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Marketing Strategy Assignment: Case Analysis of Dexiotis Ltd

Question

Task: Prepare a marketing strategy assignment presenting the various marketing aspects of Dexiotis Ltd that is a firm engaged in providing security solutions to the firms in Hungary and Cyprus.

Answer

Introduction
Dexiotis Ltd is one of the leading security services providing companies that have provided security solution for the public as well as private sectors. The company has a global reach and have been working in two countries such as Hungary and Cyprus. The main attractiveness of the company is their effective and efficient security solutions for the organization irrespective of the type and size of the organization. Apart from the security services, the company has engaged in measuring audit, control and quality assessment for the betterment of the different kinds of organization. The company also provides an analysis of the current situation along with the tailor-made solutions to a specific security issue that an organization witnessed in the work process. Moreover, the company has a training hub for developing the specialist in the security section and it has been achieved through training that Dexiotis has provided. The main reason for providing the excellent services lies behind their group of expertise as most of the multidisciplinary experts have a background in police and military services, scientist and academic coaches, directors of different firms and security specialists. The security agency not only provides interdisciplinary and cross-functional approaches for the solution but Zsolt Perjesi, the founder of the company has promised that the company is capable of delivering an environment where the aided organization have got a chance to renovate the working style with creativity. It has helped the customer organization to attain the highest level of satisfaction through the services.

However, as the company intended to expand to more countries like the United Kingdom, the company has faced various obstacles in that process. It has been seen that the company have an under-developed marketing initiative for entering a high profile country like the UK. This particular drawback of the marketing strategy that the company have, created a major barrier for Dexiotis to expand in the targeted market. For that respect, the company has employed a consultant for aiding them to find out the loopholes of the current strategy of the company along with the development of an effective strategy for the company which will help the company in entering the new market. As per the demand of the owner of the company, the consultant has to create a band image of Dexiotis in the UK market so that they can also be recognized in that new marketplace.

Aims and Objectives
The main aim of the study is to create a marketing strategy for Dexiotis and evaluate the various opportunities that can help the company in developing its brand image in the UK market. Apart from that the company also gives some objective that the consultancy has to meet and those are

  • To conduct a market analysis of the UK
  • To develop the suitable parameter of the existing marketing strategy of the company with its effectiveness in the new marketplace
  • To construct a new marketing strategy that will help the company in flourishing the new market
  • To evaluate the marketing plan with respect to the practical cost estimation.

Objective 1: Market and Environment Analysis
Environmental audit is a specific type of evaluation process where the main aim of the process is to discover compliance and gaps of the management system which have practised in the organization against the new marketplace. It is basically concentrated on the corrective actions that a company can consider prior to entering a new market. It is generally different from financial audits, however, it is analogues to the working function of a financial audit. In order to explore a new target market it is important to identify the macro-environmental status of the economy and for that PESTLE analysis is considered as an effective tool. On the other hand, the five forces of Porter can be beneficial for the company to investigate the competitive nature that the new market will provide at the time of entry.

PESTLE Analysis

Factors

Details

Political

·         Political constancy as well as the prominence of Sanctuary and Protection Services sector in the economy of the country

·         Jeopardy of an army invasion

·         Officialdom as well as intervention in Security and Protection Services industry by the administration.

·         The lawful context for agreement implementation

·         Logical property fortification

·         Vocation guidelines plus tariffs associated with Facilities

·         Preferred transaction partners

·         Anti-trust laws related to Security and Protection Services

Economic

·         The intervention of the Government in the market and related services

·         Exchange rates and stability of host country currency

·         Effectiveness of monetary markets

·         Arrangement excellence in Security and Protection Services industry

·         Comparative advantages of the country related to security

·         Skill level of the labour force in the Security and Protection Services industry

·         Education level in the economy

Social

·         Demographic and level of skills of the people

·         Hierarchy of the class and power

·         Educational standard and level as per security and protection aspects

·         Broader nature of the society along with the spirit of entrepreneurs

·         Leisure interest of the people

·         Attitudes related to the environmental consciousness and health

Technological

·         Development of the technology according to the demand for security

·         Technological impact on product and service offering

·         Technology and its impact on cost in the security aspect

·         Impact of the value chain with relation to technology

·         Rate of technological diffusion

Legal

·         Discrimination Law

·         Employment Law

·         Health and Safety Law

·         Data Protection Law

·         Consumer Right Law

Environmental

·         Weather

·         Climate Change

·         Collusion

·         Recycling approaches

 

Table 1: PESTLE Analysis of the Industry
(Source: As Created by Author)

Description
Political Factors:

The UK is one of the most powerful countries across the world in terms of its political approach. It has been seen that the country consists of modern parliamentary democracy with a monarch approach. Although the UK is greatly known for their political stability, the invasion of Brexit has created some uncertainties and debates. On one hand, political stability has created a welcoming nature for the security and protection service providing companies. Apart from that risk associated with militants and changing environment with Brexit has created a great demand for a security approach for the economy. The UK has maintained a good relationship with different countries and invites international businesses to their countries and as a permanent member of the United Nation, the country can be one of the attractable markets for foreign businesses (Christodoulou & Cullinane, 2021).

Economic Factors:
Dexiotis have to consider the economic market of the country before entering the market as aggregate demand and aggregate investment in an economy is playing a crucial role in marketing. The company can use the different economic factors such as inflation rate, growth rate and economic contribution to the security section, for the evaluation of the market environment. From the analysis, it has been seen that UK is considered as 6th largest economy according to their nominal GDP. The national living wage for 23+ is 8.91 pounds and it is increasing with time. This figure helps in understanding that the government has put a firm look on the economy and due to the concerns of Brexit, it has invested more in security approaches (Sarwar et al., 2016). It has been seen that the labourers of security services are well-educated as they are given well support from the government.

Social Factors:
It has been seen that the country has outnumbered the death number with the birth number as it denotes the healthy livings of the peoples. With that respect, it is expected that the number of old aged people is increasing day by day. At the same time, the different firms and companies have taken a greater initiative to increase the protection regarding safety. On the other hand, the country has implemented a labour market as well as a health care system so that every aspect can be secure in private and public life. The history of the country also denoted that the educational standard is high among the people and they are highly concerned with environmental safety. These practices have created the country more appropriate for a security service providing company (WidyaYudha et al., 2021).

Technological Factors:
England is considered as one of the technologically advanced countries and the country is the hub of technical institutes. With the growing concerns in technology, there is a high demand for security in the section of every aspect. With the growth of technical approaches, the different organization demands more security so that the information cannot be breached. The advanced level of technology has created a major distinction for businesses related to security services as the country shows interest in contributing in this section (Achinas et al., 2021).

Legal Factors:
In order to serve business in the UK, every company has to obey the regulations of the Employment Act 1996, which helps in the protection of the different wages of the employees like sick pay, holiday pay, maternity and paternity leave and minimum wage. Moreover, the Equality Act 2010 has created a similar approach where the discrimination of gender, race and colour has been dissolved (Phan, 2021).

Environmental Factors:
In order to enter a new market, the most effective macro factor is the environment as it has a direct impact on the business process. However, the government of the UK has taken various steps to clean the environment so that foreign businesses can develop their business in the country. However, the most challenging aspect is that the country faces bad weather environmental issues and it affects most of these businesses (Kordana, 2018).

PESTLE Analysis in marketing strategy assignment

Figure 1: PESTLE Analysis
(Source: Kordana et al., 2021)

Opportunities and Threats
From the analysis, it has been seen that the UK market has created a number of opportunities in the field of educational and social advancement along m with the developed country in the aspect of technology. Moreover, the different legal approaches like the Employment act and equality act ensures the employees future that also helps the foreign companies to grow in a new market. However, the climate and weather is a big challenge for Dexoitis as bad weather will put a great impact on the business process. On the other hand, the Invasion of Brexit is forced to detach from the EU which will put a negative impact on the Business as detachment from European Union will restrict the company in developing the brand image by reducing the reach (Green et al., 2018).

Porter 5 Forces Analysis
Porter Five Forces framework has been used for the analysis of the long-term attractiveness of an industry in a new market. It is helpful in understanding the challenges a company can face from the existing similar companies in a new market. It is highly effective for a company to decide the competitive level of the industry and the effectiveness of entering that market. The main reason for the evaluation of the model is to find the competitive nature of the new market so that the company can develop an appropriate strategy to build the brand image in that market.

Competitive Rivalry
It is considered as one of the primary determinants where the main concentration lies on the competition and profitability. It helps the company understand the existing competitor forces from the market. It not only helps in determining the competitors but also helps in identifying the advantages of that company and how it can be utilized in the marketing strategy (Miskowiak et al., 2019).

Supplier Power
It has been seen that the existing competitors generally offer low-quality services at a high price as the requirement of security approaches is high in the UK. As this information has created a major aid for Dexoitis, the company can concentrate on the price only. The implementation of quality services at budget-friendly cost can help them create a brand image in the UK market (Hine et al., 2018).

Buyer Power
Buyer power is one of the effective criteria that has directly impacted the strategic approach of a new company. Generally, it has been seen that buyer demand lower price but high-quality services form the security section and irrespective of the other similar firms, Dexoitis have provided quality security services towards the public as well as a private organization in reasonable price. It will help the company to build the brand image in quick succession (Ji et al., 2018).

Threat of Substitution
The threat of substitution is one of the major parts of marketing in a new market as the UK market has heavyweight companies like G4S and Securitas Security Services Ltd., which as a market share of 25% and 11 per cent respectively. It is important for Dexoitis to analyze the competitor size and capital before creating the cost structure. Introduction of product and service uniqueness and analysis of the horizontal threat can create more value for the company (Pandean &Hansun, 2018).

The threat of New Entry
As a new entrant, Dexoitis have to analyze the suppliers and distributors so that the company can get access to the market and demand. The analysis of the government regulation and working pattern of the existing competitors can offer more values in constructing the entry strategy in a new market (Bruijl, 2018).

PESTLE Analysis in marketing strategy assignment

Figure 2: Porter Five Forces
(Source: Pervan et al., 2021)

Objective 2: Market Strategy
According to the view of Zsolt Perjesi, the company would like to expand in the UK market as a part of more globalization process besides the working area of Hungary and Cyprus. The successful business process and outcomes make him decide to expand more. As with the help of macro analysis of the UK market environment, it can be said that the market will be one of the greatest markets for the security industry because of its advancement in technology and related security. In order to develop a new marketing strategy for entering the new market, it is essential for the company to examine the existing marketing approaches which were implemented in the work process of those two subsidiaries. For that purpose, the use of the STP model and 4P can be useful and it will help the study to determine the existing strategy of Dexiotis Ltd and its suitability in the new market (Jewel & Kalam, 2020). The STP model is helpful in simplifying the process of market segmentation. It further helps in targeting the market and group of people and helps them understand the positioning of the products and services related to the group. On the other hand, 4P are the essential marketing tools that the company use to peruse the marketing objectives.

STP Analysis
The STP model is used as a marketing tool and it is concentric on finding the absolute key in order to serve the market successfully. The analysis of the existing marketing strategy with STP can help the study in understanding the existing marketing process and strategy that the company used in the other two subsidiaries. The three factors of the model are segmentation, targeting and positioning (Wuryandani et al., 2018). With the detailed view on this model, it can be stated that segmentation of market and identification of targeting group is the key for positioning of the products.

Segmentation
In the process of segmentation, the main focus of a company lies in the division of the market into different groups according to some criteria. It has been seen that there are numbers of criteria for doing that and the most effective ones are Demographic Segmentation, geographic segmentation, psychographic segmentation, and behavioural segmentation. In demographic segmentation, the main focus is on the age, gender, education level and occupation of the people. As the company serve security services, they mainly focus on the educated section of the society especially targeted those big private and public organization who have been dealt with the different secret and confidential works. The company has worked in two countries of Europe as it helps them manage the market in a similar environment ("Segmentation in Social Marketing", 2017). Apart from that psychometric segmentation divides the market according to the people's lifestyle and views regarding political approaches and religion. As adoption of external security is still considered a luxury, the company generally divide the market according to people's lifestyle and size of the organization in organizational approach. The main segmentation tool that Deciotis has used in those two subsidiaries is behavioural segmentation as it helps the company in understanding the market by use of their products and purchasing frequency of the services from the company (Olaleye et al., 2018).

Targeting
The targeting process is generally considered as the particular approach of segmentation as here the company looks back to the segments that have created and determine the exact and profitable segment for their market strategy. It has been done with the help of micro conversation analysis like the calculation of the numbers of signups. The size of the segment is playing a great role for a company. As the company headquarter is in Hungary, where they provide all types of security services for all sizes of private and public organization along with individual section like homes and societies. However, in Cyprus, as it is a foreign country, the company mainly targeted the big associations with high requirement of security as it is more profitable for the company as well as it is easy to handle an organization rather than individual aspects. The reachability of the company to the targeted customer is essential for the marketing strategy (Kipnis et al., 2021). For that purpose, Dexiotis has targeted the big public and private companies as it is easy to reach and handle the circumstances in a broader way. Consideration of the customer acquisition cost is one of the key factors and the company has found it high at the organizational level.

Positioning
The final step of marketing strategy is the positioning of the services by considering the previous two approaches. It is helpful in determining the advantageous approaches for the company as there are many other companies that have provided similar kinds of services. It has been seen that the previous two steps help the company in identifying the proper niche. As the company works with security services, the company has focused on developing the services by building the brand image. The company provides additional services like training the security and attractiveness which make the company more adaptable for the customer organization. As the company only works with the organization of big scale in the international market, it has been seen that the popularity of the services is well-accepted in the big and effective organizations. They are very optimistic about identifying the specific problems that the customer organization has been facing and deliver appropriate solutions with creative and unique processes (Nuraini&Purwanegara, 2020). It has been seen that the detailed analysis of the problems by involving in the organization work process helps the company to make more emotional connection with the customers and training and development facility has also motivated the customers to be engaged with Dexiotis Ltd.

PESTLE Analysis in marketing strategy assignment

Figure 3: STP Model
(Source: Gross & Laamanen, 2018)

Evaluation of Current Marketing Strategy (4P)
The marketing strategy is one of the essential things for a company in order to survive and dominate the competitive market and it became more important when the company works in the global market. The marketing mix is considered as a combination of all the actions and decisions that a company adopt for launching its products and services into a specific market. The classical marketing mix that is the 4P model contains product policy, pricing policy, distribution of services and communication policy. It has been seen that successful implementation of the 4P can generate successful nature for the company in the competitive marketplace (Thabit&Raewf, 2018).

Product
Dexiotis has famous for their customer services as they mainly concentrated on the development of services according to the needs of the customer. As the company deals with the other companies, Dexiotis have got a lot of time for and analysing the issues related to the company and making the correct solution on a broad scale. Apart from that, the company has provided security services according to the type of the organization as the private sectoral services are hugely different from the public one as the public organization requires more security and confidentiality whereas private organizations demand uniqueness in the services (Sudari et al., 2019).

Price
The prime cost is always essential for a company in order to make a marketing strategy. As Dexiotis is associated with the security services along with the development and training of the security section, the pricing of the services got enhanced. Apart from the services, as the company regulate in the international market, it has been seen that they have to be charged with additional taxes as it deals with the security. For that scenario, the company has generally targeted the big corporations so that they can deal with the pricing policy of the company despite the individual services (Matic et al., 2019).

Place
Distribution strategy refers to the effectiveness of the services towards the customer companies in proper time. As Dexiotis is working with private and public companies, the distribution of the services is also direct in nature. In most of the cases, the expertise has reached to the customer company for delivering the services and installed all the equipment and monitoring room to that company so that the information cannot be breached due to the technical difficulties. Furthermore, the company involves in direct sales services which have helped the company to connect with the customers directly and also reduced the middle man cost during the service (Rizqi&Sutanto, 2021).

Promotion
The promotional process is one of the greatest factors for a company marketing strategy when it is dealt with in the international market. Dexiotis generally prefer direct proportioning where they advertise their services through different public or private security events. In those places, the representative of the company directly talked with the different customers about their problems and primitive solutions. After being approached, the company has sent experts to investigate the situation for Customer Company and it helps in building a relationship by maintaining confidentiality (Dost et al., 2018).

PESTLE Analysis in marketing strategy assignment

Figure 4: Marketing Mix (4P)
(Source: Esmaili et al., 2017)

Objective 3: Development of a Marketing Strategy
Social Media Marketing Strategies

In the era of digital advancement, the introduction of social media marketing is playing a great role in relation to the other traditional strategies related to marketing. It has been seen that Dexiotis have an official website which plays a great role in marketing segment apart from that the company have their own pages in different social media platforms like Facebook, LinkedIn, Twitter, and Instagram. With the analysis of the UK market, it has been seen that 10,000 Users have submitted positive comments to their social media platforms and with the response of the people, it can be estimated that the company can capture 20% of the market share at the end of their first year of expansion (Wang & Kim, 2021).

Quality is considered one of the most valuable keys for a business and content has no exception in this regard. Content marketing is one of the most used and effective marketing strategies that has been used by companies in the international marketing approach. The main aim of content marketing is to create quality content about the working pattern of the company with a feedback section where the users of the services that the company delivered. It is one of the simple but most effective social media marketing approaches that can be taken by Dexiotis. It has some positive sides as the regular basis quality contents by SEO in the social media can engage the followers with the improved services that the company offers (Alalwan et al., 2017). In the process of international marketing, it plays a great role and it also resembles the direct advertising approach of the company. Despite the capability of attracting the organic audience, this process requires no such investment and without investment, it can be an effective marketing approach for the company as social media is now the most active connecting medium among the people as well as it is effective in organizational level. It can be done in three simple steps such as content curation, social sharing, and monitoring. It starts with understanding the audience first and then creates the content. Next, it has to be shared regular basis so that customers can be updated. Monitoring is essential for the company as it helps the strategy to make a perfect approach by considering the demands against the marketing process (Yao et al., 2018).

The creation of a community is another great social media marketing strategy that can be enforced in the marketing segment of Dexiotis. Social media marketing is not only concentric on the post but also should be active in nature. Assimilate temperament through humour as well as emotions into the posts so that the audience of the company can narrate to the brand. These kinds of approaches are helpful in building the brand image in the new marketplace. Social media is all about being social, and if the customers see the same types of posts time and time again, they will lose interest. For that reason, it is important to remain active with respect to interaction with the customers and it can be developed through the development of a community of interested customers (Tafesse& Wien, 2018).

4P Marketing Strategy
Dexiotis Ltd can improve its marketing initiatives by providing focus on the strategies to differentiate its services from the other competing firms in the same market. The firms can personalise its services according to the needs of the firm that is the client of Dexiotis Ltd. The firm can improve the quality of its service manifold according to this strategy. The aspect of personalization can also be implemented towards the cost strategy of the firm. The firm can target the smaller firms; however, the firm would need to adjust the cost according to the services provided and the structure and size of the client firm. The firm would need to strengthen its policies for entering into the UK market. The firm should try to enhance the techniques for reaching out to the potential client firms so that they would get to know more about the services provided by Dexiotis Ltd.The firm can utilise the techniques for personalisation in the promotional aspects as well. The firm can try to reach out to the potential client firms directly and give them a brief of the services provided by them and the chances of conversion of the clients would thus be much higher in this case (Malhotraet al., 2017).

STP Strategy
The segmentation, targeting and positioning strategy would be much more important in case of entering the market of the UK (Wuryandani, Ismoyowati&Nugrahini, 2018). The firm can continue with the segmentation strategy according to the behavioural profile of the potential clients. However, the firm can ensure the accuracy of the endeavour by increasing the scope of the segmentation by including the specific conditions and situations of the firms and the similar group of clients can be segmented in one particular segment. The targeting strategy of the firm can also be increased by this method. The firm can design one particular strategy for targeting the firms that are in one particular group as the situation of the firms are similar and hence, they would need similar services. The efforts needed on the part of the firm would also be less in this scenario. The firm can position itself as a firm that can provide personalised services for ensuring the security of the clients. The personalised services aspect can help the firm in differentiating itself from the other firms that can help the firm in attracting and retaining most of the clients that the firm would target in the markets of UK.

Objective 4: Implementation Plan and Cost Estimations
PESTLE Analysis

The firm can utilize the opportunity for increasing the security activities since the threat of risks associated with militant activities has been increasing ever since. The Brexit and its changing political landscape have been increasing the risks and the firm can develop solutions aimed at mitigating these risks. The government is welcoming of the initiatives of the firms to increase their security and Dexiotis Ltd can utilise this opportunity to increase their presence in the market. However, the economy of the UK has been through a rough patch since the COVID-19 pandemic has badly impacted the economy. Hence, the firm must look forward to optimizing the cost expenditures and this can be done by appointing a cost accountant, who would be able to help the firm understand the different aspects of the expenses and how to reduce the expenses. The high rate of education and skills in the country can contribute to a skilled workforce of the firm. Moreover, the technological advancement of the country is helpful for the firm as the firm can use this for strengthening the operations of the firm and better equipment can be used by the firm (Philip,2017). The firm must abide by the laws and regulations of the country for having a better brand image and ensuring profitability.

Ansoff Matrix
The matrix can be utilised to provide insights into the strategy that can be utilised for entering the markets of the UK.

  • Marketpenetration: The firm would not be able to utilise this strategy for entering into the markets of the UK since this strategy is mainly focused on increasing the market share f-of the already existing products of the firm in the same market of the firm (Baker & Hart, 2016).
  • Product development:The firm can utilise this strategy for increasing the market shares in the already existing markets, however, the firm would not be able to utilise this strategy for entering the UK market as it is a new market for the firm.
  • Market development: This strategy would be the most appropriate strategy for the firm in entering the markets of the UK. This is because the firm already has successful products (Security services) in the markets of Hungary and Cyprus, which the firm can utilise in case of the UK markets.
  • Diversification: This strategy can be utilised by the firm for entering the UK markets as it can provide the firm with a better chance at success. However, there can be some risks associated with this as new product would be utilised in this strategy.

Porter’s Generic Strategies
Cost leadership: This strategy would require the firm to have an extensive knowledge of the prices that are relevant in the security industries and the firm can charge the clients with the nominal charges that are the average rates pertinent to the industry (Islami, Mustafa &Latkovikj, 2020). This strategy can be utilised by Dexiotis Ltd for the UK market.

  • Differentiation:This strategy would require the firm to be able to develop their services and show the clients that their services are better than those of the competing firms. This strategy can be utilised by the firm by ensuring personalised services to the clients. Thus, this strategy would be beneficial for the firm in the new markets.
  • Cost focus:This strategy can be useful for the company in getting an idea regarding the types of clients and the part of the market that can be the niche of the firm. However, this strategy can be a bit restricting for the firm as they would not be able to increase their market share easily.
  • Differentiation focus:This strategy would require the firm to develop new products and be able to differentiate themselves from the rival firms. However, this strategy would not be very suitable for the firm as it would not add up to the scope of the firm in the UK market.

VRIO Framework and Resource Based View
The VRIO framework can be utilised to get ideas about the internal environment of the firm, which can be leveraged for preparing the strategy that can be helpful for the firm. The VRIO framework is utilised after forming the Resource based view (RBV) that gives the competitive advantage achieved by the different attributes and resources of the firm (Knott, 2015). A RBV and VRIO analysis have been conducted for Dexiotis Ltd as follows.

Attribute

Valuable

Rare

Inimitable

Organised

Competitive Advantage

Cheap capital

Yes

No

No

Yes

Sustained competitive advantage

Highly skilled workforce

Yes

No

Yes

Yes

Temporary competitive advantage

Communication channels with clients

Yes

No

No

Yes

Temporary competitive advantage

Advanced equipment

Yes

No

Yes

No

Temporary competitive advantage

Research and development

Yes

No

Yes

Yes

Temporary competitive advantage

Brand awareness

No

Yes

No

No

Temporary competitive advantage

Customer loyalty

No

Yes

No

No

Temporary competitive advantage

Utilisation of digital platforms

Yes

No

Yes

No

Temporary competitive advantage

Table 2: Resource Based View
(Source: Created by the learner)

The analysis shows the firm has a number of strengths in the internal environment. These include the financial capital of the firm, the quality of the services of the firm, etc. However, the firm would need to develop the other aspects to gain a strong position in the market.

Integrated Marketing Communication (IMC)
IMC refers to the strategic, promotional and collaborative functions for marketing that can help a particular firm to influence the customer buying behaviour and enhance the marketing initiatives of the firm (Yurdakul&Bozda?, 2018). This can help the firm to optimise the marketing tools available. The firm must identify the communication methods that are available to the firm. This may include the marketing channels such as social media, email, and etc. The firm can utilise social media marketing, email marketing and content marketing methods to target the potential clients.Consequently, the firm must develop a marketing communication plan. In case of Dexiotis Ltd, this would include the personalised approach for targeting the clients and thus the firm can leave a better impact on the clients and convert them. The firm must have a good understanding of the decision-making processes of the customers. Thus, the firm would have a better knowledge regarding the ways that the services can be improved in order to give a better service experience to the clients. Moreover, the firm can utilise a number of resources for the implementation of the marketing communication plan so that the marketing initiatives is able to reach a large number of the potential clients.

Budget Estimation

Activity

Estimated Cost (in $)

Development of marketing plan

2500

Market Survey

2500

Consultation (3 consultants)

1500

Online marketing

1500

Offline marketing

1000

 

Table 3: Budget of the Project
(Source: Created by the learner)

Recommendations and Conclusion
Dexiotis Ltd is a major firm in Hungary and Cyprus that deals in providing security solutions to the big firms in those markets. The firm has been planning on entering the market of UK and for this the firm must bring about changes in the strategies followed by them in the existing markets of Hungary and Cyprus. The firm can introduce personalised services for its clients that would be able to provide specific solutions to the clients for the different problems faced by them and thus the firm would be able to provide better services to its clients. The firm would also need to reduce the cost expenditures and this can help them in enhancing the chances at success in the UK market.A cost accountant can help the firm in manging the finances better. The firm would need to target the different firms irrespective of their sizes since the UK market has a large number of smaller firms that can be a strong customer base for the firm. The firm can utilise the differentiation and diversification strategies for the markets of the UK. The firm would be new to the UK market and these strategies can help the firm in this aspect. The firm would need to utilise the cost leadership strategy that can help the firm in establishing itself as a trust-worthy firm with a considerable market share in the UK markets.This can further accelerate the operations of the marketing activities and more and more similar firms would be interested in getting the services of the firm. Dexiotis Ltd would need to strengthen the IMC aspect of the firm to ensure its success in the markets of the UK.

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Reflection
The opportunity for conducting this research study on marketing has been very fruitful. The study is mainly focused on the different aspects of the marketing of Dexiotis Ltd, which is a firm based in Hungary that provides security services to firms in Hungary and also Cyprus. The firm is set to enter the markets of the UK and hence the study aims to provide useful insights into the markets of the UK that can be utilised by the firm for strengthening the marketing initiatives for the same. The study has been conducted by the use of several theories related to marketing that are pertinent in the case of companies from all types of industries. This is especially relevant in case of conducting the analysis of the market of the UK. The macro environment of the market, with special focus of the particular industry is very important in this case. The theory of PESTLE Framework has been very useful in this case as the different aspects such as the political, social, economic, legal, etc. can be effectively evaluated. Thus, this tool has been very useful for me in conducting the analysis of the macro environment of the UK markets. This analysis has also helped me understand the opportunities and threats that would be presented by the UK markets. The analysis thus helped me inspect the different number of ways that the firm could be impacted in the new markets that the firm intends to expand to.

The analysis of the security industry is also very necessary in this case and this has been done with the help of Porter’s Five Forces analysis. This theory is fundamental in providing a clear view of the different factors that shape the landscape of business within that particular industry. This is even more important in case of Dexiotis Ltd since the firm in new to the markets of the UK and the insights gained from this analysis has been very useful for the firm in deciding the further course of action. This analysis has helped me understand the level of competitive rivalry that is present among the firms that operate in the security industry in the UK. The bargain powers of the customers and suppliers can also be understood from this. Moreover, I could understand about the threat of substitution that exists in the market and the barrier that Dexiotis Ltd may face while entering the markets of the UK. Thus, the business strategies of Dexiotis Ltd could be developed by the insights that have been gained from the analysis. This was the second objective of the study, that is, the development of the marketing strategy of the firm. The development of a proper marketing strategy of the firm is indispensable to the success of the firm. a number of theories have been used in this regard that have helped me understand the different facets of the marketing initiatives of a firm.

The existing marketing strategy of the firm has been analyzed initially. This has been done with the help of the STP analysis. This theory is aimed at understanding the segmentation, targeting and positioning strategy that has been utilized by the firm in case of the existing markets of the firm, in Hungary and Cyprus. The marketing strategy of the firm was also inspected with the help of the 4Ps analysis. This theory is used for gaining knowledge regarding the product (service, in this case), price, place and promotional initiatives undertaken by the firm. This tool has allowed me to have an in-depth understanding of the services provided by the firm. The security sector of industries is mainly based on the trust that the clients choose to place on the firm. Hence, it is important on the part of Dexiotis Ltd to gain the trust of the clients. This way Dexiotis Ltd would be able to attract more clients. The 4Ps analysis has thrown light on the techniques used by the firm in the already existing markets to gain the trust of the clients. Thus, this theory has also been very helpful in understanding the current strategy of the firm for its marketing endeavours.

The most important objective of the study was to develop a new marketing strategy for the firm. This has been done by the utilization of various tools and frameworks. The first part of this section was developing a strategy for the marketing of the firm over the social media platforms that are commonly used by the target clients. Social media is a very important part of the lives of the people in the modern digital world. Everything is going online and hence it is obvious that businesses would follow suit.

Hence, the formulation of the marketing strategy for the social media platforms is an important part of the overall scope of the marketing strategy of the firm. I have gained used knowledge regarding creation of the social media marketing strategy for a firm and I believe this shall help me further in the course of my work and career. The next part of the study was based on the STP analysis and 4Ps analysis that was carried out in the previous section of the study. However, in this section the scope of these analyses was a bit different as this time the analyses were used to create the future strategy that would be taken up and adopted by Dexiotis Ltd while entering into the markets of the UK. The last section of the study was focused on designing a plan for the implementation of the marketing strategy that has been developed in the previous section of the study. This section has been very essential for the scope of this study as all the knowledge and insights that have been gained by the analyses in the earlier sections of the study. The insights from the PESTLE analysis have been recounted and ways have been suggested on how to utilize those insights for having an accurate approach for entering the markets of the UK by Dexiotis Ltd. However, a number of other theories and tools have been used in this section. The Ansoff Matrix has been of much help in this regard, the theory suggests four different ways that can be utilised by any firm for increasing the market share in existing or new markets. Thus, it hold much relevance in case of Dexiotis Ltd as the firm plans on entering the UK markets and expand in Hungary and Cyprus. However, the firm has understood that the UK market is quite different that those of Hungary and Cyprus. Hence, the need of a different expansion strategy for entering the UK markets is ubiquitous. Thus, the Ansoff Matrix was very much instrumental in helping me understand the right strategy that can be suggested in the case of Dexiotis Ltd.

The other theories that were used for developing the implementation plan for the marketing strategy include Porter’s Generic strategies and VRIO framework. The Porter’s Generic strategies are supplementary to the Ansoff Matrix as these strategies lay out the different methods that can be utilised by the firm to position itself in the market and gain competitive advantage over its rivals. I have personally understood the correct methodology of the creation of the marketing strategy implementation plan by utilising the Ansoff Matrix and Porter’s Generic Strategies analyses and its application in the case of Dexiotis Ltd. The VRIO framework has been used on the grounds of the resource-based view analysis, which gives a comprehensive idea about the internal environment of the firm. I believe the internal environment of the firm is equally important as the external environment of the firm. Sometimes, it can be seen that the understanding of the internal environment of the firm has enabled the particular establishment to work towards leveraging its strengths and utilising the opportunities for improving its weaknesses and mitigating the threats. Thus, the VRIO framework has been an amazing tool for me to adjust the implementation plan according to the specific needs of Dexiotis Ltd.

The last section of the study was also aimed at providing a preliminary view of the cost expenditure and a rough estimate of the budget of the project was also presented in a concise form. This has helped me a lot in understanding and learning about the budgeting skills that are generally required in any kind of business. The theory and ideas of Integrated Marketing Communications were also utilized in this section as it is quite indispensable in the creation of any marketing plan or strategy. The study was concluded by providing some recommendations that would help the firm in succeeding in its endeavors. The study has helped me a lot in gaining some perspective about the practical utilization of the theories of marketing. However, I have realized that there are certain gaps in the scope of this study that is mostly due to the fact that the firm is a fictious firm and I could have gained more depth in understanding by doing a similar study on an existing firm.

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