Strategic and Entrepreneurial Marketing Assignment Help

Strategic and Entrepreneurial Marketing Assignment Help

Strategic and Entrepreneurial Marketing Assignment Help

This is a solution of strategic and entrepreneurial marketing assignment help in which we discuss about challenges regarding organizational and marketing environmental and identifying, the key threats and opportunities internal and external environmental analysis for the company has also been carried out.

Introduction

In the present marketplace, companies have to consider so many things for running their business successfully and maintaining the competitive position. Shorewood Soupsis mainly known for its delicious soup products. The company was established in 1980 in United State of America and created a strong brand image through their excellence in cooking foods with only natural ingredients. Currently the company is aimed at doubling their revenue from $100 million to $200 million within five years. The company mainly conduct a B2B business, however, now they are focused on starting a B2C business. Hence, to fulfill these objectives the company may have to face several challenges regarding organizational and marketing environment (McAdam, 2014, p.167).

Therefore, the present study emphasizes on identifying the key issues and the main segments of the company. For identifying, the key threats and opportunities internal and external environmental analysis for the company has also been carried out. Further, the study involves developing an effective marketing strategy and the way it can be implemented appropriately so that Shorewood Soups can meet their business goals within specific time.

Question 1: The key issues and problems in the Shorewood Soups

Shorewood Soups has established a strong brand image since their establishment by offering excellent quality soups. The company does not use any kind of preservatives and additives in their soups for ensuring its superior quality and taste. Although Shorewood Soups conducts a B2B business, however; now the company wants to grow their business by incorporating the B2C business as well. At past, the company has tried to carry out a B2C business and provide products directly to the end users. However, they were not successful in his business strategy.

Now Kevin, who is the Vise President of marketing in the company, again wants to start a B2C business with the aim of expanding their business by double in upcoming five years. However, for doing so; the company is facing several issues in developing an effective marketing strategy that can help them to execute their plan and fulfill their business objectives of introducing CPG (Consumer package Goods).

Shorewood Soups took a strategic decision to not selling their products for private label companies that decreases their chances to be succeeded in the distribution channel. Their distribution quality was poor and hence; consumers could not recognize their brand properly. The promotional strategy of the company was also not effective as they used to promote their products through radios.

Recently, the company also faces challenge with the idea of entering into a new market. As the company wants to move into consumer package goods, hence, the VP is facing issues in using different tactics those was not required for their B2B business. Apart from that, in order to attract customers, the company has to develop and implement some specific strategies for deciding a significant growth for the single product line. As until now, the company is used to with the business approaches of B2B business and marketing, hence; preparing for entering in B2C market requires lots of plans and strategies that is creating significant challenges for the VP. Apart from that, the company is facing issue in their fundamental shifting in terms of marketing. This is because; the company has to deal with a bigger number of customers as compared to the B2B market. Now the company has to operate is a more segmented marketplace. Hence, they are facing issue in changing their marketing strategy.

Furthermore, another important issue faced by the company is the unchanged level of tension and risks associated to their new business idea. They are facing issues in delivering gluten free products to the consumers. Besides, there is no clear idea about the way in which the VP of the company along with the marketing team is going to execute their business idea. Hence, the company is going to face several issues in terms of executing their business plan and being successful.

Other important challenges that can be faced by the company in changing almost the complete organizational structure, as they want to double the size of their business in upcoming five years. In order to fulfill the business objective, the company has to change almost everything related to their organizational operations, marketing and many more. The company also may face issue in terms of managing their conventional segments besides expanding the ne CPG line.

Question 2: Environmental analysis for identifying key opportunities and threats faced by Shorewood Soups

Internal environmental analysis of Shorewood Soups (SWOT )

Strength

  • Strong brand value and organizational policy to avoid use of preservatives and additives in the soup.
  • Sustainable market captivity and market share since 1980.
  • Cost effective production techniques that enables to gain higher profit through enhanced quality of products to the customers

Weakness

  • Cost inflation decrease the margin of profit in last few years.
  • Inability to sell directly to the customers to gain more profit
  • Market competition and growing cost of vegetables and other raw components of soup

Opportunity

  • Shorewood soups must use the chance provided by their brand value to make the service B2C.
  • Globalization promotes opportunity to expand the business into the widespread growing market to avail more financial benefit in the business.
  • The initial success must be put into use to quench the increasing aspiration of tasty soups as meal food in the market of developed countries.

Threat

  • The popularity of other soup companies like Campbell Soup
  • Market penetration of private labeled companies
  • Government regulations of health and safety in food criteria
  • Huge promotional activities and change management can also reduce the margin of liquidity.

External environmental analysis of Shorewood Soups (PESTLE)

Political

The political stability of USA provides immense support for Shorewood soup company to spread its business. The local government authorities of Milwaukee County are also seemed to be helpful for this company. The integral relation and compactness with the government sectors inject sustainability for business (McCrohan, 2016, p.104).

Economic

The growth of US market economy is very helpful for Shorewood Soup to achieve desired financial outcome. The trade bloc tariff and tax rates are also adequate to ensure proper financial benefit through quality product service. The fluctuation of market economy and recession is a major aspect to be evaluated in order to construct a fruitful plan to quench the desires (Morrish et al. 2010, p.303). The economic segmentation of market and international business rules and regulations are also important to be taken into account to achieve $200 million revenue in five years.

Social

The social segmentation and demography of both American and international market is crucial to analyze and evaluate to provide soup quality in compliance with the fluctuating demand and aspirations of the market (Sager and Dowling, 2009, p.88). Different types of soups must be produced for different regions that have to be done on the basis of the food habits of the people of a particular place.

Technological

The latest updated and upgraded technologies must be used to make the soup healthy and tastier (Tuller, 2013, p.78). The soup must go through scientific tests to eliminate hazardous components to increase the acceptability.

Environmental

The use of green vegetables must be emphasized to spread the awareness of the importance of nature. It must be make sure that the soup business does not violate any environmental law and regulation (Perrien et al. 2011, p.96). The promotion of green soups must be done in an eco friendly manner to sustain the integrity with both the nature and market.

Legal

The food quality and safety laws must be maintained precisely to continue the business lawfully.

Question 3: Defining main segments for Shorewood Soups and discussing the research types of the segments for developing marketing strategy

As the company is inclined toward adopting a B2C market, hence; they have to change their segmentation and positioning strategy. With the help of STP analysis, the key segments of Shorewood Soups can be identified effectively. STP analysis is consists of segmentation, targetingand positioning.In segmentation, the company needs to determine different types of consumers. In the targeting stage, the firm identifies the best customer group to be served. After that, the final implementation stage appears, when the company decides to implement their segmentation by optimizing their specific products and services for the particular segment. Here, they communicate with their consumers that they are offering appropriate products to the consumers as per their requirement. Based on the STP analysis a marketing mix is developed (Bullough and Renko, 2013, p.343).

Therefore, as the first step of the STP analysis, Shorewood Soups has to segment their market in different parts based on the demographic, social, economic and cultural characteristics of their potential consumers.

As the company sells different types vegetarian and non-vegetarian soups, healthy and spicy soups, frozen soups, dry soups, therefore; they can target customers belong to all ages. This is because; consumers of all ages love to have soups. First of all the company needs to segment the market based on the age, sex, income level, ethnic, economic and social background of the consumers, as all these factors determine the taste and choice of consumers. Based on economic structure the consumers can be segmented into three distinct groups including lower middle class, upper middle class and higher-class people. Therefore, to segment the market properly, Shorewood Soups needs to carry out a comprehensive survey for identifying the consumers with different characteristics. Thus, they will be able to divide their market into different segments appropriately.

In order attract a large number of customers for increasing their customer base, the company needs to increase their focus on make the products affordable so that they can increase their sales significantly. If the products are affordable, the people from all economic background can afford this.

Apart from that, Shorewood Soups offer different items like New England clam chowder and chicken Noodle that can be served to the customers of a specific region with specific culture. Other products include organic carrot coriander, Thai chicken with red curry, spicy crab and corn chowder and three bean vegetarian chili. All these products are positioned based on the targeted customers from different cultural background. The company should target the health conscious people, who love to have spice free and healthy soup with natural ingredients. Thus, the Shorewood Soups will be able to develop an appropriatemarketing mix strategyfor their consumers.

Question 4: Objectives of Shorewood Soups, explaining and justifying the proposed marketing mix for overcoming problems

Main objective of Shorewood Soups is to increase their revenue by double within five years and make it $200 million from $100 million.

S-Specific

The company wants to accomplish double profit as compared to present time in upcoming five years. Hence, they want to enter in a new market incorporating B2C business strategy.

M-Measurable

In order to achieve the specific business goal, the company has to develop and implement effective initiative. They have to change their marketing strategy and the way they carry out their business activities. This will help the company to reach their targeted customers effectively and make them buy the products.

A-Attainable

Although, the company is facing several issues in executing their business plan, however; focusing on designing a good business strategy for targeting and reaching to their customers will be helpful in achieving business goal. Apart from that, the company has to choose appropriate promotional and advertising methods so that they can promote their products efficiently to the targeted consumers.

R-Realistic

The aim of the company is to achieve their business goal within the period of 5 years that is realistic as, the company is focused on taking suitable steps to reach that goal. With proper concentration and hard work, the VP of Shorewood can be able to double up their business within 5 years.

T-Time-based

The approximated time is 5 years.

Shorewood Soups is aimed at making their revenue double within 5 years. Therefore, they are focused on starting B2C business. However, in meeting the objectives, the company and its VP are facing several challenges to overcome. Achieving targeted business goal requires adequate strategy for overcoming marketing and business issues and attaining the business goal.

The company needs to hire talented chefs, who are able to make soups so quickly so that customers do not have to wait for too long after placing order. The company needs to restructure its restaurant with attractive interior and exterior decorations so that they can catch the attention of the customers. The soups must be healthy, tasty and should be available at an affordable price. Based on the different market segment, the company must offer soup and other foods so that they can influence the consumers positively. This will help to retail their customers. Based on the STP analysis of Shorewood Soups, an appropriate marketing mix can be developed. Marketing mix involves 7 P’s of marketing include product, price, place, people, process, promotion and physical evidence. The products offered by Shorewood Soups are different types of soups, noodles etc made with healthy and natural ingredients. However, the prices of the soups offered by them are comparatively high. Therefore, the company needs to focus on changing their pricing strategy and making it reasonable regarding the product quality. This will help the company to attract a large number of customers, who were targeted. Moreover, as the product price are 10% to 20% higher than the soups provided by other restaurants, therefore; besides restructuring the pricing strategy, the company can offer some discounts to customers for increasing their reputation and popularity.

The restaurant is situated in USA and as they want to double the size of their business, therefore, they need to expand the restaurant chain all over USA targeting different customers segment. For instance, they can open restaurants near colleges, offices, universities, railway stations, airports, bus stop and at several tourist destinations. This will help them to reach their products to the maximum number of customers. For serving the customers in best possible way, they need to hire knowledgeable staffs and all staffs must be provided with appropriate training for improving their skills of dealing with customers. According to Dilts and Prough (2012, p.21), in marketing mix, process refers to the system of organizing organizational activities. In the case of Shorewood Soups, the VP need to carry out a continues research regarding their product quality. This will help them to maintain the good quality of products. As the company has to change the entire business process as they are entering in B2C business, hence; higher focus is needed in monitoring different activities carried out by the organization.

Apart from that, the VP needs to provide significant focus and investment on promoting their products. They should use the modern media of promotion those are social networking sites like Facebook, Twitter, Instagram, Pinterest etc. This will help the company to disseminate the information regarding their products and services efficiently. As stated by Loane and Bell (2010, p.467), physical evidence is an important element of marketing mix that takes feedbacks from the customers about the services and products offered to them. Hence, taking feedback from the customers will help Shorewood to identify their level of efficiency and success.

Question 5: Discussing a suggestion for implementing the proposed strategy

The creation and development of a proper strategy acts as a guideline for a company to make a systematic progress. This holds true even for Shorewood Soups. Based on the challenges that the company is facing, the following strategies can be implemented, which will be an address to all those challenges.

One of the basic challenges is the entry into a bigger market. The management authority along with the team members can develop a strategy considering the aspects such as licensing, export. Apart from these possessing franchise and contract, based production and manufacturing will provide the company to achieve significant product line through the manufacturing of consumer based products.

The difficulty in shifting and adhering to the evolving changes in the strategies forms another of the challenges faced by Shorewood Soups. The creation of strategies, which include the reduction in costs through the means of provision of facilities in the areas, which possess the predominance of skilled labours and trained managers. This will assist the company in the execution of the business operations to satisfy and fulfil the needs of the customers. Beside this, development of counter strategies also fosters greater force into the achievement of maturity through the source of various innovations.

In addition to these challenges, the potential risks associated with the initiation of a new business idea seem like an added challenge. In order to overcome these challenges, development of proper and adequate strategies is viewed as the best possible solution for expanding the scope and arena of the business of Shorewood Soups. Within this strategy, the company should attempt to carry out an evaluation and assessment of the earlier available data regarding the performance of the product. This evaluation will provide the company the grounds regarding the launching, positioning and achievement of the customer satisfaction through the proper manufacturing of the products.

One of the most important challenges is the failure of the workers within the company in the execution of the proposed business idea. Adherence to the established business models by Shorewood Soups Company will enable the skills and knowledge of the workers and the employees regarding the proper ways and technique regarding the execution of all the business operations so as to cater to and fulfil the specified aims and objectives. Apart from the loyalty to the business models, prioritizing the tasks according to their importance constitutes one of the major steps contributing to the achievement of customer satisfaction and reputation within the market. 

Conclusion

The present study, through the reference of Shorewood Soups Company, provides a deep insight into its strengths and weaknesses regarding their production and manufacture of the customer oriented goods and products. The study also provides possible recommendations and strategies, which if adopted and implemented will enable the Company to progress towards the achievement of success through the exposure of team dynamics in the execution of the operations along with an evaluative assessment of the risks involved in the initiation and expansion of the business of the company.

References

Books

Perrien, J., Filiatrault, P. and Ricard, L. (2011). The implementation of relationship marketing as an entrepreneurial strategic process. Montre?al: Universite? du Que?bec a? Montre?al

Tuller, L. (2013). Entrepreneurial growth strategies. Holbrook, Mass.: B. Adams

Journals

Bullough, A. and Renko, M. (2013). Entrepreneurial resilience during challenging times. Business Horizons, 56(3), pp.343-350

Dilts, J. and Prough, G. (2012). Environmental Change, Strategic Choice and Entrepreneurial Orientation. Services Marketing Quarterly, 22(1), pp.21-38

Loane, S. and Bell, J. (2010). Rapid internationalisation among entrepreneurial firms in Australia, Canada, Ireland and New Zealand. International Marketing Review, 23(5), pp.467-485

Luo, J. (2014). Entrepreneurial Marketing- How Marketers Can Satisfy Customers’ Needs When Applying Entrepreneurial Marketing Approaches. International Journal of Advances in Management Science, 3(4), p.109

McAdam, M. (2014). Entrepreneurial Marketing: The Growth of Small Firms in the New Economic Era20043Bjorn Bjerke and Claes M. Hultman. Entrepreneurial Marketing: The Growth of Small Firms in the New Economic Era . Edward Elgar Publishing, 300 p., ISBN: 1 84064 912 7. Int Jrnl of Ent Behav & Res, 10(1/2), pp.167-170

McCrohan, K. (2016). Marketing: Basic concepts for decision making. Industrial Marketing Management, 8(1), p.104

Morrish, S., Miles, M. and Deacon, J. (2010). Entrepreneurial marketing: acknowledging the entrepreneur and customer-centric interrelationship. Journal of Strategic Marketing, 18(4), pp.303-316

Sager, B. and Dowling, M. (2009). Strategic marketing planning for opportunity exploitation in young entrepreneurial companies. IJEV, 1(1), p.88