Introduction to Operationalizing and Communicating Value TABLE OF CONTENTS
Added on 2020-10-05
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Introduction toOperationalizing andCommunicating Value
TABLE OF CONTENTSPART A ..........................................................................................................................................1INTRODUCTION......................................................................................................................1REFLECTION ...........................................................................................................................1CONCLUSION ..........................................................................................................................4REFERENCES ...........................................................................................................................5PART B ...........................................................................................................................................6INTRODUCTION.......................................................................................................................6Benefits of building long term customer relationships ..............................................................6Marketing and operational strategies for managing customer relationships ..............................8Different aspects in integrating marketing and operations for building customer relationships .....................................................................................................................................................9CONCLUSION ........................................................................................................................10REFERENCES .........................................................................................................................12
PART A INTRODUCTIONThe market and consumer analysis for a new product development process is achallenging and requires great analytical skills (Schlegelmilch, 2016). While making thepresentation for Saucy sauces we made variety of decisions on achieving development and salesrelated goals for the product. This report section will highlight the analysis and knowledge usedfor preparing presentation and the learnings which were developed during the process. REFLECTION To demonstrate the product concept of Saucy sauces involved number of decisions forevaluating several factors such as target customers, product branding, designing and operationalaspects as well as future development of the product. The strategic decisions made at each of thelevel taught me to explore different marketing factors. The learnings and difficulties involvedduring decision making at every stage of the project is as follows: Decision 1: Market and target customer analysis While making decision for the product our first approach was to analyse that what is theexisting sales analysis of sauce so that we can develop an understanding of scope of our product.When we analysed the statistics then, we realise that our product can easily find its consumerbase. Myself as a consumer of sauce have knowledge that this product can be launched invarious market segment. On this basis we used various factors such as accessibility,differentiability, actionable and measurable criteria like percentage of people who can buyproduct for segmenting market (Wheelen and et.al., 2017). For analysing the existing competitors of the market we used perceptual map and porter'sfive force model. I believe perceptual map was effective tool because it gave us clear idea thatagainst whom we are competing. The five force model helps us to analyse that its not only profitfactor which we have to compare instead we have to include factors such as health, authenticityand Asian variety. Though initially I was not very much convinced about the need to includestakeholder power analysis but other members believes that it is necessary to evaluate theirpower so that effectiveness of the operational aspects can be analysed. 1
Decision 2: Operational strategy To have proper understanding of operational aspects like volume, variety or visibility ourdirect approach was to use 4V's of operation. I believe that frozen sauce attribute of our productopens up scope for our success. However, to conduct an initial analysis we compare ourperformance with other organisations such as Marks & Spencer and Prima Taste through polardiagram. It was difficult to make comparison of our product with such well known organisations.A lot of qualitative and quantitative research was conducted to give final implementation to polargraph. By analysis of other organisations we learnt that we can categorise our product attributesinto categories such as health, convenience and variety. In future we can use this analysis intoour segmentation process. Like in regions in which health is prime feature we can promote andincrease our sales on the basis of quality. In operational strategy we also included operationalcapabilities (Uhl and Gollenia, 2016). However, I believe that in this aspect we lack the riskanalysis. If there are technical or managerial errors than how our operations will be affectedcould have made the presentation more appealing. Decision 3: Design and control I believe that the designing approaches described and included in presentation areeffective enough. They clearly demonstrate the characteristics of volume and variety. However,it felt challenging for us to verify it with some statistical data. The use of statistical data couldhave created more influence on consumers. In designing process we also followed approaches tominimise operational cost along with the aim of optimizing profit. For this purpose we analyseddifferent types of business industries and the demand forecasting procedures followed by them.With the 80/30 rule of product matrix we were able to classify our products. The products used by us were from different category which have diverse processingmethods but it created difficulty for us to analyse the every aspect such as packaging, labellingand process techniques for each of the product. To make better evaluation of Saucy sauces Ithink variety of sauces must be compare in terms of packaging and processing. The controlstrategies discussed in the presentation are less effective (Wheelen and et.al., 2017). They justgive a brief introduction of such techniques instead the comparative analysis of such methods isrequired and can be addressed in the future.2
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