Marketing Strategy for A Systematic Approach for VSM-based Web Page Classification

Introduction

The report primarily focuses on the marketing strategy of A Systematic Approach for VSM-based Web Page Classification to give a reader an overview of the growth dynamics of the company. Recently, several strategic issues and managerial problems have been identified in marketing strategy of A Systematic Approach for VSM-based Web Page Classification that have drawn the attention of the entire management to devise new marketing strategies that can help the company to resolve the problems to continue its expansion and future growth to achieve a competitive edge in the marketplace. This report is written to provide A Systematic Approach for VSM-based Web Page Classification marketing strategy with the required strategic solutions using multiple frameworks and tools.

External Environmental Analysis

PESTLE Analysis is the most popular strategic tool that is used by many organizations when conducting an external environmental analysis. This framework typically focuses on political, economic, social, technological, legal, and environmental factors that can impact the macro environment of the business (Zalengera, E.Blanchard, & C.Eames, 2014).

Political factors

Political Stability

A Systematic Approach for VSM-based Web Page Classification operates in a politically stable environment, which means that it provides the company with more friendly and stable business growth opportunities (Christodoulou & Cullinane, 2019). However, since A Systematic Approach for VSM-based Web Page Classification operates in multiple countries, there are high chances of various political tensions that can cause instability in market growth trends for A Systematic Approach for VSM-based Web Page Classification. This can limit the company's growth opportunities.

Pressure Groups

Moreover, it is important for A Systematic Approach for VSM-based Web Page Classification to analyze and monitor the activities of pressure groups. A Systematic Approach for VSM-based Web Page Classification can create a close collaboration with these groups to achieve long-term goals.

Corruption and Changing Policies

A Systematic Approach for VSM-based Web Page Classification must keep a close check on the changes in any government policies because they can directly impact the performance of the business. The operations of A Systematic Approach for VSM-based Web Page Classification are its different countries can become unpredictable if there is a high level of corruption and weak enforcement of the law (Achinas, Horjus, & Achinas, 2019).

Trade and Taxes

The profitability of a company is directly influenced if there are high taxes in a country. A Systematic Approach for VSM-based Web Page Classification should look into the taxation policies in each country before further expanding its operations (Eierle, Hartlieb, & C. Hay, 2022). Similarly, if there are high trade restrictions, it can get difficult for A Systematic Approach for VSM-based Web Page Classification to import and export its products, impacting the relationships with trade partners.

Economic factors

GDP, Employment, and Exchange Rates

The long-term growth strategies of A Systematic Approach for VSM-based Web Page Classification are majorly determined by the GDP growth of the economy. The purchasing power of consumers significantly increases with a high GDP. High unemployment in an economy shows that A Systematic Approach for VSM-based Web Page Classification can benefit from surplus labor with low-cost wages. Furthermore, A Systematic Approach for VSM-based Web Page Classification should monitor interest rates as it can affect the borrowing ability. With that being said, if there is a high fluctuation in currency, the profitability of A Systematic Approach for VSM-based Web Page Classification can also be influenced (Sadeghi, 2020).

Labor Market

It is important for A Systematic Approach for VSM-based Web Page Classification to make appropriate predictions regarding the labor market conditions in a specific economy (Sadeghi, 2020). This can help the company to hire a more talented workforce that can improve the performance of the company.

Industry lifecycle stage

A Systematic Approach for VSM-based Web Page Classification should consider expanding its operations in growing economies to benefit from growth opportunities. It can be challenging for A Systematic Approach for VSM-based Web Page Classification to enter a mature industry at a growing stage (Villamarín & Pinzon, 2017).

Social factors

Demographics

A Systematic Approach for VSM-based Web Page Classification should study the changing patterns of demographics, such as socio-economic variables, the aging population, and trends in migration (Barbara & Cortis, 2017). This can help the company to identify the right segment to target with a high potential for growth opportunities.

Cultural norms

Every country and society has a distinctive culture with different norms and values. It is important for A Systematic Approach for VSM-based Web Page Classification to study and identify social class stratification.

E-commerce

There has been a significant shift in online shopping. A Systematic Approach for VSM-based Web Page Classification needs to adopt necessary changes considering the growing use of social media networking sites and mobile phones to increase its revenue and overall profitability (Villamarín & Pinzon, 2017).

Technological factors

Technological innovations

On-going technological innovations should be considered carefully by A Systematic Approach for VSM-based Web Page Classification so that it can stay ahead of the competitive market. A Systematic Approach for VSM-based Web Page Classification should continue working on introducing major technological transformations to achieve a competitive advantage (Rastogi & TRIVEDI, 2016).

Social Media Marketing

The collaboration with consumers has been growing rapidly because of the development of communication technologies (Rastogi & TRIVEDI, 2016). A Systematic Approach for VSM-based Web Page Classification can take it as a great opportunity where can use innovative strategies to expand its customer base.

Environmental factors

Waste Management

A Systematic Approach for VSM-based Web Page Classification should implement the latest technological tools to minimize environmental pollution. Waste management is now getting popular and has been considered a major business norm (Igliński, Iglińska, & Cichosz, 2016).

Climatic Conditions and Eco-friendly products

Climatic conditions can influence the efficiency of A Systematic Approach for VSM-based Web Page Classification. The cost of a company's operations can be increased if there are extreme weather conditions. Similarly, there has been an increasing demand for eco-friendly products. A Systematic Approach for VSM-based Web Page Classification should work towards adopting more sustainable business practices to gain customer trust (Barkauskas, Barkauskienė, & Jasinskas, 2015).

Legal factors

Employee protection laws

It is important for A Systematic Approach for VSM-based Web Page Classification to follow the health and safety laws for its employees that are issued by the authorities to ensure the safety of its labor.

Consumer laws

A Systematic Approach for VSM-based Web Page Classification should protect its customer data to ensure their security and privacy concerns. Moreover, it should set the right price with the right product quality (Igliński, Iglińska, & Cichosz, 2016).

Porter's Five Forces

A Systematic Approach for VSM-based Web Page Classification can use Porter's Five Forces to analyze the competitive landscape of the industry. The strategic planners of A Systematic Approach for VSM-based Web Page Classification can use this framework to make effective decisions.

Threat of New Entrants

A Systematic Approach for VSM-based Web Page Classification operates in an industry where it is difficult to achieve economies of scale, making it difficult for new entrants to enter the industry (Yunna & Yisheng, 2014). There is a strong product differentiation with high capital requirements. Moreover, it is difficult to establish a distribution network easily in this industry. Thus, A Systematic Approach for VSM-based Web Page Classification has a weak threat of new entrants.

Bargaining Power of Suppliers

There are more suppliers in the industry of A Systematic Approach for VSM-based Web Page Classification. This shows that there is less control over prices. Organizations like A Systematic Approach for VSM-based Web Page Classification can easily switch to other suppliers because of less differentiation in products. This makes the bargaining power of suppliers a weak force in A Systematic Approach for VSM-based Web Page Classification's industry (H. Th. Bruijl, 2018).

Bargaining Power of Buyers

The industry in which A Systematic Approach for VSM-based Web Page Classification operates has many suppliers as companies to buyers. This means that buyers have fewer options and do not have control over prices (H. Th. Bruijl, 2018). The high product differentiation shows that there are few alternative products for buyers, and there is a high switching cost. This makes the bargaining power of buyers a weak force in the industry.

Threat of Substitute Products and Services

A Systematic Approach for VSM-based Web Page Classification operates in an industry that offers very few substitutes to its customers. The substitutes that are available are expensive because of their high quality (Zhao, Zuo, & Wu, 2016). However, companies like A Systematic Approach for VSM-based Web Page Classification sell their products at a lower prices. This clearly shows that buyers may feel reluctant when switching to other substitutes.

Rivalry Among Existing Firms

A Systematic Approach for VSM-based Web Page Classification operates in a less competitive industry. The already established companies have a large market share, meaning that any move by the existing companies will be noticed. Moreover, A Systematic Approach for VSM-based Web Page Classification has to take several competitive actions to become a market leader, as the industry is likely to grow rapidly in the coming years (Aithal, 2020).

SWOT Analysis

A Systematic Approach for VSM-based Web Page Classification can make use of SWOT analysis to effectively analyze the company's internal strengths, weaknesses, external opportunities, and threats.

Strengths

Strong distribution network

A Systematic Approach for VSM-based Web Page Classification operates in various countries and has multiple outlets that help the company to deliver its products quickly to its customers. This shows that A Systematic Approach for VSM-based Web Page Classification has a strong distribution network (Benzaghta, Elwalda, & Mousa, 2021).

Financial position

A Systematic Approach for VSM-based Web Page Classification has established itself as a strong financial company over the past few years. It has generated enough profits that can be used to finance any future expenditure (Basset & Mohamed, 2018).

Automation

A Systematic Approach for VSM-based Web Page Classification has adopted the latest and innovative technology in its business operations, which has allowed the company to reduce its production costs (Benzaghta, Elwalda, & Mousa, 2021).

Social media presence

A Systematic Approach for VSM-based Web Page Classification has been successful in establishing itself as a strong brand on social media platforms that, includes Facebook, Twitter, and Instagram. This increases customer engagement (Basset & Mohamed, 2018).

Weaknesses

High rent costs

A Systematic Approach for VSM-based Web Page Classification has its manufacturing plants on rented properties. This increases the company's overall costs, and a significant portion of A Systematic Approach for VSM-based Web Page Classification's profits go into paying the rent (Comino & Ferretti, 2016).

Research and Development

A Systematic Approach for VSM-based Web Page Classification has not been able to conduct effective and in-depth market research regarding new markets and products (Comino & Ferretti, 2016). Customer trends are always evolving, and it is important for A Systematic Approach for VSM-based Web Page Classification to take immediate action in conducting its research.

Centralized Power

There has been a centralized decision-making process in A Systematic Approach for VSM-based Web Page Classification. This means that employees have to consult their managers before taking any decision themselves. This slow down the decision-making process. and employees feel demotivated. Thus, impacting the operations of A Systematic Approach for VSM-based Web Page Classification (Comino & Ferretti, 2016).

Opportunities

Presence of Internet

A Systematic Approach for VSM-based Web Page Classification has a great opportunity of expanding its business by using the internet. Since there has been a growing trend in online shopping A Systematic Approach for VSM-based Web Page Classification can boost its sales by expanding its online stores (Yan, Xia, & X.H.Bao, 2015). Additionally, social media platforms can be updated constantly to engage customers with all the new products introduced by A Systematic Approach for VSM-based Web Page Classification.

Technological Innovations

Technology is constantly evolving, and A Systematic Approach for VSM-based Web Page Classification can benefit from it by implementing the technology in its various departments. Manufacturing process can be completed automated, which can eventually help A Systematic Approach for VSM-based Web Page Classification to reduce its costs (Taghavifard, Mahdiraji, & Alibakhshi, 2018).

Globalization

The continuous increase in globalization has allowed A Systematic Approach for VSM-based Web Page Classification to expand its business operations across borders. It has the opportunity of entering new markets (Yan, Xia, & X.H.Bao, 2015).

Threats

New Entrants

Recently, many companies are entering the industry in which A Systematic Approach for VSM-based Web Page Classification operates. This means that there are chances of increased competition. This poses a threat to A Systematic Approach for VSM-based Web Page Classification as it has to put more effort into gaining market share (Taghavifard, Mahdiraji, & Alibakhshi, 2018).

Fluctuations in exchange rates

The exchange rates are highly subjected to fluctuations that negatively impact the sales of A Systematic Approach for VSM-based Web Page Classification. A Systematic Approach for VSM-based Web Page Classification needs to study the changing fluctuations to keep up with its profitability (Vlados & Chatzinikolaou, 2019).

Consumer trends

The consumer trends are constantly changing, that causes changes in their demands. This puts pressure on companies like A Systematic Approach for VSM-based Web Page Classification, who have to continuously meet their consumer demands. Moreover, there is a significant threat from substitute products because consumers tend to switch to these companies (Vlados & Chatzinikolaou, 2019).

Marketing Mix

Product

A Systematic Approach for VSM-based Web Page Classification operates in a wider range of products. Each of the products has its further product lines that are sold under the A Systematic Approach for VSM-based Web Page Classification. This means that customers can benefit from a large variety of products. A Systematic Approach for VSM-based Web Page Classification sells highly differentiated products with higher quality that, gives it a competitive edge (Khan, 2014).

Price

A Systematic Approach for VSM-based Web Page Classification follows a competitive pricing strategy. The company also takes into account all its costs before setting its prices (Londhe, 2014). Currently, A Systematic Approach for VSM-based Web Page Classification is using a product bundle pricing strategy where customers get bundled products at lower prices.

Place

A Systematic Approach for VSM-based Web Page Classification has adopted various distribution channels to reach its customers. The company sells its products through its website directly (Thabit & Raewf, 2018). Apart from this, it also distributes its products to wholesalers, who then further sell it to small retailers. A Systematic Approach for VSM-based Web Page Classification has its own retail stores where it sells its products directly to consumers.

Promotion

A Systematic Approach for VSM-based Web Page Classification uses traditional and modern promotional techniques. TV ads are used to reach a larger audience. A Systematic Approach for VSM-based Web Page Classification also advertises on social media sites such as Facebook, Instagram, and Twitter. Events are sponsored by the company. Moreover, A Systematic Approach for VSM-based Web Page Classification participates in several exhibitions (Londhe, 2014).

VRIO Analysis

Valuable

A Systematic Approach for VSM-based Web Page Classification engages in corporate social responsibility activities. This has allowed the company to establish a strong brand image. Since, A Systematic Approach for VSM-based Web Page Classification has a well-established distribution network, the products are reached to consumers in a timely manner. A Systematic Approach for VSM-based Web Page Classification has been able to introduce innovation in its various departments, which has lowered its costs (Ariyani & Daryanto, 2018).

Rare

A Systematic Approach for VSM-based Web Page Classification operates in multiple countries. This means that its global presence is a rare factor. It works towards an organizational culture that encourages teamwork, and creativity among employees (Ariyani & Daryanto, 2018). A Systematic Approach for VSM-based Web Page Classification is also able to adapt to different societies, and cultures due to its exposure to various locations.

Inimitable

The products produced by A Systematic Approach for VSM-based Web Page Classification are of a high quality. Customers make repetitive purchases, and thus it is an inimitable source. (Miethlich & G. Oldenburg, 2019). A Systematic Approach for VSM-based Web Page Classification has a significant placement of its stores that gives an easy access to its customers. Additionally, the company has been using a competitive pricing strategy because it has been able to achieve economies of scale, thus lower production costs.

Organization

A Systematic Approach for VSM-based Web Page Classification, over the years, has successfully gained a financial strength. A Systematic Approach for VSM-based Web Page Classification can make use of these finances to invest in major acquisitions that give it more growth opportunities. The advancements in technology have allowed A Systematic Approach for VSM-based Web Page Classification to manage its operations more effectively. Distribution channels are another resource for A Systematic Approach for VSM-based Web Page Classification. The supply chain is very efficient, resulting in more revenue (Miethlich & G. Oldenburg, 2019).

Value Chain Analysis

Primary Activities

A Systematic Approach for VSM-based Web Page Classification is involved in primary activities such as the production of goods and then selling them to the target audience.

Inbound Logistics

A Systematic Approach for VSM-based Web Page Classification should ensure to have a strong relationship with its suppliers to avoid any inconvenience in receiving, storing, and distributing the product. This will help A Systematic Approach for VSM-based Web Page Classification to have a more effective transformation of a product (Ariwibowo & Saputro, 2021).

Operations

Operations involves manufacturing as well as services. A Systematic Approach for VSM-based Web Page Classification should conduct an in-depth analysis of its operational activities to remain ahead of its competitors (M.El-Sayed, W.Dickson, & O.El-Naggar, 2015). This will increase the productivity of the company, and more profits can be generated.

Outbound Logistics

It is important for A Systematic Approach for VSM-based Web Page Classification to analyze, and optimize its outbound logistics so that it is able to achieve the long-term corporate goals. Managing outbound activities properly reduces the chance of late deliveries (M.El-Sayed, W.Dickson, & O.El-Naggar, 2015).

Marketing and Sales

A Systematic Approach for VSM-based Web Page Classification should use various marketing and sales techniques to differentiate its products from its competitors. A Systematic Approach for VSM-based Web Page Classification can adopt marketing and sales activities such as promotional activities, advertising, and building strong relationships with suppliers and customers (Ariwibowo & Saputro, 2021).

Services

In terms of services, A Systematic Approach for VSM-based Web Page Classification must ensure that it provides its customers with the pre-sale and post-sale services (Jaligot, C.Wilson, & R.Cheeseman, 2016). The post-sale service typically falls into the promotional activities of a company. A Systematic Approach for VSM-based Web Page Classification can thus develop its customer loyalty.

Secondary Activities

Firm infrastructure

A strong infrastructure of a firm can enable A Systematic Approach for VSM-based Web Page Classification to optimize the entire value chain of the company. Moreover, by controlling the infrastructure activities, A Systematic Approach for VSM-based Web Page Classification can be in a better position to get a strong foothold in the competitive marketplace (Darmawan & Wiguna, 2014).

Human Resource Management

A Systematic Approach for VSM-based Web Page Classification should place its major focus on analyzing the different aspects of HR, such as recruitment, selection, training, and performance evaluation of employees (Darmawan & Wiguna, 2014). A Systematic Approach for VSM-based Web Page Classification can reduce its costs by identifying and analyzing the costs associated with hiring and training.

Procurement

Procurement is an important element in the A Systematic Approach for VSM-based Web Page Classification's value chain. It is important for the company to assess its overall procurement activities so that the inbound, outbound, and operational activities can be optimized (Kumar & P. V., 2016).

Ansoff's Matrix

A Systematic Approach for VSM-based Web Page Classification can implement Ansoff's Matrix to make decisions regarding its business growth. This framework includes four different strategic choices that can be selected by A Systematic Approach for VSM-based Web Page Classification.

Market Penetration

Production capacity

A Systematic Approach for VSM-based Web Page Classification can increase its overall production capacity. This will allow the company to reach more wider audience in an existing market. A Systematic Approach for VSM-based Web Page Classification can also benefit from the reduced costs by expanding its production capacity. Thus, A Systematic Approach for VSM-based Web Page Classification can attract more customers using competitive pricing (Madsen, 2017).

Marketing Investment

A Systematic Approach for VSM-based Web Page Classification can penetrate the market by investing more in marketing and sales activities. This will help the company to engage with its customer more effectively, leading to more potential customers (Dawes, 2020).

Distribution Channels

Innovative and unique distribution channels can be explored by A Systematic Approach for VSM-based Web Page Classification. This will enable the company to reach new segments and groups of customers (Dawes, 2020). In addition to this, A Systematic Approach for VSM-based Web Page Classification can penetrate the market by improving its supply chain, giving more accessibility to customers.

Joint Ventures/Acquisitions

A Systematic Approach for VSM-based Web Page Classification can enter into joint ventures or can take over other leading companies of the market. This will give A Systematic Approach for VSM-based Web Page Classification more market share.

Market Development

Research & Development

A Systematic Approach for VSM-based Web Page Classification should keep on investing in its R&D department, so it is able to identify the changing trends of the market. This will help A Systematic Approach for VSM-based Web Page Classification to target the right market at the right time (Mukangai & Murigi, 2021).

Expanding Regionally

A Systematic Approach for VSM-based Web Page Classification can enter in a new market by expanding its operations regionally. This includes considering different cities of the country. A Systematic Approach for VSM-based Web Page Classification must consider any cultural differences when entering a new market (Mukangai & Murigi, 2021).

New Segments

New segments of the current market can be explored (Mukangai & Murigi, 2021). A Systematic Approach for VSM-based Web Page Classification can add new features and product uses to its existing products that satisfies the needs of a different customer segment.

Product Development

Modifications

A Systematic Approach for VSM-based Web Page Classification can modify the existing product by improving its features to enhance the product offerings.

Launching additional products

A Systematic Approach for VSM-based Web Page Classification should invest in its R&D department so it can come up with new and innovative products that attracts and fulfill the needs of the target audience. This will boost the sales of A Systematic Approach for VSM-based Web Page Classification and will increase profitability (Khajezadeh, Niasar, & Asli, 2019).

Diversification

Vertical Integration

A Systematic Approach for VSM-based Web Page Classification can consider vertical integration. This will allow A Systematic Approach for VSM-based Web Page Classification to develop and launch new products that are similar to its existing product category (Khajezadeh, Niasar, & Asli, 2019).

Horizontal Integration

A Systematic Approach for VSM-based Web Page Classification can diversify its business operation using horizontal integration. This means that the new products and services of A Systematic Approach for VSM-based Web Page Classification will not be related to its current products (Dhir & Dhir, 2015).

A new business diversification

Entering into a completely new business can be considered by A Systematic Approach for VSM-based Web Page Classification. The organization can work towards starting a new business that can give a company more growth prospects in the future (Dhir & Dhir, 2015). A Systematic Approach for VSM-based Web Page Classification can conglomerate with the help of mergers and acquisitions.

Conclusion

To conclude, it could be said that A Systematic Approach for VSM-based Web Page Classification can resolve its current managerial and strategic problems by focusing on its existing products. The company can adopt more attractive marketing strategies that can help A Systematic Approach for VSM-based Web Page Classification to boost its revenue and profitability. It is recommended to focus on maintaining strong supplier relationships. Moreover, it is also advised to focus on more innovative products so A Systematic Approach for VSM-based Web Page Classification can remain competitive in the market.

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