Achieving Business Success Through Marketing 1

8/8/2019 Achieving Business Success Through Marketing 1

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` F ailure to keep records` Poor customer service` Inadequate finances` Heavy reliance on loans` Poor financial management` F ailure to market product/service` Location

Inability to compete- why?

Achieving business success through marketing


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E quity BankTo be the preferred microfinance service provider

contributing to the prosperity of AfricaKengen

To be the market leader in provision of Reliable, Safe,Quality and competitively priced electric energy inthe E astern Africa region

We shall build good ships here- at a profit if we can,at a loss if we must- but always good ships..



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Key result areas are the critical success factors for anorganization

The Key Result areas should clearly be identified.Ex

amples of key result areas for a KioskCleannessVariety of stockOperational efficiencyCompliance with laws

Relationship with customerse.t.c



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` The need to chart out a course of action for thefuture requires a critical evaluation of the keyfactors that will influence the success of the

Organization in achieving its mission andobjectives.` Such factors can be identified through the

assessment of the e x ternal and internal operating

environment.



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Strengths are internal factors that ultimately helpthe organisation to realize its goals. In analyzing thestrengths, it is necessary to assess resourceavailability and other capabilities which can propel the organisation to excellence.

A weakness is a condition putting the organizationin a disadvantaged position. A weakness limits thedegree to which an organization can succeed.



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O pportunities are current or prospective and favorable conditions in the external environment that can be satisfied to enhancean organizations capacity

Threats are unfavorable external situationthat may impact on business. They could bebarriers, constraint, or anything that might

cause problems, damages, harm, financial loss or injury to the business.



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An objective defines what is to be accomplished and when it is to be

accomplished.

Once developed, objectives enable planners to think ahead about

activities to be pursued over time. They also enable the plan

implementers to stay on course by working towards the attainment

of the set objectives. Good objectives must meet the SMART

criteria of being specific, measurable, achievable, and realistic and

time bound.



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Strategies are the initiatives to be pursued to attain identified

objectives

A Successful strategy is one that aligns well with the e x ternal

environment

In preparing strategies, it is crucial to:

Understand target market (customers)

Take initiatives that differentiate against competition



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The strategies are implemented through action planning .

An action plan indicates:

i. what actions will be taken,

ii. by who,

iii. when,

iv. the financial resources required and the expected



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Lack of commitment to implement Plan

Inability to predict environment

F ailure to identify the ability of resources- tangible,

intangible and human

F ailure to focus- unrealistic e x pectations

F ailure to coordinate



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` Know your customers well

` Have high level of control, but reduces as

business grows

` Use limited resources wisely

` Target a niche market in order to be competitive


Achieving Business Success Through Marketing 1

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