For this assignment I picked Erie to analyze. 1. Give a short description of their current strategic position -- products, segments, plants, capital structure, source of competitive advantage, etc. Consider their product line from a “consumer reports” standpoint. Erie sells products in all 5 of the industry segments.
This report started with analysis of target customers and location choices, and then, explained how to enter urban market. Detailed ideas and implementations of the market and advertising were included. The final part of this report provided possible scenarios and a clear timeline for implementation. It’s important to have an organized and clear structure of our future report. Another strength is using many data tables and pictures provide support for ideas and implementations.
When looking at the distinctions of an industry, and assessing the formidable opponents, an organization must clearly know where they fit and the consumers they attend to attract. In Dollar Trees case, they have offerings for the lowest of incomes, but with the acquisition of Family Dollar, can now operate in another industry segment they currently could not (Parnell,
Integrated Marketing Communication Strategy Even though our candy store is well located, we will go to the public to strengthen the business. We will be using all available resources to promote our business. Vancouver Gummies has a long haul idea of opening a new channel in different areas of Canada for which we are working hard to build our brand to be well accepted in Vancouver are before we expand.
Dealing with Competitive Threat Overcoming a perceived competitive threat is highly desirable when it comes to maintaining current market share. Organizations can maintain their current market share only if they are better prepared to counter any immediate as well as long term competitive threat arising out of changing market landscape (Mahnken, 2012). This case study analyzes the Scarlet Hospital’s efforts to compete with the larger healthcare establishment in Salem which is now easily accessible because of recent project of highway improvement. In this regard, Scarlet Hospital’s decision making strategies will be thoroughly evaluated and porter's five forces analysis as well as SWOT analysis in context of competitive strategy of the company will be conducted. The research paper also evaluates the importance of balanced scorecard model while developing and implementing the Scarlet Hospital’s defensive marketing strategy.
The Five Forces Analysis is a business tool used to evaluate the profitability within an industry. The five forces include rivalry among competitors, the threat of new entrants, threat of substitutes, bargaining power of customers and bargaining power of suppliers. Since Niagara Furniture Bank is a charitable organization, we use the Five Forces Analysis to understand its external environment rather than the industry’s profitability. The force of rivalry among competitors determines the intensity of competition within an industry by evaluating competitors within an industry that provide similar services or products. Rivalry among competitors is almost nonexistent in Niagara’s nonprofit furniture bank industry.
Competition-Competition has been a major issue facing the company a. Not failing to recognize upcoming competition b. they have increased their services and lowed the prices. 2. Target Market- In the market
Understanding customers on a fundamental level is necessary. Letting the community where these stores are located know that they are invested in the community and their consumers. The first part of the promotion would require images being projected onto random large surfaces throughout an area. For instance, if there is a prominent building or a courthouse, a wall could display a projected image of the Chipotle emblem. That Chipotle logo would work similarly to the “hot light” at Krispy Kreme.
Pop-Up stores may not be the complete solution but could be essential in providing experiential retailing and allure consumers to high
(n.d.). Retrieved July 19, 2016, from http://aviationweek.com/blog/gaining-advantage-consolidating-market [3]Hill, C. W., & Jones, G. R. (2013). Strategic management: An integrated approach. Mason, OH: South-Western, Cengage Learning 3.
The ability to penetrate multiple market segments is critical when facing economic
Additionally, the organization must change the business structure in order to meet the increasing competition within the market. As we expand our business strategy into newer markets there are potential risk that may impact the effectiveness of our mission. First, the marketing and sells department is entering markets that we as an organization may not be prepared to handle. Second, with the increase of job-turnover and the steady low-rate of unemployment in our area (3.1), it will be difficult for the company to meet the required level of productions due to entering the new markets.
Before advertising any Product, one need to have clear idea of the targeted customers and positioning of the business as it gives overall direction for the business. Whenever a new business starts its operation, it should obey some of the marketing techniques. Those techniques either can be traditional or can be digital. As opined by Maestre et al.(2014) Some of the strategies that can be executed are most appropriate site selection so that the store can be visible to the customers, A large and easily accessible parking area, where as inside store proper visual merchandising should be done in a proper manner, the store must use free-flow layout so that it helps customer to easily reach to any product location as they need, A customer query centre should be there inside the store so that it can provide maximum satisfaction to the customers, devices which record customer feedback also need to be implemented in to the store, employees should be polite and helpful to the customers, also partnering with private bank account holders so that whenever they visit to the store and use their bank debit card or credit card they will get extra benefit of discount and cash back According to Patton (2016) to sustain the customers in the company they must implement strategies like loyalty system Higher discount must be provided to regular and loyal customers, free gifts and sample must be distributed to new customers
In addition to promotion and marketing having a significant role in attaining a good market share. Competitor
• Gardner, David, and Howard Thomas. "Strategic Marketing: History, Issues, and Emergent Themes." In Strategic Marketing and Management, edited by Howard Thomas and David Gardner. New York: John Wiley & Sons, Inc., 1985. • Gladish, Alan W. "Plan to Market for Long-Term Prosperity."
