Principles of Marketing Strategy and Planning

Question: Discuss about the Principles of Marketing Strategy and Planning. Answer: Introduction: Kingsgrove Sports Centre: It is worlds renowned cricket shop, founded in 1976 by Harold Solomons. His hard work, passion for sports and loyal customers made his brand, a well known brand. The key factor of the company is valued customer service, advice, quality equipments and their ongoing close relationship to their clients and sports manufacturers. (Kingsgrove Sports Centre, 2014). SWOT Analysis of Kingsgrove Sport Centre: It is a study to know about KSCs current position in the market and analysis the market. It stands for Strength, weakness, opportunities and threat. (Kotler, Wong V, Saunders Armstrong 2005) Strength: Strength analysis of a company reveals its internal position. Kingsgrove sports centres strengths are as follows: Quality and services: KSC is providing the best quality product and services to their clients like repair, warehouse and cricket academy service. Tie-ups: They are having a good relationship with their suppliers. And their suppliers are best manufacturers in the industry. Knowledge about customers: KSC is having good information about their competitors which helps them to make their new strategy. ( Kotler, Veronica, Saunders and Armstrong 2005) Weakness: Weakness analysis of a company reveals its internal position. Kingsgrove sports centres weaknesses are as follows: Unavailability of funds: KSC dont have much funds to expand its business further. Even Uncooperative banks have also limited his ability to use the funds. No worldwide presence: KSC is concerning on NSW stores more. It is not focussing on any other retail store. So other competitor can easily grab the market except NSW market. Smaller Industry: KSCs only focus is on cricket industry and this industry is not a huge one. Opportunities: Opportunity analysis of a company reveals external environment opportunities for a company. Kingsgrove sports centres opportunities are as follows: Untapped Market: As there is no need to do more experiment on cricket accessories. So it is easier for KSC to satisfy their customer by doing less work on product. Renowned Brand: As KSC is well known brand and it is the first priority of every cricket lover in NSW. So KSC can use this as its marketing strategy while tapping the other market. Competitors: There are fewer competitors in the industry, so KSC dont have to give its much time to know about competitor and make strategy according to that. Strategy and planning: KSC can make strategy on its own because as it is the top company in the industry, it doesnt have to make changes according to market situation. Threats: Threat analysis of a company reveals external environment threat for a company. Kingsgrove sports centres threats are as follows: Online marketing: As there are so many companies in the market who are selling their product online. Customers find it more convenient to buy things online rather than going into the market and buy. Suppliers: KSCs key factor is their quality product. But Suppliers can open their own retail store to sell their product. And if it happens then customer will automatically shift from KSC. Competitors: Competitors are always a threat for any business. They can come with any new idea in the market at any time. This will affect the business by losing the share of the market. Lack of Funds for expansion: For expanding the business, firm need some fund. But uncooperative bank have limited the ability of company to use funds. So it is a big threat for company to arrange the funds for business. (Pahl and Richter 2007). Ans2) Deal with opportunity and threat: External Opportunities provides an organization to improve its external environment by focusing on its performance and its competitive advantages whereas Threats are anything from external environment which affects companys performance, achievement of its goals etc. Strategy and planning: Strategy is an organizational management document prepare by higher authority to communicate companys goals, and needed action to achieve the goals. KSC can make a good strategic plan by taking concern of each and every resources of company. As KSC is having 35 year experience, they are having a great experience of industry for sure. KSC can make his own strategy without concerning competitors strategy because it is having a big share of market already and there are fewer competitors in the market with 2-3% market share. A good strategic plan can help a company to be on the top and expand the business. Following are some suggestions for company to grab the opportunity: A Good strategy plan helps an organization to communicate their goal to their employees and their needed action to achieve that goal. It helps an organization to not only grab the market but also to get loyal customers. It helps an organization to totally utilize the resources. It helps an organization to compete with other companies in the industry and in grabbing their market share also. (Sadler,2003) Lack of Funds: funds are the resources mainly in form of money or any other value such as a person, effort of time; institutions etc. funds are essential element of any companys finance department. Without fund an organization is not able to do anything whether payment of suppliers, any marketing expenses or any business activity. As there are less funds in hand of KSC, KSC have to face many issues like it has to face many problems in expanding the business, make some new strategy, grab the new opportunity etc.( Dawson,1996) following are some suggestions which will help the company to deal with threat: Shares: Kingsgrove Sports Centre can come into the market with its share to raise the funds from the market. Loan: KSC can take loan from the market on less interest price to manage the funds for its activities. Mortgage: KSC can mortgage its property to raise the fund and expand the business. Debentures: KSC can take a long term loan from the market in context of debentures. Tie-up: KSC can tie-up from small companies in different cities to be in that market. These are the some possible solution to sort out the fund issue. The best are either to raise the funds through shares or tie-up with small companies. (Stake,1995) Reference: Kotler P., Wong V., Saunders J., Armstrong G. (2005). Principles of Marketing. Pearson Education Ltd. Sadler P. (2003). Strategic Management. Kogan Page Ltd. Stake R. (1995). The Art of Case Study Research. SAGE Publications ltd. Valenzuela F. (2013). Marketing: A Snapshot. Pearson Higher Education AU. Kingsgrove Sports Centre, (2014). About Us. Retrieved: 18 Nov 2016 from https://www.kingsgrovesports.com.au/about.aspx Kotler P., Veronica W., Saunders J. and Armstrong G. (2005). Principles of Marketing. Pearson Publication ltd. Dawson J. (1996). Flow-of-fund Analysis. M. E. Sharpe. Pahl N., Richter A. (2007). Swot Analysis - Idea, Methodology and a Practical Approach. GRIN Verlag.