Case Study Description of Analyzing Consumer Perceptions
Describes the perceptual mapping techniques in a non-technical fashion. The procedure is useful for the depiction of the structure of the market. Discusses alternative methods, presents examples of each, and shows how the maps can be used in marketing decision making.
Swot Analysis of "Analyzing Consumer Perceptions" written by Robert J. Dolan includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Depiction Perceptual facing as an external strategic factors. Some of the topics covered in Analyzing Consumer Perceptions case study are - Strategic Management Strategies, Financial markets, Market research and Sales & Marketing.
Some of the macro environment factors that can be used to understand the Analyzing Consumer Perceptions casestudy better are - – wage bills are increasing, there is backlash against globalization, competitive advantages are harder to sustain because of technology dispersion, supply chains are disrupted by pandemic , banking and financial system is disrupted by Bitcoin and other crypto currencies, technology disruption, increasing transportation and logistics costs,
digital marketing is dominated by two big players Facebook and Google, increasing household debt because of falling income levels, etc
Introduction to SWOT Analysis of Analyzing Consumer Perceptions
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Analyzing Consumer Perceptions case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Depiction Perceptual, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Depiction Perceptual operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of Analyzing Consumer Perceptions can be done for the following purposes –
1. Strategic planning using facts provided in Analyzing Consumer Perceptions case study
2. Improving business portfolio management of Depiction Perceptual
3. Assessing feasibility of the new initiative in Sales & Marketing field.
4. Making a Sales & Marketing topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Depiction Perceptual
Strengths Analyzing Consumer Perceptions | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Depiction Perceptual in Analyzing Consumer Perceptions Harvard Business Review case study are -
Low bargaining power of suppliers
– Suppliers of Depiction Perceptual in the sector have low bargaining power. Analyzing Consumer Perceptions has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Depiction Perceptual to manage not only supply disruptions but also source products at highly competitive prices.
Training and development
– Depiction Perceptual has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Analyzing Consumer Perceptions Harvard Business Review case study by analyzing – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.
Superior customer experience
– The customer experience strategy of Depiction Perceptual in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
High brand equity
– Depiction Perceptual has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Depiction Perceptual to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Successful track record of launching new products
– Depiction Perceptual has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Depiction Perceptual has effective processes in place that helps in exploring new product needs, doing quick pilot testing, and then launching the products quickly using its extensive distribution network.
Digital Transformation in Sales & Marketing segment
- digital transformation varies from industry to industry. For Depiction Perceptual digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Depiction Perceptual has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Strong track record of project management
– Depiction Perceptual is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Ability to recruit top talent
– Depiction Perceptual is one of the leading recruiters in the industry. Managers in the Analyzing Consumer Perceptions are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Operational resilience
– The operational resilience strategy in the Analyzing Consumer Perceptions Harvard Business Review case study comprises – understanding the underlying the factors in the industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.
Effective Research and Development (R&D)
– Depiction Perceptual has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in, as mentioned in case study Analyzing Consumer Perceptions - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Organizational Resilience of Depiction Perceptual
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Depiction Perceptual does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Learning organization
- Depiction Perceptual is a learning organization. It has inculcated three key characters of learning organization in its processes and operations – exploration, creativity, and expansiveness. The work place at Depiction Perceptual is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in Analyzing Consumer Perceptions Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Weaknesses Analyzing Consumer Perceptions | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Analyzing Consumer Perceptions are -
Low market penetration in new markets
– Outside its home market of Depiction Perceptual, firm in the HBR case study Analyzing Consumer Perceptions needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
High operating costs
– Compare to the competitors, firm in the HBR case study Analyzing Consumer Perceptions has high operating costs in the. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Depiction Perceptual 's lucrative customers.
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Depiction Perceptual is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study Analyzing Consumer Perceptions can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
Workers concerns about automation
– As automation is fast increasing in the segment, Depiction Perceptual needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
High dependence on star products
– The top 2 products and services of the firm as mentioned in the Analyzing Consumer Perceptions HBR case study still accounts for major business revenue. This dependence on star products in has resulted into insufficient focus on developing new products, even though Depiction Perceptual has relatively successful track record of launching new products.
Slow decision making process
– As mentioned earlier in the report, Depiction Perceptual has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the industry over the last five years. Depiction Perceptual even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.
Skills based hiring
– The stress on hiring functional specialists at Depiction Perceptual has created an environment where the organization is dominated by functional specialists rather than management generalist. This has resulted into product oriented approach rather than marketing oriented approach or consumers oriented approach.
Increasing silos among functional specialists
– The organizational structure of Depiction Perceptual is dominated by functional specialists. It is not different from other players in the Sales & Marketing segment. Depiction Perceptual needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Depiction Perceptual to focus more on services rather than just following the product oriented approach.
Interest costs
– Compare to the competition, Depiction Perceptual has borrowed money from the capital market at higher rates. It needs to restructure the interest payment and costs so that it can compete better and improve profitability.
Products dominated business model
– Even though Depiction Perceptual has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - Analyzing Consumer Perceptions should strive to include more intangible value offerings along with its core products and services.
Lack of clear differentiation of Depiction Perceptual products
– To increase the profitability and margins on the products, Depiction Perceptual needs to provide more differentiated products than what it is currently offering in the marketplace.
Opportunities Analyzing Consumer Perceptions | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study Analyzing Consumer Perceptions are -
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Depiction Perceptual in the consumer business. Now Depiction Perceptual can target international markets with far fewer capital restrictions requirements than the existing system.
Creating value in data economy
– The success of analytics program of Depiction Perceptual has opened avenues for new revenue streams for the organization in the industry. This can help Depiction Perceptual to build a more holistic ecosystem as suggested in the Analyzing Consumer Perceptions case study. Depiction Perceptual can build new products and services such as - data insight services, data privacy related products, data based consulting services, etc.
Manufacturing automation
– Depiction Perceptual can use the latest technology developments to improve its manufacturing and designing process in Sales & Marketing segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Sales & Marketing industry, but it has also influenced the consumer preferences. Depiction Perceptual can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Reconfiguring business model
– The expansion of digital payment system, the bringing down of international transactions costs using Bitcoin and other blockchain based currencies, etc can help Depiction Perceptual to reconfigure its entire business model. For example it can used blockchain based technologies to reduce piracy of its products in the big markets such as China. Secondly it can use the popularity of e-commerce in various developing markets to build a Direct to Customer business model rather than the current Channel Heavy distribution network.
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Sales & Marketing industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Depiction Perceptual can take advantage of these changes in consumer behavior to build a far more efficient business model. For example consumer regular ordering of products can reduce both last mile delivery costs and market penetration costs. Depiction Perceptual can further use this consumer data to build better customer loyalty, provide better products and service collection, and improve the value proposition in inflationary times.
Developing new processes and practices
– Depiction Perceptual can develop new processes and procedures in Sales & Marketing industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.
Learning at scale
– Online learning technologies has now opened space for Depiction Perceptual to conduct training and development for its employees across the world. This will result in not only reducing the cost of training but also help employees in different part of the world to integrate with the headquarter work culture, ethos, and standards.
Using analytics as competitive advantage
– Depiction Perceptual has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in the sector. This continuous investment in analytics has enabled, as illustrated in the Harvard case study Analyzing Consumer Perceptions - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Depiction Perceptual to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Buying journey improvements
– Depiction Perceptual can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. Analyzing Consumer Perceptions suggest that firm can provide automated chats to help consumers solve their own problems, provide online suggestions to get maximum out of the products and services, and help consumers to build a community where they can interact with each other to develop new features and uses.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Depiction Perceptual is facing challenges because of the dominance of functional experts in the organization. Analyzing Consumer Perceptions case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Depiction Perceptual in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Sales & Marketing segment, and it will provide faster access to the consumers.
Loyalty marketing
– Depiction Perceptual has focused on building a highly responsive customer relationship management platform. This platform is built on in-house data and driven by analytics and artificial intelligence. The customer analytics can help the organization to fine tune its loyalty marketing efforts, increase the wallet share of the organization, reduce wastage on mainstream advertising spending, build better pricing strategies using personalization, etc.
Threats Analyzing Consumer Perceptions External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Analyzing Consumer Perceptions are -
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study Analyzing Consumer Perceptions, Depiction Perceptual may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Sales & Marketing .
High level of anxiety and lack of motivation
– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Depiction Perceptual needs to understand the core reasons impacting the Sales & Marketing industry. This will help it in building a better workplace.
Stagnating economy with rate increase
– Depiction Perceptual can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the field.
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
Easy access to finance
– Easy access to finance in Sales & Marketing field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Depiction Perceptual can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
Consumer confidence and its impact on Depiction Perceptual demand
– There is a high probability of declining consumer confidence, given – high inflammation rate, rise of gig economy, lower job stability, increasing cost of living, higher interest rates, and aging demography. All the factors contribute to people saving higher rate of their income, resulting in lower consumer demand in the industry and other sectors.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Depiction Perceptual can face downward pressure on margins from increasing competition from international players. The international players have stable revenue in their home market and can use those resources to penetrate prominent markets illustrated in HBR case study Analyzing Consumer Perceptions .
Regulatory challenges
– Depiction Perceptual needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Sales & Marketing industry regulations.
High dependence on third party suppliers
– Depiction Perceptual high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
Technology disruption because of hacks, piracy etc
– The colonial pipeline illustrated, how vulnerable modern organization are to international hackers, miscreants, and disruptors. The cyber security interruption, data leaks, etc can seriously jeopardize the future growth of the organization.
Technology acceleration in Forth Industrial Revolution
– Depiction Perceptual has witnessed rapid integration of technology during Covid-19 in the Sales & Marketing industry. As one of the leading players in the industry, Depiction Perceptual needs to keep up with the evolution of technology in the Sales & Marketing sector. According to Mckinsey study top managers believe that the adoption of technology in operations, communications is 20-25 times faster than what they planned in the beginning of 2019.
Shortening product life cycle
– it is one of the major threat that Depiction Perceptual is facing in Sales & Marketing sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Capital market disruption
– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Depiction Perceptual.
Weighted SWOT Analysis of Analyzing Consumer Perceptions Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study Analyzing Consumer Perceptions needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study Analyzing Consumer Perceptions is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study Analyzing Consumer Perceptions is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of Analyzing Consumer Perceptions is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Depiction Perceptual needs to make to build a sustainable competitive advantage.
