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Literature Suggests Effective Mission Statement Includes Various Features Marketing Essay

Marketing » Literature Suggests Effective Mission Statement Includes Various Features Marketing Essay

Literature suggests effective mission statement includes various features (1).

Our mission at Health-Hab is to enhance the overall quality of life and the health of the community. The variety of fitness programs and sports facilities help our members realise their goals both mentally and physically, improving their health and instilling in them the sense of self-worth. We provide a trained staff and personalised attention to the members with our state of art equipments inspiring life changing experiences. We strive to become synonymous to fitness and good health at London, the hub of fitness conscious people.

Health-Hab is targeting Westminster market which has a substantial residential population, consisting of working class people. Targeted segment are potential customers earning above £20000, almost 55.51% of total households. This segment has few top health clubs as competitors.

Organisation’s current situation needs to be analysed for the planning through environmental scanning, systematic collection and interpretation of data.

Internal audit

This is used to analyse the situation inside the organisation, its Strengths and Weaknesses.

The analysis is based upon Michael Porter’s 5 force model (2).

Women: One third overweight; a fourth are obese. (3)

Men: 41% overweight; 24% are obese.

The incidence of obesity using BMI is steadily rising.(3)

Many consumers are unaware of how much exercise they should be doing. (4)

Childhood obesity on the rise. (5)

Participation in sports increasing.(6)

Owning some type of keep fit equipment, such as an exercise bike or rowing machine, is growing in popularity, especially during the past two years.

The Nintendo Wii games console was launched recently has found in 5.5 million UK households (20.5% of the total).

Traditional Sports club model on decline. Upward trends in activities.

External audit

This is concerned with the uncontrollable variables such as business and economic variables. The analysis is based on Pestle model (7).

UK government has pursued a strategy of public health promotion policies to persuade adults to increase physical activity they do.

Overheads rising inexorably: legislation concerning the National Minimum Wage cost of electricity, rents.

Public awareness of the benefits of regular exercise is an important factor in helping persuade people to sign up to health and fitness club membership. The Fitness Industry Association (FIA) runs a number of national promotions to encourage consumers to become more active.

Falling levels of Personal Disposable Income.(8)

The core target 25-34 age bracket is set to grow between 2009 and 2014, something which augurs well for the industry.

Upward projected trend in retired population.(9)

UK household sizes show a negative trend.

Recession: consumers deal-hungry and they are always on the lookout for special offers, importance of customer service.

Focus on Staying Healthy remains major despite recession. (Just under quarter consumers have cut back on visiting a private health and fitness club)

SWOT Analysis: (10)

A SWOT analysis has been carried out through an external audit of the business environment using the PESTLE model and through an internal audit using Porter’s 5 forces model:

S-O strategies: Pursue opportunities that are fit to company’s strengths.

Increased packages for children, senior citizens.

Introduce budget deals.

Introduction of sports club membership with fitness membership.

W-O strategies: Overcome weakness to pursue opportunities

Follow mix strategies to develop new products for upcoming markets combined with penetration of existing markets.

S-T strategies: Strength to reduce vulnerability to threats

Encourage people to exercise regularly in a social environment.

W-T strategies: Defensive plan against weakness making organisation susceptible to threats

Do not follow a competitive strategy against the leading market players.

Market Structure

UK health and fitness clubs market approaching £3 billion.

Past 6 years show the market growth by quarter in terms of memberships and new openings.

Members

Index

£m

Index

Average revenue

m

per member

2004

4.2

100

2044

100

487

2005

4.35

104

2110

103

485

2006

4.69

112

2268

111

484

2007

5.18

123

2500

122

483

2008

5.24

125

2520

123

481

2009

5.26

125

2525

124

480

2010

5.27

125

2536

124

481

Membership increased by 25% and market size by 23% from 2004 till date.

Market Trends

Records show that past 18 months have seen the emergence of budget health clubs following the ‘no frills’ model. Culture of fitness centres with facilities like 24X7 grocery shop is on rise. This has dramatically increased market penetration.

Lesser market penetration because of cost barrier.

Digital media, social networking sites, member referrals are gaining importance as promotional media.

Majority revenues from joining and membership fees which is increasing as competition eases. (11)

Overweight and obese women are found mainly among the poorest households.

David Lloyd and Fitness First are still the market leaders in terms of fitness business.

Factors such as increase in obesity, per-capita income because of phasing out of the recession shows a positive future for health industry.

The overall market penetration has been constant at 10.5% adults and market value could be approximated to be stable at £2.5 billion since past 2 years.

The product life cycle analysis of the health and fitness clubs in UK would establish the stage of the industry in context to the current market.(12) Health-Hab has been into the market as a significant player for quite some time, being introduced into the market 3 years hence, currently it could be categorised as transiting from “Introduction” to the “Growth” stage which therefore would require more market penetration, product range extension and the market development strategies to be included as product/ market strategy.

The theory of “Diffusion of Innovation” takes into account Rogers (13) classification of adopters which when plotted with time gives an “S” shaped curve and the approximate market share as per the adopter category, time which can be captured or forecasted.

The current market share as in the transiting Introduction- Growth stage targeting the “Early adopters” and “Early majority” could be in range of 10-20% of target market share.

Market Segmentation (14)

It is the means by which company seeks to gain differential advantage over its competitors.

Various criteria for effective segmentation are:

It is distinct from the others.

It exhibits common needs and hence is homogeneous.

It can be divided over Gender, Price or Interests.

The customer segmentation goes as:

Fitness Freaks: These are particular about equipment. As long as appropriate equipments are available, these lock into long term commitments.

Weekend Visitors: These do not lock into long term gym commitment, instead like freedom to visit gym if opportunity exists. They look for special, periodic offers.

Gym dwellers: These love to be in gym for reasonable price and better atmosphere.

Families: A very small percentage of gym market, they look for “something for everyone” packages.

Senior Citizens: Fastest growing membership in last 10 years, due to increased focus on physical activity.

Business Travellers

Tourists

Forecasting:

Market forecast predicts numbers, trends and characteristics in future for the target market.

Based upon the assumptions, the current consumer expenditure and the population trends the market forecast for the fitness clubs is:

The average revenue per member shows an approximate constant value, with an increasing membership which means increasing profits.

Portfolio Summary

The portfolio summary combines information from SWOT and the overall competitive position indicating the relative importance of each customer/ market segment for the business. The idea of a portfolio is to meet company’s objectives by balancing growth, sales and risks. The nature of portfolio would depend upon market size and individual product growth/ decline. ‘Experience effect’, ‘economies of scale’, market growth etc. Hold profound implications for the firm.

Portfolio performance for Health-Hab as analysed using various models is summarised as follows:

BCG matrix (15)

Health-Hab could be currently placed as a “Question mark” as it is categorised with high business growth and a relatively not a dominant market share. The strategies need to be implemented such that it gains a position of ‘Star’ and eventually a ‘cash cow’. The current position is reasoned to be a result of recession hit market which shows bright signs of improvements and thus immediate growth prospects. Also Health-Hab is a relatively new market player, still performing reasonably well as compared to established market leaders. The usage of cash has been high because of the marketing requirements to establish a brand name as its transition from ‘Introduction’ to ‘Growth’ stage.

Directional Policy Matrix (16)

Direction of future growth in terms of ‘Grow’, ‘Invest’, ‘Harvest’, ‘Divest’ could be analysed using a DPM.

A decision could be based upon the following mentioned criteria:

The horizontal axis represents scores in strength and weaknesses.

Vertical axis quantifies attractiveness to the organisation of each important segment.

The circle sizes are relative to current turnover in each year.

The darker circles indicates forecast in next three years.

The above attractiveness has been calculated for Year0, the same has been calculated for Year3 as well to plot the forecast in the DPM.

The key objectives in this stage are to ‘Create value proposition’ by understanding customers’ needs and attractiveness of relative segments. Strategies are then formulated at corporate level to achieve profit objectives.

Gap analysis

The GAP analysis helps to compare actual performance with the potential performance.

It could be categorised into following:

Product Gap: Positioning or segment gap from which the organisation is excluded.

Competitive Gap: Results from competitive performance of the organisation.

The operations gap needs to be filled by increasing market share and improving sales mix.

The strategy gap can be filled by entering new segments, expansion and product developments.

As can be inferred from the above sections and the Directional policy matrix, following gaps exist that needs to be filled using efficient product/marketing mix.

Strategies need to be implemented to improve internal strengths to attract more senior citizens as it is one of the promising markets in near future.

A focus on socialising opportunity to attract Families and other socially inclined gym members may increase the revenue.

The growing need for the personal trainers and personalised training programs including dietician/ health advice need to be tapped.

Special seasonal offers and package deals are required to attract ‘weekend visitors’ segment of the customers.

Health and beauty treatments inclusive of spas, saunas need continuous investment and innovations to keep the competitive edge.

Special weight loss packages with beauty treatments may appeal to the women who are more obese in number than men.

The budget offers for long term commitments need to be introduced to utilise the boom in ‘no frills’ budget gyms.

Price, product, promotion mix should be analysed for the two main competitors.

Increasing trend in sports can be tapped in by introducing sports membership and the concept of sports club.

Packages to attract and fight child obesity would be a Corporate Social Responsibility effort as well.

Any cash invested in promoting plans for tourists, business travellers, may be withdrawn as the market holds extremely less business/ market share.

Health and beauty treatments for ladies including sauna, steam rooms and studio classes need more focus.

Healthy snacks with meal ideas could be implemented in near future; intermediate drinks with calorific focus are found to be the best sellers in the health club research.

An idea of clubbing a super store to facilitate the idea of shopping basic necessities in an idea to be explored in future.

Strategic focus

The objectives could be set for each product/ segment of the Fitness club which would further result into working out the core-strategy.

Ansoff Matrix (17) could be used to identify the courses of actions for Health-Hab:

Realising the strengths of Health-Hab, the forecast as per the DPM and the Ansoff matrix, the marketing strategy for the organisation is to focus on ‘Market Penetration’ for the already lead segment to continue the profit margin and ‘Product Development’ to tap the opportunities in the promising and upcoming market segments.

Product deletion is not required as Health-Hab is not investing separately for any customised packages for low profit segments i.e. tourists, business travellers.

Competitive analysis/Strategies

Michael Porter has suggested the below four competitive positioning strategies:

Overall cost leadership

Differentiation

Focus

Product Leadership

There could be four competitive strategies based on the market positioning:

The current Health-Hab’s position is ‘Market challengers’ hence the strategies it focuses on is increasing its market share not attacking the market leaders. Instead the strategy is to focus on the same size competitors which are locally present. We would focus on weaknesses or gaps in competitor’s market coverage to build upon the strengths and increase endurance before we may set an objective to become a market leader.

Marketing mix generally comprise of the 4 Ps namely: Product, Price, Promotion, Place.

Product Strategies:

The unique features/ packages offered by Health-Hab to its customers are:

For prospective clients:

A free advisory introductory session by a trainer who can give the tour of the club, teach the exercise regimen.

A free 3 sittings pass to the guests to be claimed at any location.

For standard clients:

A standard membership of 3 months duration at a monthly charge of £40, valid only at a single location.

A premium package at £45 monthly can be utilised at any location.

Personal training sessions at £15 per session. A dietician, gym trainer sessions are inclusive.

Family package, i.e. 4 enrolments from a family at £35 monthly at any location.

Sports club membership inclusive of activities like hiking, rock climbing, volleyball, football, swimming etc. In addition to gym membership available at £65 monthly.

We provide crèche facilities for ladies gym members at an additional charge of £5/session.

Budget yearly contracts at £35/yearly.

Customised packages for women with weight loss requirement of 10 kgs or above.

Discount packages for members with 4 or more referrals, seasonal packages introduced frequently to let the people have an ultimate gym experience.

Special packages for obese children also stressing upon the need of physical activities such as sports at £30/monthly.

Discount packages for senior citizens with a free pick and drop facility for members aged 70 years or above. Dedicated attention with personalised exercise regime and trainers aged 45 years or above, priced at £35/monthly.

Frequent social events for all the members with increased frequency for all the members aged 45 years or above.

Online bookings available to book studio classes or personal training sessions.

Telephonic/ Online enquiries available.

Recreational facilities:

Availability of sauna, spa experience.

Other beauty treatments also available.

Healthy and hygienic food available with specialised dietary meals as well.

Packaged diet as advised by dietician also available if ordered an hour in advance.

All above facilities are charged extra as per usage.

The above product strategies are based on the market growth characteristics as depicted in the product/market life cycle model below. It focuses on the mix of characteristics from ‘Unique’, ‘Product Differentiation’ stages.

Pricing Strategies:

Pricing is the key part of marketing strategy and needs to be managed intelligently.

The possible competitive price spectrum is:

Pricing can also influence the position of product in the market e.g. high price may convey an image of exclusivity, better quality or design.

A better positioning provides a competitive edge.

A Price Sensitivity Meter (18) approach has been utilised to find the best perceived price for the standard membership package.

The optimal price as perceived from the PSM turned out to be £35. The prices for Health-Hab have been set at value 14% higher than the OPP i.e. £40 to convey an image and quality message. The strategy followed is ‘Captive’, charging higher products in the product line as high. ‘Special event’, ‘Discount pricing’ are offered as per the existing market conditions. Still, the price could be affordable and is in line with the competitors’ clubbed with higher quality and better deals to the customers. The company follows some level of ‘Penetration pricing’ strategy for few of the newly introduced packages, by a method of discounting the rates to near OPP for a limited period of time, to boost the sales and familiarise customers with the product. Thereafter, the prices are raised gradually once the package has been established.

Prices are reasonable for its offerings and it targets customers from middle and upper middle class residents, with deals for lowers income groups (high duration contracts) as well.

Promotion Strategies:

Following aids would be included in Health-Hab’s promotional strategies:

Print/ Television advertisements

Website

Flyers

Social networking sites e.g. Facebook

Text adverts online, Google click ads

Word of mouth

Brochure in downloadable format (Initiative towards environment conservation)

An online tour of the gym and facilities

Sports magazine

Sports team sponsorship (local, small scale events)

Referrals

Referrals would be used to increase the membership as well as providing attractive discounts to existing customers.

The existing customers would get reimbursed of the registration fees if their referred customer enrols with Health-Hab and continues for 3 months.

If a customer makes more than 4 successful referrals, he would be entitled to premium package at the rates of standard one.

Ten customers would get free one year membership for making maximum successful referrals.

Health Campaigns

Health-Hab will hold regular health campaigns with The Fitness Industry Association (FIA) that runs a number of national promotions to encourage consumers to become more active.

Senior people, children will also be covered under these campaigns.

Corporate Promotions

As the Westmister’s population contain a significant ratio of working population, promotional campaigns would be held at the corporate offices, with a focus on pursuing the importance of good health for improved productivity and increased focus at work. Health-Hab would look for corporate tie-ups.

Customer Care

Known for its superior quality, we would entertain all the suggestions or information about faulty equipments online as well as at front desk.

Place/ Distribution Strategies:

The above strategies hold validity for goods or products in existence not for the service industry.

In addition to above strategies, we assure quality staff including gym instructors, personal experts, dieticians etc. Ongoing training sessions would be held every three months to ensure well motivated and oriented staff including membership consultants and maintenance staff.

The complete marketing plan is based on Malcolm McDonald’s model with different stages supported with related theories and concepts.

The Ashridge Mission Model from Andrew Campbell is a method that can be used to create or analyze a Mission, Sense of Mission and Mission Statement. It contains the following four elements which should be linked tightly together, resonating and reinforcing each other to create a strong Mission:

Purpose

For the benefit of the shareholders

For the benefit of all its stakeholders

For the benefit of a higher ideal, going beyond merely satisfying the needs of its stakeholders.

Strategy

The commercial logic for the company. Strategy links purpose to behavior in a commercial, rational way.

Values

The beliefs and moral principles that lie behind a company's culture.

Values give meaning to the norms and behavioral standards in the company.

Policies and Behavioral Standards

Guidelines to help people to decide what to do on a day-to-day basis.

Michael Porter’s 5 Force Model

Porter's five forces is a framework for the industry analysis and business strategy development. Three of Porter's five forces refer to competition from external sources while the remaining three are the internal threats. It is generally known as Micro environment analysis.

Trends in BMI of adults in England

Trends in body mass index (BMI) of adults in England, 2001-07

Under 25

25-30

Over 30

Men:

2001

32.4

46.6

21

2002

34.5

43.4

22.1

2003

34.6

43.2

22.2

2004

33.5

43.9

22.7

2005

35.3

42.6

22.1

2006

32.9

43.4

23.7

2007

35

41.4

23.6

Women:

2001

43.6

32.9

23.5

2002

43.5

33.7

22.8

2003

44.5

32.6

23

2004

45

33.9

23.2

2005

43.5

32.1

24.3

2006

43.9

31.9

24.2

2007

43.6

32

24.4

Source: Health Survey for England 2007/Mintel

Consumers’ knowledge of how much exercise they should do, compared to government recommendation, 2007

Men

Women

Proportion who thought adults should do:

Equivalent to current minimum recommendation

6

9

More than current minimum recommendation

25

23

Less than current minimum recommendation or did not know

69

68

Source: Health Survey for England 2007/Mintel

Childhood obesity on rise.

Trends in incidence of overweight or obesity among children aged 2-15, 1997-2007

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

% point change

1997-2007

Overweight

13

14.1

14

12.5

15.1

13.8

14.6

15.2

14.3

13.7

14

+1.

Obese

12.6

13.4

15.1

14.3

15

17

16.6

18.8

18.3

16

16.5

+3.9

Overweight and obesity prevalence, by household income and gender, 2007

Highest income group

2nd highest income group

3rd highest income group

4th highest income group

Lowest income group

Men:

Overweight

44

40

39

36

42

Obese

24

22

23

27

17

Women:

Overweight

29

31

33

34

36

Obese

19

23

26

25

24

Source: Health Survey for England 2007/Mintel

Pestle’s Model

PEST analysis stands for "Political, Economic, Social, and Technological analysis" and describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. Further Legal and Environmental factors rearrange the mnemonic to PESTLE.

Falling levels of personal disposable income

Trends in personal disposable income and consumer expenditure, 2004-14

PDI at 2004 prices

Index

Consumer expenditure at 2004 prices

Index

£bn

£bn

2004

808.8

100

776.3

100

2005

833

103

791.8

102

2006

842.9

104

808.2

104

2007

850.9

105

834.1

107

2008

853.5

106

845.8

109

2009

853.5

106

827.2

107

2010

859.4

106

829.7

107

2011

874.9

108

843

109

2012

892.4

110

859.8

111

2013 (proj)

909.4

112

869.3

112

2014 (proj)

925.7

114

884.1

114

Upward trend in retired population

Forecast adult population trends, by lifestage, 2004-14

2004

2009 (proj)

2014 (proj)

% change

% change

2004-09

2009-14

Pre-/no family

13531

14080

14357

+4.1

+2.

Families

13476

13766

13762

+2.2

0

Third age

12442

13170

13446

+5.9

+2.1

Retired

9531

10065

11357

+5.6

+12.8

Total

48980

51081

52922

+4.3

+3.6

SWOT Analysis

Strengths:

Extensive experience of the owners in the fitness industry.

Well renowned and established in various parts of UK.

Qualified staff and personal attention to the members.

State of art modern equipments.

Thorough safety measures approved by the UK sports council.

Customised packages for all major market segments.

Weaknesses:

Less packages for upcoming market segments.

Less focus on Senior citizens.

Relatively newer player in the market.

More cash requirements to penetrate the existing markets and diversify further.

Opportunities

Child obesity on rise.

Health’s focus increasing amongst senior citizens.

Increasing inclination towards sports.

Consumers unaware of exact exercising needs.

Large population of men/ women are obese.

Core target 25-34 age bracket is set to grow between 2009 and 2014.

Upcoming trend of budget ‘no frills’ model.

Threats

Potential economic downturn.

Growing trend of keeping household exercising equipments.

Presence of well established competitors.

Nintendo Wii games may appeal to those in need to lose a bit of weight.

Revenues from joining fees/registration

2004 (£m)

2006 (£m)

2008 (£m)

% change

Membership/joining fees

1615

79

1769

78

1966

78

21.7

Other revenue (e.g. beauty, sun beds, bar, food, shop, etc)

429

21

499

22

554

22

29.1

Total

2044

100

2268

100

2520

100

23.3

Product Life Cycle (PLC)

Product life cycle (PLC) deals with the life of a product in the market in terms of commercial / sales measures. Products require a mix of financial, marketing, human resource, manufacturing strategies as per the stage in which it falls. The concept could be extended to intangible products/ industries as well.

Diffusion of Innovation

Diffusion of Innovations states how, why, and at what rate new ideas and technology spread through cultures.

Various elements of diffusion of innovations are:

Innovation

Communication channels

Time

Social system

The adoption process involves 5 stages: knowledge, persuasion, decision, implementation, confirmation. The adopters could be categorised into Innovators, early adopters, early majority, late majority and laggards.

Market Segmentation

Identification of a proper market segment is essential as unless a company succeed in identifying a viable market segment for the product it would fail to achieve differential advantage and would just become a company selling ‘me too’ products. It falls into natural groups or segments which contain customers exhibiting the same broad requirements.

Target Market

Multi segment /Differentiated

BCG Matrix (Boston Consulting Group)

The theory is used to determine the priorities to be given in the product portfolio to ensure long term value creation. The company should have a portfolio of products which may generate and use cash. The two dimensions described are the ‘market share’, as it is an indicator of products ability to generate cash and ‘market growth’, as an indicator of product’s cash requirement.

Market share: Relative ratio of the market share as compared to the competitors’. A ratio of one or greater is supposed to be high else otherwise.

Four quadrants of the matrix could be explained as:

Cash cows:  High market share in a slow-growing industry, generate cash in excess of the amount of cash needed to maintain the business, require minimal investment.

Dogs: Low market share in a mature, slow-growing industry, units typically "break even", generating barely enough cash to maintain the business's market share, thought that should be sold off.

Question marks:  Low market shares they do not generate much cash, result is large net cash consumption, has the potential to gain market share and become a star, and eventually a cash cow when the market growth slows else dog in other scenario.

Stars: High market share in a fast-growing industry, sustaining the business unit's market leadership may require extra cash.

The balanced portfolio has:

‘stars’ whose high share and high growth assure the future;

‘cash cows’ that supply funds for that future growth; and

‘question marks’ to be converted into stars with the added funds.

Directional Policy Matrix (DPM)

The model measures the market health and the strength to pursue the further stand in the market. Various criteria to place the enterprise on appropriate positions in the matrix are:

Value of the product

Quality of the product

Market share

Experience

Threats of substitutes

Bargaining power of supplier, buyer

Experience

Customer loyalty

Reputation

Staying power

Competition

Ansoff Matrix

It is a tool to assist business in deciding their product/market growth strategy and set a direction. Four main courses of actions could be identified:

Market penetration: Selling existing products to existing markets

Market extensions: Extending existing products to new markets

Product development: Developing new products for existing markets

Diversification: Developing new products for new markets

Van Westendorp's Price Sensitivity Meter

The Price Sensitivity Meter (PSM) is a market technique for determining consumer price preferences. The traditional PSM approach asks four price-related questions:

At what price would you consider the product to be so expensive that you would not consider buying it? (Too expensive)

At what price would you consider the product to be priced so low that you would feel the quality couldn’t be very good? (Too cheap)

At what price would you consider the product starting to get expensive, so that it is not out of the question, but you would have to give some thought to buying it? (Expensive/High Side)

At what price would you consider the product to be a bargain—a great buy for the money? (Cheap/Good Value)

"Point of marginal cheapness" or PMC : intersections is that the crossing of "too cheap" and "expensive" can be the lower bound of an acceptable price range.

"Point of marginal expensiveness" or PME: intersection of the "too expensive" and "cheap" lines can be viewed as the upper bound of an acceptable price range.

 "Optimal price point" or OPP: intersection of the "too cheap" and "too expensive".

McDonald, Malcolm. Marketing Plans. 5th ed. Butterworth-Heinemann, MA, 2002, Chapters 1-7.

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