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B2BM Individual Assignment Question
In this research the product sold from an existing company to business organization will be Boeing 787 Dream liner which is sold to Qantas Airways to support its daily travel business. Boeing is an American Company that deals in designing and manufacturing of aircraft, defense weapons, satellites and other information and communication systems.
Boeing 787 Dream liner is a jet airliner which is long-haul and has wide body. It carries two engines and has the capacity to carry 242 to 330 passengers in a typical two class sitting arrangements. This product is developed by Boeing Commercial Airplanes. This product offers 20% more fuel efficiency than the earlier Boeing 767 airliner. Boeing 787 Dream liner is sold to Qantas Airways, Australia to support its business function of air travel. It was first manufactured in year 2007 and till date 894 has been produced. The expenditure on making one Boeing 787 Dream liner is US$248.3 million to $338.4 million. There are number of variants of Boeing 787 Dreamliner including 787-8, 787-9 and 787-10 which are highly cost effective as they consumer lesser fuel and offer long term travel assistance.
Qantas Airways has deployed Boeing 787 Dreamliner variant namely 787-9 Dreamliner which is an advanced long-haul aircraft of its type. This product has helped the company in offering value added services to the customers and achieving economies of scale in the business process.
Marketing objectives and strategies:
The marketing objectives of Boeing Company is to develop and market new innovative design and airline products which could help in achieving cost efficiency and deliver high class service and comfort to the customers. The strategies used by the company include deployment of latest technology, lean production system and development of innovative designs to attract the customers and offer them best in class service (Arun & Kamath, 2015). The further analysis of Boeing Company and its product can be done as follows.
1. SWOT analysis:
The SWOT analysis includes analysis of internal strength and weaknesses of the business along with the analysis of external opportunities and threats. The SWOT analysis for Boeing Company can be done as follows.
- Strong Market position:
Boeing Company has made its strong market position in the global market. The company is the largest aerospace company and a leading manufacturer of latest technology airplanes. The company enjoys duopoly position in the global market with Airbus. The decades of experience in the aircraft business has helped the company to develop economies of scale and improve brand image which has helped it expand its business operations in various countries around the world (Adair, 2016).
- Growth in Revenue:
Boeing Company has observed a record growth in revenue and operating income in last five years. The company has sold about 894 Dreamliner 787 till September 2019 to various companies around the world. This has helped the company to achieve its growth target sales and performance outcomes to maintain a steady level of growth and expansion of business in the global market.
- Strong research and development:
Boeing has developed highly efficient research and development department in its business. The years of investment and research made in research and development wing of the company has helped in developing a complete new range of engineering outcome and new technological outbreaks that has created a new product line of 787 Dreamliner. This new product offers best in class service and economies of scale to the business (Boeing.mediaroom.com, 2019).
- Human Resource issues:
Boeing has about 38% of its work force as labour who are part of the labour union as well. These labour unions offer regular resistance on the production process. There are halts to work through strikes and other issues that arise at regular intervals which affect the overall productivity and add to the cost of operation of the business. There are number of human resource issues that have been reported in Boeing in last five years and had been the prime cause of delay in production and rise in costs of running business.
- Dependency over US Government contracts:
US Government contracts accounts up to 27% of the sales of Boeing Company. This dependency over US Government contracts has led to rise of various issues for the company. The change in political will, economic downturn and other related factors have affected the sale proceeds of the company and been the prime cause of delay in payments and recovery over investment.
- Rising bargaining power of the suppliers:
Boeing is dependent upon certain suppliers for fulfilling the particular requirements of raw material and other integrated components. This dependency has raised the bargaining power of the suppliers who are limited in number and demands for better returns on their investment by adding to the cost of supplies. This way the rising bargaining power of the suppliers has added to the issues and concerns of Boeing (Gray et al., 2015).
- Rise in demand for commercial airplanes:
With the increase in globalization, the airlines companies have been adding their national and international routes to facilitate their customers. Also the demand for cutting down cost of operation specially the fuel costs has raised the demand for new age high technology commercial airplanes. This has created new opportunities for business for Boeing.
- Strategic expansion:
Boeing has been observing opportunities of strategic expansion with various companies including General Electric, Raytheon and Lockheed Martin who are interested to work along for new projects. This has created a whole new market for growth and development of business for Boeing.
- Increase in Competition:
Airbus is posing serious threat to the company business by offering homogenous products and highly competitive prices that Boeing is unable to secure normal profit margins for its business. This competition has affected its ability to earn revenue in the long run.
- Fixed price contracts:
Boeing has about 72% of the fixed price contracts which does offer consistent sales but affects the profit earning ability of the company. The fixed price contracts limit the ability to the company to charge higher as per the changing technological upgrades and system. Therefore the lower margins are observed by the company during supply of airplanes to the companies under fixed price contracts (Townsend et al., 2017).
2. Product strategies:
The product strategy is defined as the road map for the product which includes the strategies that will outline the elements of the product and set company targets. The road map therefore clarifies how the company is going to achieve those targets. A product strategy can be to develop a new product or improve the existing so that the greater market share and customer satisfaction can be achieved. There are different types of product strategies. These include product market leader strategy, challenger strategy, follower strategy and niche strategy. The product strategy is developed to meet market needs, corporate goals and apply features and innovation in the production process.
Among them the product market leader strategy and challenger strategy are both applied by Boeing Company. The company tries to develop new innovative design and product features through research and development so that the products formed could stand apart from competitors. The development of Boeing 787 Dreamliner is just another attempt made by Boeing Company to achieve market leadership. The new product features of lesser weight, high space and low fuel consumption have helped the company to attain market leadership. However the challenger strategy is also applied to fight back competition with Airbus which is the close and only competitor of the company. The investments are made in the distinguishing the products from the competitors and prices are set such that the sale proceeds can be facilitated (Ruthven & Chowdhury, 2015).
Airbus has been able to receive 9,985 orders from year 2007 to 2016 while Boeing is able to grab 8,978 numbers of orders. This way a close competition exists between the two companies which is tried to be taken over through product development and product differentiation. Also the technological upgrade in Airbus helped in delivering 5,644 orders from year 2007 to 2016 while Boeing was able to deliver orders higher than Airbus that is 5,718. This shows that the company has attained technological supremacy over production process that has helped in achieving the target of higher production outcomes. In addition that Boeing focuses on commercial airplanes long-range product strategy so that the changing requirements of the business could be met (Boeing.mediaroom.com, 2019).
3. Pricing strategies:
The pricing strategies are developed by business to maintain attraction of the product in the market, meet organization objectives and fight back competition. The pricing strategies decide the future course of action and objectives that will be met. There are different pricing strategies that are developed over period of time. These include cost-plus pricing, marginal cost pricing, target return on investment pricing, psychological pricing, competition oriented pricing, demand based pricing and experience curve pricing.
There is duopoly in the business market of Boeing Company. Therefore the pricing strategy applied by the company is competition-oriented pricing. That is there are homogenous products that are developed and sold by Airbus Company which has added to the competition of Boeing Company. Airbus is well known for offering huge discounts and offers on its sale of products. The result is that the competition has risen and the prices of aircrafts have fallen to great extent. To fight back competition Boeing Company is forced to sell its latest Boeing 737 Dreamliner at competitive prices to Qantas Airways and various other global aircraft carriers. This way the competitive pricing policy has helped the company to maintain its sustenance in the business but has affected its long term profitability and revenue earning capacity (Boeing.mediaroom.com, 2019).
However, the introduction of new features and technological upgrades in the recent years has helped Boeing Company to set its own prices for the new aircraft carriers that it has manufactured. The target is kept on keeping the weight of the aircraft at lower levels and also decreasing the consumption of fuel which are among the key demand of business customers. Therefore the pricing for such aircraft are kept higher which could help the company retain good revenue earning capacity in the long run.
4. Distribution strategies:
Boeing sells its products through strategic tie ups with various global air carrier companies. The regular customers of the company include Lufthansa Airlines, Qantas Airways, Jet Airways and Air India. The distribution is also made of the spare parts which are vital and required to be genuine to maintain the safety and quality of service from the air carriers. There are number of distribution centres of Boeing Company that are located around the world. With the purpose to decrease shipping costs and attain economies of scale the production of the genuine spare parts are made in different centres. Also these centres make it easier for the air carriers to reach out and get the desired service.
The new age technological upgrade has helped the company to develop business over the virtual world. The air carrier companies can now order their requirements for spare parts through online medium. That is a committed website has been made by Boeing Company that allows the air carriers companies to place their orders online and get delivery in stipulated time frame. This saves huge lot of time and money of the air carriers company and ensures the supply of genuine spare parts for the aircraft (Mamun & Hasan, 2017).
In addition to that the company also has sales centres in various countries which support the process of supplying genuine sports to the air carriers companies in distant locations. These vendors acts as company distributors and offers the spare parts to the air carriers companies at their door steps. They even offer credit to the air carrier companies to promote the business.
5. Promotion strategies:
Boeing applies various promotional strategies for marketing its products and creating a brand image. Aggressive advertisements are made by the company at regular intervals through television by placing commercials. These commercial depicts the high quality, innovation and technological upgrades that makes company products distinct and dependable than other companies. The use of company logo is made on all its aircraft carriers. This helps in gaining popularity among the travellers. In addition to that the company is well known for sponsoring events and games. This way the company banners and other advertisements are placed on the corners of the walls of events and games so that the visitors can have a look at them and recall the company name when it comes to quality and comfort travelling.
Recently the company started its promotion in the web world. The website links are pasted on various websites which glow and attracts web visitor’s attention. This way the links take the web visitors to the company websites and displays various product features and benefits that impress the viewers. The virtual demo of air carrier further helps in grabbing customer attention and thereby creating a brand image in their minds.
In addition to that Boeing has made a policy configuration with the air carriers to display and spell out the name of their carrier to the customers during flight. This helps the customers to recall the name of the flight as well as the air carrier of Boeing which offered them safe and comfortable journey to their respective destinations (Mackay, 2015).
In conclusion, Boeing has various internal strengths and external opportunities which can be promoted and availed to improve business performance and gain higher market share. The company has applied the best product strategy which has helped in developing new range products with technological upgrades meant to achieve product differentiation and promote business. The pricing strategies of the company is competitive pricing which helps in setting the prices such that competitors’ products can be easily be set behind. The promotional strategies have helped the company to gain popularity among the masses. The distribution strategies of the company have allowed it to reach nearer to the customers. The website of the company has made it easier for the air carrier companies to order the required genuine products and get it delivered at their doorsteps in stipulated time frame.
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Arvind, A.B., 2015. Management Information Systems for Microfinance: Catalyzing social innovation for competitive advantage. Cambridge: Cambridge Scholars Publishing.
Batam, S.I.S., 2016. The influence of Leadership Styles and Motivation of Employees Job Satisfaction. International Journal of Economics and Finance, 8(10), pp.176-83.
Boeing.mediaroom.com, 2019. Boeing focuses commercial airplanes long-range product strategy. [Online] Available at: https://boeing.mediaroom.com/2001-03-29-Boeing-Focuses-Commercial-Airplanes-Long-Range-Product-Strategy [Accessed 29 October 2019].
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Test Specification Table
|CLO1||Discuss the fundamental distinction between business-to-business and consumer marketing concepts and principles (C2, PL01)||Final Examination|
|CLO2||Formulate the process of gaining and sustaining customer relationships ethically within a global context (A4, PL011)||Individual Assignment|
|CLO3||Integrate marketing concepts and strategies within business marketing situations (A4, PL09)||Individual Assignment|
|Individual Assignment (60%):|
|Question No.||Question Vs Taxonomy|
|1||Integrate marketing concepts and strategies within business marketing situations and formulate the process of gaining and sustaining customer relationships ethically within a global context.||100%||9 & 11|
This is an individual assignment. This assignment will carry 60% of your module marks.
In this assignment, you are required to choose a product from any existing companies which will be marketed to international manufacturing companies, institutions or any business organisations of your choice.
You are required to evaluate the chosen organisation and develop a marketing plan for the product based on the following:
- SWOT analysis
- PEST Factors
- Marketing Objectives
- Target Market
- product Strategies
- Pricing Strategies
- Promotional Strategies
- Placement Strategies
- Ethical Dilemmas
- Conclusion and Recommendations
Your written report will have the following sections:
- Title Page
- Executive Summary
- Table of Contents
- Conclusion and Recommendations
1) Your write up must be in a formal report format.
2) Your work should be no more than 2,500 words in total. Students should state the number of words used at the end of the assignment. You may include diagrams, figures, appendices, etc. without word penalty. The University sliding scale of penalties for excess length will be imposed. The penalties will be as follows:
Up to 10% excess no penalty
11-20% excess 5% penalty
21-30% excess 10% penalty
31+ excess cannot achieve higher than 40%
3) Marks will be awarded for originality of ideas, innovativeness and creativity.
4) Your font size for the report will be Times New Roman 12 and you are to use 1.5-line spacing for report writing. For headings, please use Times New Roman 14.
5) The plan should be properly referenced using the Harvard Referencing Format. References from textbooks and Journals are encouraged but non-credible academic sources such as Wikipedia and Answers.com should be avoided.
6) Proper Harvard referencing system (with minimum 5 references) should be ensured.
7) Please avoid errors in grammar and spelling.
MARKS ALLOCATION and EVALUATION
(Sections) (Maximum marks allocated
For each section)
|Report Format and Language||5|
|Introduction of the company and product||5|
|Situational Analysis:Internal (SWOT)
|Marketing Objectives (Minimum 3 objectives that meet the SMART criteria)||5|
|Target Market: Segmentation, Targeting & Positioning||10|
|Major Ethical Dilemmas Faced by the Business Marketer||10|
|Conclusion and Recommendations||5|
|In-text Citations and References (Harvard Referencing System)||10|
Marks are awarded based on the following guidelines:
|0-40%||Superficial analysis, concepts and language of the subject are absent or scant. Irrelevant regurgitation of text book. Ideas are poorly expressed. Many key issues are ignored. Concepts and language of the subject are used but are often confused in application and or discussion.|
|40-49%||Superficial analysis, concepts and language of the subject are absent or minimal. Limited learning outcomes have been met. Irrelevant regurgitation of text book. Ideas are poorly expressed. Many key issues are ignored. Concepts and language of the subject are used but are often confused in application and or discussion.|
|50-54%||Some understanding of the relevant models and concepts. Some elements of an appropriate structure are present. Restricted analysis of some issues.|
|55-64%||Evidence of some reading and research. Incorrect referencing although it is evident. Some elements of an appropriate structure are present. Key issues are analysed but not done thoroughly.|
|65-69%||Evidence of reading and research. Understanding of the application of appropriate models and concepts is demonstrated, but not thoroughly. Key issues are identified and analysed, although this may be restricted at times. Some sources are acknowledged.|
|70-74%||Evidence of reading and research. Understanding of the application of appropriate models and concepts is demonstrated. Key issues are identified and analysed, although this may not be consistent. References are acknowledged.|
|75-79%||Evidence of wider reading. The assignment effectively interprets the information and exhibits the integration of ideas across the subject area. The assignment has credible recommendations. A systematic approach to development and evaluation is used. Most sources are acknowledged and referenced using Harvard Name System of Referencing.|
|80% and above||Arguments are clear and convincing. Confident integration of theory and practices is demonstrated. Consistent referencing to sources using the Harvard Referencing System.|
Submission and Administrative Information
- Students should include the Coursework Submission and Feedback Form (CSFF) with their submission.
- Plagiarism is NOT acceptable. Representation of another person’s work as your own without acknowledgement of the source for the purpose of satisfying formal assessment requirements is considered plagiarism. The possible consequences of plagiarism include:
- Reduced grade for this module
- Referral for this module
- Failure of this module
- Expulsion from the Institution
- You can avoid plagiarism by using the correct Harvard referencing system.
- All submissions must be made before the stipulated time. If the work is submitted after this time it will be given 0 (zero).
Reference ID: #getanswers19120008