First, identify and briefly describe your Marketing, Principles of Economics - (Chapter 1 Thinking Like an Economist), Catagorical Perception of Speech (Results), Labour Final Copy - This received a A grade, Marketing, Advertising, Retailing, Sales: Positioning in an Omni Environment (MARS501), Marketing, Advertising, Retailing, Sales: Positioning in an Omni Environment. needs to understand the online shopping behavior by considering the generational differences as younger consumers are more inclined to shop online than older customers. Companies can increase their sales by developing strong strategies and plans to curb competitors and drive business growth. Financial Times Prentice Hall. Entering in mature industries can be more challenging due to market saturation than industries at the growth stage. After completing the analyses of the company, its opportunities and threats, it is important to generate a solution of the problem and the alternatives a company can apply in order to solve its problems. Initial reading is to get a rough idea of what information is provided for the analyses. Whittaker 's is the second-biggest chocolate brand in New Zealand, behind Cadbury. Clear yourself first that on what basis you have to apply SWOT matrix. What Are the Six. Research areas of government and education institutes in which the company can make any efforts, Changes in infra-structure and its effects on work flow, Existing technology that can facilitate the company, Other technological factors and their impacts on company and industry. The new taste will appeal to people who are willing to try the new products. Such changes can also influence the consumers' spending patterns, causing the organization to revise its product and marketing strategies. High GDP also signals the consumers ability to spend more on offered products. must study the specific environmental regulations of the country under consideration to understand which resources (like water, electricity etc.) Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. Whittaker's Market Strategy Analysis Price is one of the important factors determining the company's market share and profitability. - Collaborate with brands because of their reach and reputation. Management teams and analysts alike must understand how technological factors may impact an organization or an industry. Because of the increase in cost, Whittaker has to raise the price, but the company guarantees that the quality of the product will not change (2). The PEST analysis looks at four types of external environmental elements: P -Political factors in an economy include various forms of government intervention and political lobbying, such as . To conclude, the PESTEL model is an important business tool that involves a detailed analysis of macro-environmental factors that shape the business environment. Following are the potential factors that will influence the companys competition: Sustainable position in competitive advantage. Current market strategies for Whittaker Chocolate include price strategy, market penetration strategy, market expansion strategies, market development strategy and mixed market strategy. (2012). This framework or tool comes in handy, especially when starting a business from scratch or venturing into foreign markets. These forces are used to measure competition intensity and profitability of an industry and market. To have a complete understanding of the case, one should focus on case reading. A strategic framework for technology evaluation. It is important for Whittaker Memorial Hospital. - 72% Dark Ghana and 33% Creamy MIlk blocks use fairtrade cocoa beans. However, the problem should be concisely define in no more than a paragraph. They are producing the chocolate they want and have been loved by customers for a long time. Key points from a PESTEL analysis can be incorporated into other industry and firm-level frameworks, such as Ansoffs matrix, Porters 5 forces, and SWOT analysis. Intellectual property regulations are designed to protect the companies' patents and valuable ideas. It can be seen that Whitaker is the favorite brand, and the advantage of local brands has been supported by a large number of consumers. Management at a publicly traded firm must reevaluate internal record keeping and reporting tools in order to track greenhouse gas emissions after the stock exchange announced mandatory climate and ESG disclosure for all listed companies. Another method used to evaluate the alternatives are the list of pros and cons of each alternative and one who has more pros than cons and can be workable under organizational constraints. The four components of VRIO analysis are described below: VALUABLE: the company must have some resources or strategies that can exploit opportunities and defend the company from major threats. 1, pp. must consider the following social factors to conduct macro-environmental analysis: Changes in demographic patterns like aging population, migration trends and socio-economic variables have paramount importance for international business organizations like Whittaker Memorial Hospital. In the early development, Whittaker has been through the products for health and the innovation on the taste. Divergent stances on key platform issues between parties on the left and the right can also make run-ups to elections particularly challenging for a firms management team, as the range of possible outcomes can vary considerably depending on election results. IP theft can severely undermine a firms competitive advantage. Mars Wrigley & Candy launched a new program which could reform cocoa supply chain. They believe in honesty, right quality products, world-class packaging, environmental safety, consumption of safe ingredients, and giving back to the community (Sturny, 2019). to understand economic factors such as foreign exchange/interest rate, labor market conditions, inflation and saving rates etc. Close collaboration with such groups may enhance the Whittaker Memorial Hospital.s ability to collaborate with community and achieve long-term corporate goals. decides to enter in markets with the corrupt economic, political system, it will threaten the organization's sustainable development by destabilizing the society, harming justice system and endangering the rule of law. Yksel, I. The business practices of the Whittaker Memorial Hospital. estimate the growth trajectory of industry and organization. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? OPPORTUNITIES An example headwind might be increased capital requirements for financial institutions; an example tailwind is if regulation is so heavy in a particular industry (lets say food production) that it may serve as a protective moat for established operators, creating an additional barrier preventing potential new entrants. Based on where we are in the economic cycle and what Treasury yields are doing, an equity research analyst may adjust the. As the most trusted brand in New Zealand for seven consecutive years, Whittaker is ready to show its strength to the world. Branding Strategies To Leverage New Products. to understand the peoples general attitude towards migration as it can influence firms ability to bring international managers to host country. Alternative solutions are also proposed in the case solution, primarily because alternative solutions often act as contingency plans. Whittaker Memorial Hospital. No plagiarism, guaranteed! in choosing the right market segment/segments with high growth potential. Or Whittaker can try to build factories in countries such as Southeast Asia for production, which is close to raw materials places, staff workers can manage their own cocoa production, and have a low labor force. Whittaker Memorial Hospital. Competitors activities that can be seen as your weakness. Pearson Education. An Important Business Analysis Tool, General Mills SWOT Analysis: 3 Opportunities to Gain Competitive Advantage, Root Cause Analysis: An Easy 6-Step Complete Guide, Mayo Clinic SWOT Analysis 2023: Healthcare Business Checkup, 3 Top Tech Tools for the Modern Commercial Contractor, Strategies for School and College Security, Steps to Secure your Business After a Cybersecurity Breach. For example, using Aquafina in substitution of tap water, Pepsi in alternative of Coca Cola. To export a reference to this article please select a referencing stye below: If you are the original writer of this assignment and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! The biggest challenge in the development of Whittaker is the endangered chocolate production (6). Technological innovations like this can bring major transformations in the industry and reset the success rules for market players. it is not possible for a company to not to take any action, therefore, the alternative of doing nothing is not viable. like wind, sun and water. Traditionally, the framework was referred to as a PEST analysis, which was an acronym for Political, Economic, Social, and Technological; in more recent history, the framework was extended to include Environmental and Legal factors as well. PEST Analysis (political, economic, social and technological) is a management method whereby an organization can assess major external factors that influence its operation in order to become more. Alcohol flavors not only appeal to buyers of regular alcohol lovers, but it also attracts people who are willing to try new tastes (Rahma and Areni, 2014). Hence, Whittaker Memorial Hospital. Offering luxury products at premium prices to a market where the high-end market is considerably small in number will require Whittaker Memorial Hospital. Following economic factors need to be considered by Whittaker Memorial Hospital. Whittaker can follow by the other chocolate producers, develops a sustainable cocoa strategy for this potential threat. Dissertation Moreover, it is also called Internal-External Analysis. (2009). COSTLY TO IMITATE: the resources are costly to imitate, if other organizations cannot imitate it. - Cannot guarantee their supply chains are free of child labour (only fairtrade certification for only two In a political context, the key to success in a dynamic international business environment is to diversify the systematic risks. Analyze the threats and issues that would be caused due to change. Business Communication Today (Bovee Courtland L.; Thill John V.), Auditing (Robyn Moroney; Fiona Campbell; Jane Hamilton; Valerie Warren), Level 2 Chemistry AME Workbook (Suzanne Boniface), Principles of Marketing (Philip Kotler; Gary Armstrong; Valerie Trifts; Peggy H. Cunningham), Frysk Wurdboek: Hnwurdboek Fan'E Fryske Taal ; Mei Dryn Opnommen List Fan Fryske Plaknammen List Fan Fryske Gemeentenammen. Other political factors likely to change for Whittakers Brand Of Chocolate In New Zealand. Alongside or in place of a SWOT analysis, a PESTLE analysis forces you to take a simultaneously broad and granular view of all relevant externalities impacting your business. (Ed.). Because of the global warming effect, the area of land available for cocoa cultivation is limited and decreasing. TECHNOLOGICAL Frequent giveaways eg. Post-pandemic, management at a technology firm has had to seriously reevaluate hiring, onboarding, and training practices after an overwhelming number of employees indicated a preference for a hybrid, How research and development (R&D) may impact both costs and competitive advantage, Technology infrastructure (like 5G, IoT, etc.). Competitors and drive business growth of their reach and reputation will appeal to people who are to. Develops a Sustainable cocoa strategy for this potential threat who are willing to try the New.. It can influence firms ability to bring international managers to host country cocoa supply.! 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