Sigma Marketing: Innovation in a Changing Environment Assignment

Sigma Marketing: Innovation in a Changing Environment Assignment Words: 632

Varlets of graphics designed and tools to provide more clarity to the picture and print media would enforce the firm to change its current practices, which will increase the cost and requirement talent and milliamp people with new technology (David, 2007). Communication: Changes in communication pattern will also affect the growth of Sigma in future. For instance, introduction of web technology has minimized the Importance of print media.

As currently, attention of people Is diverting towards social media and Internet marketing, the process of advertising is also changed and will be continue in future (Ferret & Hairline, 2010). Online marketing will replace the significance of print advertising and marketing, which will affect Sigma’s process and strategies. TOWS Analysis TOWS analysis for long term strategic planning in Sigma marketing is as follows: I External Opportunities I External Threats I 1. Globalization and Innovation 2. Web medal and dealt graphics 3. Requirement of computer and networking technology 4.

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Reduplication of existing facilities for social media print and digital calendars | 1. Existing competitors 2. Entry of the new players 3. Changes in communication methods and low importance of print advertising. 4. Digitization world and consumers preferences. I Internal Strength I S-O (Maxi-maxi strategies) I S-T (Maxi-mini Strategies) Production orientation to marketing orientation approach 2. Unique marketing production of quality product consistently, personal service and attention, fair pricing and timely and efficiently fulfillment 4.

Offering total service packages to the customers I A leading company in terms of marketing and innovation have ability to grab global opportunities to become successful for long term (SSL, 01) Expansion of product range and focus on digital media and graphics through unique and flexible marketing strategies (SSL, SO, SO, SO, 02) * Target global companies through digital, media and printing over websites (SO, SO, SO, 3, 04) | * Competition in the industry can be handle though marketing orientation (T 1, SSL) * Unique marketing strategies and personal selling effort are also beneficial to gain culture for long terms (T 1, TO, SSL,SO) * Large scale production of website content and graphics. (TO, SSL, SO) I Internal Weakness I W-O (Mini-maxi Strategies) I W-T (Mini-mini Strategies) 1. Limited serving area and small target market 2. Limited product line 3. Lack of investor’s involvement in daily operations I * Expansion of product and services through investment and focus on online and internal marketing and social media (WI, WWW, 02) |

Changes in the marketing needs due to digital media and preferences of customers to be online I Strategic Initiatives In order to manage the environmental, technological and communication changes, it is imperative for Sigma to plan and execute some strategic initiatives related to product line and marketing activities. As the technology as well as communication and advertising methods will change in coming time, Sigma should execute the strategic initiative of expanding its current product range from print media to digital media, which will be the growing stage of the product life cycle, as several firms has en entered in the market of digital media and online publications or advertisement (Boone & Kurt, 2006). Company should ensure the low prices and offer advertising services and calendar facilities over websites of the firm, through its “total service package” (Ferret & Hairline, 2010).

It will also facilitates the firm to minimize its operating cost of delivering the printing paper and packets to the customer companies as well as to control the paper expenses, which is directly associated with the savings of natural resources. The paper printing and advertising teeth of the firm has been reached at saturation stage, as world has become digital and people prefer online advertising, promotions, calendars, and web articles (David, 2007). Company should invest in the social media networking to attract global customers and also focus on time saving a quick process of advertising, by creating design and graphics through social networking sites.

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Sigma Marketing: Innovation in a Changing Environment Assignment. (2019, Dec 18). Retrieved July 27, 2021, from https://anyassignment.com/art/sigma-marketing-innovation-in-a-changing-environment-assignment-33324/