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Strategic Marketing Evaluation - Assignment

Added on - 09 Dec 2020

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Strategic MarketingEvaluation
Table of ContentsPART 1............................................................................................................................................3Introduction............................................................................................................................3Mission/Vision Statement......................................................................................................3Resource Based-View (RBV).................................................................................................3Tangible Resources................................................................................................................4Intangible resources................................................................................................................6Competitors............................................................................................................................7Ranking...................................................................................................................................8Customer analysis...................................................................................................................9Factors issues........................................................................................................................10PART 2..........................................................................................................................................10Innovation strategies.............................................................................................................10Social and ethical strategies..................................................................................................11Consideration of the challenges BYD will face in the future...............................................12Conclusion............................................................................................................................14Reference list........................................................................................................................15
PART 1IntroductionStrategic Marketing is way in which firm effectively differentiate from competitors interms of capitalising on strength in order to provide better value to consumers. It is used toidentify need of customers for creating marketing plan in order to achieve satisfaction, increasingprofit and improving company performance (Athey and et. al., 2012). It is forward lookingapproach and long term for planning goal and achieving sustainable competitive advantage. It isvery important for organisation to evaluate their strategic marketing for achieving goal andobjectives. This helps in knowing their target customer need and demand. The consistency,consonance, advantage and feasibility are principles which are required for evaluating strategicmarketing. The given assignment is based on Build Your Dreams (BYD) which was founded in1995. It is renewable energy and high tech company which employ 750 workers working inUnited States and devoted to technological innovation for better life. It aim is to build safe,efficient and stable storage solutions for renewable energy. It is dedicated to provide zeroemission energy solutions to customers. In this report will discuss about market, competitors,resources, challenges, trends, strategies and innovation of BYD. The requirement of finance forrunning organisation is also analysed.Mission/Vision Statement
The mission statement of BYD is to change world by creation of complete, clean energyecosystem in order to reduce world's reliance on petroleum and provision for non- toxic energywith zero pollution and emission. The vision statement of BYD is to provide stable, efficient andsafe storage solutions for renewable energy for better future with new energy.Resource Based-View (RBV)As per the views of Ovidijus Jurevicious,Resource Based View (RBV) is managerialframework for determining strategic resources with potential in order to deliver comparativeadvantage to entity (Bai, Dhavale and Sarkis, 2014). This approach to business strategicmanagement emerged in 1980s and 1990s. Such resources are exploited by firm for achievementof sustainable competitive advantage(Resources Based View,2018). It mainly focus managerialattention of business internal resources for identification of assets, competence and capabilitiesin order to deliver superior value. It consists of both tangible and intangible resources such asprocesses, information, assets, skills and knowledge. When all resources are integrated it formsBusiness Capabilities and out of which create Core Competencies which helps in providingsustainable competitive advantage to enterprise. Resources must fulfils VRIN for sustainableperformance and competitive advantage. It means:Valuable (V)– It provide value to resources which help firm for reducing threats andexploiting market opportunities (Banyai and Glover, 2012). If resources does not add or enhancevalue of entity then it is useless to possess it. BYD should posses all valuable resources whichare required to them for fulfilling their goal and objectives.Rare (R) – There are many resources which are difficult to find among potential andexisting competitors. It should be unique or rare for offering competitive advantages. If everyfirm possess resources with them then it does not provide competitive advantage. BYD energyprovide rare resources in order to gain competitive advantage in market.Imperfect Imitability (I)– It means imitate or copying resources which will not be goodfor firm. It can be acquiring resources difficult, unclear relationship among complexity ofresources and capability. Here, therSystems for supporting individuals with specific needse aremany resources which are acquired difficulty by BYD for their business.Non- Substitutability (N)- When resources cannot be substituted by other alternativesthen it is called non substitutability. In this competitors cannot replace resources with alternativesresources. According to Barney, there are three types of resources which are: physical, human
and financial. It is advantage for BYD because its resource does not have substitute which helpsin achieving competitive advantage and earning maximum profits.Tangible ResourcesThe resources which can be in physical form, touch and seen are called tangibleresources. It can be easily measurable and physical which are used for operation of company(Cassia, De Massis and Pizzurno, 2012). It includes fixed as well as current assets such asbuilding, machinery, inventory, manpower and others (Tangible Resources,2019). The tangibleresources which are required for BYD are given below:a) Financial ResourcesIt is defined as financial funds of organisation which convert input into productionprocess and part of economic assets. It is availability of money for business for spending whichcan be in form of liquid securities, cash and credit lines. It is also called finance having business,public and personal finance attributes. BYD need to secure about requirement of funds forrunning business effectively and efficiently. It is structured in following ways:
(Source: Cash Flow Statement, 2018)Illustration1: Cash Flow Statement, 2018
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