Modeling The Marketing Mix Strategy Business Essay - Free Essay Example

Sample details Pages: 11 Words: 3158 Downloads: 5 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? This paper proposes a framework that links the marketing strategy with performance of SME considering the internal and external forces with context of 4Ps (Personnel, Personal contact network, Process management and Public relations). Marketing mix strategy of SME is explored and the role of objective and subjective measures of SME performance is also considered with the conceptualization of each attribute. For future research direction, it is suggested to find how the internal and external forces influence the determination of marketing mix strategies of SME which will reap superior performance. Key Words: Marketing strategy, Marketing mix strategy, and SME performance. Introduction Now a days business environment is exemplified with fierce competition which causes deregulations in markets, severe competition for existence in the markets and changes in the expectations of customer for firms products and services. Therefore, firms have to go through their business operations, search for the improvements in every aspect of their operations, changes in their products and services in order to survive and compete in the transition environment that give them competitive advantage and superior performance. Firms are changing their business operations through changing their marketing strategies. If marketing process is in line with marketing strategy adopted by the firm and practiced efficiently, growth can be seen in every aspect of business such as increase in sales volume, increase in return on investments, market share and expansion of firm in other related markets. According to Ghouri Khan (2012, in press) if proper marketing strategy is implemented, it will add beauty in the business which results into the strengthening of competitive position of the firm and market share. Therefore, it is a challenge for marketer to show clearly the effectiveness of their marketing activities (Osullivan, Abela Hutchinson (2009). However, it is difficult to anticipate and track the changes happening in the firms marketing situation during the tenure of their marketing plans and even more difficult to predict the entire market changes (Dhanani et al., 1997). Small Medium enterprises development is important for economic and social growth as they are considered as one of the main contemporary economy engines (Grilo thurik, 2006). They provide innovation through cultivating entrepreneurial culture in the economy and employment opportunities in both developed and developing economies (Hamilton, 2007, 297). SMEs are doing this by making blend of their own mix marketing with utilizing their available resources in their baskets. In the context of SMEs, many classical marketing concepts dont work. Because of resources and capabilities limitations, managers/ owners of SMEs have different approach towards use of conventional marketing decision-making practices than larger firms managers (Gilmore et al., 2001).According to various studies that small firms have not been utilizing marketing as a tool for their business enhancements or supports (Berry, 2002). These businesses depend on their traditional sources (mentor, experience, friends, etc). That is why majority of SMEs faced profits downturns and are struggling for their survival in the competitive market. According to the researcher viewpoints, the main reason is the selection of improper mixed marketing strategies that effect on their firms performance (financial and non financial). This study tries to fill this gap which leads us to specific research objective and question as follows: Don’t waste time! Our writers will create an original "Modeling The Marketing Mix Strategy Business Essay" essay for you Create order Research Objectives This study attempts to propose framework for elements of marketing mix strategy that affects the SME performance (objective as well as subjective). This study is based on literature review and tries to answer the following questions: To what extent are the marketing mix strategy understood and adopted by SMEs? What are the internal and external forces that affect the relation of mix marketing strategy and performance of SMEs? Literature review: SME marketing According to Stasch Ward (1989) Small firms practice marketing in such a way that limit them from entering into direct competition thats why they were left with minimum strategic choices like working in niche spare by larger firms. Tactics and principles of marketing are universally same for large and small businesses (Reynolds, 2002) but academic research has been newly starts about the SME marketing practices (Davis et al., 1985). A small firm gives little insight into their marketing practices which are specific to them (Mackintosh and Tynan, 1994). In criticism Hills and Wright (2001) and Sui Kirby, (1998) highlights about the lack of appropriate small business marketing theory. Dodge et al., (1994) suggest that lack of knowledge about the marketplace and marketing planning were significant factors that affect their performance. Empirically little attention has been given to find the operational planning among the small firms (Matthews and Scott, 1995). They illustrate tha t lack of resources limits the small and entrepreneurial firms from engaging into effective strategic planning activity. SMEs have different marketing style and unique firm characteristics (Blankson et al., 2006). Scase and Goffee (1982) demonstrate that generally small firms operates on day to day business and do marketing accordingly rather than planning well thought marketing plans for their survival in the business environment. Generally, SMEs depend on their personal networks for caring out marketing (Gilmore et al., 2001; Hill and Wright, 2001) or internet marketing (Chaffey et al., 2000) and e-commerce (Rayport and Jaworski, 2001) whose usage is becoming popular among all type of businesses even in SMEs. Churchill and Lewis (1983) and Scott and Bruce (1987) have studied growth models with description of business activities of small firms and explained the obstacles faced and subsequent marketing and business moves adopted by managers or owners of small firms. SMEs have differ ent features like omnipresence of owner/ manager characteristics, uncertain business conditions and capital shortage (Gilmore et al., 2001; Hill and Wright, 2001). However, it is thought that SMEs were practicing marketing according to their industry needs and nature (Simpson et al., 2006).However, the questions about the relationships and use of marketing among Small businesses are still unanswered in the previous studies. Marketing mix strategy Marketing is under the focus of academia study since 1980s (Mavondo, 2000). In literature different definitions of marketing with different perceptive were found (Li et al., 2000). Marketing is thought as an art and science and managers had to utilize and plan a marketing program that fits the needs of their firms. They had to analyze the behavioral and environmental forces and then juggle and design procedures for marketing elements in their mix by keeping in their minds available resources. The small firms cannot apply the procedures of the big firms. With use of different aspects of marketing process small firms may sell the similar type of product as the big firms (Borden, 1984). However, implementation of effective marketing strategy gives benefits to firms to reach their specific market segment by utilizing available resources (Theodosis Leonidou, 2003). Generally, marketing strategy is development of procedures followed by firms for facing competitive market situations a nd reacting towards internal and external forces that enables the companies to attain their set objectives and goals in the target market by utilizing all the aspects of marketing mix that is comprise of products, prices , promotion and distribution (Slater et al., 2009). Well integrated programs of marketing mix elements helps firms to get competitive advantage and superior performance (Orville Walker, 2008). Therefore, the function of marketing strategy is to anticipate the nature, strength, direction and interaction between the marketing mix elements and performance of firms. Focus of marketing studies is the implementation of marketing paradigm on the business operations. McCarthy and et al., (2003) proposed four factor marketing mix: Product, Place, Price and Production as effective tools for the marketing of products. According to them, all marketing activities for products and services can be designed within the context of four main factors. This perspective did not ackno wledge the varieties in the business activities and different needs of different businesses and consider all marketing dimensions as one (Bennett, A.R, 2000). Later on Magrath, (1986) introduced three Ps: Personnel, Physical facilities and Process management as well as Kotler, (2005) adds two Ps: Power and Public relations who affect the marketing strategy adopted by firms. Marketing processes and tactics are considered while taking decisions on number of forces that influences on their business performance. It seems easy to describe marketing process but extremely difficult how to practice (Kotler, 2005). It is considered that it is the efficiency of marketing managers to use mixed marketing for achieving the superior performance for their firms. Elements of SME marketing mix strategy Previous studies on SME suggest four attributes which shape their marketing mix elements as owners/managers not use traditional 4Ps(Place, Product, Price and Promotion) like MNCs. Personnel: SMEs owners/mangers have influence on marketing activities (Leppard and McDonald, 1991) which means that for examining the marketing practices of SMEs not only the firm characteristics but entrepreneurial characteristics of owners need to be considered. Personal contact network: Hill and McGowan (1996) defined a personal contact network as The relationships or alliances which individuals develop or, indeed, may seek to develop between them and others in their society. Normally small firms rely on their personal contacts to carry out their marketing activities (Borden, 1986). For small firms and entrepreneurs, it is natural to develop personal contacts rather than doing through marketing planning (Dubini and Aldrich, 1991). Public relations: SMEs focus on the matching their product qual ity with exact requirements of their customers for building long term relation with them who will use positive words of communication for SME products to others. Process management: SMEs focus on the performance of their work rather than taking time for making strategies and try to preserve with their business and built customer equity. Forces effecting marketing strategies of SME Based on Resources based theory and general system theory factors are identified. Internal forces Marketing Network Process (MNPs) refers to the networks developed by owner/managers of SME for carrying out their marketing activities which creates positive effects on the firms performance (Carson et al., 2004). Managers were using networks to know about the changing market situations and relationships at inter-organizational levels of B2B markets (Olkonnen et al., 2000). Entrepreneurial firms with well networking systems may experience higher growth (Zhoa and Aram, 1995) and superior performance (Baum et al., 2000). In the literature, Marketing networks were considered as source of facilitation for carrying business operations in the dynamic economies and firms strategic choices and performance (Batjargal, 2003; Batjargal and Liu, 2004). According to Lumpkin and Dess, (1996) Entrepreneurial Orientation is described as the processes, practices and decision making activities that lead to new entry. It let the owner/ manager of firms in developing their strategies and running th e business operations accordingly. Several studies found that firms with entrepreneurial orientations show superior performance (Covin et al., 2006; Wang, 2008) than firms without such orientations. Firms doing market search take benefit from entrepreneurial orientation (Slater and Narver, 1995). Matsuno et al., (2002) demonstrated that entrepreneurial orientation derives the owner to increase his market knowledge in order to grasp the opportunities available in the changing market demands. According to Aekar, (1989) Distinctive Capabilities were firm owned skills and assets, used for getting sustainable competitive advantage. Small firms focusing on developing their distinctive capabilities survive in the competition and have to consider them while making their marketing strategies which will leads towards their superior performance in the market (Man and Wafa, 2008). It is the duty of managers to investigate resources and capabilities that can be developed and acquired for g rowth and performance (Partanen et al., 2008). One of the study conducted on Malaysian SMEs revealed that distinctive capabilities reap superior performance and suggested to give support and guidance for enhancing them for their performance (Kim Wafa, 2008). According to Kholi Jaworski, (1993) Market Orientation is the organization-wide generation of market intelligence pertaining to current and future customer needs, the dissemination of the intelligence across departments, and organization-wide responsiveness to that intelligence. It is the implementation of marketing concept rather than organizational philosophy. Firms with better level of market orientation will experience innovation in their activities, betterment in firm competitiveness and profitability (traill and Grunet, 1997). Many studies suggest that market oriented firms were in better position to innovate, and respond successfully to environmental challenges that give them competitive advantage and superior perfor mance (Atuathene-Gima, 1996; Appiah-Adu and Singh, 1998). According to Blankson and Cheng (2005) marketing is use to analyze and anticipate the expectations of customers needs and try to perform them better their competitors for getting organizational success. Practical application of marketing orientation requires firms to keep an eye on ever changing customers desires and line the marketing strategy thereof that leads towards superior firm performance (Day, 1990). According to Dewar and Werbel, (1979) omnipresence of owners will leads towards Centralization in authority which effects the whole organization is one of the inherent characteristic of SMEs. Two schools of thought emerged due to difference in points. Hofer and Schendel, (1978) school of thought argued that well planned strategies were the outcomes of centralization in authority and firms will utilized their resources efficiently. Contrary to this school of thought, other school argued that centralization will leads t owards influence of some personnel on the organization affairs (Eisenhardt, 1989). According to Leitao and Franco, (2008) Individual Entrepreneurial Capacity comprises of collectively three dimensions of Human capital (Individual characteristics, Managerial Push and Managerial Pull) and four dimensions of organizational capital (Individual entrepreneurial behavior, Collective entrepreneurial behavior, managerial practices and Organizational culture) would be considered while developing the strategies and the performance of SMEs. Previous research supports that human capital have positive impacts on performance (Van Praag, 2003; Bosma et al., 2004) and organizational capital is most important determinant of growth and performance of firms and their level will be considered while making strategies ( Lev and Radhakrishnam, 2004). According to Narver and Slater (1990) Organizational Culture is described as culture in which employees are devoting their potentials for creating super ior value for the customers. Kohli and Jaworski (1990) identified three organizational factors: Top management support, interdepartmental dynamics and organization systems. Clear signals from Top management is important for tracking the changing needs of market and customers and then grasping the opportunity by introducing innovate products (Kohli and Jaworski, 1993). Presence of formal and informal contacts between the departments and employees and sharing of market intelligence information timely will help in increasing organizational performance and firm growth. They further argued the organizational systems like low formalization and less departmentalization will create market oriented culture in small firms. Employee satisfaction with the organization systems will lead towards developing long term relation with customers which benefit the organization. According to Webster, (1988, p. 38) the key to developing a market driven, customer oriented business lies in how managers are evaluated and rewarded. Firms have to consider the capital resources which will shape the marketing strategies. SMEs have limited resources which limit them to depend on their reliable sources (friends, family, experience, etc). External forces Market Competition refers to level of competition faced by firms in product market for seeking competitive advantage and growth (Walley 1998, 86). Those firms that are keeping eye on the level and intensity of market competition are in better position to take advantage of it then their competitors (Slater and Narver, 1994). Though for firms survival severe competition poses to be a threat but at the same time it can drive firms towards improvement in their efficiency and productivity and firm performance (Wood and Bhuian, 1993). Firms neglecting the competitive forces effects will have to face downturns in their profits, market share and market position (Day and Wensley, 1988). Kohli and jaworski, (1993) termed it market turbulence: degree of change happening in the needs and preferences of customers and suggest that firms operating in transition markets have to modify their products and services which will give them superior performance. According to MaNamara and Watson, (2005, 184-190) Technological forces defined as The totality of means means such as knowledge, methods, materials, and tools used to achieve practical outcome. A way for the company to establish work methods, work patterns, and information structuresIt is the tools and the means, but not the primary goal or results to be pursued. It is a tool used by firms for emerging from dust to become star in the product market. Technology is considered as one of the important factor for sustaining competitive advantage which reaps superior performance to firms (Aaby and slater, 1989) as firms working with obsolete technology will fade from customers minds. Environmental forces create challenges and opportunities for enhancing organization performance (Walter et al., 2008:530-540; Pearce Robinson, 2007:83-114). Cavusgil and Zou, (1994) found that external forces have positive relation with firm strategies and performance. Researchers working on market orientation mentioned that market environment will strengthen the relation between antecedents of market resources and firm performance (Cagodan, Diamantopoulos and Siguaw, 2002; Jaworski and Kohli, 1993; Slater and Narver, 1994). SME Performance According to Investorwords (2011) performance is the outcomes of investments made over the period of time. Lumpkin and Dess (1996) mentioned that performance would be considered as multidimensional construct instead of single dimension or defining it in narrow range. In research measures like market share, sales growth and profitability would be considered for performance. Especially for privately owned businesses factors like overall satisfaction and non-financial goals of owner would be considered for performance evaluations which are consistent with Zahra (1993) view point that for organizational performance both financial (objective) and nonfinancial (subjective) measures would be considered. It is important to measure firm performance for taking necessary decisions for future (Roussel, 2005) but it is hard to measure SME performance due to its inherent characteristics and market turbulence (Simpson et al., 2006). Many researchers have used financial (Objective) and non-fina ncial (subjective) measures. It is easy to understand and calculate financial measures (Antieno, 2009) but it is difficult to collect financial data relating to performance from SMEs because of owner/mangers reluctance to make it public to others (Garg et al., 2003). Though such data is kept secret from public; it is hard to believe on the authenticity of found data. Sometimes some business specific factors affect on the financial performance measures which create confusion and give misleading results for making comparison in different industries of SME. In contrary to financial measures, mostly subjective measures were used in SMEs for doing comparison among different industries (Haber and Reichel, 2005). Different studies reported measures like return on investment, return on assets, return on sales and growth rate for computing SME performance (Saari, 2005). Framework of marketing strategy -SME Performance Internal Forces Marketing Strategy of SME (4Ps) SME Performance (Objective Subjective) External Forces Conclusion and Discussion Considering the sustainable contribution of SMEs in the country economic development, marketing researchers have to develop small firms marketing theory and investigate the relation between phenomena of marketing -performance in both directions. From the view point of firm owners and government, it is good to practice marketing as a tool for getting competitive advantage in the market. SMEs can get benefit from doing marketing and will not consider it worthless activity. Marketing strategy shaped with affecting forces will help the SMEs to attain their set goals and objectives which reap superior performance and increase in market share. Governments have to support the SMEs in facing the forces and have to line their policies accordingly. This study studied the direct relation of marketing strategy with its contingent forces (internal and external forces) on objective and subjective performance of SME. There is a need to empirically test this framework in the context of SME.

Modern Architecture, Ferris Wheels, 1500 Pound Chocolate Bars

Classical architecture, ferris wheels, 1500 pound chocolate bars. These new, unheard of attractions at the Columbian Exposition attracted millions of unsuspecting, innocent guests to the preying ground of the narcissistic Dr. H. H. Holmes. Chicago, Illinois, the host of the 1983 World’s Fair, was home to this sadistic serial killer who attracted his prey using his education and occupation as a means to gain trust from new, unsuspecting travelers from the 46 nations who participated in the exposition. For three years, Chicago prepared for the exposition, building new architecture and creating new inventions to celebrate the 400 year anniversary of Columbus’s discovery of America; the doctor had the same idea, and so he built his own†¦show more content†¦As Henry grew up, he attended Michigan Medical School and graduated. When he earned his degree, he legally changed his name to Dr. H. H. Holmes in order to gain trust from the world’s population. In the 18 00’s and early 1900’s, the term â€Å"Dr.† was a well respected term given to people of great importance. Even today people coined with the term â€Å"Dr.† have earned a means of respect. Henry Mudgett changed his last name to Holmes, a well favored family name, during the late 1800’s and early 1900’s. Almost immediately after graduating from Michigan Medical School, Dr. Holmes moved to Chicago in order to own his own professional business. He visited a pharmacy which a dying man and his worried wife owned. Dr. Holmes preyed on the wife’s emotions and financial problems and convinced her to sign over her husband’s business. Dr. Holmes persuaded the wife that he was lifting a huge responsibility off of her shoulders so that she could be by her husband’s side while he slowly passed away. When the husband finally died, the wife mysteriously disappeared from Chicago and the original name of the pharmacy and the sign changed to the new store name chosen by Dr. Holmes, gggggg. When customers asked where the talkative and lively Mrs. ggggg was, Dr. Holmes reassured them that she was visiting family in gggggggg. Later, when they asked when Mrs. ggg was going to

Business Research Method and Research Proposal Samples for Students

Question Discuss about the Business Research Method and Research Proposal. Answer: Introduction: Manufacturing companies assess their operations by making use of management accounting techniques. Accounting policies such as variance analysis, budgeting and break even analysis helps in controlling and directing operating cost, planning and achieving profitability. For success of manufacturing companies such as Adelaide Brighton Limited, management accounting practices are essential. Manufacturing sectors in Australia comprise of broad range of industries and they form a critical component of economy (Bryman and Bell 2015). Manufacturing industries in Australia have been thriving and contributing to development of economy. Compared to recent developed techniques, manufacturing companies in Australia have obtained benefits from traditional accounting practices. They intend to take more strategic focus and give emphasis on non-financial information (Merriam and Tisdell 2015). Project Objectives: Investigating and enquiring the impacts of management accounting practices on financial position and performance of manufacturing companies in Australia is the general objective of this research. Identifying the impacts of management accounting policies of financial performance of manufacturing company that is Adelaide Brighton Limited in Australia. Identifying the practices of management accounting by Australian manufacturing companies. Establishing basic impact of management and its process and management accounting. Project Scope: Scope of research is to analyze the impact of the management accounting practice on financial performance of manufacturing company. Literature review: This particular chapter provides an outlook of literature under study and comprise of determinants of manufacturing financial performance and reviewing of empirical studies done on management accounting practice along with their contribution and finding. The market value of manufacturing firms in Australia is influenced by several factors such as risk, profitability and economic growth required for future earnings of company. Analysis of management accounting information is essential for manufacturing companies in Australia such as Adelaide Brighton Limited. It would act as information providers for making decision and it is regarded as discipline move from passive role. In management accounting, the trend of shift has made a remarkable innovation (Bryman and Bell 2015). It is evident through the adoption of management accounting practices that is innovative and modern such as Just in time, activity based costing, strategic management accounting, balanced scorecard and life cycle costing. It is argued by some researcher because of new development that in the near future, relevant lost can be regained. Some of the empirical studies were done regarding management accounting practices in Australia and analysis involved exploring of some variables such as budget components, importance of tools of management accounting, costing system, product costing methods and changes that are significant to costing system. It is revealed from findings done empirically that Australian manufacturing companies placed importance on tools of cost control such as variance analysis, budgeting and standard costing (Zikmundet al. 2013). Research question and Hypothesis: Conducting research is associated with for research questions and they are as follows: What are the roles that management accounting practice splay in the management of Adelaide Brighton limited? Is there any positive relationship between use of management accounting practice and the financial performance of Adelaide Brighton limited? What are different factors considered that affects the se of management accounting practices by manufacturing firms in Australia? Does management accounting practice plays any role in management of manufacturing companies? Research hypothesis: In order to make the recommendation for use and implication of management accounting practices in manufacturing companies in Australia, following hypothesis are required to be set. Null Hypothesis (H01)-There is no significant relationship that exist between the level of using management accounting practices and financial performance of manufacturing company such as Adelaide Brighton limited. Alternative hypothesis (H1)- There exist a vital relationship between management accounting practice and financial performance of manufacturing company such as Adelaide Brighton limited. Null Hypothesis (H02)- There does not exist any significant relationship between the importance of management accounting practice and awareness of finance managers of Brighton limited in adopting these practices. Alternative hypothesis (H2)- There exist any significant relationship between the importance of management accounting practice and awareness of finance managers of Brighton limited in adopting these practices. Operational measurements and definitions: In order to avoid any complication with the technique of research adopted, the scope of data collection is limited by limiting the number of respondents to 48 manufacturing companies in Australia. Some of the statistical techniques were used for measuring different types of responses. Analysis of data was done with different statistical tools that allows the researcher to make the presentation of information in the form of figures and tables. Research design and methodologies: Data collection and analysis The methodology of research is outlined in this chapter and it comprise of sample, research design, data analysis and data collection. Population of study consist of manufacturing companies that are listed on Australian stock exchange. Research design: A descriptive survey design was adopted under this study. Adopting research design is considered to be appropriate where the objective of study is to certain group characteristics, making certain proportion of people making certain prediction and having some characteristics. Conducting research is required to make data collection at one point in time from the listed manufacturing companies sin Australia. It is required to ascertain the impact of management accounting practices on the financial performance of manufacturing companies in Australia. Population: Manufacturing companies about which information is desired comprise of target population. Population is regarded as set of elements, services, people about which the investigation is being done. There is population studies named census that has equal chances of being selected in the final sample and hence it is called representative. The target population of this study comprise of 400 manufacturing companies in Australia. Sample design: For arriving at the sample size, it is required to use the sampling method of stratified random sampling method. Manufacturing companies in Australia are regarded as heterogeneous and this is indicative of the fact that making use of simple random sampling will not be representative. It is considered that at least 12% of target population is considered essential for carrying out study. Therefore, study make use of 48 manufacturing companies in Australia. Collection of data: In carrying out research work, collection of primary data is made from the respondents. Collection of data was done both qualitatively and quantitatively. Qualitative data is represented by means of description of natural language and is not categorized and expressed in numbers. For collecting quantitative data, the current study undertook interview by preparing several questionnaire. In the current study, there are two sections of the designed questionnaire. The first section includes different questions on the relationship between management accounting practice and financial position and performance of manufacturing companies in Australia. The second section comprised of operational and demographic characteristics for identifying fundamental issues and the respondents demographic characteristics. PublishedAnnual report of manufacturing companies of Australia was used for obtaining secondary data or information. Expected Outcome: The result of research would be able to signify the strength of relationship between the financial performance and the management accounting proactive of manufacturing company that is Adelaide Brighton limited. It will also be able to depict the awareness of finance managers in adopting the suitable accounting practices that would have considerable impact on companies. Data analysis: Analysis of data is the procedure of structuring, giving meaning and bringing order to the mass of information that have been collected. Researcher was able to present information in the form of figures and tables by applying a mixed method approach and analyzing the data through statistical tool such as Statistical package for social science. The hypothesis and analysis of data have also been done by descriptive statistical analysis such as standard deviation and mean. The association and level of relationship between the level of adopting initiatives of accounting practice and awareness of importance of suing the initiatives is done by using simple regression analysis. Testing of hypothesis is done by using several statistical tests. Research Limitation: There are various research problems faced by researcher while conducting research. This include time crunch and financial resources limitations. Researcher are not able to perform in depth analysis of the facts due to time constraint. Time schedule: Activity Jan-17 March-17 April-17 May-17 June-17 July-17 August-17 Sept-17 Week commencing Monday 12 22 5 12 19 26 3 10 17 24 31 7 14 21 28 4 11 18 25 4 11 18 25 1 8 15 22 29 6 13 20 27 Refine topic with supervisor Draft and submit proposal form Create work schedule Get informal approval for interviews Outline literature review Set up a filing system Create survey questions Refine survey with supervisor Ethical Approval Obtain formal approval from DCC Return ethics forms to supervisor Read methodology literature Write introduction chapter Pilot test methodology Revise methodology and write the chapter Schedule data collection Begin collecting data Collect secondary data Write literature review chapter Input data into computer Carry out Focus Group Write data analysis chapter Write conclusions and recommendations chapter Write personal reflection chapter Draft Submission Make any adjustments as necessary Final Submission Keep in touch with supervisor Holiday Conclusion, Summary and Findings interpretations: Different types of findings has been depicted with detailed analysis and several research questions have been interpreted by applying different techniques. It is concluded by the study that the most highly used management accounting practice used by manufacturing company, Adelaide Brighton Limited in Australia is informed decision-making practices. Some of the most important management accounting element of Adelaide Brighton limited is that there are certain factor of management accounting practice that would affect performance of company. It has also been depicted that application of practices of management accounting has increased return on equity and return on investment. The respondents have agreed with the existence of relationship between financial performance and practice of management accounting. For hypothesis regarding finance managers, awareness and application of practice seemed to depict that exist partial relationship between two. It is recommended that finance managers of Adelaide Brighton limited should enhance their awareness of informed decision-making practice relating management accounting practice. In order to achieve a proper financial measure, it is required by Adelaide Brighton Limited to integrate some of the factors in measure of accounting such as earning per share, return on equities and assets. In addition to this, it is also required by company to use value-based measures. Practitioners and academics for understanding the practices of management accounting for improving the companys performance can use findings of study. References Bryman, A. and Bell, E., 2015.Business research methods. Oxford University Press, USA. Creswell, J.W., 2013.Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications. Eriksson, P. and Kovalainen, A., 2015.Qualitative Methods in Business Research: A Practical Guide to Social Research. Sage. Marshall, C. and Rossman, G.B., 2014.Designing qualitative research. Sage publications. Merriam, S.B. and Tisdell, E.J., 2015.Qualitative research: A guide to design and implementation. John Wiley Sons. Myers, M.D., 2013.Qualitative research in business and management. Sage. Neelankavil, J.P., 2015.International business research. Routledge. O'Leary, Z., 2013.The essential guide to doing your research project. Sage. Robson, C. and McCartan, K., 2016.Real world research. John Wiley Sons. Saunders, M.N. and Lewis, P., 2014.Doing research in business and management: An essential guide to planning your project. Pearson Higher Ed. Smith, M., 2014.Research methods in accounting. Sage. Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M., 2013.Business research methods. Cengage Learning. Research Limitation:

International Business And Competitive Strategy of Coca-Cola assignmen

Question: Discuss about theInternational Business and Competitive Strategy for Coca-Cola. Answer: Introduction to Coca-Cola Company The Coca-Cola Companys background can be traced back to the year 1986. World over, Coca-Cola leads in the production, marketing and distribution of non-alcoholic beverages and their associated raw materials such as syrups and concentrate. The coca cola company operates in more than 200 countries globally. The head office of the company is based in Atlanta, Georgia, and its subsidiaries are a source of employment to about 30,000 people globally. The Coca-Cola products are available in every country of the world, and the drinks are the most preferred world over (Vaid, 2015). Coca-Cola faces competition from other beverage companies such as Cadbury- Schweppes, and PepsiCo. However, Coca-Cola claims the biggest market share with 47% of the world market followed by PepsiCo at 21% and Cadbury Schweppes at 8%. Competitive Strategy Achieving competitive ability is the aim of many organizations. Mauri and Figueiredo (2012) defines competitive advantage as the service or a product for which the consumers trust better compared to similar offers from competitor organizations. Michaels Porters Five Forces model indicates that a competitive analysis is achieved through the analysis of various competitors in a given industry. Also the analysis of threats associated with emerging business in the industry and risks associated with the introduction of substitute products that are likely to attract the suppliers and customers. For any business to succeed, certain strategies are necessary to help the business encounter the five competitive forces. Organizations embrace the five basic competitive strategies including growth, innovation, alliance cost leadership and differentiation. Also, an information system is key amongst these five strategies (Magretta, 2012). The international markets play a vital role in organizations profitability. The link between the market forces to the companys strategies influences organizational performances in all regions covered. The main variables in the business include the target market, competition, market position, and the consumers (Czinkota Ronkainen, 2013). For an organization to succeed in its operations, both its tactics and strategy need to work in harmony with the aim of providing optimum returns at high efficiency. The strategies and tactics need to be designed based on a careful consideration of the environment. Businesses that do not follow these tactics are likely to die (Meyer, Mudambi, and Narula, 2011). About the Coca-Cola's performance, the company keeps growing and making profits because of its way of doing things i.e. by focusing on the desired effect and giving the intended result. Its success is also associated with its commitment to doing the right thing through their ability to work well without wasting resources and time. The success of the Coca-Cola business can be associated with some things. The company has a good network of independent business people who drive the agenda of the Coca-Cola business in their native countries. These business people run locally operated bottling and distribution activities. In this way, consumers enjoy many experiences depending on their individual preferences and locations. In response, the coco cola company is embracing some approaches that are both tactical and strategic, to help it expand and maintain its market share. The profitability and effectiveness of the Coca-Cola business are facilitated by their big share in the product market as well as their competitive position (Jurevicius, 2016). The profitability of an organization is based on the organizational market share. This increased profitability is dependent on the scale of economy and increased learning experience that leads to efficient and effective productions techniques. Also, the unwillingness and inab ility of the customers to take risk contribute to comfort factors hence preferring to stay with the market player. The quality policy for Coca-Cola targets to maintain the status of the organization as a fully sustainable beverage company, through their involvement in environmental care and stewardship. The commitment by the management to create value for both stakeholders and the society for part of the objectives of the organization. The organization has drafted several statements regarding its practices on quality that helps in sustainability, diversity, increased wellness and health, and improved environmental conservation. The company operates both globally and nationally in the area of soft drinks and non-alcoholic beverage. The company also targets to acquire new segment of the market by providing safe and healthy products hence increasing consumer confidence in regards to purchasing behavior. There are enough quality objectives in the Coca-Cola system; again it doesnt demean the management target of positioning the organization in the world map based on the quality of the product (Jurevic ius, 2016). The Coca-Cola Company has a tactical toolkit that provides a standardized approach to its marketing strategy. External factors, external factors have an effect on an organization positioning strategy. According to Porter's model, five competitive factors govern the rule of competition. Such rules exist in any industry operating either in the international or domestic market. These five forces include new competition in the market, the bargaining power of buyers, the rivalry between organizations in the same sector, the threats associated with substitutes and product replacement and the bargaining power of suppliers (Magretta, 2012). To succeed, the organization needs to consider not only the industry structure but also to position itself within the industry. The positioning is beneficial in that it determines the competitive advantage of an organization. Such benefits include; low cost and nary market (Nair, 2011). In Coca-Cola, the company practice cost leadership as well as differentiation strategies. The differentiation strategy is achieved product quality, recognition and high brand image. Besides, the company has invested a lot in the promotion and packaging tactics. These serve as a way of differentiation with other organizations. The Coca-Cola contoured bottle, for example, is an international symbol, revitalizing the bottled as decided in 1999 was considered Coca-Cola's bottle marketing strategy. The premium pricing policy as applied in many markets has also allowed the Coca-Cola Company to thrive. To become a low-cost producer, an organization. These include removing all extras from the product and reduce frills. The design of the product such as the use of alternative raw materials can help reduce cost. Operational and production processes employed by an organization can also help the firm reduce its cost of operations (Nash, 2010). Also, the use of manufacturing systems, distribution networks, product innovation and cheap labor can also help an organization reduce cost. Cost leadership quadrant as a positioning strategy by the Coca-Cola Company is achieved both through research promotion and development, learning and their experience both in operational and manufacturing processes. The efficient manufacturing systems and distribution networks have greatly contributed to low-cost production. The Coca-Cola Company has a huge geographic presence. Based on its geographic strategy, the organization has a clear, strategic evolution (Jurevicius, 2016). Adaptation involves a continual improvement in an organization which is achieved through a change of companies local and preferences. It is that is used by most organizations. The strategy of adaptation is essential for all products in the whole world (Collis, 2015). The plans involve creating changes not only in products but also in policies, expectations for success as well as in business positioning. Adaptation strategies can also focus on geographies, products, and vertical stages within the value chain as well as market segments as a strategy to reduce the effects of regional differences. Also, focus on reducing cost has been used in adaptation theory. Through design flexibility, manufacturing costs can be reduced thus leading to reduced variations in supplies. The introduction of the optimized production platform and modularity may help cut costs (Collis, 2015). Coca-Cola Corporation applies adaptation strategies to its global operations to penetrate new markets and grow revenues. Adapting to new markets requires the company to customize services to replicate local market environments. Adaptation activities include adjustments in policies, positioning, and externalization, among others to replicate requirements in foreign countries. One of the strategies includes franchising that enables local firms to provide products and services to new customers (Lee, 2010). The franchised companies earn Coca-Cola brand a local perception and promote easy penetration in new markets. Domestic firms are also involved in the distribution of the of Coca-Cola products. Local intermediaries have a deep understanding of the customers, geographies, and population dynamics. As a result, Coco-Cola benefits from services of local supply chain players. Adaptation strategies are appropriate for the company to avoid unfavorable outcomes that are likely when a foreign f irm has little understanding of new markets. Coca-Cola seeks to generate maximum value through benefits of economies of scale. Production activities are capital intensive, and strategic location of bottling plants is desirable. Coca-Cola has established local processing plants and franchises to centralize operations and realize economies of scale. Centralized activities such as purchasing and distribution enable the company to operate in large-scale and reduce costs (Gui 2010). For example, the regional operations minimize the number of workers and equipment that ultimately lower costs. Also, centralized functions facilitate the development of advanced logistic capabilities that attains improved control and efficiency. Aggregation methods enable Coca-Cola to earn competitive advantages over rivals such as Pepsi as well as local soft-drink manufacturers. Moreover, aggregation is helpful in controlling standards and safeguard proprietary properties (Schlegelmilch 2016). Production centers follow similar procedures that help maint ain high quality necessary for offsetting competition. Coca-Cola does not employ the arbitrage strategies significantly. This failure is associated with the nature of products that are supplied from America to safeguard propriety information from leaking to the public. Following this, the company does not seek for ingredients from regions where there is cheap labor or factors of production. Although there is little use of arbitrage ideas, the company can increase outcomes from the benefits of new policies (Mauri, and de Figueiredo 2012). For instance, some of the ingredients can be produced in regions with favorable economic conditions that can ultimately increase financial gains. Another suitable area of adopting arbitrage is in the administrative functions. The company is subject to varying regulations such as taxes from different countries. Arbitrage policies would enable Coca-Cola lower requirements such as taxation and regulations. Conclusion Summing up, there are a lot of opportunities in the international market for Coca-Cola Company. With its current marketing strategies, the organization is better placed to compete with its rivals and maintain its status as the leading producer and marketer of soft drink beverages. The organization has employed the use of many strategies such as communication advertising, market segmentation, product differentiation that has increased its competitive ability. 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