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Important Role of a Marketing

University: University of Hertfordshire

  • Unit No: 11
  • Level: High school
  • Pages: 12 / Words 3040
  • Paper Type: Assignment
  • Course Code: MKT4221
  • Downloads: 179
Question :

This sample will let you know about:

  • What is the role of marketing?
  • What are the 4P's of marketing?
Answer :
Organization Selected : Leadcom corporation SDN BHD company

Marketing play an important role in promotion of products and services and to make organization goals attractive and achievable. Leadcom corporation is an Telecommunication company with quality services like Digital loop carriers, rectifiers and multiplex system. Report will discuss about macro environment like economic social and cultural forces that will affect working of organization. Discuss porter five forces to analyze micro environmental factors. Cultural analysis with Hofstede Dimensions, market selection strategy with help of STP analysis. Discuss mode of entry in German market for Leadcom Corporation. 

Bout Leadcom Corporation

Leadcom Global Objective

Global objectives of Leadcom are to:

  • To increase its market share by 10% in global market by end of present financial year.
  • To increase global consumer awareness by means of expanding operations.
  • To reduce cost of domestic operations by 5%.

Analysis and Findings

Deeplist analysis

Leadcom corporation SDN BHD company of Malaysia wants to expand their business at global level to improve their presence and increase overall profitability of business. The company can make Germany its host country for expansion of Business because Germany is Developed country and which is why can provide all the required resources for business along with opportunities.(Roberts, Kayande and Stremersch, 2019). DEEPLIST Analysis includes analysis of Demographic, Economic, Environmental, Political, Legal, Informational, Social and Technological factors of business. Order Online Assignment Help from our team of qualified experts!

Through this framework business can identify and understand    influence of these factors to identify potential opportunities and threats that are there in Micro Environment. Skilled labour and resources available in economy help them to minimize cost of production. Due to development in economy and rapid changes help Leadcom corporation to achieve their goals easily. Leadcom is a telecommunication industry and overall investment of Germany in their research and development projects and focus on areas like energy. IT, security help company to expand easily.

Germany is a 4th largest economy all over the world and high standard of living and social security help businesses to expand easily. Some of the Macro factors that help Leadcom corporation to develop their business in economy are as follows.

Demographic

  • Current population of Germany is 83,705,138 which is projected at 83,783,942 at mid year.
  • 76.3% population of Germany is Urban population.
  • Germany has the largest telecom market of the Europe.

Economic

  • Gross demostic product per capita in Germany is $46,564 whihc have increased by 1.2% in 2020.
  • In this 68.7% GDP is contributed by service sector.
  • Germany is fourth largest country in the world.
  • IN 2017 country accounted for 28% of Euro market by IMF.

Environmental

  • German has been considered as top third country suffering from extreme whether condition by global Climate Risk Index.
  • In this factor those who are charging high for practices which are environment unfriendly are taxed.

Political

  • Germany is 9th least corrupt country in the world.
  • Political stability of the Germany is very high.

Legal

  • The level of business freedom in Germany is 83.3%.
  • Telecommunication business in Germany is Governed by Telecommunication Act.

Information

  • In global consumer confidence index of 2018 rank of Germany was 108.

social

  • Consumer behavior in Germany is very ethical.
  • In present environment customers trust more on customers rather than businesses.

 

Technological

  • In Germany ministry of technology and Science organize and coordinate and decides for programs of science on the country.

Porters five forces

Threat of new entrants

It is largely depends on barriers for to enter in a specific market for new companies. If no barriers are available then it becomes easy for a company to enter into a market. Threat of new entrants in germany for leadcom corporation is low because in economy large number of organization are working in different market. Due to high capitalization cost for setting new network, distribution and other services reduce new entrants in market. Large number of rules and regulation for telecommunication and technical industry make it tough for new entrants and it is quite expensive and require capital for factors like production and manufacturing.

Bargaining power of suppliers

Overall profitability of company largely depends on their suppliers. Bargaining power of suppliers in germany is low because large number of suppliers are available in market and few buyers and industry are available in market(Gneezy, 2017). It help Leadcom corporation to expand their business easily increase profitability by gaining a cost advantage from suppliers in market.

Bargaining power of Buyers

High quality of products and affordable prices affect customers power. In germany due to few companies are available in market reduces bargaining power of buyers and help Leadcom to increase their customer base. Increase in income and standard of living of consumers decreases their bargaining power and concentrated customers base in market make it easy for company to increase their sales.

Threat from substitute products

When buyers easily able to find a substitute product with effective price  and better quality of product reduces profitability of organization. Substitute products in telecommunication industry of germany is low because of non traditional products which are reasonable for consumers. Due to new innovation of internet telephones and other services make Leadcom corporation to innovate new services for customers to gain an competitive advantage in market.

Rivalry with existing players

Rivalry from other players is now for each and every industry all over the world. Competition form other rivals in germany is intense for Leadcom corporation and require more investment in research and development activities to compete in market. Company need to know customers expectation and needs and prepare their product according to those needs of customers.

Hofstede's Culture

It is one of the most comprehensive studies to know how values in workplace are influence by culture(Wirtz and Lovelock, 2016). Dimensions help to distinguish members of one group from people of other. Model consist of following dimensions to distinguish Malaysia culture from Germany. 

Dimension

Malaysia

Germany

Power Distance Index

Dimension expresses degree to less powerful members of society accept and expect power is distributed unequally. It also shows all individual in society are not equal and have culture of unequal attitude.

 In Malaysia power score is very high which is 100 means everybody in society accept a place and have their own needs, employees are able to take their decision on their own and equal distribution of work.

Germany belongs to low power distance countries with score of 35. Common meeting style and participative communication with employees. Management and leadership take all decision and provide guidance and employees have less power to take decision.

Individualism

Dimension means individual take care of their own or their immediate families(Goldberg, Fishbein and Middlestadt, 2018).  It shows a self image of individual is defined in terms of I or We. In collectivism preference of an individual to take care of relatives in a particular group in exchange of loyalty.

 Malaysia belongs to collectivism society with score of 26. In country employees have strong relations with their employer where they take responsibilities of each other and link with each other like a family. Show close commitment to family and relationship in exchange of loyalty.

Germany belongs to individualism society with score of 67. Individual is responsible towards immediate families. Preference of people play an important role in their loyalty and increase responsibility (Goldberg, Fishbein and Middlestadt, 2018). Relations of employee and employer are more based on contract rather than trust and mutual agreement.

 

Masculinity

Masculinity shows a preference of an individual in society like achievement, assertiveness, reward for success that shows them unique or different from crowd. Feminine culture shows that people care for each other and to improve quality of life rather than standing different from crowd.

 Malaysia with score of 50 unable to identify preference of people in this dimension.

Germany belongs to Masculine society with score of 66 people value performance they show status on basis of cars, watches, technology. Employer provide rewards and benefits on basis of performance and efforts of employees. Achievement of goals is priority of businesses and employees in economy.

Uncertainty Avoidance

Dimension shows the limit of members in society to which they feel uncomfortable with uncertainty and ambiguity. Issues is that how society manage the fact that future is never known.

In Malaysia has low UAI with score of 36 as compare to Germany. Society has relaxed attitude towards uncertainty or changes in the future (Goldberg, Fishbein and Middlestadt, 2018). People are not afraid of innovation, employees are flexible at work and have a set schedule. People believe rules are not necessary it they are ambiguous.

Germany belongs to High UAI countries with score of 65 proper planning and systematic overview to be given in order to proceed. In Germany employees are ready with their plans in case of changes and acceptance to change is also low in Germany.

Long term orientation

Dimension shows society need to manage link with past to deal with future challenges. Societies with low score maintain time honored traditions in viewing societal changes. Society with high score have pragmatic approach with efforts in education to prepare for future (Payne and Frow, 2017).

 Malaysia indicates normative culture with low score of 41. People put more emphasis on getting quick results and have respect for tradition and concentration to save future is also less.

In Germany people belong to Pragmatic approach with high score of 83 people are able to adapt traditions easily and work according to changing situation (Payne and Frow, 2017). More emphasize to save and invest and to achieve positive results.

Indulgence

Dimensions means human drives related to enjoying life and having fun also shows extent to which people try to control their desires and impulses.

In Malaysia with high score of 57 indicates that the culture is indulged. People  put more emphasis on enjoying their life and fulfill their desires and have fun. They put more efforts and time in leisure activities and spend money to enjoy.

German belongs to restrain culture with low score of 40 people have less time to get indulged in leisure activities and more emphasize to work.

 Market selection strategy

Strategy help to enter in a new market more smoothly and effectively and require to achieve overall goals easily. Help companies to get best market that help them to develop and achieve their goals easily.

STP

It is an digital marketing tool at a more tactical communication level. It help Leadcom corporation to target market easily and sell their products and services more effectively.

Segmentation

Leadcom corporation define their market where they are going to develop their business. Company need to segment market of Germany using variety of different segmentation which help them to create a group of consumers(Chaffey and Smith, 2017). Allocate consumers in market on basis of their needs, behavior and other characteristics. Company need to prepare profile for each and every customers on basis of their preference, demographics, styles. Company need to select a segment where their telecommunication technology and products fits effectively according to requirement of customers. Get Assignment Samples?Talk to our Experts!

Targeting

After segmentation of market on basis of preference of an individual. Leadcom needs to select most appropriate to be selected as their target market. Company need to know their firms strategy in Germany and competition available in market, attractiveness of customers towards product and know their own abilities in new economy to compete with competitors to achieve their goals.

Positioning

Leadcom need to know how to compete in target market (Chaffey and Smith, 2017). Company need to prepare strategy to develop a position for their product and brand in target market. Providing unique and superior product help company to develop an image in market for their products and services and require to maintain effectiveness to achieve goals and objectives. Company need to know the value that their product provide to customers to achieve their goals more easily. 

Mode of entry

Attractive policies and effectiveness of German market attract companies to enter in market. Due to their good ranking all over the world for their business effectiveness help to attract customers easily(Kingsnorth, 2019). Some of the modes those make it easy for leadcom corporation to enter into German market are as follows.

Franchising

It is one of the effective and way to enter into a new market by providing brand name, concepts, expertise that are needed to operate business in overseas market. Leadcom corporation is able to attract establish company in Germany who have loyal customer base able to increase profitability for their business. Company is able to reduce cost of entry in Germany with franchising. Franchising partner in Germany have a proper knowledge of German market which help Leadcom to earn advantage of attracting local customers. Reduces overall risk for company as local business entity is involved (Kingsnorth, 2019). Franchising help Leadcom Corporation to expand in multiple regions in germany with minimum investment.

Franchising reduces control of Leadcom corporation on their distribution channel and products as they are largely depends on their partner in Germany to distribute their product and services. Company is unable to maintain privacy and keep trade secrets from partners.

Franchising also increases risk for company because a partner may become a future competitor for business and affect overall working of organization at a large scale(Summers, 2019). Selection of wrong franchisee with bad image in market of Germany ruin Leadcom name and goodwill.

Recommendations and Implementation

Marketing play an important role in overall success of organization to improve effectiveness of products and services and to achieve goals and objectives of business. Marketing help to develop a presence for a business and improve efforts for overall success at a large scale.

4P's of Marketing Strategy

Product

Product is both tangible and intangible that help organization to achieve goals and objectives of business. In context of Leadcom communication they provide telecommunication services to their customers which help them to attract customers effectively towards their business and make  them effective in market in front of their competitors to achieve goals and objectives of business.

Price

Companies minimum price for their products help them to attract customers easily. Price effectiveness help to increase profit margin. Price of their products make them attractive and unique in market.

Promotion

Company use advertising and other technologies to promote their products and services. Promotion help company to attract customers, social media marketing help company to promote product in germany.

Place

Germany is one of the effective and attractive place that help them to achieve goals and objectives of business. Place make them attractive in market, right place help company to achieve goals easily and effectively. Get Marketing Assignment Help fro our experts!

Conclusion

Report will prepare about different environmental factors that will affect working of Leadcom corporation in German. Strong economic conditions of economy help them to develop business at a large scale and innovate their products and services. Different dimension show different perspectives of both Malaysia as well as Germany shows impact on changes easily. Franchising is an effective way to enter into a German market. In attempt to expand its operation there are various potential pitfalls that  Leadcom corporation can face such as noncooperation of Germany and laws for other country firms. Another pitfall can be acceptance of the people of Germany, of people and customers of Germany do not accept the company then it will become meaningless to carry out all the operations.

To prevent Leadcom from this pitfalls company need to ensure that people of Germany are able to project a positive image of the company. This will enable Leadcom to get support and acceptance of customers of Germany.

Also Read- Enterprise Create Own Business Concept

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