Today, we went through strategies of planning to achieve a specific goal. Strategy refers to the process of planning to achieve a specific goal. For companies targeting the consumer market, they need to find out what their consumers demand in order to sell as much of their goods and services possible. An example would be Starbucks, who aims to sell as much coffee as possible by bringing in quality coffee beans. Understanding consumers can give the company an edge over its competitors.
Each company, although will have some obvious competitors, there are those that are not as apparent. The example provided by professor Tanya was on the cinema industry. Although Golden Village has obvious competitors like Cathy and Shaw, they also face competition from downloading software and programmes online, and video compact disc and digital video disc. These are some cheaper alternatives that consumers can opt for, if they do not wish to pay that much for a movie. To be able to emerge victorious and win over a large proportion of the audience pie, the company has to come up with innovative ideas to attract the audience. I feel that one of the selling points of watching a movie in the cinema is its high definition plasma screen as well as its clear, yet not deafening loud, sound system. Price, although affects a majority of consumers, is not a top-most factor when people understand that they are paying for quality service; when tickets are reasonably priced for the quantity and quality of the movie they are watching.
There are steps that serve as a guideline in preparing, implementing and evaluating a plan, starting with research, followed by analysis, goal setting, objectives, select people (sample unit), develop strategy, devising and implementing tactics, monitoring and lastly evaluation. These steps are not the golden rules and is not a must to be always abided, but i feel that with these steps of planning in mind, proposals would probably develop and flow more smoothly. No matter how detailed or great an initial plan seems, I believe that it can still be improved on. There is need to be able to adjust certain aspects as the plan is carried out, to ensure that the plan is on track, and be able to meet the company's objectives.
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Using SMART (Specific, measurable, achievable, reasonable and Time Frame) and SWOT (Strength, Weakness, Opportunity and Threat) serves as a guide to have the objective and plan in check.
ReplyDeleteUsing case studies from http://www.lib.uts.edu.au/gat/ will help us to identify the real life examples employed by practising PR firms =)
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Interesting post!
ReplyDeleteIf the company such as Golden Village does deep internal and external research on how to attract more customers, then it will be able to face stiff competition from its competitors. Overall, I think strategies which include, research, analyzing research, planning and implementing tactics are important for a company.
kenneth: thanks for the link, i always cant seem to get it right >.<
ReplyDeletenefertina: yes, like the popcorn card come up by golden village..i dont really think having that card provides consumers with that much benefits cos using that card will cost $6.50 per ticket and only on tuesday, but watching at cathay before 6pm will be $6 per ticket..but it does remind consumers that theres a golden village cinema out there time and again when they see the card in their wallet..