6b: Implementing Your Strategy - Essay Example

6b: Implementing Your Strategy Relative to the current situation of Shomei Cards, the company must primarily focus on its s needs and wants.It is best also to consider having a mixture of segmented customers as the target market to increase profit margin and market share. While the traditional ways of marketing strategies are good and effective, Shomei Cards must incorporate new media and information technology to penetrate more household consumers. In employing the information technology factor, management must have a feedback system in its website to get firsthand information from its potential and loyal customers (MarketingProfs 2005).

The IT will also provide better advertisements that could enhance its better brand positioning alongside competitors. As such, it is advisable for Shomei Cards to use the SWOT strategy and the 4Ps Marketing Mix in its marketing technique in the overall management and improvement of the company. The SWOT or strengths, weaknesses, opportunities and threats will aid in the identification of factors that the company needs to address and concentrate on. The SWOT may also serve as a basis for company goals that must be achieve within a specified period of time.

After the performing the SWOT, management should employ the 4Ps Marketing Mix. The 4Ps are product, price, place (distribution) and promotion. The 4Ps is a very effective marketing tool because factors like product, price, place and promotion are controllable variables which the company management could manipulate internally and externally. In terms of finances, Shomei should set a budget or cost ceiling in its expenditures. A regular cash flow should be reviewed regularly for early detection of profit or loss.

Aside from this, the financial portfolio of Shomei must have assets that could be readily converted to cash when the need arises. Overhead costs for all organizational expenses must be reviewed to see where cost cutting measures could be implemented. It is imperative that projections of profits are realistic due to the volatility of the economy so that management is not caught unaware of any financial risks (Management Overview n.d.). Thus, to check profitability, liquidity and return of investment, it is recommended that the three (3) Financial Ratios (current ratio, total debt ratio and profit margin ratio) be used regularly to view how the business is actually faring (Susan Ward n.d.).

Current ratio provides information on whether the business has adequate resources to pay its obligations for the next 12 months (Susan Ward n.d.). The total debt ratio is a way to test the long term solvency of the company and last but not the least the profit margin ratio is needed to see the revenue growth from the investment made (Susan Ward n.d.). It cannot be denied that the most important factor in any business is the employees. Hence, the working atmosphere should be conducive to a healthy working relationship between management and staff.

Treatment of employees must be impartial when it comes to salaries and benefits. Management should also keep in mind that a handful of multi-skilled employees or staff is better to manage in terms of supervision, motivation and performance (MarketingProfs 2005). From an HR point of view, the terms and regulations of employment at Shomei must ensure a high quality workforce with appropriate skills, reduce vacancy and turnover rates, and improve working lives through flexibility and good facilities (Flexible Working, 2007).

Majority of the traditional marketing and management aspects work well for most companies who have outlived their competitors a long time ago. But since the times are changing and is of the essence in the business world, it would be good for Shomei Cards to consider trying updated and new methods of marketing and management strategies to improve not only the company but its social responsibility to the public at large through donations and contributions. Advertising oneself does not only come in product and brand promotion, but through giving something back to the community who will uphold the companys solvency in the long term.

ReferencesFlexible Working. Improving Working Lives n.d. 22 May 2008 .MarketingProfs. 2005 22 May 2008 .Ward, Susan. “Is Your Business Sick? Give Your Business a Health Check-Up with These Three Ratios” n.d. 21 May 2008 .