International Journal of Engineering and Industrial Management

Question: Describe them and outline the role they play in relation to your product. Describe how they work with your company. Identify the key risks if the relationship between your company and this player broke down. Identify a way this player could be leveraged to provide your company with an additional opportunity. Answer: Introduction In todays business environment, it is not possible for the companies to enhance sales without developing an effective marketing strategy, even if the companies are offering superior quality and reasonable price. The concepts of modern marketing management have changed the way of doing business widely during the last two decades (Kotler et al. 2014, p. 107). Although, Telstra is one of the most valuable Telecommunication brands in Australia, but the company has to compete with many leading international brands such as Optus and Vodafone (Telstra.com.au, 2015). Therefore, it has become essential for the management of Telstra to develop effective marketing strategies, which will help them to attract more customers and to gain competitive advantages. Other Players of Importance in the Marketplace This particular assignment is based on an internet company named as Telstra. Telstra is one of the most popular and big Australian Tele Communication company. In entire Australia, there are 16.7 million mobile services and 7.3 million fixed voice services. This particular company is ranked as No. 1 Australian Tele Communication Company. The entire telecommunication sector falls under the oligopoly market structure. There are four different kinds of market structure, which are present in the market place (Costa, 2015, p. 93). Perfectly competitive market structure, Monopoly market structure, Monopolistic market structure and Oligopoly Market Structure. The features of oligopoly market structure differ from other marketing structure. The interdependence of business firm is very much high in case of this particular market structure. The decision-making power of one industry affects the proceedings of other industries (Hollensen, 2015, p. 138). Other players of importance in the Telecommunication Marketplace in Australia for the company Telstra include various telecommunication retail stores, advertising Medias and the Government of Australia. The Government of Australia has imposed various rules and regulations regarding the Telecommunication usage for the households purposes. In addition, the Australian economy is largely depended upon the telecommunication industry in Australia (Mller and Parvinen, 2015, p. 11). Therefore, it is obvious that the management of Telstra will get extensive support from the Government for being a successful and the largest Telecommunication and Media brand in Australia. However, the management of Telstra must abide by the rules and regulations imposed by the Government for avoiding the chances of getting involved within various legal consequences (Telstra.com.au, 2015). In addition, the Government can take an initiative to encourage or to influence the Australian consumers for subscribing the domestic brand Telstra and that will be helpful for both the company and the Australian economy (Yang and Su, 2014, p. 721). Various telecommunication retail stores, advertising Medias are the ones, who will be directly approaching the customers to promote Home Internet Plan of Telstra. Therefore, they have key significance for enhancing sales. However, the management must consider maintaining regular communication and effective collaboration with them, as any conflict or issue with them may affect their sales largely. Recommendations Research Questions 1. What kind of market structure does this particular company belongs? 2. What are the different kinds of marketing strategies? 3. What are the features of these particular marketing strategies? 4. What are the marketing needs or importance for promoting Home Internet Plan of Telstra? 5. What are the marketing strategies implemented by the key competitors of Telstra for promoting similar product? 6. What are the recommended marketing strategies for promoting Home Internet Plan of Telstra? Explanations of the Research Questions This particular assignment mainly deals with the Telecommunication sector of Australia. Telstra is the company, which is considered as one of the most popular and one of the biggest companies in the entire Australian telecommunication market. The researcher in this particular assignment mainly deals with the first research question. This particular research question mainly deals with the marketing structure, which this company belong. The entire telecommunication sector belongs to the oligopoly market structure. The features of the oligopoly market are different as compared with other marketing structure. The concept of the interdependence of different firms is highly applicable in this particular market structure. The decision making of one firm affects the decision making of other firms. All the required decision making system of different firms affects the proceedings of other firms. The decision-making system is one of the most important factors in the proceedings of the business in this particular market structure. Research Methodologies There are different kinds of research methodologies, which are used by the researcher in order to complete the research work. Based on the situations and the type of research work the research adopts different kinds of research methodologies in order to complete the research work. In this particular research work, the researcher mainly used the concept of the data collection methods. It is one of the most effective and important and effective part of the research work. On the other hand, it is one of the most difficult jobs faced by the researcher to complete the research work by proving the time (Roberts et al. 2014, p. 131). In this project, the researcher has used two kinds of data collection methods. One is the primary method of data collection and on the other hand the secondary method of data collection. Both of the data collection methods are very much useful in the proceedings of the research work. In the entire data collection methods different information are collected by t he researcher to complete the research work. In the telecommunication, sector the decision making of one-business firms effects the decision marking of other companies. Advantages and Disadvantages of Data Collection Methods In this particular assignment, the researcher has used the concept of data collection method in the proceedings of the research work. Primary research method is essential to get an overview of larger demography. However, it is essential for the researchers to conduct cross-sectional research using larger sample size for getting more valid and reliable research outcome. On the other hand, secondary research is important for getting theoretical overview regarding marketing aspects. However, the researcher must consider the relevant and updated secondary data from reliable sources (Anfara Jr and Mertz, 2014, p. 394). Conclusion The current research concludes the importance of developing marketing strategies and the importance of various marketing management aspects such as consumer segmentation for the product Home Internet Plan of Telstra. The current study also concludes that it is essential for the companies like Telstra to analyse their competitors and surrounding macro-environmental factors for developing effective marketing strategies relevant and suitable for their products or services. In addition, the current research sheds light on the importance of research methodologies for evaluating valid and reliable research outcome. Reference List Costa, L. (2015). The transformation of wholesale (B2B) telecommunications products into true services.International Journal of Engineering and Industrial Management, (5), 93-114 Hollensen, S. (2015).Marketing management: A relationship approach. Pearson Education Kotler, P., Keller, K. L., Ancarani, F., and Costabile, M. (2014).Marketing management 14/e. Pearson Mller, K., and Parvinen, P. (2015). An impact-oriented implementation approach in business marketing research: Introduction to the Special Issue on Implementing Strategies and Theories of B2B Marketing and Sales Management.Industrial Marketing Management,45, 3-11 Yang, Z., and Su, C. (2014). Institutional theory in business marketing: A conceptual framework and future directions.Industrial Marketing Management,43(5), 721-725 Anfara Jr, V. A., and Mertz, N. T. (Eds.). (2014).Theoretical frameworks in qualitative research. Sage publications Roberts, J. H., Kayande, U., and Stremersch, S. (2014). From academic research to marketing practice: Exploring the marketing science value chain.International Journal of Research in Marketing,31(2), 127-140 Telstra.com.au, (2015). Telstra - mobile phones, prepaid phones, broadband, internet, home phones, business phones. [online] Available at: https://www.telstra.com.au/ [Accessed 3 Sep. 2015]