If you run a business in North America, chances are OfficeMax has supplied your organization with the essentials needed to operate: from business services to paper, pens, forms, organizers, furniture, and technology. OfficeMax is one of the largest office supply businesses in North America and operates approximately 1,025 superstores in the U.S., Mexico, Puerto Rico, and the US Virgin Islands.
The business-technology systems needed to run this international retailer are substantial and encompass dozens of mainframes, thousands of servers, and tens of thousands of PCs. With much of its $8.3 billion in annual revenue flowing through credit card transactions, both online and in-person, keeping those systems secure and in compliance with the Payment Card Industry Data Security Standard (PCI DSS) is critical.
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A business strategy is the means by which it sets out to achieve its desired ends (objectives). It can simply be described as a long-term business planning. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).A business strategy is concerned with major resource issues e.g. raising the finance to build a new factory or plant. Strategies are also concerned with deciding on what products to allocate major resources to – for example when Coca-Cola launched Pooh Roo Juice in this country.
Strategies are concerned with the scope of a business’ activities i.e. what and where they produce. For example, BIC’s scope is focused on three main product areas – lighters, pens, and razors, and they have developed superfactories in key geographical locations to produce these items.
Two main categories of strategies can be identified: 1. Generic (general) strategies, and 2. Competitive strategies. Read more…
The marketing mix is often referred to as the ’4 Ps’, i.e. product, price, place and promotion. To meet customers’ needs a business must develop products to satisfy them, charge the right price, get the goods to the right place, and it must make the existence of the product known through promotion.
Products or services
Must meet customer requirements whatever these might be. For example, an important aspect is function – products should do what they say they can do and what they are expected to do. For example, Audi cars are popular because of their high performance. Appearance is also important. This is why for example, consumers are prepared to pay premium prices for some of Gillette’s razors.
Place
Roughly one fifth of the cost of a product is spent getting it to consumers. Of course, the actual figure varies widely from product to product but generally distribution is a very important element in the marketing mix. Different organisations use different approaches to reaching their customers. For example, McDonald’s uses a franchising system enabling it to operate in a wide variety of geographical locations, and Amway distributes through Independent Business Owners worldwide.
Promotion
Is the process of communicating with customers. For marketing purposes, communication of products and services contributes to the persuasion process to encourage consumers to avail themselves of whatever is on offer. The key processes involved in promotion, include:
branding – creating a distinctive image and character to an organisation/and or its products and services
advertising – to inform and persuade the public
packaging – presenting the product in a desirable and appropriate way
public relations activities and other forms of publicity
sponsorship
special promotions – e.g. buy one get one free.
Price
Needs to be relevant to the product/service and the market. For example, BIC the manufacturer of razors, pens and lighters seeks to provide the world’s markets with products at affordable prices. A firm’s pricing decision is often aimed at attracting a particular market segment. For example, if it wants to sell at the top end of the market it will charge a high price, at the bottom a low price, and so on.To refer this case study click here Marketing Mix 4ps
