Answer To: VERSION 1 – XXXXXXXXXX CIM Level 6 Diploma in Professional Marketing/CIM Level 6 Diploma in...
Shubham answered on May 29 2021
DIPLOMA IN PROFESSIONAL MARKETING MARKETING AND DIGITAL STRATEGY (JULY 2021)
CHOSEN THEME – MARKET PENETRATION
[MEMBERSHIP NUMBER – 40078884]
WORD/PAGE COUNT
TASK 1A – 2 pages
TASK 1B –F - 10
TASK 2 –
Table of Contents
Executive Summary 3
Task 1 4
(a) Background of the Organisation 4
Key customer segment 5
Marketing Plan 6
(b) Strategic Audit (AC 2.1, AC 2.2) 6
(c) Marketing Objectives (AC 3.1) 11
(d) Strategic Options (AC 3.2, AC 4.1, AC 4.2) 12
(e) Implementation of Strategy (AC 5.1, AC 5.2) 15
(f) Performance Measurement (AC 6.1) 16
Executive Summary
Penguin marine services and logistics is an indigenous Ghanaian owned marine survey and logistics company with great experience in maritime with highly experienced qualified personnels.it has 4 co- founders and has a substantial client base from 2018. The organisation operates in three countries thus Ghana, Indonesia and Singapore.
Our vision is to be a premium marine company and preferred business partner across the world. Our mission is to provide professional, flexible and cost effective solutions to our clients.
The strategy of Market Penetration of the organisation is discussed to help the organisation penetrate through the markets of M
Task 1
(a) Background of the Organisation
Introduction to the Company
Penguin Marine Services and Logistics is the organisation selected for the assignment. It is three-year-old company located in Ghana. The Marine Survey and Logistics Company has substantial experience in maritime industry with highly accomplished and consummate staff. It was incorporated on 14 Feb 2018.
The former names of the organisation were Reyam Asia PTE. Ltd. and Marlin Industrial Services PTE. Ltd. Captain Joseph Okyere, Captain John Coffie, Mr Francis Korsah and Mr Peter Asante are co-founders of Penguin Marine Services and Logistics. There are four (4) offices of the company located worldwide. Two (2) offices in Ghana that is in Tema and Takoradi and other two (2) located in Singapore and Indonesia respectively.
As mentioned by Bones, Hammersley and Shaw (2018), the core values of the organisation includes service, diligence and reliability, integrity as well as customer value. With the help of experienced and highly professional team, we are determined
· to deliver quality services to the customers.
· To provide cost effective and efficient services we give extra care and attention to every small details.
To be trusted is big responsibility and despite the complexity of various services, we make it a point to deliver right quality work with focused approach. The compliance with ethical and moral values is of foremost importance. Customer values are sole reason for its existence thus satisfying their interests and building long-term relationships is for what company strives.
Products and Services
The services offered by Penguin Marine Services and Logistics are:
· Marine survey - Marine survey includes draft survey, on/off hire survey and condition survey.
· Marine/Cargo inspection - Marine inspection includes pre-shipment inspection and container inspection (Gupta, 2018).
· Marine monitoring - Marine Monitoring is done by supervision of loading and discharging, tallying and terminal management.
· Oil services - Oil services consist of measurement surveys, Inert gas operations, Loading / discharging operations
· Cleaning services - Cleaning services where vessels are well cleaned once the vessel reach the shores.
Competitors
The key competitors are Mass Logistics Ghana Ltd., BenMarine Services, Dynamic Maritime Limited, Logical Maritime Services Limited, CAGL Logistics in TEMA, Ghana whereas Swiss Marine Surveys and Logistics, Bethel Logistics Company Limited are at national level.
Stakeholders
The company has numerous internal and external stakeholders including its employees, suppliers, clients, major corporations that patronizes its services.
The company has corporate shareholders and individual shareholders. The founders (owners), board of directors, Managing Director, marketing manager, business development manager, information technology manager, finance manager, legal head, the front desk executive and other staff all constitute the internal stakeholders of Penguin Marine services and logistics. These individuals can influence and can be influenced by the success or failure of the organisation.
The various clients, intermediaries, competitors, customers, suppliers and the government make up the external stakeholders since the actions or activities of the company do not influence them and they do not participate in the day to day activities of the organisation.
Key customer segment
The customer base includes companies who provide supply chain solutions, transportation intermediaries, government agencies, corporations operating at global level in consultation and research drive services, manufacturers dealing in export and import of products.
Theme of the Assignment and Rationale for Choosing It
The theme chosen for the assignment is Market Penetration. Market penetration can be used by the organisation to develop strategies that can be employed to increase the market share of our services. This will help us understand the potential market and once we realise there is a large market, then we are encouraged that we can gain market share or percentage as new entrants.
The selection of market penetration as a theme for this assignment was done majorly for three reasons. It was done because market penetration is used by organisations to develop strategies, which can help the companies to increase their market shares. Thus, market penetration helps to identify the potential markets for the chosen company Penguin Marine Services and Logistics. Secondly, this theme would help to find that how much the services of the company are preferred by customers as compared to total estimated market for such services. It means that entering into an existing market with product or services, which already being offered by competitors. Thirdly, market penetration can give some innovative ideas to the company in order to extend its business operations in the potentially fertile countries, where it can increase its profit percentage.
Marketing Plan
A marketing plan which is also referred as the marketing mix outlines the marketing strategies which the organisation would deploy within a three-year time period for accomplishment of its goals.
(b) Strategic Audit (AC 2.1, AC 2.2)
Internal and External Environment
In the audit process, it is important to collect data at internal and external environment. Internal data is collected from finance, maintenance, operations and personnel departments, which is more valuable for the organisation. External data is extracted from market, competitors, surveys, feedback and statistics. It helps to understand the competition as well as characteristics and patterns of the customer base (Sislian and Jaegler, 2018).
Research Methods
The online auditing is done to update the information about company, which is incorrect in the records. This is done by covering business directories of various industries where business could be listed without information and details of company are not present or updated. It limits the effective research to potential customers. With this, the alignment of brand and products is done to make it distinguishable and easy to identify. Then, the addressing of negative reviews and comments is done so that the credibility of the business can be managed (Sislian and Jaegler, 2018).
Marketing Research
To understand the market perception of the Penguin it is important to do market research. It will help to align the action with image and prevent irregular rise in cost. Market research includes both types of research primary and secondary. Irrespective of the size of budget Penguin have, secondary research is essential (Almohtaseb et al. 2017).
Macro and Micro Environment Analysis
Microenvironment Factors
Macro analysis is done by evaluating external environment conditions through PESTEL analysis.
Intelligence and scanning of changing market conditions. Business and competitive...