The car detailing business at Northern Virginia has a vision and a mission statement that aims at satisfying their customer’s needs and achieving leadership in the car market. Therefore, the company should implement various strategies and tactics to fulfill its mission and vision.
In implementing these marketing and information technology strategies and tactics, the company will aim at realizing its strategic objectives, measures, and targets. These strategies will include diversification, market development, market penetration, and the development of new products (Jennings, 2010).
The company would implement diversification strategies. This would increase the volume of sales in new markets. The company’s diversification activities will involve the expansion into new market segments of the automobile industry. Also, diversification may involve investment in other business ventures outside the automobile industry.
These business ventures may have a huge potential for growth in the future. The implementation of this strategy will require the company to acquire new skills, techniques, and facilities to ensure it is successful (Donnelly & Harrison, 2009).
Moreover, the diversification strategies and tactics that the company will adopt will depend on the views and concerns of their customers. The strategies of product diversification will involve adding new products to the range of existing products through the expansion of the product lines (Jennings, 2010).
Product diversification will also involve adding new and better features to the vehicles to complement features that the company already requires. Eventually, such strategies and tactics will greatly help in increasing the sales volume of the company and the number of customers that the company would be serving (McGuigan, Moyer & Harris, 2007).
The company will also use market development strategies and tactics. This would ensure that it meets its strategic objectives, measures, and targets. These strategies and tactics will mainly aim at reaching customers who do not buy products from the company (Jennings, 2010). The market development tactics and strategies that the company will use will entail the expansion of the potential markets by acquiring new products (Donnelly & Harrison, 2009).
The company would target new demographic and geographic segments or new institutional or psychographic segments. Creation of new products would facilitate the sales requiring expansion (Jennings, 2010). Before implementing these strategies, the company will have to consider its profitability. Also, it would consider the satisfaction of the customer’s needs and the maintenance or improvement of the corporate image (McGuigan, Moyer & Harris, 2007).
The car detailing will also adopt the use of market penetration strategies and tactics in measuring the popularity of its car brands (Donnelly & Harrison, 2009). The company will determine the popularity of car brands by counting the number of customers using its products and dividing the figure by the market population. In turn, the strategies and tactics that the company will put to use will help it in penetrating markets where similar and current products exist (Jennings, 2010).
The company will strive to win its competitors customers, attract non-users, or convince the existing customers to consume more products. The decision to utilize the market penetration strategies and tactics should consider whether the company requires a sales growth (Donnelly & Harrison, 2009).
The company will also adopt product development strategies and tactics that will aim at establishing broader fields in the creation, designing, and marketing of their new products (McGuigan, Moyer & Harris, 2007). The company’s product development efforts will mainly focus on developing systematic methods through which guidance on the processes used for getting new products to the market will be available (Jennings, 2010).
The product development strategies and tactics that the company will adopt will enable it to generate new information on its products, convert this information to knowledge, and make the knowledge available to those who require it (Donnelly & Harrison, 2009).
The stages in the company’s product development strategies and tactics will include idea generation, idea screening, developing concepts and testing them, performing business analysis, market testing, and technical implementation. These stages will also include the commercialization of new products and their pricing before releasing the products into the market (McGuigan, Moyer & Harris, 2007).
To control and monitor the Company’s strategic plan, several methods will be applicable. These methods will involve communicating the objectives of the strategic plan with employees and other participants, determining the role of employees, reevaluating performance goals, and reviewing the outcomes of the company (Jennings, 2010).
Communicating the objectives of the company’s strategic plan to employees will enable the employees to have a better understanding of the content of the plan. This will guarantee the effective implementation of the required policies and procedures. Due to employees’ involvement, the strategic plans will be in a better position to attain success McGuigan, Moyer & Harris, 2007).
This strategy will further help in ensuring the improvement of the company’s corporate image in both the short term and long term periods as the employees will adopt the company value’s, norms and practices in their work.
To ensure effective communication of the company’s objectives, the management will also allocate various tasks that are vital in the implementation of the strategic plan to certain employees. The designation of roles among the employees will avoid the duplication or the neglect of certain duties (Donnelly & Harrison, 2009).
Reevaluating performance goals within the company will help in controlling and monitoring the implementation of the company’s strategic plan. It will also provide corrective measures when the implementation of the strategic plans gets out of hand (McGuigan, Moyer & Harris, 2007). If the management sees a shortfall in the company’s performance, it may also reevaluate the strategic plan’s objectives (Jennings, 2010).
However, when performing these reevaluations, the management should distinguish between their planned and actual results so that it implements the best decisions (McGuigan, Moyer. & Harris, 2007). Reviewing the outcomes of the strategic plans is also another method that may be applicable in controlling and monitoring their implementation.
These actions may help the company’s management in discussing and resolving some of the challenges they have encountered in the performance of their tasks. The management will use this strategy after considering the actual outcomes against the planned outcomes (Donnelly & Harrison, 2009).
To address the ethical, legal, and regulatory issues that the company faces, the company should establish a comprehensive set of policies and procedures to guide the actions, values, and norms of their employees. The communication of these policies and procedures will help in ensuring every worker within the company adheres to them. Also, it would ensure that the company attains success in avoiding the issues it faces regarding its regulatory, legal, and ethical practices (Jennings, 2010).
References
Donnelly, R. & Harrison, G. (2009). The marketing planning process. London: Routledge.
Jennings, M. M. (2010). Business: It’s legal, ethical, and global environment. Mason, OH: Cengage Learning.
McGuigan, J. R., Moyer, C. & Harris, F. H. (2007). Managerial economics: Applications, strategies, and tactics. Mason, OH: Cengage Learning.