Effective Market Strategy Essay
A threat can be referred to as an environmental development or event which will present problems or challenges likely to hinder the achievement of organizational objectives, for example, competition, high interest rates, government legislations, declining real income among others. WorldCom Corporation faced stiff competition from its main rivals thus there was a drop in the market shares thus a reduction of their profits. The marketing strategies of WorldCom needed to be reviewed by then in order to cope with the increasing competition.
By then for it to survive in the competitive business environment both locally and globally, the marketing managers could have incorporated advance technological innovations for instance e-commerce (Anthony, 1998). Other threats that hindered WorldCom business operations included increased barriers in trade; it had become hard for the firm to operate both within and outside because of the quality of products. The stringent regulations regarding to imports and exportation procedures was regarded as one of the threats that the organization faced.
Another threat that hindered the success of the company was the ever decreasing income of the consumers of its products. This is because of the economic changes globally and particularly the increase in inflation and high interest rates thus raising
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WorldCom Corporation should devise competitive strategies that will enhance the firm to compete across the entire market. Because of such strategy, WorldCom Corporation will gain a stronger brand name which will support the business growth and hence acquire a competitive advantage over its rivals (Grant, 2005). Such competitive strategies can take the form of WorldCom firm adopting strategies of being an overall low cost producer in the market in order to attain large market share.
WorldCom therefore in this respect has the responsibility of carrying out market segmentation in order to understand the needs and wants of its potential customers. Implementation and Evaluation WorldCom’s top management ought to define the firm’s mission and vision statements; they should further clearly expound and analyze such statements in order to tackle the current challenges brought about by globalization.
This therefore implies that an effective strategy will present the firm a clear picture on how to run the corporation with regards on how to meet the set targets; for example devising a strategy on how the firm will enhance its current market share to greater heights. In that respect therefore the plan of actions implemented by the firm have to fully direct attempts in the direction of realizing the firm’s primary mission. Constant evaluation should be carried out by WorldCom’s business managers in order to avoid any drifts from the target market.
In fact the targeted potential markets ought to be continuously evaluated so as to identify the best strategies to propel the firm. Such evaluation should be based on profits levels that each target market identified contribute to WorldCom success. WorldCom therefore, should adopt control plans that will enhance constant monitoring of the business units in order to identify the best opportunities in the market place. This will entail WorldCom’s management arm to embark on other strategies like selecting and recruiting the most competent employees to work as well as utilizing the financial forecasting techniques
It is the duty for the management concerned to ensure that all business operations of the firm are in order in order to avoid any delay in production activities. Controlling purposes is essential because it will give the firm an opportunity to compare and contrast the difference in actual results and the expected one thus attends to the areas with weaknesses (Grant, 2005). Conclusion Modern businesses make every effort to maintain and attract new customers in order to foster there growth and enhance the chances of profitability within there particular industries.
Competition affects almost all modern businesses and organizations including WorldCom Corporation are increasingly facing challenges as a result of the ever changing external and internal environments.
Anthony C. (1998): SWOT Analysis; An explanation of the S. W. O. T. Analysis process; New York; Macmillan Press, pp 56-78 Cullen, J. and Boteeah, K. (2005): Multinational Management. A strategic Approach, 3rd Edition, Mason; Thomson South-Western, pp 55-69 Grant, R. (2005): Contemporary Strategy Analysis: – Blackwell Publishing Ltd. , Oxford pp 78-140