Analysis of Marketing Consultancy
Marketing consultancy can be defined as a service under which highly skilled and efficient professional or personnel provides guidance in relation to the improvement of business. In this, marketing consultant understands the market condition, assesses the factors which closely affect the customer decision making and frames suitable strategies (Dibben and Hogg, 2015). Through this, organization is able to improve their product or services and thereby, build and sustain competitive advantage in the dynamic business environment. The present report is based upon Morrison which is the largest chain of supermarket in UK.
It deals or provides number of products or services to its customers. It is the fourth largest supermarket of UK and listed on recognized stock exchange. Mission of Morrison is to provide innovative and cost effective services to the children and youth. On the other hand, vision statement of Morrison includes providing integrated and non-discriminatory services to youth and children. Maximization of sales as well as profit by satisfying the needs and wants of customers is one of the main objectives of Morrison (Zenker and Jacobsen, 2015). In order to achieve this objective, organization makes focus upon the optimum utilization of resources.
One of the major problems which client of Morrison faces is the lack of awareness about the product or services among customers. After making analysis, it has been identified that customers are not aware about the products or services which are introduced by Morrison to the public at large.
In order to resolve this issue, organization needs to undertake the promotional campaign and strategies which would build awareness among customers. Morrison is required to place advertisement on social networking sites and local newspaper. In the present era, people spends a lot of time on social networking sites so it is the best way through which company can develop awareness among the large group of customers. Along with this, Morrison can also provide information about the latest product or services to their existing and potential customers through e-mail. By sponsoring event, company can also develop understanding among the customers about innovative product or services which company sells to its customers.
It is vital for the firm to respond towards this problem. If organization ignores these aspects then it closely hampers the brand image and market share of company. In addition to this, it also makes negative impact upon the sales and profitability aspects of corporation. For example, if customers have no knowledge regarding the product or services then sales and profitability aspects of company affected badly. Moreover, customers purchase only that kind of product to which they are more familiar. Thus, in order to cope up with the competitive business arena, Morrison needs to take strategic action to overcome this problem.
In order to understand the market conditions, Morrison undertakes the analysis of micro and macro environmental factors. It provides deeper insight to company about the situations of market so that they can make appropriate decisions to achieve success in the dynamic business environment.
It consists of those factors which make direct impact upon the business operations and functions of an organization. These factors closely affect the strategies, policies and success of the firm.
It entails the following factors upon which organization has no control and which affects the operations and functions of business badly. They are like:
Political stability, conditions and taxation policy have direct impact upon the policies and strategies framed by company.
It consists of age, income, living standard, perception, tastes and preferences of country to which organization wants to provide services.
Social status and cultural aspects closely affect the demand of products and services which company serves them.
Technological advances and changes impact the cost and quality of products or services.
Laws and legislation differs from country to country and closely affects the business operations and functions.
Weather, climate, tourism and other environmental factors affect the offering of an organization (Jensen and Bagnall, 2015).
Morrison conducts SWOT analysis to assess its strengths, weaknesses, opportunities and threats. It enables the organization to make suitable decisions, policies and strategies which makes contribution in the achievement of organizational goals and objectives.
By conducting SWOT analysis, Morrison is able to convert its weaknesses into strengths and takes benefit from it. Along with this, by identifying and grabbing the opportunities, organization can maximize sales and gross margin of the firm. Morrison can overcome the threats by taking into consideration its strengths and thereby, can build distinct image in the mind of target market.
As per the above report, it can be concluded that lack of awareness is the major problem which clients of Morrison faced. Besides this, it has been concluded that Morrison undertakes promotional campaigns to develop awareness among the customers.
It’s time to turn to our experts for assignment writing service.