Self-Reflection
One of the critical lessons learned from the class is the management of businesses in a period when there is fierce completion from other firms in the global arena. Presently, many businesses operate in the worldwide arena and require strategic solutions to remain at a competitive advantage. Among the effective strategies learned include identifying a business’s strengths, weaknesses, opportunities, and threats. While the strengths and weaknesses are aligned to the internal environment, the opportunities and threats focus on the external environment. The SWOT analysis is a valuable tool in ensuring the business managers fully understand their environment and make decisions that make ensure business continuity and growth.
I have also learned how to embrace Porter’s five forces that include the threat of new entrants, existing business rivalry, bargaining power of suppliers, the threat of substitute services or goods, and buyer’s bargaining power. These are critical tools that enable a business to manage its products or services appropriately. Porter’s five forces have proven successful and are prevalent in many multinationals. Among the firms that use the five forces include Google, Boeing, Apple, and Virgin Atlantic. The use of these five forces requires business management to invest in market research and development to gather market intelligence. The information collected enables a firm to make decisions that will allow it to make the right decisions.
Another lesson learned includes using technology in business operations. Despite the claim that the latest technology, such as artificial intelligence, is resulting in people losing jobs, technology is enhancing business in enhancing efficiency. Investment in technological applications requires enormous investment, in the long-run, there are many benefits linked with the investment. Additionally, firms need to keep upgrading the technology used to make them remain relevant in the market. In so doing, firms do avoid using obsolete technologies that pose security threats.
Businesses should ensure that there is effective multicultural communication among all the workers. Presently, multinationals hire and recruit employees with diverse backgrounds. These employees require to be trained on how to engage in multicultural communications. More so, employees should be trained on communication to ensure smooth operations all the time. Effective communications also limit the incidences of conflicts and guarantees that all the human resources address one another with respect. The channels of communication need to be identified to ensure that all senders and recipients of messages communicate effectively. Effective communication ensures the integration of all the employees irrespective of their background. Hence, the diversity of the workers ensures that diversity becomes a source of strength and enables the business objectives are attained.
There are many life skills that I have gained through the course that will enable me to achieve my professional and life skills. In the future, I plan to advance my skills so that I become more competitive professionals. Those skills will enable me to climb the professional badders, and I practice the transformational leadership attributes. Leadership skills have proven effective in different challenging situations because the leader considers other workers’ opinions irrespective of their position in a firm.
Market Attractiveness
New York will be a prime market target since it has a high population of about 8,398,748 and has five boroughs, State Island, the Bronx, Queens, Brooklyn, and Manhattan. Among the five boroughs, the business will pay attention to those with the highest rate of population growth, which is the Bronx, Brooklyn, and Manhattan. In the city, the average annual income is $42, 320. Those aged between 24 and 34 provide more than 84% of the labor force; hence, they are likely to have the product’s disposable income (World Population Review, 2020).
New York City, the business will not embrace the traditional brick-and-mortar store. This is because they are expensive to manage compared to online stores. In the 21st century, many people have embraced e-commerce. Thus, the bottles will be offered through online stores and will be delivered free within the city. The firm will put in place optimal security measures in its e-commerce operations.
The bottles will target financially independent individuals in New York City aged between 24 and 34, and a premium pricing strategy will be adopted. This is a pricing strategy whereby the bottled water will be sold at a higher price compared to competitors. Even though the firm is not a first mover in the market, its quality will ensure that it attracts a broad market base.
The most significant advantage of premium marketing is that it will promote the product’s image and increase the profit margins. Through the pricing, the firm will pay close attention to the needs of its clients and ensure that they are satisfied with the product. Even though the sales may not be very high compared to those of competitors, the high prices will guarantee a cash flow that will enable the firm to achieve its business strategies upon breaking even. Additionally, most premium buyers are loyal in most instances (Varjan, 2012). Although there are high chances the pricing strategy will be useful, the business will require to have to employ an effective marketing strategy to ensure the sales volume is realized to reduce the chances of being faced with cash flow problems.
The product is unique compared to other bottles from other firms due to the capability to interchange the gemstones. More so, its functionality and design make the bottled water bottle a desirable product in New York City. The gorgeous stones and beautiful and sleek bottle add value to the product. Even after washing the bottle several times, the strong taste does not fade away. The bottle encourages people to drink sufficient water and remain healthy. This is because it combines traditional healing values with the modern ideology of improving both spiritual and physical well-being.
Executive Summary
The marketing plan for the bottled water, Clearly, at New York City will target adults aged between 24 and 34 years. This high-quality product is new in the market will enhance human health by motivating them to consume water that has healing and cleansing capability. That is expected to increase the health of the Americans in time when the Covid-19 has affected most citizens. The main marketing plan will focus on entering the market and increasing the market share and sales revenue over time. The marketing strategy will entail online marketing through social media networks. The brand is expected to break-even within two months of operation and as a result of the unique selling points. The product is expected to be successful in the market despite chances of higher competition from other firms offering similar water. The unique package is expected to expand to other markets in other states in the future. Effective marketing plan using a team of professional sales team with enable the firm to realizes its objectives. Through the marketing plan, I will the business will realize its objective in the city.
Product Unique Selling Point
The bottles with being promoted online through social media and YouTube. Social media networks, such as WhatsApp, Facebook, and Instagram, and Twitter, will be used to reach the vast potential customer base within New York City. The business will hire professional public relations personnel to manage social media. These professionals will also play the role of customer service and will be available to respond to clients’ inquiries 24/7. These professionals will provide feedback to clients and management.
The primary use of social media to promote the product is due to the popularity of social media in the 21st century due to technological innovation. Most importantly, social media is a popular means of communication used by multinationals and government agencies (Macnamara & Zerfass, 2012). However, the business has to put optimal security measures in its social media accountants since a security breach can be costly. The inability to manage social media accounts using professionals can result in the loss of business competitiveness (Aula, 2010). The online presence will provide information about the product, such as a new variety of crystals, price changes, discounts being offered, and events being sponsored by the bottled water. The bottle encourages people to drink sufficient water and remain healthy. This is because it combines traditional healing values with the modern ideology of improving both spiritual and physical well-being.
References
Aula, P. (2010). Social media, reputation risk and ambient publicity management. Strategy & Leadership, 38(6), 43-49.
Macnamara, J., & Zerfass, A. (2012). Social media communication in organizations: The challenges of balancing openness, strategy, and management. International Journal of Strategic Communication, 6(4), 287-308
Varjan, T. (2012). Eight Advantages of Premium Pricing Strategy And Eight Disadvantages Of Economy Pricing. Retrieved from https://www.varjan.com/articles/1205-may-eight-advantages-of-premium-pricing-strategy-and-eight-disadvantages-of-economy-pricing.shtml.
World Population Review (2020). New York City, New York Population 2020. Retrieved from http://worldpopulationreview.com/us-cities/new-york-city-population/.