Assignment on Teak and Mahogany Business & Marketing Term Paper (Term Paper Sample)

Individual Assignment
Course: PGBM 15
Submitted by:
Date of Submission: 5 December 2019
Table of Contents TOC \o "1-3" \h \z \u Part 1 PAGEREF _Toc26569061 \h 5Introduction PAGEREF _Toc26569062 \h 5Literature review PAGEREF _Toc26569064 \h 5Business concept PAGEREF _Toc26569065 \h 5Marketing philosophies PAGEREF _Toc26569066 \h 6Product concept PAGEREF _Toc26569067 \h 6Selling concept PAGEREF _Toc26569068 \h 7Marketing concept PAGEREF _Toc26569069 \h 7Holistic marketing PAGEREF _Toc26569070 \h 7Market Orientation PAGEREF _Toc26569071 \h 8Social marketing PAGEREF _Toc26569072 \h 8Activities of the Teak and Mahogany company PAGEREF _Toc26569073 \h 9Value delivering approach & market philosophy of Teak and Mahogany company PAGEREF _Toc26569074 \h 9Strengths of the value delivering the process of Teak and Mahogany PAGEREF _Toc26569075 \h 10Conclusion PAGEREF _Toc26569076 \h 10Part 2 PAGEREF _Toc26569077 \h 11Introduction PAGEREF _Toc26569078 \h 11Internal factors PAGEREF _Toc26569079 \h 11External factors PAGEREF _Toc26569080 \h 11Microenvironment PAGEREF _Toc26569082 \h 12Macro-environment PAGEREF _Toc26569083 \h 12SWOT analysis of Teak and Mahogany PAGEREF _Toc26569084 \h 12 PAGEREF _Toc26569085 \h 12Pestle analysis of Teak and Mahogany company PAGEREF _Toc26569086 \h 13Political factors PAGEREF _Toc26569087 \h 13Economic factors PAGEREF _Toc26569088 \h 13Technological factors PAGEREF _Toc26569089 \h 14Legal factors PAGEREF _Toc26569090 \h 14Environmental factors PAGEREF _Toc26569091 \h 15Competitor analysis of Teak and Mahogany Company PAGEREF _Toc26569092 \h 15Organizational strategy and capabilities of Teak and Mahogany PAGEREF _Toc26569093 \h 16Conclusion PAGEREF _Toc26569095 \h 17Part 3 PAGEREF _Toc26569096 \h 17Introduction PAGEREF _Toc26569097 \h 17Recommendation for STP PAGEREF _Toc26569098 \h 18Recommendation for brand building PAGEREF _Toc26569099 \h 18Recommendation for shaping the marketing mix PAGEREF _Toc26569100 \h 18Implementation of marketing programs through Gannt chart PAGEREF _Toc26569101 \h 19Conclusion PAGEREF _Toc26569104 \h 20References PAGEREF _Toc26569105 \h 21
Part 1
Introduction
The assignment is dissected in three parts namely part 1, part 2, and part 3. In part 1, the assignment will critically examine the strengths of the Teak and Mahogany’s way of delivering value to the ultimate consumers applying suitable marketing & business ideas, notions and philosophies. In part 2 the assignment will strive to unify market intelligence from several types of research and present the crucial aspects for the chosen organization. Finally, in part 3, the assignment will give some recommendations to increase market share, profitability & sustainability of the selected organization.
Literature review 
The review of some crucial concepts, ideas, and philosophies related to business and marketing are cited below: 
Business concept
Business refers to any economic activities undertaken to earn profit. The business concept can be divided into categories. One is the old concept and the other one is the contemporary concept. The old concept advocates that business is an activity that generates profits by producing, distributing and accumulating wealth through buying and selling of goods and services. And the concurrent business concept says it’s a human activity that aimed at attaining profits through fulfilling human needs and wants (Puri, 2011).     
 L. H. Hanery defined business as human activities aimed at production or acquisition of resources by purchase and sales of products and services. On the other hand, C.F. Abbot urged that any activity that is not aimed at attaining profit can be termed as business (Puri, 2011).
To state it more precisely, it can be said that business is referred to all economic activities initiated for generating profit through production, distribution and exchange products and services by fulfilling people's unsatisfied needs and wants (Puri, 2011). 
Marketing philosophies
Several philosophies have evolved with gradual progression of time, changing nature of the needs and demands of the people, changing business environment and other associated factors. On the other hand, the market philosophies that proved to be effective for one particular firm might come in handy for another firm. The market philosophies that are widely in practice are cited below:
Production concept
 The production concept proposes that the products or goods which is cheap and easily available are preferred by the ultimate consumers. It also suggests that the distribution or supply of goods or services generates its demands. The organizations that follow this notion often seen to strive to make those products accessible to their target groups through mass production and strives to maintain a reasonable price so that the products are widely accepted by the customers. Nowadays, organizations following this market philosophy are very rare (Taghipourian and Bakhsh, 2017). 
Product concept