The Marketing Mix and Opportunities of Serco International Inc - Assignment Example

The Marketing Mix and Opportunities of Serco International Inc The marketing mix is an effort by the company to have a positive response from its target market using product, price, place and promotion. (QuickMba) These are the factors by which a company can best satisfy its customers. By this definition, we find how Serco develops its strategically marketing mix to win customers. The product in our topic is the services offered by Serco which is management services in the United States. It is described as a company that ‘gives advises, makes designs, integrates and delivers various service solutions to military, government and commercial customers. Serco also provides other services such as capital management, enterprise management and transportation. It is further characterized by function. Function of services offered by Serco belongs to being a leading provider of professional, technology and management services to the federal government. It has provided services to every branch of the US. military, numerous federal civilian agencies such as the Department of Homeland Security and the intelligence community. (Serco) Marketing mix is also concerned with product appearance, and since Serco provides services, its appearance is the kind of service it provides to customers. By this, Serco’s appearance is through its services in managing people, processes, technology and assets. Another component of marketing mix is price. Serco competes in bidding process and prices are determined by bids. Generally, in a bidding process, awards are given to lowest bidder, meaning Serco has maintained a competitive price as it has maintained government contracts. Other options in pricing are partnership and joint ventures which Serco has entered into with government agencies and private clienteles. Marketing mix also considers the place or channels of distribution and market coverage. In this, Serco Inc. is an international organization providing services worldwide. It is listed as top 100 FTSE international service company. Promotion is another aspect of marketing mix that includes personal selling, advertising, public relations and media. There is very little information gathered about promotion except that it is publicly listed in the stock exchange. As a prominent figure in the exchange, its operation and financial performances are constantly being watched by stockholders who are always interested in investment returns. Marketing strategies of the company are first, to build a balanced portfolio by spreading across markets, to reduce the company’s exposure to risks and market fluctuations and select best market opportunities. This strategy, according to Serco, allows them to transfer expertise from one market to another. Next, they struggle to win and maintain long-term contracts by building customer relations by meeting customer expectations. Another company strategy is to win new acquisitions and new skills which will be in new markets; and then last, is to continue to develop new models in delivery of service. This includes collaboration among divisions, partnership or joint venture with customers. 2. Opportunities. Serco believes that it ability to lead change will keep the company at the forefront of the markets. Serco sees possibilities for growth in outsourcing possibilities and currently looking at selected opportunities in UK, Europe, North America, the Middle East, India and Australia. The company sees opportunities first in the public sector reform, and in the pressures to improve government service while keeping taxes low. Serco also feels that because of their track record for innovation, governments are enthusiastic to hire their services or become a partner in their developments. Opportunities for growth is also through its continued increasing profitability maintained for the last five years of operation which is welcome news for stakeholders of the company (Serco annual report) Earnings per share and dividends per share have both increased from 2001 to 2005. The annual report featured strong growth through continuous winning of contracts and bids with a winning rate of 90% on rebid of contracts and over 50% of new bids. It has added new acquisitions on the area of IT that has given the company new skills and capability to enter new markets. Company believes it has large range of new market possibilities, and has identified £21bn market opportunities across country. Company maintains positive outlook as it has become selective in its portfolio management. It is also confident to have a double-digit growth in the near future. (Serco Annual Report) Part 2. TASK 2: INDIVIDUAL REFLECTIVE STATEMENT As part of the group, I have tried to present my part which is “marketing mix and opportunities to Serco” to become a relevant piece of information to complete our report. Deciding which part to take in the group work is a difficult task as it is, because at first, I do not know how to start. Trying to research, collate data and interpret financial statements is a student experience that I have learned. . The research and writing experience will help me in my other future assignments. The interesting part of research is trying to piece the value of information, what is needed, and what is not. Information at the internet is awesome, and has overwhelmed me. There is lots of information around and I wanted to include it all in 700 words, but later on, I have to delete most of them because they are not relevant. I have learned also that writing is not as simple as I thought it to be. I have to put my thoughts in words and be alert in spellings and grammar. Keeping things correlated are far more difficult, as when I read what I have written, I am not happy at all and have to change its direction. Of course, there is also the fear of committing plagiarism that will compromise my work and that of the group as a whole. I was also aware that my team expects a lot from me, in the same way that we all have to work to make a presentable document in order to meet the grade requirement. But what is important, aside from meeting the deadline is the group effort, commitment and our duty to our team and after a hard day’s work we have accomplished something that could be used in our future endeavors. Works cited Quick MBA, Marketing Mix definition. Viewed 01 May 2010. http://www.quickmba.com/marketing/mix/ Serco. CEO’s message. Viewed 01 May 2010 http://www.serco na.com/Default.aspx?Area=AboutUsNew&Subarea=LeadershipNew&Page=LeadershipNew Serco . Annual Review and summary financial statement 2005, viewed 01 May 2010 Read More