Marketing in Action 2.1
1. Describe the advantages of strategic planning, and discuss how it might be employed by a company with which you are familiar.
Strategic planning gives the company the ability to identify and address needs and wants that are not being satisfied by their competitors; save money and increase revenue by directing resources toward more profitable markets or even only specific demographics within a single market; anticipate technological and societal trends to better serve existing markets; anticipate technological and societal trends to reveal new or previously unexplored markets; stimulate demand by releasing separate, complimentary product lines simultaneously; ...view middle of the document...
The customer pays a premium for these menu options, despite the cost of production not rising dramatically over the classic menu options. McDonald’s has found a way to charge the customer more without dramatically increasing the cost of production.
Social good is a big part of McDonald’s image and they have done well in terms of building and maintaining that image. Programs like Ronald McDonald House Charities and sponsoring of various community events and sports clubs go a long way toward building the McDonald’s brand as socially conscious and good for the community. Another social responsibility initiative that’s also relevant to the core business of the company is their recent ‘Create Your Taste’ program. This initiative creates a social good by employing extra workers required to work within the newly-required job roles, as well as enticing those who might not have been involved with the McDonald’s brand for an extended period of time.
Many McDonald’s restaurants are open all day and night, either allowing customers to walk into the restaurant itself or drive up and order from their car. Being open and ready to meet customer needs/wants day and night, where many competitors are not, paints McDonald’s as being more reliable and dependable, so why would customers want to go anywhere else?
2. What does Nokia’s brand image mean to you?
Growing up in the nineties, my perception of Nokia’s brand image might be different to the perception of someone born in the year 2000. To me, Nokia is the phone company who produced cheap, ‘unbreakable’ mobile phones (in recent years, the fact that the phones were obviously not unbreakable did nothing to stem the endless parade of jokes comparing them to relatively fragile smartphones).
Until their partnership with Microsoft in 2011, Nokia was not known for making nice, sleek and ‘attractive’ smartphones, but the quality and low price point of each handset remained up to the partnership and onward, with Microsoft still producing great quality, cost-effective smartphones, only now, they’re visually attractive as well, and able to compete with the likes of Apple’s and Samsung’s flagship smartphones in terms of atheistic.
As a former customer and casual user, Nokia, in my...