Marketing Planning For Strategic Management Assessment Answer

Answer:

Introduction

Marketing is an important activity in the recent century. Marketing contains a set of activities through which the product or services can be easily communicated with the customers. Technology has placed marketing at a new horizon. IRESS is Australian based technology company that develops various software systems and services for the sector of financial markets and wealth management. The enterprise is headquartered in Melbourne in Australia. IRESS has a strong financial position which helps the organization to launch new products (Iress.com 2016). In recent few years, people have become health conscious, and this change in attitude has helped IRESS to launch its new product. In order to launch the chosen product successfully in the market, this report has made a thorough analysis of PESTEL , SWOT  and Marketing mix of the product.
Situation Analysis
IRESS is a leader in the field of IT sector (Iress.com 2016). The organization has a vast market in Australia as well as across the globe. The organization has been able to achieve such heights by virtue of its Research and development department with experienced employees. The organization mainly competes in the field of software and hardware industry. The main competitors of the organization are eServGlobal and technology one. Environmental scanning helps the organization to find out different external factors.

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.

Figure 2: Marketing mix of IRESS

(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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