7MK031 Marketing Strategy Assignment Sample

Effective Marketing Strategies: Comprehensive Assignment Guide

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Introduction Of Marketing Strategy

Deloitte is the largest professional services company in the world, offering a wide variety of audit, tax, consulting, and advisory services to clients across a assortment of industries. The company was founded in 1845 and has since grown to spend over 320,000 professionals in more than 139 countries. The company operate through a system of member firms, each of which is a self-governing legal entity. These member business works mutually to give services to clients worldwide, while also carry on local expertise and knowledge of the markets and convention in their respective countries (Eneizan, et. al. 2019). The company's clients include international government agencies, corporations, and non-profit organization, among others. In recent years, the company has also been investing heavily in up-and-coming technologies and digital transformation, helping clients find the way the multifaceted challenges and opportunities obtainable by the digital age.

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Situational analysis

PESTLE Analysis

  • Political: the firm is focus to a variety of political policies and regulations, which differ depending on the country it operates in. This system can impact the firm's operations, mainly in areas such as data guard and taxation.
  • Economic: The worldwide economic conditions can impact the case company's business operations, mainly in relation to insist for its services (Huang and Rust, 2021). Economic downturn can consequence in clients dipping their expenditure on consulting services.
  • Socio-cultural: the corporation operates in a varied range of cultures, and must be watchful of cultural and social standard to operate effectively in different regions.
  • Technological: the company is a great deal invest in emerging technologies, which has enabled it to offer new services and stay in face of its competitors (Desai and Vidyapeeth, 2019). Though, technological disturbance can also impact for certain traditional services offered by the company.
  • Legal: the business operates in a highly regulated industry, and must complete with various legal requirements to operate productively.
  • Environmental: the corporation has a blame to function in an environmentally responsible way, and to reduce its impact on the surroundings.

SWOT Analysis

  • Strengths: the business has a strong global standing, with a large and diverse client base. The company also has a strong focus on innovation and up-and-coming technologies, which has enable it to stay ahead of its competitor.
  • Weaknesses: the company is heavily dependent on its consulting business, which is focus to cyclical demand (Christodoulou and Cullinane, 2019). In addition, the corporation has faced criticism over its role in auditing several prestigious corporate scandals in recent years.
  • Opportunities: the company has the opportunity to expand its service offerings in up-and-coming markets, as well as to carry on investing in emerging technologies to distinguish itself from its competitors.
  • Threats: the company faces strong competition from other professional services firms, and may also face challenges from rising technologies that disrupt traditional consulting services.

Porter's Five Forces Analysis

  • Threat of new entrants: The high barriers to admission in the professional services industry mean that the threat of new entrants is comparatively low.
  • Bargaining power of suppliers: the case company relies on a variety of suppliers, including technology providers and staffing agencies (Achinas, et. al. 2019). Though, the firm's size and reputation give it major bargaining power.
  • Bargaining power of buyers: the company clients are often large and complicated, giving them important bargaining power. Though, the company's reputation and expertise mean that clients are often willing to pay a premium for its services.
  • Threat of substitutes: company's services are subject to technological disruption, which may result in clients looking for out alternative solutions (Cox, 2021). Though, the company's focus on emerging innovation and technologies means that it is well-positioned to adapt to these changes.
  • Intensity of competitive rivalry: company faces intense competition from other professional services firms, particularly in areas such as consulting and auditing. The company's size and status give it a substantial competitive advantage.

STP Process

Strategic Approach Apply to the your organisation
Segmentation Segmentation Bases: Demographic: the company's services are targeted towards business and organizations across a wide variety of industries, including financial services, healthcare, consumer goods, technology, and energy. The firm's clients are typically large, international companies, as well as government agencies and non-profit organizations (Benzaghta, et. al. 2021). Demographic segmentation is also used in company's talent acquisition strategies, with a focus on hiring individuals with varied backgrounds and experiences. Geographic: the company operates in over 140 countries, with a global network of member firms. The company's services are modified to the specific requirements of clients in each region, taking into account local regulations, cultural norms, and market dynamics. Deloitte also has a significant presence in major cities around the world, with a focus on section clients in key business centres. Behavioural: company's customers typically have multifaceted and evolving needs, and require a variety of audit, consulting, tax, and advisory services (Teoli, et. al. 2019). The company's services are intended to help clients navigate a rapidly changing global market, and to accomplish their strategic goals. Deloitte also offers particular services in areas such as digital transformation, risk management, and sustainability, which are modified to the specific needs of clients in each industry. Psychographic: company's customers are typically higher executives and decision-makers in large organizations, who are looking for trusted advisors with deep industry information and expertise. The company's services are designed to help customers achieve their business objectives, while also addressing broader societal issues such as sustainability and social accountability (Jonibek, 2021). The company also places a strong importance on innovation and rising technologies, which may appeal to customers who are looking for cutting-edge solution to complex business challenges.
Targeting DAMP model Distinct: In terms of distinctiveness, Deloitte has a clear focus on providing professional services to businesses and organization across a wide range of industries. The firm's services are differentiated by its deep industry knowledge, global reach, and expertise in rising technologies. Deloitte's clients characteristically have multifaceted and evolving needs, and require a range of consulting, audit, tax, and advisory services (Puyt, et. al. 2020). This makes company a diverse player in the specialized services industry, with a strong reputation for quality and innovation. Accessible: the company is reachable to customers around the world, with a presence in over 150 countries throughout its global network of member firms. The company's services are tailored to the specific needs of clients in each region, taking into account cultural norms, local regulations, and market dynamics. Deloitte also has a important presence in major cities around the world, with a focus on serving clients in key business centres. This accessibility makes the company a opportune choice for clients looking for high-quality professional services. Measurable: the company's accomplishment can be measured through a range of key performance indicators (KPIs), including income growth, market share, employee engagement, client satisfaction, and profitability. The firm's financial results are frequently reported to stakeholders, and are closely monitored by industry analysts. In adding up, the case company uses client feedback surveys and other method to measure its performance and identify areas for improvement (Isabelle, et. al. 2020). These measurable metrics provide a clear picture of success and assist guide its strategic decisions. Profitable: company's profitability is ambitious by its ability to provide high-quality professional services to customers across a wide range of industries. Company's services are intended to help clients achieve their business objectives, while also address broader communal issues such as sustainability and social responsibility. Company's deep industry knowledge, global reach, and expertise in rising technologies give it a competitive advantage in the professional services market, which translate into strong financial results (DeSarbo, et. al. 2017). This profitability enables company to invest in talent development, innovation, and other planned initiatives to support its long-term growth.
Positioning Perceptual map: To produce a perceptual map, the company identify 2 key attributes that are important to its customers, such as industry expertise and global reach. The company survey a sample of its clients to gather their perceptions of how well the firm performs on these two attributes compared to its competitors. The results of the survey could then be plotted on a two-dimensional grid to create a perceptual map. The position of the company on the perceptual map would depend on how its clients observe its industry expertise and global reach relative to its competitors (Bigo, et. al. 2021). If company is seen as having a strong global reach but weaker industry skill than some of its competitors, it may be positioned towards the upper right corner of the map.

Marketing mix

The marketing mix is a set of strategic technique that company use to endorse its products or services in the market. These comprise of elements such as product, place, price, promotion, process, people, and physical evidence, which are jointly known as the 7Ps of marketing. The model is a useful configuration for developing a absolute marketing mix strategy.

  • Product: company offers a variety of services in areas such as audit, tax, consulting, and financial advisory. To accomplish a new segment, the corporation could consider developing new service offerings that submission to this segment's specific needs and happiness. For case, if the new segment is comprised of start-ups, build up a suite of services tailored to the unique challenges that start-ups face.
  • Price: company's pricing strategy should be aggressive with other companies in the market, but also meditative of the worth that its services offer (Kalam, 2020). To reach a new segment, company can offer promotional pricing or discounts to draw new customers.
  • Place: company has an international presence with offices in many countries. To arrive at a new segment, corporation consider opening new offices or partner with local firms in the district where the new sector is located. This will help company to set up a local presence and better appreciate the requirements of the new segment.
  • Promotion: this should be targeted towards the new segment. This could include endorsement in publications or online platform that the new segment is known to use, sponsor pertinent events, or partnering with influencers or contemplation leaders who have a strong rate within the new section.
  • People: this section play a critical role in deliver its services (Berlian, 2022). To arrive at a new segment, corporation can judge hiring employees with expertise in the specific requirements of the new segment or training existing workers to better appreciate the needs and preferences of the new segment.
  • Process: this should be designed to meet the specific needs of the new sector. This could include reorganization processes to enhanced meet the demands of the new segment or developing new processes that are more capable and effective.
  • Physical evidence: this includes its website, offices, and other marketing collateral. To reach a new segment, company can consider redesigning its website or marketing materials to better submission to the preferences and interests of the new segment. Company can also consider hosting events or offering tours of its offices to give the new segment a improved sense of what it offers.

By leveraging the model, business can develop a marketing mix strategy that is customized to the requirements and preferences of a new segment, enabling it to enhanced reach and serve this segment.

Objective 1: Increase market share in the technology consulting sector by 10% within the next fiscal year. To accomplish this, business can conduct market research to recognize the specific requirements of the technology consulting sector and develop new service offerings to meet those needs. Leverage Deloitte's know-how and reputation to distinguish its technology consulting services from competitors. Analyzing price strategies of competitors and adjust pricing aaccordingly to remain competitive and offer pricing promotions or discounts to attract new consumers and gain market share. The company can expand its physical presence in the technology consulting sector by opening new offices in key markets. The company can develop targeted marketing campaigns that highlight Deloitte's technology consulting services and capability to magnetize new customers (Lahtinen, 2020). They could also leverage digital marketing tactics, such as SEO and content marketing, to augment brand visibility and generate leads. They can hire additional staff with proficiency in the technology consulting sector to meet enlarged demand. The company can utilize technology to improve service delivery and improve the client experience.

Objective 2: Develop and start on a new service contribution tailored to the requirements of start-ups within the next 6 months. To accomplish this business could conduct market research to identify the precise requirements and pain points of start-ups and develop a service offering that addresses those needs. They can also develop a unique value proposition that highlights company's proficiency and how it can help startups succeed. The company can offer competitive pricing that is attractive to startups, which are often price-sensitive due to limited budgets. They can develop flexible pricing options that can be tailored to the needs of individual startups. The business can build up a digital platform that makes it easy for startups to access and purchase services and leverage Deloitte's existing network of offices and partnerships to establish a physical being there in key startup hubs (Liebowitz and Porter, 2019). The company can also make bigger a targeted marketing campaign that focuses on the specific needs of startups and highlights Deloitte's unique value proposition. The business can also build up a streamlined method for start-ups to admittance and purchase company's services. The company can use testimonials and endorsement from successful startup clients to build credibility and faith with prospective new clients.

Budget

  • Market research and analysis to notify product expansion and pricing strategies
  • Hiring further staff and as long as training
  • Developing and implement marketing campaigns across multiple channels, including digital and physical
  • Investing in technology to improve service delivery and streamline processes
  • Establishing a physical presence in key markets

The costs will vary depend on the scale and scope of the initiatives undertaken. It is important for Deloitte to carefully assess the possible return on investment of each strategy and allocate resources consequently to ensure that they are being used successfully.

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Control measures and evaluation

To make sure that the marketing mix strategies implemented by Deloitte are successful in achieving their objectives, it is significant to start control measures and evaluation methods.

  • Establish key performance indicators (KPIs): Develop detailed KPIs for each objective, such as sales enlargement, market share, or customer satisfaction. These metrics should be quantifiable, measurable, and time-bound.
  • Monitor progress regularly: Track progress against KPIs on a regular basis, such as weekly or monthly, and evaluate actual results to targets. This will help recognize any potential issues early on and allow for adjustments to be made as necessary.
  • Conduct customer feedback surveys: Gather feedback from consumers on their satisfaction with company's products and services, as well as their overall knowledge with the company. Use this feedback to identify areas for improvement and make adjustments to the marketing mix as essential.
  • Analyze market trends and competitors: Monitor market trends and changes in customer requirements and preferences, as well as competitors' strategies and performance. Use this information to adjust the marketing mix to remain competitive and relevant.

References

  • Achinas, S., Horjus, J., Achinas, V. and Euverink, G.J.W., 2019. A PESTLE analysis of biofuels energy industry in Europe.Sustainability,11(21), p.5981.
  • Benzaghta, M.A., Elwalda, A., Mousa, M.M., Erkan, I. and Rahman, M., 2021. SWOT analysis applications: An integrative literature review.Journal of Global Business Insights,6(1), pp.55-73.
  • Berlian, M., 2022. ANALYSIS OF SEGMENTING, TARGETING AND POSITIONING STRATEGIES ON CONSUMER PURCHASE DECISIONS IN THE DIGITAL ERA.International Journal of Economics, Business and Accounting Research (IJEBAR),6(4).
  • Bigo, C., Raj, A. and Situmeang, R.R., 2021. Segmentation, Targeting, Positioning (STP), Communication and Price Strategies on Consumer Purchasing Decisions at PT. Alfa Scorpii Medan.Jurnal Mantik,4(4), pp.2370-2375.
  • Christodoulou, A. and Cullinane, K., 2019. Identifying the main opportunities and challenges from the implementation of a port energy management system: A SWOT/PESTLE analysis.Sustainability,11(21), p.6046.
  • Cox, J., 2021. The higher education environment driving academic library strategy: A political, economic, social and technological (PEST) analysis.The Journal of Academic Librarianship,47(1), p.102219.
  • Desai, V. and Vidyapeeth, B., 2019. Digital marketing: A review.International Journal of Trend in Scientific Research and Development,5(5), pp.196-200.
  • DeSarbo, W.S., Blanchard, S.J. and Atalay, A.S., 2017. A new spatial classification methodology for simultaneous segmentation, targeting, and positioning (STP analysis) for marketing research. InReview of marketing research(pp. 75-103). Routledge.
  • Eneizan, B.M., Matar, A., Al-Zawahreh, A., Alkhawaldeh, A.M. and Eneizan, O., 2019. Effects of green marketing strategy on firm financial performance. The moderating role of government policy.Business & Economic Horizons,15(2).
  • Huang, M.H. and Rust, R.T., 2021. A strategic framework for artificial intelligence in marketing.Journal of the Academy of Marketing Science,49, pp.30-50.
  • Isabelle, D., Horak, K., McKinnon, S. and Palumbo, C., 2020. Is Porter's Five Forces Framework Still Relevant? A study of the capital/labour intensity continuum via mining and IT industries.Technology Innovation Management Review,10(6).
  • Jonibek, S., 2021. Swot analysis in the structure of information technologies of physical education.Web of Scientist: International Scientific Research Journal,2(05), pp.131-139.
  • Kalam, K.K., 2020. Market segmentation, targeting and positioning strategy adaptation for the global business of Vodafone Telecommunication Company.International Journal of Research and Innovation in Social Science,4(6), pp.427-430.
  • Lahtinen, V., Dietrich, T. and Rundle-Thiele, S., 2020. Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context.Journal of Social Marketing,10(3), pp.357-375.
  • Liebowitz, D.D. and Porter, L., 2019. The effect of principal behaviors on student, teacher, and school outcomes: A systematic review and meta-analysis of the empirical literature.Review of Educational Research,89(5), pp.785-827.
  • Puyt, R., Lie, F.B., De Graaf, F.J. and Wilderom, C.P., 2020. Origins of SWOT analysis. InAcademy of management proceedings(Vol. 2020, No. 1, p. 17416). Briarcliff Manor, NY 10510: Academy of Management.
  • Teoli, D., Sanvictores, T. and An, J., 2019. SWOT analysis.
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