Marketing and Management strategy Essay Example

marketing mix to enhance its competitiveness. Additionally, the report will discuss marketing audits that assess market conditions and strengths and weaknesses of both the external and internal environment.

In this text, we will discuss Candice's current position, key success factors in the industry, and prospects for the future, along with recommendations for future growth and success. One important aspect of Candice is its Mission Statement, which is crucial for defining the company's core purpose, customer orientation, and business philosophy (Niven 2004). The following table outlines the visions and aims that Candice utilizes to attract customers and maintain company stability.

The Macro environment

The Macro environment encompasses various broader forces that impact not only the company but also other factors in the microenvironment, ultimately shaping the opportunities and threats faced by Candice. It is essential to thoroughly analyze the external environment and global factors to identify key influences currently affecting Candice's business or those that may arise in the future. An examination of Candice's Macro environment through PEST-G Analysis is provided below.

After analyzing the table, we can conclude that Candice has a strong reputation in the US market. This is highly regarded within the industry. The table also demonstrates that the product is successfully positioned in the consumer's mind and has gained their preference. In terms of profit margin, the cost of the product holds significant importance to consumers. Candice aims to reach all economic groups by offering affordable prices for its items, employing an effective segmentation technique. Due to being in an oligopoly market structure, Candice cannot adjust its prices based on market elasticity.

They cannot adjust the price if they have locations in multiple cities.

Strategic

Issues Analysis

Every company has a specific strategy to achieve its goals. Strategy is used to predict and effectively use the company's resources. Since Candice moved to the UK market, there are several necessary actions it must take to survive and grow. Candice's main objective is to introduce its first line of edible products in the UK market. The company should target the middle class population in order to establish a strong presence in the market and achieve its goals. Its competitors are popular among local residents, so Candice will need to segment its target market based on the population composition to capture a significant market share. Candice's competitive advantage lies in its new variety of chocolates that it will introduce in the UK market.

Moreover, the US culture will have some excitement in the minds of consumers about how they actually make their chocolates and biscuits, which could be a healthy way to appeal to people and persuade them towards the products. Core competencies are units of competency at a standard agreed upon by an industry. They are essential to be achieved for an organization to be accepted as competent at a particular level. Candice possesses several core competencies:

• Adaptability
• Client Focus
• Communication
• Organizational Awareness
• Problem Solving and Judgement
• Results Orientation

Teamwork

Candice should have a set of unifying principles for their firm. They have given top-notch preference to quality, which could be a healthy feature for them when entering markets.

Since Candice is coming from the US, they have a unique style of making chocolates, which can help them create an individual identity in the market, thus appealing to consumers. Candice intelligently

uses the Marketing Mix to differentiate its products and services from its competitors and to devise its marketing strategy. The Marketing Mix is a combination of seven elements used by management to provide customers with what they require at the right time, the right price, and in the right manner.

Marketing Structures and Systems are vital for Candice to organize and affirm its position in the UK market. Now we shall elaborate on some marketing structures. The concept of Market Structure is central to both economics and marketing, as both disciplines are concerned with Strategic Decision-Making.

In Decision-Making Analysis, the decision-making environment is influenced by the role of market structure. The behavior of actors is influenced by the competition in the market and its extent and characteristics (Boumal 1961). Market structure, at its best, provides only an average representation of consumer diversity. Marketing Training is crucial for employees to achieve their full potential. Training should give them a sense of improvement and create better opportunities for themselves. Training encompasses any actions taken by employers to help employees learn how to perform their work according to the employer's preferences. Training is an investment in people that benefits both the employer and the employee.

The overall structure of Candice would be amplified by having a competitive and efficient marketing and computer Information Systems. These systems help coordinate and direct the computer-related activities of firms, determine technical and business goals in consultation with top management, and make detailed plans for achieving these goals. For instance, they may work with their staff to develop concepts for a new product or service or identify ways in which an organization's computing capabilities can enhance

project management. Consequently, employees who undergo transformation or training will acquire new skills that enable them to work more efficiently.

Therefore, enhancing efficiency will assist the company in performing better and providing the service that the public requires, surpassing expectations and gaining market share. We will now explore a methodological tool, known as a SWOT Analysis, which aids in strategic planning for Candice. This analysis helps evaluate the company's position and determine future management strategies for the UK-based Candice. After conducting a marketing audit and SWOT analysis, the next agenda item was to specify Candice's marketing objectives. These objectives represent the aims and goals that Candice aspires to achieve through its marketing activities and business.

Objectives:

There are two types of Objectives that are considered: the Strategic Thrust and the Strategic Objectives.

Strategic Thrust

The Strategic Thrust assists in identifying the Market where the Product will be sold, ultimately determining the Business's future direction. In this instance, Candice intends to enter the UK Market with their exceptional Chocolate products. The Ansoff Growth Matrix illustration below presents a summary of the basic alternatives for Candice's Strategic Thrust.