Marketing Strategy of Resource Tyre Company in Melbourne - Case Study Example

RESOURCE TYRE COMPANY IN MELBOURNE, AUSTRALIA Student’s name Code & Course Professor’s name University City Marketing Strategy A Niche-driven Strategy suits the growth strategy of resource Tyre Company. The company specializes on the niche targeted. As such, the members of the company fully understand the production unit of the company thoroughly and the possibility of the company growing fastest into undisputed expert and leader is higher. Additionally, the company needs to use high performance website that shows effectiveness in search engines optimizations and use of the social media to conduct advertisement. Conducting research through testing and optimization allows the company to make iterate on marketing efforts and effective decisions based on the hard data collected than using intuition (Lee 2015). Different Research Tasks to Carry out the Strategy Evaluating Market Segments Evaluating of market segments involves three factors to consider. Resource Tyre Company should consider the target population and determinant increase, target potentiality, organization agenda including materials potentiality. Firstly, the organization needs to gather data in the current segments and intensively study to make analyses on the current segment sales, growth sales and the expected profitability from the sales. However, the company might be interested with segments showing potentiality in new sales and growth it is important to note that the sales size and potentiality is a relative matter subject to change anytime (Leslie 2012). Examining attractiveness at this phase is important. As such, attractiveness depends on aggressive competitors, potential substitute of products, power of buyers and powerful suppliers. Identifying & Targeting Market Existing Segments After studying and analyzing the Market targets, the business company engages in a decision-making process. As such, the company decides on the type of tyres to manufacture to fit with the targeted segments. Since buyers have unique needs and wants, it is a requirement for the company to produce wide variety of wheels to suit all types of roads in Australia. The analysis findings depends as to whether the marketing strategy is differentiated, concentrated or the micromarketing (Powell 2012). The Types of Data Logical Data Model The model is important during the identification of business new projects. The LMD makes design, coding. Testing and implementation of new phases of identified opportunities in business to go smoothly and faster. Components of LMD include entities, attributes, and relationships. The model enables the company to have a documentation of genuine information that is helpful in the ongoing analysis to introduce new products. Each business processes entailed in the research occurs in the model hence ensuring that all new data and new process model components occur in form of paradigm shift. As such, the method highlights the business opportunities and processes and how to improve on the identified opportunities rather than recreating on previous techniques to fit on a new platform like other models (Carkenord 2014). Additionally, the method use the ERD technique that encompasses all the information required to run the business. Process Based Data Process based data is suitable for improving the diversity and quality of new products production. As such, the products intend to have an improved long-term outcome. The process-based data merge all the data from the company making all the information in one database. Past records required during productivity of the new identified segment should easily be retrieved using process based data. The data is suitable to fit in any trending technology hence creating computerized process based data that is less costly, efficient, and effective. In this regard, the system assist to rate the financial stability, growth and losses made by the company (NCBI Resources 2012). Outcome Data Outcome data is essential in a company either as raw data or as analyzed data. Outcome data needs analysis to provide enough information to help improve the services of the company. Outcome of data provides genuine information about the new resource tyre customers and the results intend to be used to improve customer’s productivity satisfaction. Outcome data also focus on comparisons for different segments. To effectively collect genuine information, relevant participant data of customers intending to use either radial-ply or bias-ply wheels should be linked to the outcome participation technically showing each participant. Analysis of outcome data is done using tabulation system that involves the targeted participant segments findings. Purpose Data Purpose data is essential in gaining competitive advantages. The data assist in ranking the company against rivals and surpassing rivals marketing strategy (LoginRadius Inc 2015). To tap the market advantage, the company will be able to establish sub-offices at a geographical location whereby it is expecting the purchase power to be high. To come up with such an analysis, the company collects data through a system known as being where your audience is. A good example is using the video in YouTube in Australia and determines the location of many clients viewing the video trough likes. Continual updating of different videos to the location of people viewing the You Tube video update acts like a promotion hence, attracting more customers boosting the productivity rate. Creating better buyers personas is essential at this stage. The backbone of using profile data is essential for creating accurately personification for the buyers. Improvement on marketing budget is the outcome of purpose data. As such, with the use of purpose data, the marketing only focus on the targeted segment hence allowing the promoters to stay on the intended budget. Using data system designed as social user profile helps to know the wheel type that the targeted audience engages with many times (Doyle 2012). If the system being used show, very few participants the passed out information is that continue to spend on the system and design a new system that might attract many participants to view the new products. Choice of Measures The amount of quality data available in resource Tyre Company to managers is a good barometer to the performance and efficient strategy implementation of the company. Currently the choice of measures in companies depends on services, innovation capacity, flexibility, and the knowledge capacity within (Speckbacher 2012). Additionally, the company is becoming more dependent on the environment and react faster to environmental opportunities like the intent productivity of radial-ply and bias-ply wheels that suits all kind of road either highway or mud-all terrain. With focus to well known contingency theory, the efficiency of any working accounting system depends on the flexibility to adapt to any changes within or outside the company and towards the targeted segments (Haldma 2013). Using organizational theory to the functionality of the company simply affirms that the company uses the resource effectively. As such, the accounting interpretation advocates that performance measures base on deploying and creating well management control system. New business models contribute other aspects of choice of measure. The choice of measure depends on customer’s satisfaction, the loyal personnel, new product quality, reliability of product and company, pricing sale of a product, research, and developments trending in the company. Non-financial indicators also fall under the choice of measure category. According to research conducted, use of non-financial indicators measures the company to be successful in higher assets and capital productivity and improving a strong market position (Ittner 2014). The similar research indicated that the choice of measures depended on the rate of profit in terms of turnover and growth, the size of market share, system of cash flow and customer’s satisfaction (Ittner 2014). Arguably, the criteria of choosing choice of measure vary hence including responses such as simple and understandable method, operative and objective and the kind of data available. Choice of measure depends on the company successfulness. The Resource Tyre Company managers pay too much attention to the costs of goods already sold that are more likely to be determined by the decision-making from managerial department. The reason behind it is due to the expected tremendous growth of up to more than 50% increase in utilization of the production capacity and the expected 200% in the annual growth. The less successful companies put too much analysis to consider observation at the cost of merchandise as more important. Company subdivisions and produced products indicators pose very important information towards the choice of measure and on the same regard customer-related information incur the choice of measure. Sources from Where the Data could be obtained Consumers Targeting consumer tourist population in Australia is a resourceful data. As such, information collected is likely to portray the expectation of a top-quality tyre, the durability of tyre for the tourist cars and at a reasonable price. Additionally, Australian Tourist Company might be a source of data collection since it is among the targeted segments. The targeted source does not fully target a wider geographic because the system targets the segmented tourist only though it might attract other companies internationally. The phase is justified as harvesting of data where information is directly absorbed from consumers. It is also essential to distribute questionnaires, engaging focus groups, conducting surveys and holding interview discussions officials of tourist departments through sharing ideologies as a system of marketing. The sample should be random & stratified. After collecting data, Resource Tyre Company management team considers the collected information to be very genuine and put into consideration. Profit and Loss Statements Profit and loss statement is an internal source of data within the company. The company retrieves the previous information regarding the profit made and losses encountered. The data is essential since it enables managers to have a critical review for the new measures being positioned for efficiency purposes. Sales figures A sales figure is among the secondary source of data collection. The figures need to reflect the company previous sells of tyres and extract information from the findings. As such, the company needs to sample results especially of the previous new tyres and try to match with the current expected productivity of newer tyres. If the previous sale incur more loses the new set of productivity wont advocate to similar strategies. If strategy made enough profit, the company improves on the strategy with the expectation of sales growth. Previous Marketing Research Probably Resource Tyre Company had once conducted marketing research for new tyres. Retrieving previous marketing research sources helps in determining the formalities of new marketing research. Previous sample of marketing research need to strengthen the current marketing research only if the specialized team conducts analysis. Considerations are high at this phase since all tyre companies target the high percentage of customers in the market. As such, the marketing strategy to be used should have competitive advantages against rival companies especially it the company was outshined previously. Professional Business Association Companies. Majority of companies and associates releases newsletters monthly or annually, on the progress of the company. Such information is justified as a free source of information. Managers can learn a lot from the newsletters or website articles and come up with competitive advantages after identifying company’s weaknesses. Due to globalization, releasing of information enables managers to debate and come up with new ideologies to boost financial growth and stability of companies. Governmental Agencies Government agencies have stiff laws concerning company’s productivity (FAO 2012). As such, the laws are essential regarding company’s copyrights and productivity of new products to be friendly to the environment. Policies regarding assessments and certification of new products are easily retrieved hence understanding penalties if any of the requirements company intends to breach. Conclusion Conclusively, the accounting information is handled differently depending with the company form, success, and Managers running the institution. As per the findings, it can be argued that company satisfaction arises from cost accounting and analysis done. The existing information system of the company does not put it into satisfaction hence seeing development opportunities of new wheel tyres. The analysis of the paper shows that the data is an essential element when companies want to grow. The accounting system includes all data hence majority of the companies need to embrace the up to date technology equipments for easy analysis of the data. The company new productivity only wants to introduce new products that easily suits tourists. Such approach comes with challenges. This is because tourist visit is seasonal and the number of new tourist gradually changes with time. The new method is not flexible since buyers might purchase the product during the tourist peak season while the rest of the month purchase is not in place hence company registering loses. On such a situation, the company needs to strategies producing radial-ply and bias-ply, which can still be used on road worthy conditions and give genuine ads of reliability of the new tyres. List of References Carkenord, B. (2014) Importance of using Logical Data Model. Doyle, P. (2012) Systems used in Marketing in United Kingdom. Case study in UK International Business,17(1). FAO. (2012) Corporate Document Repository. Guidelines for the Routine Collection of Data from Sources. Haldma, T (2013) Contingencies influencing the Marketing Accounting Practices. Marketing Accounting Research Lee, F. (2015) Essential Marketing Strategy that make Firms to Grow Financially. Leslie, J. (2012) Automotive News of the rebirth of new Chevy Vehicles. Ittner, C. (2014) Coming up with Non-financial Performance Measurement. Harvard Business Review LoginRadius Inc. (2015) Ways Data Can Boost Your Marketing Strategy. NCBI Resources. (2012) Process-based measures of quality: the need for detailed marketing data in large companies. Powell, B. (2012) Marketing Strategy Driven towards Customers. Attracting Targeted Customers. Speckbacher, G. (2012) Descriptive Analysis on the implementation of Balanced Management Accounting Research. Read More