Tutor profile: Ruth D.
A company wants to launch a new chocolate bar in a country they have never sold in before. Using the 6 Ps model, please explain what considerations will need to be thought through before doing so?
Firstly, the company will have to consider the product and whether the market has a need or desire for it; does a similar product already exist? Is it appealing and attractive, are the ingredients easily sourced? The price will also have a large impact as a strategy will need to be chosen; are the consumers price sensitive and if so, is it better to sell the product at a premium or on the lower price range. Where the bar is sold also plays a part, from distribution methods to type of retailer, be it high end, online, or a corner shop. Promotion material will have to be considered from method (be it physical or digital) to message (what language, is it culturally sensitive, etc.). Packaging plays a large part in look and feel of the product in order to attract consumers and the associations that it brings, for example the colour. Finally, it could be argued that each of the Ps revolve around the people (the consumer) of the product, as only by understanding the target market can the marketing strategy behind launching a chocolate bar in a new market be successful.
What is a PESTLE analysis? Define and explain what it stands for.
PESTLE is a tool used by businesses to look at a business environment on a large scale, taking into consideration the business environment, in order to help with decision making and planning. PESTLE stands for: Political, Economic, Social, Technological, Legal and Environmental. For example, a business may use a PESTLE analysis to analyse the factors to consider when planning to launch a product into a new market.
Below are 4 different leadership styles. Define each one and the impacts they may have on a team whose leader demonstrates each style respectively. 1.Autocratic 2. Paternalistic 3. Democratic 4. Laissez-faire
Autocratic leaders are those who like to supervise their team and closely monitor any work done. This is largely carried out through one way communication, where managers tell their workers what to do, with little trust. This can de-motivate a workforce as they may feel a lack of trust at work which can bring down productivity, however this leadership style can be beneficial when quick decisions are needed. On the other hand, a paternalistic leadership style is one where the manager cares greatly about the feelings and social needs of the team. Two way communication is used, where a manager will ask for feedback from his employees to help with decision making. This is beneficial as employees may feel trusted, respected, and valued, which can boost motivation, creativity, and productivity. However, when important decisions need to be made quickly, this method of two way communication may be a hindrance due to having too many opinions thus slowing down decision making. A democratic leader puts a lot of trust into their team, and empowers them to make decisions and take action. Like paternalistic leadership, democratic leaders place a lot of value in two way communication, and many decisions are made by a majority-rules vote. This can be a negative thing when teams are influenced by group-think. The pros and cons of this style are similar to paternalistic leaders, but democratic leaders will also place value in training their workforce to make these decisions by up-skilling. Laissez-faire leadership takes democratic leadership to the next stage, where a completely hands-off approach is taken by the manager. Employees may be motivated by this as they may feel a sense of trust and responsibility, however often, there are many negatives to this leadership style due to lack of authority, strategy, and someone to make large decisions.
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