Kiki cakes’ goals and objectives are first and foremost guided by the mission and vision of the business. Identifying the strengths, weaknesses, opportunities and threats is a step closer to having good management. Good management means that appropriate strategic management tools are applied. The said steps aren’t enough to keep the business running. Marketing strategies and information technology tactics should also be applied to keep up with the trends in the industry. The two should complement each other in order to solve internal and external problems.
Marketing strategies for Kiki cakes should start off by doing the skimming strategy. Kiki cakes will carry the flag of selling delicious and unique cakes that can make any day an extraordinary day. The skimming strategy involves the introduction of the product by setting a premium price. The said method can be monitored through the sales and inventory of the business of the period covered when the said strategy was done. Aside from hiring an accountant, Kiki cakes should also have a financial manager who will help in decision making and measuring the returns. In the long run, market share can be gained without sacrificing profit. Kiki cakes should also do leverage in enhancing the business’ unique traits. The strengths that were identified based on the factors (legal, global, economic, innovation, social and technological) should be used to cope with existing or budding competitors. Defensive marketing strategy like the mobile defense can be used to counter the threats. Mobile defense is defined as making the organization a flexible one. The strategy focuses on product repositioning, aggressive market research and strong promotional techniques. Defensive marketing strategy can be controlled by doing market research to be updated on current moves of competitors. Product upgrades will then be decided upon after evaluating the rival products. Kiki cakes face the threats of vulnerability to attacks of competitors, supplier bankruptcy and poor quality of staff. The flexibility of the organization can aid in making needed changes depending on the potential attacks of the competitors.
Information technology is widely used by successful business organizations to attain advantage over competitors. The use of information technology can pose a threat to Kiki cake due to possible hackers. Therefore, if IT tactics will be used, security must be ensured to protect the business. Technologies linked with the nature of the business must be applied to Total cost management, an IT strategy can be used by Kiki cakes to count expenses that will be incurred by the business. A database for business contacts and customers can also be created for ease in operations. Kiki cakes can venture in e-business for faster transactions, both in placing orders for the customers and for fixing payment methods. The website of Kiki cakes can cater those who are far form the shop. Images of the product can be posted so that the customers can have an idea about the cakes. The use of Internet for the advantage of the business should be maximized in order to achieve necessary information like the preferences of the consumers. Blogs, podcasts and accounts in social networks can be done by Kiki cakes to penetrate the market segment (the teenagers and the children whom are now knowledgeable in the use of internet and the females who are 20 years old and above and the housewives as well). Another IT strategy that can be used is be installing programs that can monitor the visitors at the business’ website to track buying patterns. Kiki cakes can accept online advertisements form the suppliers; the advertisements can be free of charge depending on the management so to build good rapport to business contacts. The given IT strategy will be monitored through analyzing the data every week or everyday if possible. The data gathered could then be used to know the average number of customers and orders and the costs incurred through the total cost management program.
The three strategies namely skimming strategy, mobile defense and establishing an IT database for monitoring can be divided into short term and long term strategies. The first two falls in the long term objectives. The outcome of the two strategies will only be evident after six months or so. The goals to take a big market share share and increase the profit, returns and investment are part of the long term objectives. On the other hand, the short term objectives include the aspects covered by the method of the IT data base. The goals are to monitor the customers and to know the feedbacks from the customers via the website. Through the suggestions form the customers, improvements can be made for the company’s product and other services.
Methods in monitoring the IT and marketing strategies were cited to serve as guide for implementation. A poor analysis on which tactics to use can hamper the growth of the business; therefore, good management decisions are needed. In choosing the tactics to be implemented, the strong and weak points of the business must be considered to make sure that all plans are feasible. The company should take into consideration its status in the business environment in order to know if marketing and IT strategies should be adopted.
Saha,S. Information Technology Implementation on Marketing
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Kotler, Philip & Kevin Keller. Marketing Management 12th ed. 2006
Gitman, Lawrence. Principles of Managerial Finanace, 10th ed. 2006