A Framework for Marketing Management †Myassignmenthelp.com

Question: Describe about A Framework for Marketing Management. Answer: Carnival Cruise PLC operates in a business environment that is challenging and full of many risks. Competition within the sector is high with different giant companies operating similar businesses. However Carnival Cruise line has been performing greatly despite facing a few challenges within its line of business. Competitor Analysis Carnival faces major competition from Royal Caribbean, Disney and Norwegian Cruise line. All the three companies operate in the Cruise line with Disney Cruise having its own private island while Norwegian Cruise line runs free style cruising that allows customers freedom of choice. Further the company competes with other vocational alternatives in the same line. The company also competes with other service providers that operate in overlapping segments. To be able to meet competition Carnival Cruise needs to find a way of meeting the needs of the customers while offering better services that are cost friendly and can improve returns on investment (Wheelen Hunger, 2012). Strategic Recommendations The company needs to place itself strategically to be able to increase its customer base that will increase returns. Since other competitors also compete for passengers in Europe the need to establish diversified destinations in all other continents will be a strategic idea. The company needs to diversify the line of business to try and invest in other cruise related opportunities. Diversifying the business opportunities will mean the company spreads its risks that will enable the company survive during economic recessions (Kottler, 2003). Creation of Alternatives Creating business alternatives means investing in other business enterprises. The company makes purchases for travel agency services, advertising, fuel, food and hotel. Investing in some of this business lines will benefit the company by minimising purchase related costs. The company can also offer these services to other Cruise lines that compete with Carnival. Risk/Scenario Analysis The rise of terrorism and security issues were the biggest threat to the cruise line. These posse higher risks in business since customers are keen on their security. The company has to comply with international safety standards and security protocols to ensure that its services are safe. The frequent inspection of ships ensures that safety and health related risks are avoided. Carrying out regular inspections assures customer safety which improves customer trust. Recommendation Competition is healthy in any line of business, a SWOT analysis of the company and the application of Porters five forces reveals that the company needs to invest more in controlling the existing market so as to block new entrants. The application on information technology within the business operations will increase efficiency which will lead to customer satisfaction. Hendry (2000) states that embracing modern technology and business decision making tools and models will change the business operations that will increase efficiency and quality of service. Aggressive marketing of the business and the use of social media will open a customer interface where customers can book online and can make recommendations based on the services that they have experienced. Management Actions Management has to invest in modern business decision making tools and processes and ensure that employees are inclined to modern business management practises. Investment in information technology will entail a cost to the Cruise line and thus management has to effectively plan on how information technology will be fused into the business process (Figueira, Greco and Ehrgott, 2004). Since this will need resources and structural changes within the company, this means that management has to be prepared to adopt the structural changes that will be aligning the company with the new business processes. From competitor analysis and strategic recommendations proposed for Carnival airline, the need to adopt modern business tools and processes that can improve efficiency will enable the company face its competitors. Adopting information technology within the business environment links the business to its environment making it easy to gather market information and asses areas of weakness that need improvement. References Kotler Phillip (2003). A Framework for Marketing Management. 2nd ed., Upper Saddle River, N.J. Prentice Hall. Figueira J., Greco, S. and Ehrgott, M. (2004) Multiple Criteria Decision Analysis: State of the Art Surveys. New York Springer. Hendry, J. (2000). Strategic decision making, discourse and strategy as social practice. Journal of Management Studies, Vol 37, 955-977. Wheelen Thomas Hunger David (2012). Strategic Management and Business Policy, Toward Global Sustainability. New Jersey, Pearson.