A MARKETING PLAN FOR TURBULENT TIMES Case Solution

The Harvard Business Review published a case study that primarily focuses on A MARKETING PLAN FOR TURBULENT TIMES. The following case solution has been designed to give the reader an overview about the business world along with a clear understanding of its growth dynamics. Recently, A MARKETING PLAN FOR TURBULENT TIMES has been subjected to strategic as well as managerial problems that require immediate attention so that they can be resolved to allow future growth, expansion, and competitive edge within the marketplace. This case study solution is being written to provide a strategic solution to A MARKETING PLAN FOR TURBULENT TIMES using various appropriate tools and frameworks. Harvard Business Review’s case studies involve a central problem that is faced by a particular company. The problem identified involves strategic and managerial implications for the company. Therefore, it is important for readers to critically identify the problem A MARKETING PLAN FOR TURBULENT TIMES faces. Moreover, it is also essential to highlight the key stakeholders that are impacted and influenced by the problem identified.

External Environmental Analysis

The external environment holds significant importance for A MARKETING PLAN FOR TURBULENT TIMES to ensure that the company is able to respond to all the changes in the macro-environment. This is because A MARKETING PLAN FOR TURBULENT TIMES cannot control the factors and thus can directly influence the company's operations (Indris & Primiana, 2015). The external environment of A MARKETING PLAN FOR TURBULENT TIMES will be assessed using PESTLE Analysis.

Political

• A stable political environment provides a favorable market growth trend for A MARKETING PLAN FOR TURBULENT TIMES.

• It is important for A MARKETING PLAN FOR TURBULENT TIMES to analyze the pressure groups, and social environment activists. The company can make close collaborations with these groups to achieve company goals (Wang, Wang, & Shi, 2022).

• High restrictions on trade and high levels of taxes can contribute to the complex business environment for A MARKETING PLAN FOR TURBULENT TIMES by impacting imports and exports.

Economic

• A MARKETING PLAN FOR TURBULENT TIMES can benefit from wide-range opportunities in business growth by operating in developing economies (Munro, 2017).

• High GDP can determine the long-term growth strategies of A MARKETING PLAN FOR TURBULENT TIMES, signaling the ability of consumers to spend on more products.

• Higher rates of interests can provide A MARKETING PLAN FOR TURBULENT TIMES with more investment opportunities.

• The flexibility in the labor market allows A MARKETING PLAN FOR TURBULENT TIMES to take advantage of higher workforce productivity.

Social

• The selection of appropriate demographic segments has allowed A MARKETING PLAN FOR TURBULENT TIMES to select the right segments of the market that have high growth potential.

• The research on gender roles has helped A MARKETING PLAN FOR TURBULENT TIMES to develop and align communication as well as marketing strategies accordingly.

• A MARKETING PLAN FOR TURBULENT TIMES has been successful in understanding the norms and cultures of different countries by developing local teams and partnerships (Hueske, Endrikat, & Guenther, 2015).

Technological

• The adoption of innovative marketing techniques that involves communication technologies has allowed A MARKETING PLAN FOR TURBULENT TIMES to collaborate successfully with consumers.

• The company has stayed ahead in the market, and can significantly increase its market share by placing its major focus on emerging technologies (Akpoviroro & Owotutu, 2018).

• A MARKETING PLAN FOR TURBULENT TIMES should maximize its profits by investing in disruptive technologies.

Environmental

• It is crucial for A MARKETING PLAN FOR TURBULENT TIMES to adopt effective waste management practices to reduce environmental pollution (J. K, W. J, & D., 2016).

• A MARKETING PLAN FOR TURBULENT TIMES should adopt eco-friendly products to establish better relationships with the stakeholders.

• A MARKETING PLAN FOR TURBULENT TIMES can take advantage of subsidies offered in renewable technologies to achieve the long-term goal of sustainability.

Legal

• A MARKETING PLAN FOR TURBULENT TIMES should follow proper laws concerning employee health and safety, and anti-discrimination laws to effectively develop HRM.

• Consumer protection laws are also important for A MARKETING PLAN FOR TURBULENT TIMES as it involves the consumer protection from fraudulent marketing (S. Samusenko, S. Plaskova, & A. Prodanova, 2020).

• A MARKETING PLAN FOR TURBULENT TIMES can gain a competitive advantage, and can position itself strongly in the market by protecting intellectual property laws.

Porter’s Five Forces Analysis

Threat of New Entrants

• It is difficult to achieve economies of scale in A MARKETING PLAN FOR TURBULENT TIMES’s industry, making it a weaker force for new entrants.

• There are high capital requirements in the industry. This makes it difficult for new businesses to set up their companies, and compete against A MARKETING PLAN FOR TURBULENT TIMES.

• The industry has a strong product differentiation, and heavy investment is needed for customer acquisition. Thus, A MARKETING PLAN FOR TURBULENT TIMES can focus on innovation to differentiate itself from its competitors (H. Th. Bruijl, 2018).

• There are strict legal requirements to join the industry in which A MARKETING PLAN FOR TURBULENT TIMES operates, making it difficult for new entrants to enter the market.

Bargaining Power of Suppliers

• The bargaining power of suppliers in the industry is weak.

• A MARKETING PLAN FOR TURBULENT TIMES operates in an industry with a higher number of suppliers. This means that suppliers do not have much control over their prices.

• Standardized products that have low switching costs are provided by suppliers allowing buyers like A MARKETING PLAN FOR TURBULENT TIMES to easily switch their suppliers (Fabbri & F.Klapper, 2016).

• Raw materials can be purchased at lower prices by A MARKETING PLAN FOR TURBULENT TIMES. The company can also switch suppliers for more reasonable pricing.

• A MARKETING PLAN FOR TURBULENT TIMES can benefit from a variety of suppliers as it can have multiple suppliers for its various geographical areas (Cho, Ke, & Han, 2019).

Bargaining Power of Buyers

• The bargaining power of buyers in the A MARKETING PLAN FOR TURBULENT TIMES industry is weak.

• There is a high product differentiation in the industry, making it difficult for buyers to switch to alternative firms.

• A MARKETING PLAN FOR TURBULENT TIMES can come with differentiated and innovative products to attract more buyers of the industry (Zhao, Zuo, & Wu, 2016).

• Buyers of this industry has low incomes. This means they prefer to purchase items at lower prices, making them more price sensitive. Organizations like A MARKETING PLAN FOR TURBULENT TIMES can offer lower prices to attract customers.

Threat of Substitute Products or Services

• There are few substitute products available in the industry in which A MARKETING PLAN FOR TURBULENT TIMES operates.

• Expensive substitutes are available in the industry of A MARKETING PLAN FOR TURBULENT TIMES, making it difficult for buyers to switch to those substitutes (Aithal, 2016).

Rivalry Among Existing Firms

• The rivalry among existing firms is moderate to weak.

• There are few competitors in the industry in which A MARKETING PLAN FOR TURBULENT TIMES operates.

• A large market share is enjoyed by fewer firms in the industry. This means that more competitive actions will be made to become leaders in the market (Seema, 2016).

• The industry in which A MARKETING PLAN FOR TURBULENT TIMES operates has highly differentiated products, making it difficult for companies to win each other customers.

• A MARKETING PLAN FOR TURBULENT TIMES can focus on making more differentiated products to gain a strong competitive edge in the market (Zhao, Zuo, & Wu, 2016).

Internal Environmental Analysis

A MARKETING PLAN FOR TURBULENT TIMES can use internal environmental analysis to identify and evaluate the competitive positioning of a company in the business environment. This involves conducting a SWOT Analysis that can help A MARKETING PLAN FOR TURBULENT TIMES to identify the company’s internal strengths, weaknesses, opportunities, and threats (Halmaghi, Iancue, & Băcilă, 2017).

SWOT Analysis

Strengths

• A MARKETING PLAN FOR TURBULENT TIMES has a strong distribution network that has allowed it to make its products available to large customers within the given timeframe.

• A strong presence on social media platforms has allowed A MARKETING PLAN FOR TURBULENT TIMES to have a high level of customer engagement (Rizaldi, 2015).

• A MARKETING PLAN FOR TURBULENT TIMES has been successful in building a large product portfolio, so unique and distinctive products can be offered to consumers.

• A MARKETING PLAN FOR TURBULENT TIMES has a strong brand image in the market.

• A low-cost structure of A MARKETING PLAN FOR TURBULENT TIMES has allowed it to manufacture products at lower costs, so they become affordable for consumers to purchase.

• The financial position of A MARKETING PLAN FOR TURBULENT TIMES is strong as the company has generated higher profits over the past years (Phadermrod, M.Crowder, & B.Wills, 2019).

• A MARKETING PLAN FOR TURBULENT TIMES has invested in the training and development of its employees to keep them motivates, leading to higher efficiency and productivity.

Weaknesses

• The expenditure of A MARKETING PLAN FOR TURBULENT TIMES on its research and development is comparatively less to other competitors of the market.

• A MARKETING PLAN FOR TURBULENT TIMES uses a centralized decision-making process that takes time and reduces operational efficiency (Ahmadi, Dileepan, & K. Wheatley, 2016).

• There are high rental costs because A MARKETING PLAN FOR TURBULENT TIMES operates on more of the rental properties rather than purchasing them.

• There is no workforce diversification in A MARKETING PLAN FOR TURBULENT TIMES. This makes it difficult for the employees to adjust with the different workers who belong to different backgrounds.

Opportunities

• Since the online shopping has increased significantly, A MARKETING PLAN FOR TURBULENT TIMES can take it as an opportunity to expand its online presence.

• A MARKETING PLAN FOR TURBULENT TIMES can make use of social media platforms to market its products, with more customers interactions.

• Due to more technological developments, A MARKETING PLAN FOR TURBULENT TIMES can make its operations more automated so that overall company costs can be reduced (Ahmadi, Dileepan, & K. Wheatley, 2016).

• Globalization provides an opportunity to A MARKETING PLAN FOR TURBULENT TIMES to expand its operations in multiple countries.

• A MARKETING PLAN FOR TURBULENT TIMES can enter in a niche market and sell distinctive products to gain a competitive advantage.

• The increase in the demand of environmentally friendly goods, A MARKETING PLAN FOR TURBULENT TIMES, can place its major focus on making such products (E.Quezada, A.Reinao, & I.Palominos, 2019).

Threats

• In recent times, there has been an increase in the bargaining power of suppliers, making it difficult for A MARKETING PLAN FOR TURBULENT TIMES to buy raw materials at lower costs.

• Numerous players are entering the industry, posing a major threat to A MARKETING PLAN FOR TURBULENT TIMES.

• There has been constant pressure on A MARKETING PLAN FOR TURBULENT TIMES to conduct frequent research to understand the changing customer tastes and preferences (Kolbina, 2015).

• Technological advancements require workforce training. This adds to the costs of A MARKETING PLAN FOR TURBULENT TIMES.

VRIO Analysis

A MARKETING PLAN FOR TURBULENT TIMES uses VRIO Analysis to assess and evaluate the company resources to determine the competitiveness, and strategic advantage.

Valuable

• A MARKETING PLAN FOR TURBULENT TIMES has a strong brand image and engages in corporate social responsibility.

• A MARKETING PLAN FOR TURBULENT TIMES has a high brand recognition because of the quality of products it offers to its customers (Ariyani & Daryanto, 2018).

• The distribution system of A MARKETING PLAN FOR TURBULENT TIMES is valued all round the world. The company has been able to successfully establish strong relationships with its suppliers.

• A MARKETING PLAN FOR TURBULENT TIMES focuses on continuous innovation in its business. The company has expanded this innovation in its multiple functional areas.

• There are potential growth opportunities in the market, and A MARKETING PLAN FOR TURBULENT TIMES has been able to penetrate the market through its ability to raise large funds.

Rare

• A MARKETING PLAN FOR TURBULENT TIMES operates globally. This global presence has allowed the company to increase its customer base (Miethlich & G. Oldenburg, 2019).

• A MARKETING PLAN FOR TURBULENT TIMES has an organizational culture that promotes more teamwork, innovation, and creativity among its employees, that leads to a competitive advantage.

• Since A MARKETING PLAN FOR TURBULENT TIMES has a global presence, it allows the company to easily adapt to different cultures, norms and values.

• The risk-taking ability of A MARKETING PLAN FOR TURBULENT TIMES is strong. This provides more opportunities to the company to penetrate different markets.

Inimitable

• The inimitable resource for A MARKETING PLAN FOR TURBULENT TIMES is its high-quality products. These products have allowed consumers to make repeat purchases.

• A MARKETING PLAN FOR TURBULENT TIMES operates through multiple locations of stores in different companies, allowing easy access to products.

• Strong marketing communications have been used by A MARKETING PLAN FOR TURBULENT TIMES to attract more customers.

• A MARKETING PLAN FOR TURBULENT TIMES has been using integrated technology that has allowed it to offer competitive pricing to its customers (Ariwibowo, Saputro, & Haryanto, 2021).

• A MARKETING PLAN FOR TURBULENT TIMES maintains an excellent customer service that has enabled it to have a high brand engagement.

Organization

• Strong financial position has allowed A MARKETING PLAN FOR TURBULENT TIMES to explore more product development opportunities.

• A MARKETING PLAN FOR TURBULENT TIMES is successfully maintaining the efficiency and effectiveness of its business operations with the help of more integrated and advanced technology.

• Employees are given both in-house and off-the-job training opportunities by A MARKETING PLAN FOR TURBULENT TIMES that allow more skills development (Adnan, Abdulhamid, & Sohail, 2018).

• The strong value chain and distribution network has enabled A MARKETING PLAN FOR TURBULENT TIMES to increase its revenue through the sale of its products.

Marketing Mix

Marketing Mix is needed by A MARKETING PLAN FOR TURBULENT TIMES to formulate effective strategies to achieve the company objectives.

Product

• A MARKETING PLAN FOR TURBULENT TIMES has five product categories. Each of these categories has a product line that involves more variety of products (Išoraitė, 2016).

• Highly differentiated products are offered by A MARKETING PLAN FOR TURBULENT TIMES to its customers. These distinctive products are not easily available at competitors.

• The products of A MARKETING PLAN FOR TURBULENT TIMES are of higher quality, and thus, customers pay more prices for these products.

• A MARKETING PLAN FOR TURBULENT TIMES designs products with traditional designs giving customers more product variety.

• A MARKETING PLAN FOR TURBULENT TIMES offers multiple sizes for its every product to make it easy for its customers to select the right product.

• Warranty and same-day delivery option if also provided by A MARKETING PLAN FOR TURBULENT TIMES to its customers.

Price

• A MARKETING PLAN FOR TURBULENT TIMES follows a competitive pricing strategy.

• To attract more customers, bundle pricing has also been used by the company.

• Little higher prices are charged for products that are sold online because of the delivery costs (Thabit & Raewf, 2018).

• Optional product pricing strategy is also adopted by A MARKETING PLAN FOR TURBULENT TIMES for some of its products, such as a base product is offered for a certain price, and there are separate prices for its accessories.

• Regular promotional prices are also offered by A MARKETING PLAN FOR TURBULENT TIMES to its customers.

Place

• A MARKETING PLAN FOR TURBULENT TIMES uses two channels for its product distribution. This includes online selling and through own stores.

• There are more than multiple stores owned by A MARKETING PLAN FOR TURBULENT TIMES globally. This ensures easy product availability to customers (Pogorelova, Yakhneeva, & Agafonova, 2016).

• A MARKETING PLAN FOR TURBULENT TIMES has partnered with delivery service companies to distribute its products effectively to consumers.

• A MARKETING PLAN FOR TURBULENT TIMES has also adopted an omni-channel distribution system.

Promotion

• A MARKETING PLAN FOR TURBULENT TIMES uses a traditional promotional strategy that involves TV advertisements (Fan, Y.K.Lau, & Zhao, 2015).

• Social media advertisements are also adopted by A MARKETING PLAN FOR TURBULENT TIMES to increase brand awareness.

• A MARKETING PLAN FOR TURBULENT TIMES takes part in various events and exhibitions as a way of promoting its products.

• Large sales force is used to provide the customers with a more personal experience.

• A MARKETING PLAN FOR TURBULENT TIMES also makes use of influencer marketing to increase the demand for its products.

• Regular content and deals are posted on the social media pages of A MARKETING PLAN FOR TURBULENT TIMES to attract and retain customers.

Value Chain Analysis

A MARKETING PLAN FOR TURBULENT TIMES can use Value Chain Analysis to identify and assess inter-relationships as well as interdependencies.

Primary Activities

• A MARKETING PLAN FOR TURBULENT TIMES’s primary activities involves the production and selling of products to the final consumers (Mintz, J.Gilbride, & Lenk, 2021).

• A MARKETING PLAN FOR TURBULENT TIMES has a strong relationship with the suppliers. This ensures that the product is received, stored, and distributed in a timely manner.

• Operational activities of A MARKETING PLAN FOR TURBULENT TIMES are effectively aligned.

• For inbound logistics, after the arrival of raw material, the company processes it to manufacture the final product (Hasan, Nekmahmud, & Yajuan, 2019).

• In terms of outbound logistics, A MARKETING PLAN FOR TURBULENT TIMES has been able to set up optimal costs as well as efficient delivery processes to deliver the product on time.

• A MARKETING PLAN FOR TURBULENT TIMES invests in its sales and marketing activities to build relationships with customers.

• Marketing funnel approach is used by A MARKETING PLAN FOR TURBULENT TIMES to effectively devise and build sales and marketing activities.

• A MARKETING PLAN FOR TURBULENT TIMES offers both pre-sale and post-sales services to its customers.

Secondary Activities

• A MARKETING PLAN FOR TURBULENT TIMES has an effective infrastructure that has allowed the company to successfully optimize its value chain.

• The competitive pressure in terms of employee skill development, motivation, and commitment is reduced as A MARKETING PLAN FOR TURBULENT TIMES has developed a strong HRM (Linkov, Carluccio, Pritchard, & Bhreasail, 2020).

• A MARKETING PLAN FOR TURBULENT TIMES uses a cost minimization approach to reduce its costs by analyzing the costs associated with training and hiring the employees.

• A MARKETING PLAN FOR TURBULENT TIMES has been using integrated technology in its value chain activities. This includes technological customer support, research and data analytics concerning product design, and automated software.

• The procurement activities of A MARKETING PLAN FOR TURBULENT TIMES are effectively optimized with its inbound, outbound, and operational activities (Maheswari, Yudoko, & Adhiutama, 2019).

Market Penetration Strategies

• A MARKETING PLAN FOR TURBULENT TIMES can increase the capacity of its production so it can reach more of the customers in its existing market.

• A MARKETING PLAN FOR TURBULENT TIMES can focus on controlling the overhead costs so that it can offer competitive pricing that can attract customers of the market (Dawes, 2018).

• Investments can be made by A MARKETING PLAN FOR TURBULENT TIMES in marketing and sales activities to increase the chances of successful market penetration.

• A MARKETING PLAN FOR TURBULENT TIMES can design and develop a content that increases customer engagement within a particular marketplace.

• A MARKETING PLAN FOR TURBULENT TIMES can assess and identify more enhanced distribution networks (Radpour, Mondal, & Kumar, 2017).

• Improved distribution systems and supply chains can improve the product accessibility for the customers, making it easier for A MARKETING PLAN FOR TURBULENT TIMES to penetrate the market.

• A MARKETING PLAN FOR TURBULENT TIMES can adopt price cuts in its products to compete in the market. This will give a company a competitive edge over its competitors.

• A MARKETING PLAN FOR TURBULENT TIMES can plan strategies where it can focus on acquiring the leading players of the market. Such acquisitions will give the company an opportunity to reach more customer segments.

• Strategic partnerships and joint ventures agreements can be signed by A MARKETING PLAN FOR TURBULENT TIMES to mitigate the risk factors, and to gain customer groups of the market.

• A MARKETING PLAN FOR TURBULENT TIMES can come up with new and innovative features in its already existing product for the market (Daouda, Barth, & T. M. Ingenbleek, 2019).

Market Development Strategies

• It is important for A MARKETING PLAN FOR TURBULENT TIMES to invest in the research and development department so potential markets can be identified (Hilman, Bohari, & Abdullah, 2018).

• Regional expansion strategy can be used by A MARKETING PLAN FOR TURBULENT TIMES for growth purposes. This will also take into consideration the cultural differences.

• A MARKETING PLAN FOR TURBULENT TIMES should also consider to expand its business operations in the international market. This will allow access to a larger customer base.

• New customer groups and segments should be explored by A MARKETING PLAN FOR TURBULENT TIMES.

• A MARKETING PLAN FOR TURBULENT TIMES should also invest in brand-building activities as it will give an opportunity to reach more potential customers (C. Koks & M. Kilika, 2016).

• A MARKETING PLAN FOR TURBULENT TIMES should consider the market education in terms of its product. The company can significantly increase its sales by giving product awareness to new segments.

Product Development Strategies

• A MARKETING PLAN FOR TURBULENT TIMES can come up with new improvements and modifications in the existing products to attract the market.

• A MARKETING PLAN FOR TURBULENT TIMES should undergo the NPD process, so the company is able to assess and identify new points for its customers.

• Regular investments in the research and development will help A MARKETING PLAN FOR TURBULENT TIMES to develop something new and innovative that can give a competitive advantage (Kalogiannidis & Mavratzas, 2020).

• A MARKETING PLAN FOR TURBULENT TIMES can develop new products by getting into more strategic partnerships.

Diversification Strategies

• A MARKETING PLAN FOR TURBULENT TIMES can adopt vertical diversification to develop business. This can be done by adding more products to the existing portfolio (Kalogiannidis & Mavratzas, 2020).

• Horizontal integration can also be adopted by A MARKETING PLAN FOR TURBULENT TIMES, where the company can enter into a completely new product development phase that does not exist in the current product line.

• A MARKETING PLAN FOR TURBULENT TIMES can also consider to conglomerate by starting a different business.

Conclusion

Based on all the models and frameworks discussed above, it is concluded that A MARKETING PLAN FOR TURBULENT TIMES should focus on widening the existing product portfolio. Moreover, the psychological pricing strategy can be adopted. A MARKETING PLAN FOR TURBULENT TIMES should also maintain close relationships with its suppliers to benefit from lower prices. Similarly, A MARKETING PLAN FOR TURBULENT TIMES should develop more integrated outbound logistics for its perishable items. It is also important to continue producing quality and innovative products, so A MARKETING PLAN FOR TURBULENT TIMES is less affected by the new emerging competition in the industry.

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