Ben and jerrys

Introduction

Bloomberg are providers of key information in a dynamic, competitive and complex environment. The organisation established by Michael R Bloomberg in 1981 now employs over 7.000 people throughout the world. Bloomberg are Global players trading in an array of information services including news, real time pricing, data and analysis, all of which lead to better decision making for clients. At present the company’s core business revolves around financial institutes and media organisations, with the consumer markets virtually unexplored.

A report has been produced to develop a new Bloomberg product for the consumer market.

The report has been divided into five sections to answer the specified learning outcomes:
Evaluation of the role of marketing planning and the main tools of analysis applied to Bloomberg.
Showing an appreciation of how marketing planning and analysis contribute to profit growth for Bloomberg.
Application of the key tools in media planning and the management of marketing communications for Bloomberg.

Identification of objectives, target segments and strategic plans for Bloomberg’s new business to consumers.
Evaluation of Bloomberg’s marketing communications plan.

Evaluation of the role of marketing planning and the main tools of analysis applied to Bloomberg.

Greenley attempts to define the role of marketing planning ‘seen as being an annual exercise’ and strategic planning being ‘of a long term nature’.(Greenley 1986 The Strategic and Operational Planning of Marketing, London Mc Graw-Hill).

This view could be seen as a useful general definition of role, Greenley also goes on to outline marketing planning as ‘representing only one stage in the organisations development’.

It is here that a difference in opinions occurs. Jackson argues that effective marketing planning should be an ongoing process and not merely one stage in the organisation’s development. He states whilst plans ‘can be ready made for regular use in recurring and familiar situations’ it can become necessary to have plans ‘specially made to fit circumstances’ (Jackson K.F 1975 The Art of Solving Problems, London Heinemann) as they occur. This view suggests that use of marketing planning merely as one stage in organisational development is ineffective.

Perhaps a more flexible description of the role of Marketing Communications is ‘the planned application of marketing resources to achieve marketing objectives’ (McDonald M 2002 Marketing Plans, How to Prepare Them, How to Use Them).

Wilson outlines the multi tasked role of marketing communications;

To force businesses to be organised in their approach to marketing.
To be have specific aims and objectives.
To inform and include everyone in the marketing and communications process.
To obtain the necessary resources for specific tasks.
To ‘get support’ in terms of staff required to do the job.
To aid in the setting of strategies.

Mc Donald shares similar views to that of Wilson in evaluating the role of marketing communications;

Activity can be more effectively organised.
Expected developments can be predicted.
Businesses can be braced for sudden changes.
Irrational response to change can be minimised.
Communications are improved, a greater awareness of goals.
The direction of the company is clarified.
Marketing planning gives the opportunity for evaluation of progress.
A ‘systematic approach to strategy formulation leads to a higher return on investment’

There are a number of tools of analysis which Bloomberg could choose from, such as the BCG (Boston Consultancy Group) Matrix. However Ansoff’s Matrix and Porter’s Five Forces are the two tools which will be applied to the Bloomberg case study.

Ansoff’s Matrix
Focuses upon a product or service and to whom it is sold to.
Four ‘distinct strategic alternatives’ are offered to Bloomberg’s strategists and marketeers through this model.

To sell existing products/ services to existing markets.
To extend existing products/ services to new markets.
To develop new products/ services for existing markets.
To develop new products for new markets.

In short, Ansoff’s Matrix acts as a framework provoking companies to consider their current position and the direction they wish to take in the future. In terms of both the market/ markets they wish to be in and the products/ services they wish to offer.

Before Bloomberg make any of the above decisions they can use the matrix to build a profile of the organisations current position. Assess the choices and actions the company has made in the past, then plot them into the matrix framework.

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