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Behavioral Approaches To Marketing Strategy Implementation - Research Paper Example

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The paper "Behavioral Approaches To Marketing Strategy Implementation" is a great example of a Marketing Research Paper. The following report is a business plan for the Hilton Hotel. As a business, Hilton Hotel is fortunate to have a permanent place to operate its business functions both locally and internationally. …
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Tittle Page: Hilton Hotel Business Plan Start date: 1st Jan 2014 End date: 31st Dec 2014 Name of the Student ID Number Lecturer’s Name Campus Name Table of Contents Executive Summary i Introduction 1 Business description 1 Business formation 1 Management team……………………………………………………………………………………………………………….1 Business objectives…………………………………………………………………………………………………………….…2 Mission statement……………………………………………………………………………………………………………..…2 Market research…………………………………….………………………………………2 SWOT analysis……………………………………………………………………………………………………………………….2 Positioning the strategy…………………………………………………………………………………………………………4 Marketing mix (4Ps)………………………………………………………………………………………………………………4 Market segmentation……………………………………………………………………………………………………………5 Targeting and positioning strategy………………………………………………………………………………………..6 Business operations………………………………………………………………………6 Hotel legal structure……………………………………………………………………………………………………………..6 Management details…………………………………………………………………………………………………………….6 Organizational chart……………………………………………………………………………………………………………..7 Equipment…………………………………………………………………………………………………………………………….7 Distribution…………………………………………………………………………………………………………………………..8 Financial plan……………………………………………………………………………….8 Sources of finance…………………………………………………………………………………………………………………8 Financial goals……………………………………………………………………………………………………………………….9 Break-even analysis…………………………………………………………………………………………………………….10 Financial assumptions…………………………………………………………………………………………………………11 Implementation timetable……………………………………………………………….12 Conclusion..……………………………………………………………………………….14 Reference..………………………………………………………………………………...15 Hilton Hotel Business Plan Executive Summary The following report is a business plan for Hilton Hotel. As business, Hilton Hotel is fortunate to have a permanent place to operate it business functions both locally and international. The business is determined to achieve high reputation level in terms of accommodation and offering of business venues in the coming 5 years. The sales at the beginning of operation are expected to pick from $650,000 during the first year of business operation. The report has evaluated the internal and external environment of the business and found that, unlike other competitors in the market, Hilton Hotel is served by two modes of transport (water and road) that will allow easy access by customers. This business also is located at the high visibility point. This will allow customers to locate the place easily. The emergence of knowledge and skills in hotel management and tourism experience has led the hotel to offer services of high satisfaction level to the customers in the market. Few Hotels in the city offer excellent accommodation and conferences facilities like Hilton Hotel. A customer can identify Hilton Hotel from the social and fun activities (gym and skating) that accompany the main services it offers. This differentiates the products it offers and it is an attempt to achieve financial goals. Financial goals include profitability, positive profit margin and manageable cash flow. In achieving the mentioned goals, the focus of the plan will be on developing effective marketing strategy. The plan targets two segments in the market (tourist/travellers and business groups). In reaching the target markets, digital marketing will need to be integrated into the marketing plan. Use of business’s website and direct mails to the customers would support the survey process. Key management team will include a general manager, two assistants (residential and accounting officers). Other line managers will include catering department, sales team, front office and chief engineer. Introduction Business description Hilton hotel is a hotel that offers quality accommodation, food and associated services/amenities both to local, regional and international travellers. The Hotel provides a range of facilities like conference rooms and exhibition places to the business travellers. For the tourists, the hotel offers social amenities like swimming, indoor skating and gym. The hotel is developed in such a manner that the needs of every population segment are taken care of (children and adults). On the catering department, the hotel offers variety of foods and drinks of diverse cultures around the world. Business formation The hotel is a private (family owned) entity legally registered under the name of the family. It will employ approximately 5o individuals as a way of creating opportunities for the local people. Management team The business will be run by the Board of Managers consisting of qualified individuals for executive positions (either a family or non-family members) with the responsibility of fulfilling the mission of the business operating under legal accountability. Directors of various departments will be incorporated to the management team as the hotel develops. Managing directors of the hotel will ensure that adequate human resources and effective use of financial resources as well as evaluating overall strategies in achieving the mission of the business. Management team also should have a direct knowledge and skills on hospitality industry without merely the absence of competence administration functions. Therefore, our executive team will comprise of general manger, principal engineer, marketing personnel and financial analyst. The hotel will offer the management team competitive income based on the level of competency that earns the business competitive advantage. Business objectives To provide exceptional luxury accommodation and amenities with quality food to the customers, To maintain high occupancy rate of 90% during peak travel periods, Nurturing the talents of individuals in the business. Mission statement The mission of Hilton hotel is to become the leading lodge hotel of choice to the customers locally, regionally and internationally. Market Research The hotel is committed to create and offer the best food and hospitality services in the location of operation. We will position the hotel to be the leading by offering high quality services regionally at the same time having a focus on overseas tourists based in the market. In order to achieve this, we will nurture an environment where the employees can emphasis on teamwork, enhance effective communication and continuous entrepreneurial initiatives (Yu, 2005; 159). Therefore, the business will use the following strategic tools in analysing the environment in which it will operates. a) SWOT Analysis (internal and external environment analysis) Strengths Hilton Hotel has a well foundation defined by well-established plan to be a leader in hospitality services as well as in food industry. The hotel is well accessed to the airport therefore it will attract more customers. It reduces travelling cost to the customers. The hotel is placed at the unique position where there is high visibility from the customers. People in need will easily see the hotel and get access easily as well. The hotel is facilitated with gym and sporting activities therefore customers can entertain themselves depending on what they like. The hotel has water taxi and road taxi as the two options of transport. Product portfolio of the hotel is diversified depending on the price and service a customer want from the facility. Weaknesses Hilton Hotel is new to the market therefore can be affected by economic downturn. The hotel is a private entity that means the Hotel is susceptible to the immature decision from the family members depending on the performance. Its strategy may lack international expansion depending on the management of financial prospects. Opportunities Vibrant in reaching diverse markets: the hotel has development of high and middle class facilities are a key activity for target market around the world. Luxury brands: Apart from accommodation services, the expansion of product portfolio (offering gym and skating fun activities) as the primary need of the customers (travellers and tourist) would mean the hotel will benefit from offering diverse services. Technology advance: Development of business website has increased the level of commitment particularly on global branding where customers can recommend the services they receive from the facility. A lot of conferences and business meetings are held within the city centre therefore, the hotel would benefit from such meetings since its location in the city centre is easily accessible with less incidence of noise. The region has high tourist’s attraction sites (museums, game reserves and nature work sites) with high security around the place. Threats The city has four 3-diamond hotels therefore Hilton is susceptible to competition in the market. Daily currency exchange rate fluctuations may affect accounting figures. The process of positioning the strategy Market Analysis Hilton Hotel has 40 condominiums and lodges which are expected to have a room occupancy rate of 95%. 25 of the rooms are deluxe and10 suite rooms. The remaining 5 rooms are meeting rooms that have different capacity. The Hotel will offer the following services; Accommodation services, food store, business meeting venues and entertainment activities. a) Marketing mix Product The hotel is expecting two groups of customers; 1) those that will use the facility for business functions and travellers/tourists. Accommodation and food services should be offered to the customers within the facility. The facility/hotel has conference halls and lodges to gather for the two groups of customers. The customer will have luxurious rooms having satellite televisions placed in each room. Unlike other hotels, Hilton has swimming and gym services that will be gathered to the customers who are willing to participate. The customer is expected to have a good stay at the hotel at affordable rates depending on class. Place The hotel has well managed website with Google Earth support. This means the location of the facility would be easily traced anywhere in the world. The hotel is served with two transport systems (water and road) and this can ease access by customers. The competitors are using only one type transport (road) therefore using water transport is a bonus. Price Hilton Hotel will offer affordable prices to the customers depending on the class. Customers are very sensitive to the prices of the services rendered to them at the Hotel therefore booking will not include services like gym and swimming since not all customers would like to engage themselves in such activities. For a start, the hotel will offer prices at lower rates compared to the competitors but as the market share increase, the prices will be positioned with complement in service delivery (Koren, 2005). Promotion The hotel will develop exhibition videos and post them in the website. This will target the customers around the world who cannot access the local advertisement. Local and regional audience will be reached through adverts on local TV channels and others through public relation. Most of the competitors in the industry use have not embraced digital marketing therefore the marketing team of the hotel will ensure they utilize this opportunity by getting in touch with the customers through email marketing strategies (Wind and Mahajan, 2001; 45). Market segmentation Customers to the Hotel can be separated into two groups; Those coming for business functions: The location of the hotel is easily accessible from the major International Airport therefore business conferences can be held there without disturbance whatsoever. Tourists and travellers: The hotel has beautiful scenery all through the year which can attract tourists continually. The security within the place is okay with both security firms and administrative police guarding the place. Targeting and position strategy In the case of Hilton Hotel, mass marketing in reaching the target markets will work effectively in the segments created during the development stages of the plan. This is because the products (services offered) have strong brand in which it cannot be affected by competitor’s products. Later, the business is expected to use multi-segment marketing strategy in order to reduce competitions in the segments created and build a high competitive edge (Dobni, Dobni and Luffman, 2001; 405). We will use perceptual map developed from customer survey data in positioning our product. The map will relate the price, quality and customers’ perception between Hilton product and the competitors in the market (Winston and Cahill, 2003). Business Operations a) The legal structure of Hilton Hotel Hilton Hotel is a private sole trade business established as a family. Even though the hotel is called by a different name, the name in the official documentation is the family’s name. Therefore, the hotel will present the legal registration documents of the sole trade business during the registration dates. Employees on the other hand will be protected by constitutional right document that will be signed by them upon recruitment by the business. b) Management details of the hotel Concerning the hierarchy of our business, there will be one hotel director, with two assisting managers (Residence and chief accountant). The two assistants will overlook the main departments in the hotel including front office duties, managing lodges, food and beverage, engineer and sales tea. Below is an organizational chart for Hilton Hotel. Director: Supervises the major department in the hotel. The director will be a leading decision maker in the hotel and as well as conflict resolver. Residence assistant: Ensures that all rooms are fixed and cleaned every morning and customer care services are in place. Accounting officer: Provides financial forecast for the business that will help in defining the strategic directions. Ensures that all receipts are accounted (book keeping) and stored in a safe place to avoid loss. The officer will supervise the performance of the sales team in the market and provide with the necessary resources to improve the sales of the business. Hilton Hotel organizational Chart NB: Human resource department is managed by the general director of the business but it will be developed to be a department of its own as the business enterprise grow in terms of the number of employees recruited. The development of HRM department would mean the business will have three major departments (HRM, Finance and Residential). c) Equipment required After completing constructing the facility, all the lodges are fitted with master beds, clothes cupboards, television sets and resting sofas. Conferences rooms will be equipped with sets of conference chairs and tables of different appearance (colour, shape, and capacity), white and blackboards inclusive. Projectors will also be availed in the rooms. Catering department on the other side will ensure that all the required equipment (clothing and utensils) are procured. Of course the equipment that will be very luxuries and modest to attract more customers. The design of the rooms (resting rooms) also will be modernised having beautiful decorations on the walls. d) Distribution Hilton Hotel services are produced and consumed within the facility simultaneously in the environment in which it operates. Therefore, the distribution aspects will be the responsibility of the marketing team to market the services available in the facility in an effective manner to the potential customers around the world. Hilton Hotel will ensure that staffs working in the front office are operational 24 hours a day such that any clarification that would be needed by the customers is addressed within a short time possible. Apparently, this flexibility of the hotel perhaps would attract many business and tourists travellers since the clients will be able to contact the hotel at any time and get the response immediately. Financial Plan The following is the project plan of Hilton Hotel. Summary Construction and maintenance costs $ 500,000, Fixtures and Furniture $ 252,000, Start-Up Expense $ 85, 000, Six months working capital $ 38, 000, Total $ 875,000. Sources of Finance Since this is a private sole entity, the sources of capital will only be from five family members contributing $ 100,000 each totalling to $ 500,000. The remaining $ 375,000 will be sourced from lending financial institution (bank in specific) under the name of the business. Fixed asset (land in this case) is family owned therefore it will only be included in the financial statement when calculating projections (sales and profits). Financial goals a) Profitability Profitability is the main financial goal of Hilton Hotel investment. Every member of the family who has invested in the business expects high returns especially at this when there is less competition in the environment in which the business will operate. Profitability in this case will be reached through promoting high earnings on revenue and reducing operating expenses. Apparently, experts on this avenue have been put in place to enhance strategies leading to the achievement of this financial goal. The business will earn revenue through; 1. Income received from sales, 2. Interest on investment, 3. Leasing of business property, Expenses to the business include; 1. Payroll, 2. Rent, 3. Expenses on vehicles, 4. Promotion and advertising, 5. Taxes and interest payments, and 6. Licencing expenses. Since the business has a strong brand in the market defined by offering of high quality diverse accommodation and food services to the clients, this would enable business to gather the and save money for expansion as well as sustaining capital for the business. Stakeholders (business owners) will be more than happy since the return on investment is expected to be onset after establishment of the business. b) Margins Profit margin of Hilton Hotel is expected to be a positive figure after the first year of operation. This means that the total revenue should exceed the operating expense. To be on the save side, the business will ensure that any operating expense should have a return rate of 30% on the invested capital. This will give a standard profit margin of between 2 and 5 per cent. The business will move with a general profit margin (positive figure) for the first quarter of its operation in the market. Afterwards, it will set profit margin financial goal based on the revenue performance in the first quarter of the financial year. c) Cash flow goal The business is expected to maintain a working capital of $ 38,000 during the first year of operation. Have this maintained, it means that the business will be in a position to cover basic operating expense. Tourism market in most of the time is seasonal therefore some/many business perhaps may not cover and manage their cash flow that merely non-dependent on sales revenue. To manage this goal, the business will look for business line of credit from the potential parties. Also, the business will set limits in financing off-season operations (for example giving permission to casual employees) in order to recollect the cash that is lost during off-seasons. Break-even analysis The annual marketing budget for the first financial year for Hilton Hotel is $48,000. Sales are expected to give return revenue $150,000 during the first operational year. Therefore, the marketing expense of the Hotel will equate to about 7.5% of the total revenue to the business. The total fixed cost of the company is $9,000 while the variable cost is $12,500. The cost per unit sale sold is $8.9 which will reflect the unit margin for the gross profit expected. The company is expected to have a minimum of 620 units sold every month in order to reach a gross profit of $567,000 for the first year of operation. This analysis will guide the business to achieve the financial goals that have been set for the first year of operation. It is important to note that we are not investing to create a competitive advantage in the first financial year. However, the main objective is to establish a business with a potential of sustaining itself even at the time of hardship. We want to build a strong capital structure such that when we will invest in the competitive environment, the business will be ever stable. Projected Profit and Loss account Year 1 Year 2 Sales $ 650, 000 $ 800, 000 Cost of sales $ 72, 900 $88,300 Total Cost of Sales $72, 900 $88,300 Gross Margin $567, 000 $710,000 GM % 86.50% 86.90% Expenses Payroll $190,000 $204,000 Marketing/Sales expenses $48,000 $65,000 insurance $20 , 000 $20,000 Tax Payroll $47, 200 $52,100 Total Operating Expenses $305,200 $341,100 Profit Before interests $261, 800 $369,000 Tax + Interest expense $ 95, 320 $110, 540 Net Profit $ 156, 480 $258, 460 Financial Plan Assumptions The following are the financial expectations that will be incorporated to the formal documentation of Hilton Hotel; All the operating costs of Hilton Hotel are derived from industry research of similar business entities offering the same services as Hilton Hotel, Technological advancement (use of automated systems perhaps will reduce staff requirements of the business. All the projected components of the financial aspects are managed over a period of two years, Variable labour costs plus all fixed costs are expected to rise by about 3% annually, Revenues are expected to rise annually by 5% (fixed, administrative and workplace expenses assumed to rise by 1.5% as well). Projected balance Sheet Year 1 Year 2 Assets Current Assets Cash $20,050 $35,220 Other Current Assests $12,642 $18,730 Total Current Assets $32,692 $53,950 Long-term assets $867,000 $899,000 Total Long-term Assets $867,000 $899,000 Total Assets $899,692 $952,950 Liabilities and Capital Current Liabilities Accounts payable $3,489 $22, 672 Total $3,489 $22, 672 Long-term Liabilities $375,000 $402,500 Total Liabilies $378,489 $425,172 Total Capital $899,692 $952,950 Business Net Worth $521,203 $527,178 Implementation timetable The timetable will have four sections; Tasks: These include what the business need to accomplish. Vision, evaluation of the environment, strategy formulation, finanacial goals, resource requirements and the overall implementation of the business plan. Time allocation for each task: All tasks mentioned in the plan will be paired appropriately with the time plan. Every task need to be completed successfully. Progress monitoring and evaluation: It is the responsibility of the managing team to be in charge of monitoring and guiding completion percentage of all tasks targeting achievement of specific objectives in the business plan. Below is an implementation timetable of Hilton Hotel Business plan. Business Tasks Update period Person in charge Period of review In charge party Mission and goals at the start of plan implementation, quarterly for the 1st year Manager Yearly Management team Environmental analysis 4 times monthly, for the 1st year and 2 times monthly for 2nd year Sales manager Annually Sales management team Strategy formulation 2 times monthly General Manager Annually Management Board Action targets Monthly Individual mangers Quarterly Board management Financial plans Monthly Finance director Annually Board management Resource allocation daily and weekly line managers Monthly Board management Overall business plan Annually General manager Annually Board management Prioritized needs that are in line with the realities of our business venture (Milestones) a) Hotel marketing: Sales management team will be having weekly meeting held on Monday with all the employees and stakeholders to discuss on how to increase the viability of the business in the market. We will invite a team from the competing business to evaluate our operations. b) Dating connections: This will be held monthly for the first financial year and quarterly for the 2nd year of business operation. The objective of this initiative is to build potential customers locally and regionally before exploring the world (Mort and Drennan, 2002; 15). c) Live entertainment festivities, competition of indoor skating activities as well as wine tasting holidays will be introduced alternatively on a quarterly basis to attract wide markets. This will accelerate the achievement of sales goals. Conclusion Hilton Hotel expects high returns on investment following the current society where business are globalizing. A lot of business meetings are expected to hold in the facility since it is easily accessed at any time by the customers in need. A modern society needs modern facilities. Hilton Hotel is where tourists and travellers will enjoy themselves with WIFI Hotspots for internet. Luxury accommodation services of different classes are offered at fair prices by Hilton Hotel. The hotel will serve local, regional, national and international customers and this will be a good opportunity for it (Hilton Hotel) to achieve its goals especially the financial goals. Therefore, stakeholders should allow international investors to be part of business community in order to bring the desired culture to the business. This will promote cultural diversity and explore what the global customers expect to be offered by the business. The product (services provided) is expected to have strong brand in the market upon implementation. Secondly, very few hotels in the city offer social amenities like swimming and gym and none offers skating activities. Good response by customers would mean achievable of organization’s main objectives which will boost the creation of competitive edge. Reference Blais, S. (2012) Business analysis best practices for success. Hoboken, N.J.: Wiley. Covello, J. A., & Hazelgren, B. J. (1994) The complete book of business plans: [simple steps to writing a powerful business plan. Naperville, Ill.: Sourcebooks Trade. Dobni, B., Dobni, D., & Luffman, G. (2001) Behavioral Approaches To Marketing Strategy Implementation.Marketing Intelligence & Planning, 19(6), 400-408. Dyson, R. (2004) Strategic Development And SWOT Analysis At The University Of Warwick. European Journal of Operational Research, 152(3), 631-640. Foundation Business plan (2011-2016) Hotel Business plan. www.foundationshotel.com Jakle, J. A., & Sculle, K. A. (2009) America's main street hotels: transiency and community in the early auto age. Knoxville: University of Tennessee Press. Koren, D. (2005) Architect's essentials of marketing. Hoboken, N.J.: John Wiley & Sons. Marketing Mix - The 4Ps and the 4Cs | University of Maryland Extension. (n.d.).Marketing Mix - The 4Ps and the 4Cs | University of Maryland Extension. Retrieved January 13, 2014, from http://extension.umd.edu/agmarketing/marketing-101/marketing-mix-4ps-and-4cs McKeever, M. P. (2002) How to write a business plan (6th ed.). Berkeley, CA: Nolo. Mort, G. S., & Drennan, J. (2002) Mobile Digital Technology: Emerging Issue For Marketing. Journal of Database Marketing, 10(1), 9-23. Resort Hotel Ski Lodge Business Plan. (n.d.). Sample. Retrieved January 13, 2014, from http://www.bplans.com/resort_hotel_ski_lodge_business_plan/executive_summary_fc.php#.UtQI4dIW39Y The Marketing Mix and 4 Ps. (n.d.). - Marketing Skills Training from MindTools.com. Retrieved January 13, 2014, from http://www.mindtools.com/pages/article/newSTR_94.htm Wind, Y., & Mahajan, V. (2001) Digital marketing global strategies from the world's leading experts. New York: J. Wiley. Winston, W., & Cahill, D. J. (2013) How Consumers Pick a Hotel Strategic Segmentation and Target Marketing.. Hoboken: Taylor and Francis. Yu, L. (2005) Hotel Reform In China: A SWOT Analysis. Cornell Hotel and Restaurant Administration Quarterly,46(2), 153-169. Read More
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