Individual Business Repor: Samsung Galaxy S3

Product Overview

            Samsung Galaxy S III is a smartphone manufactured by Samsung Electronics, which is a global electronics and information technology corporation based in South Korea. Some of the features incorporated in Samsung Galaxy S III include a touch screen, expanded hardware and software features, wireless charging, expanded storage space, intelligent personal assistant, and eye tracking capability (Samsung Electronics 2012).

Toyota Motor Corporation Prius is a car designed and manufactured by the Toyota Motor Corporation, which is a global enterprise based in Japan. Toyota Motor Corporation Prius was first sold in 1997 and marketed as a hybrid vehicle (Toyota Motor Corporation 2009).

Strategic Marketing

            Strategic marketing refers to the identification of points of competitive advantage that a business enterprise has on the existing market or the market it plans to serve, after which resources are allocated in order to exploit the points of competitive advantage. Therefore, the goal of strategic marketing is to identify, anticipate and satisfy the customer demands profitably. Strategic marketing also aims at determining various ways of providing greater value to the market segments that are more profitable without spoiling customer relationships; as a result, it is an integrated marketing approach that draws upon research and customer feedback. Some of the activities undertaken during strategic marketing include market research, sales promotion, packaging, advertising, customer relations, and design and development of products (Rajagopal 2007).

Macro Environmental Forces

            Macro environmental forces refer to external factors that the business lacks the capacity to control, and influences its performance, strategies and decision-making indirectly. In addition, macro environmental forces determine the threats and opportunities to the enterprise. Examples of macro environmental forces include technological environment; socio-economic and political conditions; global environment; and the demographic environment (Peng 2008).

Micro Environmental Forces

            Micro environmental forces refer to internal factors having a direct effect on the operations and performance of the business enterprises; nevertheless, the business has the ability of controlling these forces directly in accordance to the business strategies adopted. Examples of micro environmental forces include employees, customers, suppliers, trade unions and banks. Competitors are also considered as part of the micro environmental forces because they are involved in the sale of competing commodities; this implies that their actions impose a direct effect on the daily operations of the business (Peng 2008).

SWOT Analysis

            SWOT analysis refers to a strategic planning methodology utilized in the evaluation of strengths, weaknesses, opportunities, and threats facing a business organization. Performing a SWOT analysis entails the specification of the business objective and the external and internal forces that are favorable and unfavorable towards the achievement of the business objectives. Strengths refer to the attributes of the enterprises that give it a leverage over its competitors whereas weaknesses are attributes of the business that tend to disadvantage the businesses over its competitors. Opportunities refer to external forces that tend to improve performance whereas threats are external forces that threaten the business performance.

Market Segmentation

            Market segmentation refers to a method in the marketing process used to allow businesses to target their products effectively to the right customers. Market segmentation involves the identification of specific demands of customer groups and utilizing these insights to help the business offer products and services that satisfy the needs of its target customers. Market segmentation can use various variables such as demographic, geographic, behavioral and psychographic factors (Rajagopal 2007).

Target Markets

            A target market refers to group of potential customers that the business intends to serve through its marketing efforts and providing the customers with its merchandise. The definition of the target market is a significant component of the marketing strategy and is usually integrated with the four elements of the marketing mix including product, price, promotion and place. Market segmentation can be used in separating the target markets according to the aforementioned variables (Rajagopal 2007).

Targeting Strategy

            Targeting strategy refers to the selection of prospective customers to whom the enterprise intends to sell its merchandise. Targeting strategy entails market segmentation and determining the products and services delivered to each market segment. Examples of targeting strategies include mass marketing, niche marketing and selective marketing (Rajagopal 2007).

Positioning Strategy

            Positioning strategy refers to the process through which marketers attempt to create an identity for the product, brand and organization in the minds of the target customers. Positioning entails creating an impression in the minds of customers and makes use of the various market placement strategies such as promotion, price, competition and distribution (Peng 2008).

Recommendation

The recommendations section of a business plan is the final section and details why the business is viable and profitable basing on the analysis detailed in the business plan. It is a form of a request for a commitment to fund the business venture (Peng 2008).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Peng, M 2008, Global strategy, Cengage Learning, New York.

Rajagopal, M 2007, Marketing dynamics: Theory and practice, New Age International, New        Delhi.

Samsung Electronics 2012, Samsung Galaxy S III Official Website, viewed 2 August 2012,            http://www.samsung.com/global/galaxys3/.

Toyota Motor Corporation 2009, ‘Annual Report 2009: The right way foward’, Toyota Motor       Corporation, Tokyo.