Development of Marketing Strategy

Introduction

Porter describes a structure for evaluating the behaviour of costs, the determinants of relative cost position, and the way firms can gain a sustainable cost advantage or minimize their cost disadvantage. In terms of marketing concept, customer satisfaction plays major role. Organisations identify their needs and wants by discovering and staying in touch with them and then satisfy them by introducing product, which can fulfil their requirements. The aim of marketing concept should not be only satisfying customers but also achieving its own goals and objectives. It goals and objectives can be higher profit, increase market share and growth. Organisation can achieve its goals and objectives by satisfying customers at a higher level. Concept of marketing helps to understand why organisation should pay attention on customers and their needs. Their needs can be related with family, recreation, entertainment, shelter, food, education, communication and transportation. Organization should be aware of a fact that customers do not buy product or services; they buy benefits which derive from products or services (McDaniel, 2005, pp. 4-10).

We will write a custom Development of Marketing Strategy specifically for you
for only $14.00 $11,90/page
308 certified writers online
Learn More

Marketing strategy process

Then Porter concluded the chapter with a discussion of the steps in strategic cost analysis. On the next chapter “Differentiation”, Porter presented a framework for analyzing differentiation and choosing a differentiation strategy. He describes the sources of differentiation, which can arise anywhere in a firm’s value chain.

The ten steps of the strategic marketing planning process

Phase one
Goal setting
1 Mission
2 Corporate objectives
Phase two
Situation review
3 Marketing audit
4 SWOT analyses
5 Assumptions
Phase three
Strategy formulation
6 Marketing objectives & strategies
7 Estimate expected results
8 Identify alternative plans & mixes
Phase four
Resource allocation & monitoring
9 Budget
10 1st year detailed implementation program

Marketing tools

By understanding organization’s advantages compared to other competitors, value chain can aid organizations manipulative products and systems that will uphold advantage within the spirited ground. Usually, organizations can then use this structure to identify one of the significant competitors and then examine as many competitors as essential or suitable for relevant situation. Value chain is a very influential cost management tool to make a detailed analysis of a company’s cost position to get the spirited advantage. Though, it doesn’t imply that constructing a value chain is a fairly simple process.

The Strategic Plan tools involved

Mission Statement
Financial summary
Market overview
SWOT analyses
Portfolio summary
Assumptions
Marketing objectives and strategies
Three-year forecasts & budgets

Marketing plan structure

Mission Statement

Companies mission is to be an innovative, quality-focused manufacturing company dedicated to serving the health care product needs of our customers who value effective, all-natural choices Also, we believe that working with a servant’s heart, at every level of our company, is central to our success (Bohlen, 2005, pp. 415-300)

Situational analysis

The face of managed care will change this year to include an older and more seriously ill population with the advent of provider-sponsored managed Medicare. Fuji Dynamics Limited is ready to enter the market again with high quality health care products. We have to improve our management performance; assess existing strategy and develop improved strategic direction; lead and facilitate intensive planning seminars with senior executives; prepare specific strategies to expand, diversify or restructure businesses (McDaniel, 2005, pp. 4-10).

The medical device industry’s entry barriers are high as the minimum requirement to start is include a high paid-up capital. Since medical devices should prescribe by a clinician in most of a countries, manufacturers are required to comply with certain standards before the device can be marketed. So there will be a transitional period for the manufacturers to set up their business and it’s usually takes more than 1 year. As the legislation regarding the sale of TENS units is so tight, it is very difficult for a new comer to completed all the documents included device marking, safety and performance test, risk analysis and all the standards required by the Medical Devices Directive and the Electromagnetic Compatibility Directive (Bohlen, 2005, pp. 415-300).

Objectives

Rivalry amongst competitors is fierce; it is very common for promotional campaigns from different TENS manufacturer, such as the launching of Medical Exhibition and advertising via TV, etc. Good manufacturing products are easily to duplicate by the competitors. The diagram shows that the highest barriers among the industry are the competition and the power of buyers. Maybe there are not so many new comers, but the competition will come once the business start up. Therefore, future competition will be influenced on how the different company will try to change the barriers towards their own benefit. At first glance, and based on previous data, the primary influence that manufacturers are trying to control is to reduce the ease of entry of new manufacturer (Polonsky, 2005, pp. 84-89).

Get your
100% original paper on any topic done
in as little as 3 hours
Learn More

Bargaining Power of Suppliers

The bargaining power of labour and property owners are low due to a high switching costs as the local economy continues to suffer sluggish growth brought about by the downturn economy. Moreover, few years ago, we were moving our manufacturing process north into a Pearl Delta Area of Guangdong Province where the supply of land and labour is relatively abundant and less costly than in Hong Kong. (McDaniel 2005 4-10) The bargaining power of consumers are high as they are reluctant to spend or are more prudent making their consumption patterns, while the switching cost and concentration for consumers are low accounting for a shift in their consumption to a Mainland in recent years. Moreover, consumers bargaining power is further increased when price wars occur in the retail market (McDonald, 2004, pp. 117-28)

Company Background Information

Fuji Dynamics Ltd. was established in 1977 in Hong Kong with a Japanese capital. We are located in Hong Kong with a capacity of 15 employees. Also, we have expanded our operations into China in 1996 and now with more than 100 workers. We have ever since specialized in the area of Transcutaneous Electrical Nerve Stimulators (TENS), Electrical Muscle Stimulators (EMS), Interferential Stimulators and Microcurrent Stimulators. Today our products are sold worldwide giving millions of people relief from almost all their pain symptoms. As the market require, we have develop customized products for our customers at the most. Our products are mainly marketing in Europe and United States. Since we are professional manufacturer of electronic stimulators, so we have managed all of a company’s operations in accordance to a requirement of ISO9002 (Version 1998) and EN46002 system, which offers a strong guarantee for the quality of our products. Also, all our products are MDD-approved and come with the appropriate CE marking. If necessary, we are also having experience for FDA application for United States market (Kassel, 2004, pp. 13-17).

Threats of Substitutes

As medical products, it is a fact that most of a buyer’s first choice is still the quality of a products. There will be a lot of standards that manufacturers have to be meeting. In some case, there are very difficult to find substitutes for medical treatment (Chi et. all, 2005, pp. 253-690).

Evaluation and marketing strategy

“There is nothing as powerful as an idea whose time has come”. The status of electrical nerves stimulation in the Western world can surely never have been as strong and assured as it is at present and the future look bright. Certainly in individual countries electrical nerves stimulation may face difficult battles, but worldwide the trend is clearly onwards and upwards. Electrical nerves stimulation is spreading into and being welcomed into all branches of medicine. Clinics are being established within hospitals and general practices, private and public health insurers are increasingly including electrical nerves stimulation in the therapies they cover, and regular readers of a news pages will have seen the ever-growing list of studies showing positive results for the use of electrical nerves stimulation in diverse areas of medicine. There are clearly many factors that have led to this happy state of affairs. The National Academy of Acupuncture and Oriental Medicine in the USA as a resource commissioned it for specialists in discussions with State and local government officials, insurance company representatives, healthcare professionals, patients and students. All studies involved some sort of control, whether control (sham) needling, a TENS unit or standard care. The clinical studies constitute valid scientific evidence in support of a clinical effectiveness of electrical nerves stimulation. The studies included acute and chronic pain (e.g. headache, facial pain, low-back pain, renal colic, fibromyalgia etc.), emesis (e.g. morning sickness, chemotherapy), stroke, respiratory disease, substance abuse and miscellaneous (e.g. infertility, breech presentation, menopause, depression etc.) (MacMillan et all., 2006, pp. 208-180).

Environmental analysis

The medical device market in Hong Kong is not so big. The biggest manufacturers are all located in Taiwan, China, Europe and America. During the last decade, the basic structure of a Hong Kong industry has gradually transformed from a manufacturing-based environment into a service-based environment. Because of this change, the majority of a medical devices business in Hong Kong has switched from industrial to commercial. Because of a big advantages of production costs in China, Taiwan and Hong Kong manufacturers are moving their production line to a Mainland China. And it will gives a bigger different in production costs between Asian manufacturers and the European manufacturers. Since the production costs are different between Asian and European manufacturers, the product’s quality becomes the only advantage for the European manufacturers. Because of this, their targeted market becomes different than us as they are selling their products to a professional such as the doctors and the physiotherapists. This is why our major competitors are all located in Asia (King, 2004, pp. 437-880).

Concurrently, managed health care is transforming the marketplace for medical technology. The focus in the marketplace today is on cost-effectiveness and demonstrable patient outcomes, making it increasingly complicated to market a new technology once it has been approved. The key words in rapid prototyping and bread boarding are early, often, and appropriately (King, 2004, pp. 437-880). Another approach that can be considered worth is to look at those countries that can offer simpler regulation. It does not mean that the regulatory agencies should not take care of a safety and efficacy aspects of a device but that should provide a regulatory environment that is friendly to a industry and gives a clear direction without ambiguity. Indian Regulatory bodies are still in the process of coming up with medical device regulation and therefore can still provide this opportunity to a industry. The medical device industry in India is of course well placed in this scenario and can offer a competitive, cost effective manufacturing base for all those who are facing problems of regulation, cost and market. (Ones 2006 11-18) Organizations are under continuous pressure exerted by the forces of a external environment. However, internal processes exist to help the organization understand, interpret, and cope with its external environment. These processes are situational analysis, strategy formulation, strategic implementation, and strategic control. These processes aid the organization in understanding competitive behaviour and the impact of a strategy. The organization can then decide to commit resources to a new strategy, predict risk and return, and encourage a willingness to act in light of a strategy. The aim after all, is to conduct a reconciliation exercise designed to best position the organization within the external environment and to implement a strategy that will help assure success. The decision making process by which formal orgs make the decisions necessary for purchase, business market vs. consumer market – fewer but larger buyers, close supply-customer relationships, geographically concentrated, derived demand, inelastic demand, fluctuating demand, professional purchasing. Buying situations include straight re-buy, modified re-buy and new tasks. Systems buying used for ease of purchase. Participants in the business buying process: initiators, users, influencers, deciders, approvers, buyers, gatekeepers. Environmental (demand, economic outlook, interest rates, technological change, political and regulatory, competitive developments, social responsibility concerns) Organisational (objectives, policies, procedures, organisational, systems) Interpersonal (interests, authority, status, empathy, persuasiveness). Individual (age, income, education, job position, personality, risk attitudes, culture) The Organisational Purchase Process: problem recognition, need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, performance review (Polonsky, 2005, pp. 84-89).

Methodology

In this paper we will use the SWOT analysis method to elaborate the marketing management and strategy of Fuji Dynamics Ltd. Further we will discuss the strength, weaknesses, research, recommendations, and finally will draw a conclusion.

We will write a custom
Development of Marketing Strategy
specifically for you!
Get your first paper with 15% OFF
Learn More

Marketing Plan

Strengths

Fuji Dynamics Ltd. established in Hong Kong since 1978, and now has total 24 years solid experience. With the success in building an innovative business model with low-cost and high quality structure, we have already developed our sales market in many different countries. As the Hong Kong economy goes down, we can also low down our production cost and operation cost. (McDonald 2004 117-28)

Weaknesses

Drivers causing stagnation in R&D effectiveness include the rising costs of bringing products to market and slow R&D productivity. Research & Development is being revolutionized as companies seek improvements in return for their huge R&D investment. Brand equity is not well known to peoples because we are doing OEM manufacturing in most of a time. Most of a buyers required to have their own brand instead of selling others brand. (Bohlen 2005 415-30)

Opportunities

Hong Kong labour market is oversupplied. The closing of competitors’ business would also means a chance of absorbing their experienced staffs with less cost during downturn economy, time for training could be shorten and new idea could be brought to Fuji as well. After China entered the World Trade Organization (WTO), Mainland China becomes a market with unlimited potential. With the continuously rising living standard of Mainland people and the booming economic growth, the PRC presents a market with tremendous opportunities for development. (Chi et. all 2005 253-69)

Facts and Finding

Respondents, in their majority (70 %) conduct SWOT analysis in their organization, whereas 30 % rarely do. Moreover, 20 % use a marketing audit as a tool in comparison to 70 % who rely on medical committees, or on a task force committee formed of physicians and employees, or on the occupancy rates and utilization of services, or on insurance companies. The remaining 10 % refer to external expertise. (Bohlen 2005 415-30)

Implementation

The practice of strategic management is a selection for Fuji Dynamics. The purpose is to find out how top management thought their way out to cope with new demands and challenges of a new external environment where competition to survival has new rules and different ingredients to capture the consumer base. Moreover, the business entities that perform strategic management are more effective, and therefore have a higher probability of success than those who do not. This is the reasons that why I used it:

  1. Strategic management is one way to systemize the most important of business decisions. Business involves great risk taking, and strategic management attempts to provide data so that reasonable and informed gambles can be made when necessary.
  2. Strategic management helps educate managers to become better decision-makers. It helps managers examine the basic problems of a company.
  3. Strategic management helps improve corporate communication, the coordination of individual projects, the allocation of resources, and short-term planning such as budgeting (King, 2004, pp. 437-880).

Finally, while strategic management will never be a cure-all, especially for incompetent management, it can go a long way toward improving an organization’s long-term performance. However, there are situations where the benefits are not guaranteed. There are two compelling reasons for holding off on a strategic planning effort. At first, strategic planning may not be the best choice to make if the organization has its “roof falling”. At second, strategic planning should not be implemented and is considered a waste of time if the leaders lack the appropriate skills, resources, and commitment to go through the whole process of strategic planning. One of a fundamental requirements for business success today is the managers’ skills and preparation in their own endeavours. Management books emphasize today on a combination of a number of different skills, among which we mention: technical, conceptual, analytic and diagnostic, communication, decision-making, time management and interpersonal skills. However, when it comes to strategic planning it is imperative to follow a systematic approach when looking at the process of strategy. The strategic planning model shown above is simple and can be easily followed by the leaders to implement their plans. It consists of five steps that are briefly stated next (Bohlen, 2005).

SWOT Analysis & Establishing the Vision, Mission, and Goals

External environment analysis

Is a process for the marketing department manager to scan the external information that is continuously affecting the organization? The main problem is that many manufacturers realized that the cost for production would be decrease through moving their production line to China. We should keep ourselves competitive. Then, he will have the responsibility to understand the potential impact of the respond with a relevant strategy. (King 2004 437-88)

Not sure if you can write
Development of Marketing Strategy by yourself?
We can help you
for only $14.00 $11,90/page
Learn More

Internal environment analysis

Represents the capabilities of a organization internal environment factors include overall structure as well departmentalization specifics, management and supporting information technology. Strengths and weaknesses are revealed. A comprehensive understanding of ase impacts the strategy formulation process, since it performs a kind of reality check. Since the vision, mission, and goals of an organization have a direct impact on the strategy ultimately adopted. The vision is a view of a future taking today decisions that will affect tomorrow’s issues. We have to set up our vision, mission and goals immediately (Ottman, 2004).

Strategy Formulation

Situational analysis involves a great deal of gathering, classifying, and understanding information. Strategy formulation is making decisions concerning that information. The results from such decisions are strategies for the organization. The first set of decisions concerns the vision, mission and organizational goals. These decisions provide the general direction for the organization and are, therefore, called directional strategies. Directional strategies provide the basic philosophy of a organization (Chi et. all, 2005).

Strategy Implementation

Although strategy formulation is essential for an organization’s long-term success, no less is strategy implementation. Implementation is part of day-to-day management, involving resource allocation and scheduling. Assignment of responsibility for each aspect of a plan is important. Involvement of those implementing the plans in the development of a same should result in few problems and minimal resistance to change. The implementation process involves an integrated set of choices and activities that are used to allocate resources, organize, assign key managers, and set policies. Implementing strategies is accompanied by change. Resistance to change, then, a natural aversion to change should be dealt with in order to minimize the chances of failure of a implementation process. Resistance evolves because of different reasons. Four key barriers could impact the strategy implementation: the human problem of attention and commitment, the process problem, the structural problem, and the institutional problem of exercising leadership. (Tellis et. all 2004 32-46))

To solve these issues, the strategy implementation should follow a certain process that consists of a managerial functions of planning, organizing, and leading. That is when decisions are made; implementation takes place in a cascade fashion, through the basic structural hierarchy of a organization. This will ensure that all the staff on each level, and in each function, understand the direction and the timetable. Since implementation is required at lower levels, it is required a coordination at all levels to achieve success. Therefore, functional strategies and supporting programs and budgets must be developed for the key functions in the organization, such as the marketing, information systems, finance, and human resources functions. Implementation plans formulated at the lower levels are reviewed by the leaders to: assure that they are consistent with the hospital’s overall strategy as well as allocated resources, and to resolve any overlaps or conflicts between levels and functions. Functional strategies must be integrated to move the organization toward realizing its mission. In addition to a functional strategies, organizations often develop organization-wide strategies. These operational strategies include initiatives such as changing the organization’s culture, reorganization, upgrade of facilities and equipment, and social and ethical strategies. (Ottman 2004 210-26)

Strategic Control

The final stage of strategic management is strategic control. It is a regulatory process that ensures successful implementation of long-term strategic plans, specifically emphasizing the impact of broad environmental effects and internal strategic directions”. Strategic control has special timing; I fit is done too soon or too late, results will not reflect the real changes happening in the environment, and thus, strategic control will be ineffective. If it is too rigid, it will not be able to cope with the dynamic environment. Therefore, strategic control is a delicate balancing act that has a proper process of juggling between methods, and timing of feedback, evaluation and corrective actions. To do so, a control process should be established, some critical areas have to be monitored, and some methods for measuring results identified (Olson et. all, 2005, pp. 13-56).

Marketing Strategy

We have come to a following recommendations for strategic implementation. These recommendations will focus primarily on price, but product, promotion, and place will also be considered when discussing the overall situation of Fuji Dynamics Ltd.

Product

The TENS device consists of an electrical stimulator unit, a pad of adhesive electrodes and a pair of leadwires. As one might assume, the real technology of this system lies in the main electrical stimulation devices. Since these three products work together as one joint system, the demand for the electrodes and leadwires will be abundant. There are many distributors for the electrodes and leadwires at this time, as this is not Fuji Dynamic’s product. Competitors may try to make a replica of a product, but Fuji Dynamics has already established itself as a first mover, gaining competitive advantages from the start. From my recommendations, I suggest that Fuji Dynamics can buy the electrodes and the leadwires and give it free to a customers and focus on the selling of a TENS machine. This will allow the TENS machine to be viewed as a superior product, designed specifically with the patient’s best interest in mind (Kassel, 2004, pp.  13-17).

Place

Fuji Dynamics Ltd. is primarily an R&D focused company. As stated in the SWOT analysis, they are not great, or experienced, in logistic control. To sell our products, Fuji Dynamics primarily relies on distributors to demonstrate, promote, and advertise their products across Europe and the United States. Fuji Dynamics does have limited marketing status, only preparing literature on the product for their distributors. The distributors are the proper outlets for several reasons, although they make a 30% margin on the blower and a 40% margin on the blankets. Even with this fact, it would not be feasible for Fuji Dynamics to try to market their TENS machines. As stated earlier, we are a manufacturer, and should continue to do what we do best, develop products. Spending the time and money to setup a nationwide network would not benefit Fuji Dynamics in any way, and would go against their core competencies (Coddington, 2004, pp. 36-44).

Promotion

As the current time, Fuji Dynamics do not have any promotional tactics. Although Fuji Dynamics has defined its target market as all the medical distributors other than the hospitals and professionals. This segment comprises a lot of a total TENS machines in the market. The convenient thing for Fuji Dynamics is that the target market will not need to be further segmented. This is due to a fact that the demand for the product doesn’t vary from hospital to hospital. Fuji Dynamics also doesn’t need to worry about specific geographic regions, thanks to its nationwide distributors. Promotionally, Fuji Dynamics should exhibit itself as many as they can be well known by the TENS distributors (Ottman, 2004).

Price

When deciding on a price for the TENS device, I tried to look at the issue from several standpoints. First of all, initial sales of a TENS device are important in the first year of growth to new distributors. Most of a distributors will go through formal decision processes for any purchase over US$20. With this in mind, I have come up with the following recommendations regarding price. To effectively sell the TENS devices, I suggest that Fuji Dynamics sell each device at $18 and include the electrodes and leadwires for free. The device only costs US$10 to make and the fixed cost is about US$1.5 per unit. With the free electrodes and leadwires will cost you an extra US$0.5. Selling at $18 will also allow Fuji Dynamics to gain considerable market share, and obtain a large profit margin due to a small variable cost. This pricing strategy is being used to grab a high market share. However, if Fuji Dynamics wasn’t satisfied with their results, they could lower the price, since a lower price usually yields greater market share. The greatest advantage for Fuji Dynamics in my recommendations is that they will not require distributors to buy the accessories such as the adhesive electrodes with high costs. This would allow the distributors to buy enough TENS devices for a month and a half’s worth of demand. By using this method, we bypass the formal decision process and get our product into a hands of a user immediately. This also allows Fuji Dynamics to position itself against competition that may develop a similar product in the future. By following the recommendations laid out above, Fuji Dynamics Ltd. will have a successful and profitable future. They will position themselves for any setbacks and future rivalries, and have the capital to invest heavily in R&D (Ottman, 2004).

Generic strategies

A very concrete example of applying generic strategies can be seen in the local telecommunications industry. With very few players like Smart, Globe, Sun, Nextel and others, we can easily make a distinction between these companies. We will be able to tell which firm uses cost strategies, differentiated strategies and focus strategies. Since Smart Communications is affiliated with the Philippine Long Distance and Telecommunications Company (PLDT), they have successfully acquired the title of being the cost leader in the telecommunications industry. Why? It is because PLDT owns the rights of providing access to the interconnection of phones in the Philippines. For example, in calling long distance from your cell phone, PLDT pays the foreign server the amount of $0.06 per minute for the service. PLDT then passes this service to Globe, Sun, and Nextel and to other networks for a profitable sum of $0.12 per minute. Then these telecommunication companies pass it to consumers for a hefty sum of $0.40 per minute. This just shows how big the profit margin of Smart in the long distance calls compared to other networks. What more in other services like text, MMS and GPRS? In addition, Smart also owns a number of cell sites which most of the new players in the market uses to interconnect with their facility. Because Smart pioneered the wireless service here in the Philippines, there is no doubt that they surpassed other networks in competing in terms of price because they incur much less cost than others. We can also observe that Globe’s target markets are the upper class while Smart continued to lower their prices to accommodate the masses.

Strategy Implementation

The first barrier towards implementing strategies is resistance to change. 62 % of a managers said that they face much resistance to change, 23 % did not face much, and only 15 % commented that they did not face any. Such an attitude of resistance observed with the majority, will impact the well being of a strategy in achieving the targeted performance. However, the managers added that they would try to do lots of work to reduce such a resistance. One strategy followed is the internal involvement of staff in the exposition of a different strategic planning processes. In addition, they stressed on enriching the inter-institutional communication patterns between top and bottom layers of a organizations. All of ase factors are reflected by how the respondents categorized them as for their importance for strategy implementation. Table below will shows that indeed the development of a strong information system will contribute greatly in the development of internal information needed by all parties (Polonsky, 2005, pp. 84-89).

Importance of Factors Impacting Strategy Implementation

  • Teaching Students 8 %
  • Investment in Equipment 85%
  • Expand customer services 54 %
  • Organize primary care physicians 8 %
  • Need to build Information systems 69 %

In addition to communication, the respondents put special emphasis on factors such as: allocation of resources, organizational structure, organizational culture, and leadership. At first, implementation is part of a day-to-day management, involving resource allocation and scheduling. The selected sample relies mostly on the human resources: medical and administrative, as primary resources to be allocated the most effectively. Finance is simultaneously another important resource that upon which the future of a organization is decided. “If no money, neither progress nor improvement can take place in the organization at all levels.” The others resource include supplies, equipment, and space. Secondly, responsibility is assigned for each aspect of a plan and the implementation is directed through the structure or hierarchy of a organization. In fact, organizational structure plays three important roles: envisioning, energizing, and enabling to change. All the respondents believe that delegation of authority and assignment of responsibilities, escorted with the establishment of relationships among people and various units are the basis upon which they stress to implement their strategy. It is important to note that here trust and open communications are emphasized. Thirdly, the organizational culture is essential to manoeuvre change. (Qu, Riliang 2005 82-89)

The value system practiced within the organization will create the suitable atmosphere for best implementation of a strategy. Therefore, the more flexible the culture is the less the opposition to new changes. Respondents to this study exhibited an even distribution in their cultures as follows:

    • Organization has very rigid culture 8%
    • Organization has a rigid culture 8%
    • Organization has somehow a neutral culture 53%
    • Organization has flexible culture 23%
    • Organization has a very flexible culture 8%

As for the leadership practiced in the hospitals, 38 % of a managers follow the management team leader style. The manager functions as a partner with board members, and relies more on knowledge, attitude, skills, and information sharing habits more than on formal authority and control to move the organization towards desired goals. Another important fact is that 54 % follow a combined style of leadership, with an emphasis on the coordinator and the management team leader (30 %). This shows that most of a directors are flexible and are aware of a happenings. This matches the fact that a team leader approach can function well in any culture (McDonald, 2004).

Strategic Control

All respondents follow the same control process. The different types of a control process as practiced are: An evaluation of what was accomplished versus the targeted goals or specific predefined criteria, and the reasons behind the gap. Frequent reporting and establishment of deadlines; control is done during the implementation, a statistical analysis if necessary, along with a periodic evaluation of a outcomes followed by an annual revision of a strategy (Polonsky, 2005, pp. 84-89).

The Feedback Approach Followed

    • Conversation 92%
    • Reports 46%
    • Frequent team meetings 46%
    • Proctoring 8%
    • Direct contact 77%
    • Interviews 15%
    • Use of questionnaires 8%

Finally, the most important support system for the control process is to be able to gather the relevant information that enables the organization to analyze any existing gap, and take future corrective actions. All respondents emphasized the importance of a well-developed management information system despite the fact that only 77 % do own one (Chi et. all, 2005).

Conclusion

Fuji Dynamics Ltd. has been operating in Hong Kong for 22 years since 1978. Worldwide economy is still sluggish and globalization is accelerated. Fuji Dynamics needs to do business from a global perspective, as the ability to realize quality management at the global standard is the sole key for survival. We will continue to maintain an innovative business model with low-cost and reasonable price structure but maintain high quality. We will undergo a cost structural reform to lower product sourcing costs as well as sales and administrative expenses. We also benefit from the lowering of commercial rent for cutting cost and for further development as well (Fox, 2001, pp. 1-15).

On the other hand, we will also adopt business strategies incorporating proactive tactics to react swiftly to a ever-changing customer needs. Fuji Dynamics Ltd. will continue to innovate itself from the viewpoint of customers and commit itself to a “Customer First” principle. In 21st century, intangible assets such as brand name are important sources for competitiveness. Fuji Dynamics wins the Top Service Award 2002 launched by the NEXT Magazine, which further represents our public recognition. We will keep on supporting the community programs, especially on environmental protection issue, to care of a societal needs. Further to a success of a Europe market such as United Kingdom, Germany and France, we will further develop the market by leveraging Fuji’s sales experience and the huge development potential. We have every confidence that the Fuji’s Medical product in Mainland China will bring in significant returns to a company (De Chernatony, 2004, pp. 16-21).

References

Kassel, A. How to write a marketing plan MLS: Marketing Library Services, 2004, 13-17(5).

Chi, L., Jones, K. G., Lederer, A. L., Li, P., Newkirk, H. E., & Sethi, V. (2005) Environmental assessment in strategic information systems planning: International Journal of Information Management, 25(3), pp. 253-269.

De Chernatony, L., & McDonald, M. H. B. (2004) Creating powerful brands (3rd ed.). Oxford: Elsevier Butterworth-Heinemann, pp. 16-21.

McDonald, M. H. B., & Morris, P. (2004) Marketing A complete guide in pictures: Oxford, Elsevier Butterworth-Heinemann, pp. 117-28.

MacMillan, K., Money, K., Money, A., & Downing, S. (2005). Relationship marketing in the not-for-profit sector: An extension and application of a commitment-trust theory. Journal of Business Research, 58(6), pp. 808-818.

King, S. F., & Liou, J. (2004). A framework for Internet channel evaluation. International Journal of Information Management, 24(6), 473-488.

Bohlen, Greg, Bodo Schlegelmilch, and Adamantios Diamantopoulos “Measuring Ecological Concern: A Multi-construct Perspective”: Journal of Marketing Management 9, no. 3, 2005: pp. 415–430.

Coddington, W. Environmental Marketing: Positive Strategies for Reaching the Green Consumer. New York: McGraw-Hill, 2003, pp. 36-44.

McDaniel, S. W., and D. H. Rylander. “Strategic Green Marketing”: Journal of Consumer Marketing 10, no. 3, 2005: pp. 4–10.

Ottman, J. “Ignore Environmental Issues at Your Own Marketing Peril.” Brandweek 35, no. 19, 2004.

Polonsky, M. J., and A. T. Mintu-Wimsatt, eds. Environmental Marketing: Strategies, Practice, Theory and Research. New York: Haworth Press, 2005, pp. 84-89.

Olson, Eric M., Stanley F. Slater, and G. Tomas M. Hult (2005), “The Performance Implications of Fit among Business Strategy, Marketing Organization Structure, and Strategic Behavior,” Journal of Marketing Vol.69, pp. 13-56.

Qu, Riliang and Christine T. Ennew (2005), “Developing a Market Orientation in a Transitional Economy: The Role of Government Regulation and Ownership Structure,” Journal of Public Policy & Marketing Vol. 24(1), pp. 82-89.

Fox, Richard J., Swaminathan, Vanitha and Reddy, Srinivas K. (2001), “The Impact of Brand Extension Introduction on Choice,” Journal of Marketing Vol.65, pp. 1-15.

Tellis, Gerard J., Chandy, Rajesh K. and Thaivanich, Pattana (2004), “Which Ad Works, When, Where, and How often? Modeling the Effects of Direct Television Advertising,” Journal of Marketing Research Vol. XXXVII (2000), pp. 32-46.

Ones, John Philip and Blair, Margaret H. “Examining “Conventional Wisdoms” About Advertising Effects With Evidence From Independent Sources,” Journal of Advertising Research, 2006, pp. 11-18.

Check the price of your paper