Marketing Strategy of Altius VA Ltd - Assignment Example

? Altius VA Ltd Marketing Strategy By Presented to Altius VA Ltd Marketing Strategy Introduction Marketing isa fundamental aspect of a company or organization that needs to expand its market and clients base. The world through the internet has become a global village that can be accessed anytime and by anyone just pressing a button. Therefore, companies must employ good marketing strategies in order to keep their businesses as well as the pace with their competitors. A well-defined and developed plan of how marketing should be done should be put in place. Additionally, what is to be achieved by the laid strategies should be part and parcel of the production process of a company or organization (Chaston 1999). These tasks should be delegated to well-trained people who are fully aware of the long and short term objectives of the company. Training staff as well as delegating marketing duties in tandem with the laid down strategies enables working towards achieving them. Therefore, a marketing strategy is aimed at ensuring that a company is able to concentrate its resources towards the very important aspects of its core functioning; thus, minimizing wastage (Blythe 2006). Resources are always scarce; hence the need utilize them in a manner that ensures they are preserved for future use. A company must also ensure that the cost of production is kept at a minimum; while at the same time ensuring that it is making profits. Therefore, this paper will look at the marketing strategies that Altius VA Ltd need to better their business. Discussion The Altius Brand Strategic Analysis and Vision for the Compliance Software Altius VA Ltd is a vendor assessment company that keeps tabs of products from the said vendors and ensures that they meet the required standards as dictated by the different clients. This is attributed to the fact that it is always imperative for anything sold in the market to consumers to meet the laid down regulations and standards. As they have clearly stated in their website, “they believe that both clients and vendors have the right to expect a robust, fair and consistent assessment service, backed up by great customer support” (Altius 2013). They have taken the responsibility of ensuring that both the stakeholders get fair treatment as well as what they deserve out of any transaction or undertaking within the market setting. Without a brand name, Altius VA Ltd has made great strides in ensuring that their compliance software referred to as Supplier Assessment and Management System (SAMS) by their customers is well marketed in their website From their websites, they have shown and advertised to the vendors why they should be part of the Altius VA Ltd family. The benefits listed include: saving time and resources such as money, reducing duplication, aiming higher, among others (Altius 2013). These are straight to the point objectives that Altius endeavours to provide to their member vendors at all times and cost. The advantage of these to the vendors is that it helps in reducing the cost they would have incurred in performing the stated functions for themselves. By evaluating and analyzing the above advertisements on the Altius VA Ltd website, they have gone a long way in ensuring that the targeted stakeholders join them when fully aware of what they are, or could be drawing themselves into (Kelley & Jugenheimer 2009). Therefore, the vendors have an opportunity to make a decision for themselves to either be part of Altius VA Ltd or not. Altius VA Ltd services Altius VA Ltd has provided in their website what they do and how they are capable of helping both the vendors and clients. The vendors are assessed while the clients get consultation services. This is a well-developed plan that attracts stakeholders as it indicates the need to join, and the efficiency that comes with receiving the services of Altius VA Ltd. SWOT analysis, for example, brings out how an organization can get to use the analysis of its strengths, weaknesses, opportunities and threats to build a stronger version of the existing company (Doole & Lowe 2008). An analysis of that kind will in the end enable Altius VA Ltd to evaluate and know what the competitors are doing better. The site, for example, does not bring into the picture some of the large companies and/or jobs that Altius VA Ltd has undertaken. This coupled with the recommendations from the respective people involved can go a long way in showing other vendors and clients of how good Altius VA Ltd really is. Altius VA Ltd has a platform in its website for interested parties to look into their achievement and know how they are doing in the real world. This also helps in assuring the already registered members of the safety of their investment both in effort and funding to the company. This can easily persuade them to increase their contribution (Blythe 2006). That is a very clever marketing strategy for Altius VA Ltd in its bid to prove to the world that they mean business in their quest to provide assurance that “good stuff go in while the bad ones go out” as is stated in their website. From the blog section, the comments posted help in providing information regarding what the general public thinks of the company. This is because they include both negative and positive comments regarding the work done so far by Altius VA Ltd. Measures against competition Market Identification and Positioning Marketing in general needs to bring positive end results to the course for which it was designed in the first place. Market growth is a major objective of any marketing strategy employed by any company, including Altius VA Ltd. The company should strive to ensure that the market is growing and that the prevailing clients as well as new ones have something to look forward to so as to join (Blythe 2006). Altius VA Ltd needs to invest in providing more services for the existing and even new clients to ensure that they remain relevant to the market demand. Additionally, the already existing product should be penetrated into newer territories in order to test and exploit the target market. Therefore, the website should incorporate already existing projects in order to demonstrate to the stakeholders that production and/or service delivery in Altius VA Ltd is a process that only gets better by the day. Modules and its contents such as the one contained in the CMO Compliance website will also go a long way in providing Altius VA Ltd information to stakeholders. Altius VA Ltd should also ensure that their existing market is and always remains stable under all circumstances. Market stability is one pillar of a good marketing strategy that is aimed at ensuring forward development of any given company at any time (Chaston 1999). They can do this by ensuring that any employed or deployed strategy is engineered to beat that of the competitors. This will show that Altius VA Ltd is the superior player within the compliance software market. Cushioning the already existing clients from a major downfall in case there is a crisis in the market is important to save and build the reputation of anyone associated with the company (Donaldson & O'Toole 2007). Therefore, Altius VA Ltd should always find ways of letting their clients know how bad a situation might get and how the impact can be reduced. Market Segmentation and Marketing Implementations The idea employed of segmenting of vendors and clients is a good mechanism that can be improved even further. For example, the clients also have different tastes and sometimes come from very different settings that dictate their preferences. This can also be true for the vendors who operate and sell different products at different locations; hence varying market demands (McDonald 2012). Therefore, Altius VA Ltd should segment them further according to their geographical locations to ensure that products and services go to the right place and to the right people. Taste and preferences are also behaviors of clients and are varied more often than not in very diverse ways (Doole & Lowe 2008). Altius VA Ltd needs to put this into consideration as they segment the clients and vendors for efficient service delivery. Communication about new products by Altius VA Ltd should also be put in place. Communication helps to pass and even test the new products before and after they go into the market. Additionally, it assists in assessing how the products are received (Donaldson & O'Toole 2007). A well laid down plan of how these products will reach the clients if well received should also be put in place to ensure efficiency and cost saving. This can go down well for the company with a well formulated segmentation procedure that helps to know what product is more profitable and to who and where. These aspects of production are all linked and underperformance in one can lead to big negative implications for the company (Anderson 2010). With well-planned and developed market strategies, Altius VA Ltd should be able to evaluate the returns as related to how much was invested in employing the strategies that in the end produce positive results. Bibliography Altius. (2013). The Future of Vendor Assessment. Retrieved May 7, 2013, from http://www.altiusva.com/AboutUs.aspx Anderson, E. (2010). Social Media Marketing: Game Theory and the Emergence of Collaboration. New York: Springer. Blythe, J. (2006). Marketing. London: SAGE. Chaston, I. (1999). New Marketing Strategies: Evolving Flexible Processes To Fit Market Circumstance. San Francisco: SAGE. Donaldson, B., & O'Toole, T. (2007). Strategic Market Relationships: From Strategy to Implementation. New Jersey: John Wiley & Sons. Doole, I., & Lowe, R. (2008). International Marketing Strategy: Analysis, Development and Implementation. Hampshire: Cengage Learning EMEA. Kelley, L. D., & Jugenheimer, D. W. (2009). Advertising Management. New York: M.E. Sharpe. McDonald, M. (2012). Market Segmentation: How to Do It and How to Profit from It. New Jersey: John Wiley & Sons. Read More