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The marketing strategy is a procedure which allows an organization to concentrate its resources on optimal chances with the goals of enhancing sales and achieving a sustainable competitive benefit. It includes all fundamental and long-term actions in marketing fields which deals with analysis of strategic initial situation of a company and the formulation, evaluation and selection of market -oriented strategies and contribute to the goals of the company and its marketing goals.
Here we are taking Accenture company is an example for marketing. Accenture is a global management consulting, technology services and outsourcing. It collaborates with clients to help them become high-performance businesses and governments. Accenture works with life sciences and it turned on Piramal Health care Ltd. It helps in developing tactics road map which place Pharma solutions on a growth trajectory. It is working with the Piramal Group on design and preparation of multiple tactics and operational initiatives across corporate restructuring, sales force effectiveness and supply chain management. In Piramal health care we are explaining 2 phases. We explained macro and micro environmental factors and marketing analytics.
In global management, Accenture helps clients like recognize and enter new markets, enhance revenues in existing markets, develop operational performance, deliver their products/services more effectively and efficiently. In global marketing, Porter's famous Five Forces of Competitive Position model provides a simple perspective for assessing and analyzing the competitive strength and position of a corporation/ business organization. Accenture business strategy is clear priorities and focus across the key dimensions of the business: right clients, right industries, right geographies, right products and services.
Global Marketing Overview
Porter's Five Forces:
Porter proposed a new analysis named as Porter's five forces, which is used to calculate global environment of the firm. These examinations are applied to avoid the situations in competitive edge at threat and ensure the long term profitability of the products.
1. Intensity of competitive rivalry.
2. Threat of New Competition.
3. Threat of substitute products or services.
4. Bargaining power of customers (buyers).
5. Bargaining power of suppliers.
Threat of New Competition:
Companies will mainly concentrate on profitable markets that produce good profits. Due to the arrival of new competitors, the firms may get reduced and these will leads to profitability declination. If not, the profit rate is on the competitive level side which is called as perfect competition.
Threat of substitute products and services:
Presence of closely related products will increase the rate of customer's propensity to control the alternative responses of the increases prices i.e. high elasticity of demand.
Bargaining power of Customers (Buyers):
This is also termed as market of outputs and it give brief explanation about the capabilities of the customer on pressurizing the company. In other hand, it may also affect the sensitivity of the customers' during price alteration.
Bargaining power of Suppliers:
It is also termed as market of inputs and it mainly includes components, suppliers of raw materials and services as firms which are overwhelmed by source power. Even suppliers may sometimes reject to work with firms else may charge high for unique products.
Intensity of competitive rivalry:
Several companies accept this force as the determinant of spirited industry and there are some situations where there is a critical competition among opponents. Even there is a great competition among opponents in non price proportions such as marketing, innovations etc.
Accenture is one of the multinational company whose portfolio is included in global management outsourcing, consulting and technological services. Presently, it has more than 259000 clients for 120 countries approximately and it is tied up with many businesses and governments bodies for their effective performance. On Aug 31, 2012 the company produced US$27.9 billion net revenue.
In order to integrate the unparalleled experiences, business functionalities and widespread the research work on world's leading successive companies and their inclusive capabilities all over the companies, Accenture tied up with grouped up with many clients to improve their performance activities in Business and government sectors. Even Accenture uses their new business knowledge and technology trends to sort the problems and help the client's world widely.
In January 1, 2001, Andersen consulting company approved a new name called "Accenture" which is explicitly derived from Accent on the future. Even though various names are suggested many employee' in their research but Accenture is the finalized name to the consulting, submitted by a Damish employee from Oslo Company present in Norway office named as Kim Peterson. Accenture represents the will power of global consulting leader and high performance, and it should not be provocative by any country where Accenture operations are performed.
Accenture Workforces: Accenture Workforces are broadly divided into four areas like technology, outsourcing, consulting and the company itself to serve the client in a better way. These are the internal designations for Accenture employee to work in unified teams for a variety's of objectives.
Consulting: This workforce mainly concentrates on management consulting, design process work and business technology application areas. This is responsible for delivery, leadership and sales of many Accenture project oriented works.
Services: Services mostly concentrate on outsourcing engagements in the fields of business operations, applications development, help desk services, maintenance and HR. All along with several outsourcing deals, clients internally associated as Rebadged teams due to alignment of Accenture employee to the workforce. Even in some scenario's they intended to work on internal Enterprise teams or consulting projects.
Solutions: Accenture Technology Solution firm's mainly concentrates on the precise technological skills required to outsourcing arrangements or delivery projects. Accenture Employee mainly comprises their work delivery in developing countries like India, Brazil and the Philippines.
Enterprise Workforce mainly concentrates on supporting and managing all the activities of Accenture business that includes legal, facilities, security, marketing and client financial management.
In most consulting firms, Accenture executes in a matrix structure and it first affiliation is dedicated to the industries or operating groups of its clients.
Five classified operating groups are as follows:
Health & Public Service.
Communications, Media & Technology
These five operating groups include 20 subgroup industries which concentrate on business issues, evolution, industry and applicable technologies.
Health and Public Service of Accenture
Health & Public Service operating group chief executive officer is Mr. Steve Rohleder, who is completely responsible for Accenture Services globally to health plans and healthcare providers. All along with the government and public sector client services in revenue, defense, human services, health, justices and postal, public safety sectors. Accenture Institute for Health & Public Service Value is committed with high promoting performance in public service delivery and health care sector, policy governance and making. Using all this development and research initiatives aims to support public and health care service organizations for better economic, social and health outcomes to the served people.
Life Sciences organizations have to transfer all their marketing and sales functionalities to achieve all the objectives demands of a costumer. Even Accenture company works with life sciences management in order to operated and create more effective and efficient marketing and sales models which minimizes all rapidly flex and channels to meet the need of changing mindset customers across the globe. These new are used to support and help life sciences companies importantly to decrease costs, increased sales and marketing capabilities of driven revenue.
Implementation of Marketing Strategies by Accenture
Consider marketing strategies example used by Accenture in Primal Health care while organizing the strategic plans to enlarge the functioning of Pharma Solutions.
In all the phases of Drug life cycle, one of the leading service providers is Pharma Solutions. According to 2011 survey reports these company avenge revenue has crossed about US $226 millions.
In 2010, Primal Solutions disconnected with all diagnostics business and domestic formulations in order to accomplish the objectives of Pharma Solutions making. This Objective frame works have been done according to the assumptions of top three manufacturing services and contract researcher's players.
Organization management clearly noticed a point that is significant need of creating strategic plan to enlarge the growth of a company by next five years. Management also had a plan of building an internal process, robust, technological and people capabilities. In order to improve the growth and healthcare services of Primal Solutions the strategic design plan of Accenture is used.
Accenture two method Strategic style plans are as follows:
Firstly, Strategic plans and capabilities of primal Solutions were estimated then the alternatives ways for accomplishing the goals and operational involvement of business unit is recognized. Accenture supports to establish various marketing positions, so that customer can easily understands and even Pharma Solutions business oriented relationship with the consumer also gets highlighted.
This is also known as implementation phase because significant goals are added to the resolutions themes of Pharma solutions cultures. Workers anxiety to solve a problem by accessing and developing will help to recognize the process, in order to adapt the new way of working styles by the owners.
Primary health care has an effectively impact by the solutions that were created by Accenture and these solutions play a vital role in the annual growth of 18percent in upcoming years. According to Nandini Primal, executive director of Primal Healthcare, Accenture played a very prominent role in making sure that Pharma solutions were good. This Pharma solution was a back bone for Accenture's functional capability along with skillful management in obtaining the objectives of firm.
There are 2 elements which affects the company they are macro and micro environment factors. The elements which help in the business units to identify chances and threats come under macro environment where as micro environment are defined as ecology which closes to business and affects its capacity to work.
The macro environment factors are:
Political and Governmental Environment
The micro environment consists of six forces close to the company that affect its ability to serve its customers:
â€¢ The company itself (including department).
â€¢ Marketing Channel firms (intermediaries).
â€¢ Custom markets.
Accenture's Connected Health study combines research interviews with more than 160 healthcare leaders, a survey between more than 3,700 doctors and clinicians, case studies, and more to provide a broad analysis of how health systems accelerates progress and gain tangible benefits from their connected health initiatives.
The world faces unprecedented healthcare challenges steadily rising costs and heightened budget pressures, aging populations, rising chronic disease rates and growing expectations for more affordable and higher-quality care. And it gets more complex: people are living longer by some estimates, 50% of people born today lives to 100 and chronic obesity rates are enhancing. Both directly contribute to rising healthcare costs.
These challenges highlight the need for a complete healthcare transformation a transition to systems which are integrated across the entire continuum of care and offer a more sustainable healthcare model in the 21st century and beyond. Integrated healthcare delivery relies on a key lever connected health.
Connected health involves systematically applying healthcare IT to facilitate the accessing and sharing of data, and enables the subsequent analysis of health data across systems. But connected health extends beyond simply managing and analyzing patients' clinical data. It encourages communication and collaboration among all stakeholders to get to integrated care and better health outcomes at lower costs.
The Accenture study yields clear evidence of the benefits of integrated healthcare and the system-wide exchange of data. It shows that connected health facilitates better care coordination, improved disease management, fewer clinical errors, and new opportunities to save administrative and clinical costs.
A connected health approach offers 3 stages of value creation:
1. Clinical efficacy: it includes reducing administrative actions and prices, eliminating duplicate lab and radiology tests; improving patient safety through 24/7 access to comprehensive, legible medical records; and speeding up access to patient medical histories and critical data.
2. Shared knowledge: it includes decreasing medical errors and improving care quality, benefitting in drug interaction alerts, sophisticated tools to increase clinical decision-making through evidence-based care protocols, and innovations and new abilities in population care.
3. Care transformation: it includes advanced analytics to inform clinical decision making, population health management and new care delivery models.
Taking the first steps on a connected health journey requires careful assessment, planning and preparation. Those that have started down the path provide valuable lessons. In its study, Accenture identified six key dynamics that systems and organizations employ to lay a solid foundation for connected health:
Vision and leadership focused on improved health outcomes
Strategic change management
Robust technology infrastructure
Clinical change management
Integration drives integration
The Marketing Analytics group provides clients are capable to better measure, manage and analyze their marketing performance. It leads to optimization that drives higher levels of business performance. Depending on a client's specific needs, Marketing Analytics leverages any number of leading-edge approaches including:
Marketing Investment Optimization enables companies to increase return on marketing investment by linking chief marketing officer investment decisions across on and offline tactics. The enterprise-wide abilities driven through Marketing Investment Optimization give companies the ability to measure and optimize campaigns across nations, products and brands in real time.
Agile Marketing Analytics Platform is an infrastructure which enables clients to increase marketing effectiveness by incorporating the most current market data and updating marketing analysis. It can be shaped to meet the needs of any industry.
Causal Forecasting allows companies to build highly accurate forecasting models which quantify the impact of base price, promotions and media, among other drivers. Leveraging an integrated marketing data warehouse, it uses statistical methods that drive insights into future campaigns.
Product Portfolio Optimization creates unparallel levels of visibility into the impact of adding/ deleting an item from a given product mix. Accenture Interactive approach uses item attributes and sales volume at the retail level and calculates at the global, national or regional level.
Accenture provides Marketing Investment Optimization, Causal Forecasting and Product Portfolio Optimization and Agile Marketing Analytics as outsourced services. It blends on-shore and off-shore models to provide the most powerful analytical capabilities at reasonable costs.
Here we are taking Accenture as an example for marketing. Accenture is a global management. In Accenture there are workforces like consulting, services, solutions, and enterprise. In Accenture, Primal Health care in creating a strategic plan which improves the performance of Pharmacy Solutions. It is a leading service provider across all stages in the drug life cycle. The company had an intention of building a robust, interior procedure, people and technical abilities. Primal Healthcare wanted to use the services of Accenture in designing a strategic plan. Accenture was adopted 2 main approaches like Phase 1 and 2. Phase 1, the present scenario of Pharmacy Solutions' business strategy and capabilities were evaluated. Phase 2, is the execution phase.
Primal Healthcare is an integrated health care company which generated nearly US$444 million in revenues in fiscal 2011. Accenture helped Primal Healthcare develop a strategic road map which place Pharmacy Solutions on a growth trajectory. The company's management identified the need to develop a strategic road map for Pharmacy Solutions to grow in the next 3 to 5 years, given the stagnant growth it had seen from 2008 to 2010 during the volatile global economic climate and decrease in demand from key customers. It wanted to build robust internal process, people and technical abilities.
Accenture deployed a team of professionals with deep industry expertise and a solid understanding of Piramal Healthcare's business to develop Pharma Solutions' road map for sustained growth and profitability.
Accenture adopted a two-phase approach to solution delivery.
The team evaluated the current state of Pharma Solutions' business strategy and capabilities, identified opportunities for profitable growth and pinpointed areas of operational improvement.
One of the key goals was to embed all the solution themes into the culture of Pharma Solutions. The team objectively assessed the readiness of Pharma Solutions' employees and rolled out the solution themes in a structured manner to enable the identified process owners to adapt to the new ways of working.
The team ensured a high degree of collaboration and involvement of key business stakeholders through the design and implementation phases via multiple workshops and discussions.
Accenture worked closely with Piramal Healthcare's leadership team to establish a differentiated market positioning which resonates with customers and highlight the relationship-oriented culture of Pharma Solutions. The new market positioning, which was grounded in the concept of "customer centricity," was used to underpin and guide the growth of necessary solution themes for business success:
Accenture recommended and created a Strategic Marketing Cell (SMC) at Pharma Solutions which the business growth team target potential customers and offer them customized solutions.
A fully redesigned sales process from new customer enquiry inflow to response generation to increase win rate by creating high-quality proposals with competitive pricing.
An improved approach to service delivery, which included redefining processes and incorporating timely checks to ensure consistent and on-time delivery of projects.
A robust and comprehensive capability development road map for critical workforces in the areas of business development and research and development (R&D)
A new operating model, which created three distinct business units with independent profit and loss (P&L) accounting and clear roles and responsibilities and key performance indicators
A structured governance and performance monitoring mechanism that allowed Pharma Solutions to assess the state of the business, monitor progress against key metrics and carry out root cause analyses of issues, as needed.
Accenture's research into the characteristics of leading pharmaceutical companies has revealed that high performance is increasingly dependent on a company's willingness to reexamine its business model, decide for which business it is best positioned and restructure its operations to support the chosen focus. Pharma Solutions is an excellent example of what is possible when a company not only "thinks big," but "thinks different."
Accenture is well-positioned to help industry players transform their businesses to become high-performance organizations. It delivers knowledge, insights and assets across the health care spectrum to create value for clients. Accenture embarked on a comprehensive global research effort in which the surveyed 1,000 executives in companies representing 12 countries and 8 industries, including pharmaceuticals. The data was collected from November 2010 through January 2011, a period during which economic prospects were beginning to brighten for most markets and industries, although many companies were hesitant to believe a full-scale recovery was under way.
Accenture drew the high-level conclusions innovation and marketing/brand is the most common levers for driving competitive advantage. A market-based approach is by far the most popular means for setting prices. Various different areas of the business are heavily involved in making pricing decisions. Several challenges impede pricing optimization. Price optimization is a priority. Pricing capabilities lack sophistication. Analytics are important, but not core. Companies have undertaken significant cost reductions. Cost-reduction efforts have generated positive results. Companies fall short in understanding their true cost to serve. Cost reductions are expected to continue.