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?

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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