MANAGEMT7044 Strategic Management

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MANAGEMT7044 Strategic Management

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MANAGEMT7044 Strategic Management

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Course Code: MANAGEMT7044
University: The University Of Adelaide

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Country: Australia

Question:

Magellan Boatworks is a custom boat builder of cruising yachts-boats that are between 26 to 49-foot long. The market is showing some characteristics of change that is impacting performance of the business. Walt Robinson is the SVP for Sales and Marketing and must now make some considered operational decision. The case explores these decision options and analyses potential options.
1. Describe the consumer-decision making process for Magellan Boats. What are the roles and timing for advertising, promotions and sales interventions in this process?2. Should Magellan’s IMC Program be altered? In discussing the program consider:· If the Marketing Message be altered? (Justify your opinion). What message is appropriate?· If Magellan’s sales process be altered? (justify your opinion) What allows two of its sales people to outperform their colleagues?· If the Media Mix should be changed?

Answer:

Introduction
The case study analysis reveals the strategic analysis of Magellan Boatworks. The analysis will begin by giving an overview of the customer decision making the process of the company. This part of the discussion includes promotion as well as sales interventions. At the same time, the second part of the discussion is the thorough analysis of the marketing strategy of the company. The analysis includes a recommendation in regard to the fact that whether the company needs to bring any changes in the marketing strategy or not.
Consumer-decision making process for Magellan Boats
The customer decision making process refers to the process that comprises five different steps that are recognition, analysis of substitute, information search, purchase behavior, recognition and post-purchase behavior (Lysonski and Durvasula 2013). These steps are extremely helpful for the marketers in order to understand the consumer nature and develop the strategy to attract through the way of effective communication. Below the discussing will be elaborating on all the steps of decision making process. 
Recognition
The very first step of the decision making process would be recognition. In terms of recognition, the company needs to identify the requirement of the customers. Marketers need to develop the strategy based on this step of decision making process. Thus this will be right to state that the decision making process will be very useful since the decision making process is one of the most useful ways for Magellan Boatworks (Lysonski and Durvasula 2013). In order to increase the sales, the company needs to understand what the customers actually want as well as whether there is an immediate change in the consumer behavior. The company needs to understand through which way the company will be able to persuade its customers in terms of recognition. After addressing the need of the customers, the company will be using the consumer for the purpose of marketing and promotional activities.
Information search
Under this section, the customer will be identifying the information that is required in order to develop a strategy based on the consumer decision making process (Maity and Dass 2014). After the company identifies the customer need, it needs to identify the several alternative selections through which the customer satisfaction can be satisfied.
Analysis of substitutes
Analysis of alternatives or substitutes determines whether product offered by Magellan Boatworks or not. This includes consideration of customer feedback or reviews (Lysonski and Durvasula 2013). Once the customers understand which product will satisfy their needs upon reading the feedbacks or reviews, they proceed to buy that particular product.
Purchase behavior of customers
The purchase behavior of the customer determines what the perceptions that play a role in the purchase behavior of the customer are. Generally, before buying any products, customers tale into consideration, several aspects and then takes the final decision (Maity and Dass 2014).
The post-purchase behavior of customers
In this stage, after the purchase of products, customer behavior is reviewed. The review considers whether the product of the company satisfies the requirement of the customers or not, whether the customers need further improvisations in the product or not and so on (Lysonski and Durvasula 2013).
Roles and timing for advertising, promotions and sales interventions in this process
The customer decision making process of Magellan Boatworks will include advertising, promotions and interventions in order to persuade the customers. Marketing and promotions play a major role in decision making process since it centers around the drawing the attention of customers.
Magellan’s integrated marketing communication strategy
The integrated marketing communication of the company needs to be changed or altered in order to develop effective communication with the customers. The effective integrated marketing communication strategy will consist of both the traditional media based marketing as well as the social media-based marketing (Csikósová, Antošová and ?ulková 2014). However, before developing the strategy, Magellan Boatworks need to keep the consumer requirement in mind.
Since social media marketing is one of the most useful ways to reach out to maximum customer base within a limited time. The recent challenge that the company faced and needs to overcome it is the decline in the sales scale of the company. Thus social media marketing strategy apart from other media marketing strategy will be extremely useful (Bhupathi 2016). However, in this regard, it must be mentioned that the over marketing strategy will be considering improvisation since the present marketing strategy is unable to persuade or attract the customers. Specialized personnel must be appointed in order to assure that the marketing strategy is of premium and successful to grab the attention of the customers.
The entire strategy will be aiming to increase the sales rate of the products of Magellan Boatworks. Apart from developing a marketing strategy, the company needs to take internal strategy in terms of the workforce of the company (Barger and Labrecque 2013). The competitive strategy needs to be adopted thus, which will encourage the employees to give their best effort while competing which each other. By implementing a competitive environment within the organization, the employees will tend to compete with each other. This, in turn, brings out the best effort of the employees while assuring the sales rate of the company. The above mentioned ways or steps will be extremely helpful for the marketers in order to understand the consumer nature and develop the strategy to attract through the way of effective communication.
Conclusion
Thus to conclude it will be right to state that the entire strategy demands efficient leadership who will set the strategy without any fail and execute the same successfully. The specific initial step of the basic leadership process would be acknowledgment. Regarding acknowledgment, the organization need to distinguish the prerequisite of the clients. Advertisers need to build up the technique in view of this progression of the basic leadership process. The organization needs to comprehend through which way the organization will have the capacity to convince its clients as far as acknowledgment is concerned.
References
Barger, V.A. and Labrecque, L., 2013. An integrated marketing communications perspective on social media metrics.
Bhupathi, M.M., 2016. Integrated Marketing Communications. In Strategic Marketing Management in Asia: Case Studies and Lessons across Industries (pp. 425-445). Emerald Group Publishing Limited.
Csikósová, A., Antošová, M. and ?ulková, K., 2014. Strategy in direct and interactive marketing and integrated marketing communications. Procedia-Social and Behavioral Sciences, 116, pp.1615-1619.
Lysonski, S. and Durvasula, S., 2013. Consumer decision making styles in retailing: evolution of mindsets and psychological impacts. Journal of Consumer Marketing, 30(1), pp.75-87.
Maity, M. and Dass, M., 2014. Consumer decision-making across modern and traditional channels: E-commerce, m-commerce, in-store. Decision Support Systems, 61, pp.34-46.

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