Business Proposition Business Competition Chain Essay

Pages: 9 (2773 words)  ·  Bibliography Sources: 4  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

SAMPLE EXCERPT . . .

Question 3

The generation and implementation of a business idea is a complex process which has to be supported by numerous analyses such as the STEEP analysis of the seven P's of marketing. Both of these tools help the entrepreneur assess several dimensions of the future business, in an effort to help them better adapt to the identified challenges. With the aid of the STEEP analysis for instance, the entrepreneur could identify new technological developments and allocate funds to purchase these advancements, and further use them to create competitive advantages. In the case of the child care facilities, the STEEP analysis could help the entrepreneur to identify various trends in the society and develop marketing campaigns to address these trends and attract parents to the services provided.

In essence, the STEEP analysis represents an investigative tool to help the entrepreneur to assess the external environment at the level of the socio-cultural (S), technological (T), economic (E), ecological (E) and political (P) forces. The STEEP analysis is an improved version of the previous PEST analysis, which assessed the political, economic, social and technologic environments.

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The scope of the STEEP analysis is that of allowing the entrepreneur to take a step back from their regular business endeavors, and instead focus on the environment in which they operate and deliver their products and services. The STEEP analysis then allows the entrepreneur to identify various trends in the social, technological, economic, ecologic and political environment. Through the analysis, the entrepreneur can become better able to adapt to the new trends and integrate them in the decision making process. Ultimately, the scope of the STEEP is that of gathering information of the environment that influences the firm, its operations and its decisions (Venture Navigator).

TOPIC: Essay on Business Proposition Business Competition Chain. Assignment

In the case of the seven P's of marketing, this is also an upgraded version of a previous tool for marketing analysis, namely the 4 P's of marketing. The original P's included product, place (distribution), promotions and price, and the added P's include the people, the physical evidence and the processes. The seven P's of marketing are aimed to help the company tailor its business operations to the specific needs of the environment. The seven P's of marketing are analyzed after the design of the marketing campaign, and their scope of that of aligning the firm's strategy with the demands in the market place. It is important for the firm to continually revisit these P's and continually integrate the emergent changes (Tracy, 2004).

Question 4

The success of any firm depends directly on a multitude of elements and decisions, such as the ability of the firm to construct a powerful managerial model, to motivate the staff members, to access the necessary resources and to create adequate marketing campaigns. At the level of marketing, these types of operations are becoming more and more important in today's dynamic economy, as competition intensifies and the firms have to identify new means to satisfy the customers.

With the aid of marketing, market research is conducted, and this market research helps the company to ultimately understand its customers, to adequately target them, and to serve their needs. The seven P's of marketing then allow the economic agent to adapt its strategic effort to the characteristics of the market place.

The mechanism by which the seven P's of marketing support decision making within the organizational climate is represented by the research conducted at the level of the market research cycle. In essence, the market research cycle represents the totality of research and information generated through the gradual approach of the market dimensions of product, price, place, promotions, people, processes and physical evidence. The table below reveals the elements researched at the level of all seven P's of marketing, or the gradual stages completed in the market research cycle.

The market research cycle

Product

- The styling and functionality of the product

- The packaging of the item

- Warranties and complementary services

- The quality and safety of the product

- The provision of repairs and support by the company

- The brand name under which the product would be sold within the market place

- The provision of services associated with the product or any additional accessories

Price

- The pricing strategy to be implemented in regards to a product strategy (skimming, penetration, variable and so on)

- The suggested retail price of the product or service

- The discounts offered on high volume sales and other wholesale offers and prices

- The discounts offered on cash payments or early payments

- The incurrence of seasonal pricing

- The flexibility of the implemented price

Place (distribution)

- The choice of the distribution channels for the product, with the traditional choice falling between direct distribution and indirect distribution, through intermediaries

- The coverage of the market through dimensions such as selective or exclusive distribution

- The existence and strategies towards specific members of the distribution channel

- The decisions toward inventory management and the management of the distribution centers

- Other logistics considerations, such as the processing of the orders received, the transportation of the items and the reverse logistics decisions and processes

Promotions

- The promotional strategy that would best attract the attention of the selected audience (such as pull strategy, push strategy and so on)

- The advertising strategy and campaign to promote the products and/or services

- The implementation of sales promotion strategies

- The approach towards public relations and publicity

- The allocation of an adequate budget for marketing communications strategies (Net MBA, 2010)

Note: the traditional marketing mix, formed from the four P's of marketing, addressed product decisions and was created to promote the material items. The new marketing mix, with the seven P's of marketing, was devised as a response to the increasing role played by the services sector. It as such represents an upgrade of the initial version, with the latter three components being more focused on services than products.

People

- The role of the people in the provision of the service

- The relationship between the staffs and the customers

- The training of the staff members to deliver high quality services

Processes

- The link between the organizational processes and the delivery of services at the required standards

- The ability of the processes to deliver dependable services

Physical evidence

- The satisfaction of the customers with the service delivered, as well as with the overall company

- The provision of adjacent offers that enhance the image and quality of the delivered service, such as decor or ambiance (Management Study Guide).

References:

Longenecker, J.G.. Moore, C.W., Palich, L.E., Petty, W.J., (2006). Small business management: an entrepreneurial emphasis. Vol. 1. Cengage Learning.

Peavler, R. Debt and equity financing. The advantages and disadvantages of debt and equity financing. About.com. http://bizfinance.about.com/od/generalinformatio1/a/debtequityfin.htm accessed on November 13, 2012

Tracy, B. (2004). The 7 P's of marketing. Entrepreneur. http://www.entrepreneur.com/article/70824 accessed on November 13, 2012

(2010). The marketing mix. Net MBA. http://www.netmba.com/marketing/mix / accessed on November 13, 2012

30 minutes business analysis STEEP. Venture Navigator. http://www.venturenavigator.co.uk/content/543 accessed on November 13, 2012

Debt financing. Reference for Business. http://www.referenceforbusiness.com/small/Co-Di/Debt-Financing.html#b accessed on November 13, 2012

Laws, regulations and guidelines. Missouri Department of Health and Senior Services. http://health.mo.gov/safety/childcare/lawsregs.php accessed on November 13, 2012

The 7 P's of services marketing. Management Study Guide. http://www.managementstudyguide.com/seven-p-of-services-marketing.htm accessed on November 13, 2012 [END OF PREVIEW] . . . READ MORE

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