). The marketing principles require that a business should at least address the following four conditions: i. The business should have the right product that has the right features such as appearance and functioning. ii. The available products should be sold at the right prices to customers so as to maximize on attracting large numbers of customers that will record huge profits. The product should be sold in the right place and at the right time so as to improve the efficiency of business operations.The business should design and implement the most suitable promotion in marketing the product so that customers will have to be aware about the existence of the product in the market.
The company has managed to attract a significant number of customers but the recent market conditions have led to the company losing a number of customers. This requires new strategies in the company’s marketing mix so as to ensure that the company attracts new customers as well as it retains existing customers. The strategy is that the business should consider expanding its marketing mix and making a number of changes on the existing marketing mix (Kemper, 2010, p. 112). 2.1 Product Triangle Creative Ltd should invest more in producing original services to customers as opposed to relying too much on outsourcing. This is because the outsourcing companies may provide services that may not meet all the needs of the clients. The company should improve its production capacity to include the provision of marketing and advertising services. This will ensure that the company has complete control over the quality of its product and makes it easier for the company to redesign its services in the shortest time possible. The best option in this case is that Triangle Creative Ltd should consider merging with PJW Media Production. The advantages of such a merger include sharing of expertise knowledge and access to a wider market (Kiss & Martin, 2008, p. 129). Additionally, IMP literature materials suggest that mergers have the effect of reducing the costs of operations for any business (Kiss & Martin, 2008, p. 132). 2.2 Price The business should consider adopting a different pricing system for its services. Currently, the company is using a rigid pricing system that does not change with the pricing needs of the consumer. The limitation of such a pricing system is that the company is unable to offer price benefits such as discounts and bargains on prices of services. This may be one of the major reasons as to why the company is losing a ...Download file to see next pagesRead More
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