Marketing Planning For Strategic Management Assessment Answer
Answer:
Introduction
Figure 1: PESTEL analysis of IRESS
(Source: Created by the author)
Political factor: According to Gupta and Mishra (2016), political condition of Australia is stable, and the government always supports innovations. New trade laws introduced by the Australian government exempts taxes from new inventions. However, the value added taxes introduced by the government reduces the profit margin of IRESS.
Economic factor: Australia is the third largest mixed economy in the Universe (Dufty-Jones and Connell 2016). Australia is a developed country and has a GDP growth of 1.62 trillion Australian dollars (Dufty-Jones and Connell 2016). The developed also increases the purchasing power of the individuals in Australia.Rising economy of the world supports the activity of the organization. This influences IRESS to go beyond borders.
Social factor: IRESS also assists building the social life of people. According to Hasan (2013), health conscious lifestyle of the individuals in Australia is also supporting the function of the organization. The popularity of health-oriented device excites the employees of the organization. Residents around the organization have also started different business and maintained their livelihood.
Technological factor: Technology is an important tool in the recent century. IRESS has a well developed R&D department along with experienced researchers to invent innovative products. The technology used by the IRESS organization is mainly based on Java and Linux operating system (Jurevicius 2013).
Environmental factor: The activities of the company are also having an effect on the surroundings and environment. The raw materials used by the company affect the environment. IRESS is trying to find out raw materials which are less harmful for the environment (Resnick et al. 2016). Moreover, the people of Australia are environmentally friendly and want to use products which can be easily recycled. IRESS is also laying stress on removing harmful substances before they are disposed off to the environment.
Legal factor: Legal legislation is an important criterion to make the workplace safe and protected. According to Rosohata (2012), the Australian government has also amended rules to prevent employee harassment. Special care is also taken by the government to protect women employees from sexual harassment. Along with these gender biases and age, discrimination is also prevented to keep a safe working condition. IRESS follows all the rules and regulation.
SWOT Analysis
|
Strength · IRESS has a well developed Research and development department. · More than 1000 experienced employees.Strong financial position to innovate new products · Strong sales network team to increase sales volume |
Weakness · Business of the organization is limited to the sector of information technology · Absence of far-sighted vision · Unable to diversify the product · Cost structure is unclear · Infringement Policy |
|
Opportunity · Health conscious attitude of people supports the development of product · Advanced technology is supporting the activity of the organization. · Expansion of business in countries like China and India will increase sales volume · Strong financial condition through merger and acquisition |
Threat · Competitive, market · Presence of giant leaders like eServGlobal, CSG and Technology one · Increasing labor cost increases the cost of the product. · Different rules introduced by the government · Rapid increase of Chinese competitors |
Table 1: SWOT Analysis of IRESS
(Source: Yüksel 2012)
Marketing objective
The following are the various marketing objectives that need to be followed by the organization in order to achieve its successive launch.
To be the top organization in the field of health care and technology within 2025.
To produce the latest device to control the health of people.
To increase the sale of the latest advance health product within 2020.
To expand their market in all across the globe
To protect the life of people in an effective way.
Marketing strategies
Website Marketing: The organization uses website marketing strategies to reach the customers quickly. People in the recent century are tech friendly and use the internet to get different information. IRESS gives details of the product in their website. Individuals can also buy the product both through online marketing as well as through stores (Silva, Cavalcanti and Gomes 2015). Social media like Facebook is also used by the organization to promote its products.
Market-penetration pricing strategy: The organization follows market penetration pricing strategy. The price of the product is kept lower than that of market price. This will help the organization to increase their sales volume.
Direct marketing: Direct contact is made with the consumers with the help of Tele-calling, mail order and TV shopping (Sun et al. 2014). Even the marketers communicate with individuals in malls, pharmacy and railway stations. Therefore, a direct contact is made with the customers.
Marketing mix
The marketing mix is used by IRESS to communicate with customers. The 4Ps of the Marketing mix are product, price, place and promotion.
(Source: Created by the author)
Product: The product introduced by IRESS will regulates the health of the individual and is supported through technology. The name of the product is IRESS health 2016. The product looks like a wrist watch and has an embedded computer (Iress.com 2016). The product keeps a constant watch on the health of an individual through their pulse rate. The product has a whistle system which reminds the daily activity of the individual. It also checks the heartbeat of people and gives suggestions to human beings.
Price: Price is an important tool which determines the success or failure of any product. Market penetration strategy is followed by the organization. The price of the product varies from 50AUD to 200 AUD depending on size and function (Waterschoot and Bulte 2012). So everybody can have easy access to buy the product. The high rate of discount also attracts customer’s attention.
Place: The main motto of the organization is to spread the product in all parts of Australia. Distribution channels like retailers and intermediaries are used by the organization to distribute the product. Technology has been used by the customers to get in direct contact with clients (Sun et al. 2014). The service centers of IRESS are also used as outlets to sell the product.
Promotion: Promotion is necessary for any organization. IRESS promotes its products with effective advertisement, public relation activities, and direct selling. Hospitals, cricket matches are used by the organization to promote its product (White et al. 2015). Even renowned faces like cricketers and politicians are also used to promote products.
Budget
The budget of IRESS is created completely on the basis of the assumption of the author. The organization has a strong financial base, and the budget is for the financial year 2016-17.
|
Primary Category |
Secondary Category |
Quantity |
Estimated Cost |
|
Research |
Web Research |
1 |
AUD 4000 |
|
Research |
Independent Research |
1 |
AUD 10000 |
|
Research |
Other research |
4 |
AUD 5000 |
|
Research |
Promotional |
5 |
AUD 90000 |
|
Communications |
Radio |
1 |
AUD 10000 |
|
Communications |
Web |
2 |
AUD 25000 |
|
Communications |
Internet |
3 |
AUD 12000 |
|
Networking |
Membership |
54 |
AUD 15000 |
|
Networking |
Affiliation |
21 |
AUD 12500 |
|
Networking |
Subscription |
10 |
AUD 6000 |
|
Event |
Meal |
2 |
AUD 7000 |
|
Event |
Tax |
1 |
AUD 8500 |
|
Event |
Other services |
1 |
AUD 9000 |
|
Total AUD=216000 |
Table 2: Budget of IRESS
(Source: Created by the author)
Implementation and control
To acquire competitive market IRESS need to implement plan accordingly.
Proper implementation of the marketing mix.
A Proper understanding of SWOT and PESTEL to overcome problems.
IRESS also needs to follow a 12-month action plan as presented below :
|
Actions |
Month 1 |
Month 2 |
Month 3 |
Month 4 |
Month 5 |
Month 6 |
Month 7 |
Month 8 |
Month 9 |
Month 10 |
Month 11 |
Month 12 |
|
Set up phase | ||||||||||||
|
Premise | ||||||||||||
|
Staffing | ||||||||||||
|
Equipment | ||||||||||||
|
Development phase | ||||||||||||
|
Curriculum | ||||||||||||
|
Material for business | ||||||||||||
|
Test phase | ||||||||||||
|
Support team | ||||||||||||
|
Alternative processes | ||||||||||||
|
Marketing phase | ||||||||||||
|
Campaign | ||||||||||||
|
Advertisement | ||||||||||||
|
Positioning | ||||||||||||
|
Pricing |
Table 3: Action plan for IRESS
(Source: Created by the author)
Recommendation
To use technology at its best
To have a competitive pricing strategy
R&D department should be further developed
Conclusion
In conclusion, this report presents a thorough understanding of the situational plan to be followed by the manager for the launch of a new product in Health care segment. The plan presents the macro as well as the micro aspects of environmental scanning and the SWOT analysis. The plan also presents the various marketing strategies that need to be incorporated in order to make the launch a success. Additionally, it also outlines the marketing objectives that need to be followed. Furthermore a budgetary analysis regarding the expected cost and expenses of the launch has also been depicted. It is understood that the organization has a strong financial and R&D department to further upgrade the product. Pricing strategy of the organization has also helped the organization to remain a step ahead of its competitors.Lastly, the report also suggests certain recommendations which may be beneficial for the successful launch of the product.
References
Dufty-Jones, R. and Connell, J. 2016, Rural Change in Australia: Population, Economy, Environment, New edn, Ashgate Publishing Ltd, GB.
Gupta, G., and Mishra, R. P. 2016. A SWOT analysis of reliability centered maintenance framework. Journal of Quality in Maintenance Engineering, 22(2), 130-145. doi:10.1108/JQME-01-2015-0002
Hasan, M. R. 2013. Apple Inc.-An Analysis: PESTEL analysis, Porter’s 5 Forces analysis, SWOT analysis, Comprehensive analysis of financial ratios, and Comprehensive analysis of share performance of Apple Inc. GRIN Verlag.
Iress.com 2016. IRESS Global - Home. [online] Available at: https://www.iress.com/global [Accessed 21 May 2016].
Jurevicius, O. 2013. PEST & PESTEL Analysis,". Strategic Management Insight, 13, 2013
Manic, S. 2016, "Economics Imperialism: SWOT Analysis",Asian Economic and Financial Review, vol. 6, no. 3, pp. 151.
Resnick, S.M., Cheng, R., Simpson, M. and Lourenço, F. 2016, "Marketing in SMEs: a “4Ps” self-branding model",International Journal of Entrepreneurial Behavior & Research, vol. 22, no. 1, pp. 155-174.
Rosohata, A.S. 2012, "Theoretical bases analysis of scientific prediction on marketing principles", Marketing ì Menedžment Innovacìj, vol. 3, no. 2, pp. 99-111.
Silva, C. F. M., Cavalcanti, F. R. P., and Gomes, Á. 2015. SWOT analysis for TV white spaces. Transactions on Emerging Telecommunications Technologies, 26(6), 957-974. doi:10.1002/ett.2770
Sun, Y., Guo, P., Ma, Z., Li, T. and Dang, S. 2014, "UK-based external business environment analysis of outdoor adventure clothing using the PESTEL tool and its future outlook", IEEE, , pp. 306.
Van Waterschoot, W., and Van den Bulte, C. 2012. The 4P classification of the marketing mix revisited. The Journal of Marketing, 83-93.
White, T. H., de Melo Barros, Y., Develey, P. F., Llerandi-Román, I. C., Monsegur-Rivera, O. A., and Trujillo-Pinto, A. M. (2015). Improving reintroduction planning and implementation through quantitative SWOT analysis.Journal for Nature Conservation, 28, 149-159. doi:10.1016/j.jnc.2015.10.002
Yüksel, I. 2012. Developing a multi-criteria decision making model for PESTEL analysis. International Journal of Business and Management, 7(24), 52.
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