Everyone loves a secret: Why consumers value marketing secrets SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Sales & Marketing
Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of Everyone loves a secret: Why consumers value marketing secrets
Everyone keeps secrets, and organizations are no exception. The current literature on secrecy in organizations is centered on the managerial perspective of secrets as competitive resources. In contrast, this conceptual article takes a consumer-centric approach and presents a detailed explanation of why and how marketing secrets create value for consumers. First, a discussion of agency highlights three consumer roles in the marketing of secrets: Insiders, who know the secret; Aspirants, who know of the secret; and Outsiders, who do not know of the secret. Second, based on two mechanisms of awareness and primacy, a value chain of secrecy is proposed that presents four types of value that consumers can extract from secrets: acquisition value, acknowledgment value, leverage value, and dissemination value. Lastly, secrecy is revisited as a strategic marketing tool for creating value for consumers.
Swot Analysis of "Everyone loves a secret: Why consumers value marketing secrets" written by Adam J Mills includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Secrets Secret facing as an external strategic factors. Some of the topics covered in Everyone loves a secret: Why consumers value marketing secrets case study are - Strategic Management Strategies, Marketing and Sales & Marketing.
Some of the macro environment factors that can be used to understand the Everyone loves a secret: Why consumers value marketing secrets casestudy better are - – increasing inequality as vast percentage of new income is going to the top 1%, supply chains are disrupted by pandemic , talent flight as more people leaving formal jobs, increasing energy prices, increasing commodity prices, increasing government debt because of Covid-19 spendings, digital marketing is dominated by two big players Facebook and Google,
there is backlash against globalization, increasing household debt because of falling income levels, etc
Introduction to SWOT Analysis of Everyone loves a secret: Why consumers value marketing secrets
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Everyone loves a secret: Why consumers value marketing secrets case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Secrets Secret, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Secrets Secret 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 Everyone loves a secret: Why consumers value marketing secrets can be done for the following purposes –
1. Strategic planning using facts provided in Everyone loves a secret: Why consumers value marketing secrets case study
2. Improving business portfolio management of Secrets Secret
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 Secrets Secret
Strengths Everyone loves a secret: Why consumers value marketing secrets | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Secrets Secret in Everyone loves a secret: Why consumers value marketing secrets Harvard Business Review case study are -
Diverse revenue streams
– Secrets Secret is present in almost all the verticals within the industry. This has provided firm in Everyone loves a secret: Why consumers value marketing secrets case study a diverse revenue stream that has helped it to survive disruptions such as global pandemic in Covid-19, financial disruption of 2008, and supply chain disruption of 2021.
Successful track record of launching new products
– Secrets Secret has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Secrets Secret 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.
High brand equity
– Secrets Secret has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Secrets Secret to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Cross disciplinary teams
– Horizontal connected teams at the Secrets Secret are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.
Innovation driven organization
– Secrets Secret is one of the most innovative firm in sector. Manager in Everyone loves a secret: Why consumers value marketing secrets Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Learning organization
- Secrets Secret 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 Secrets Secret is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in Everyone loves a secret: Why consumers value marketing secrets Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Effective Research and Development (R&D)
– Secrets Secret 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 Everyone loves a secret: Why consumers value marketing secrets - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Ability to lead change in Sales & Marketing field
– Secrets Secret is one of the leading players in its industry. Over the years it has not only transformed the business landscape in its segment but also across the whole industry. The ability to lead change has enabled Secrets Secret in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Superior customer experience
– The customer experience strategy of Secrets Secret in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Strong track record of project management
– Secrets Secret is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Digital Transformation in Sales & Marketing segment
- digital transformation varies from industry to industry. For Secrets Secret digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Secrets Secret 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.
Training and development
– Secrets Secret has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Everyone loves a secret: Why consumers value marketing secrets 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.
Weaknesses Everyone loves a secret: Why consumers value marketing secrets | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Everyone loves a secret: Why consumers value marketing secrets are -
Interest costs
– Compare to the competition, Secrets Secret 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.
Slow decision making process
– As mentioned earlier in the report, Secrets Secret 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. Secrets Secret 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.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study Everyone loves a secret: Why consumers value marketing secrets, it seems that the employees of Secrets Secret don’t have comprehensive understanding of the firm’s strategy. This is reflected in number of promotional campaigns over the last few years that had mixed messaging and competing priorities. Some of the strategic activities and services promoted in the promotional campaigns were not consistent with the organization’s strategy.
Compensation and incentives
– The revenue per employee as mentioned in the HBR case study Everyone loves a secret: Why consumers value marketing secrets, is just above the industry average. Secrets Secret needs to redesign the compensation structure and incentives to increase the revenue per employees. Some of the steps that it can take are – hiring more specialists on project basis, etc.
High operating costs
– Compare to the competitors, firm in the HBR case study Everyone loves a secret: Why consumers value marketing secrets 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 Secrets Secret 's lucrative customers.
High dependence on existing supply chain
– The disruption in the global supply chains because of the Covid-19 pandemic and blockage of the Suez Canal illustrated the fragile nature of Secrets Secret supply chain. Even after few cautionary changes mentioned in the HBR case study - Everyone loves a secret: Why consumers value marketing secrets, it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Secrets Secret vulnerable to further global disruptions in South East Asia.
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study Everyone loves a secret: Why consumers value marketing secrets, in the dynamic environment Secrets Secret has struggled to respond to the nimble upstart competition. Secrets Secret has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
Capital Spending Reduction
– Even during the low interest decade, Secrets Secret has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.
High cash cycle compare to competitors
Secrets Secret has a high cash cycle compare to other players in the industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.
High bargaining power of channel partners
– Because of the regulatory requirements, Adam J Mills suggests that, Secrets Secret is facing high bargaining power of the channel partners. So far it has not able to streamline the operations to reduce the bargaining power of the value chain partners in the industry.
Slow to strategic competitive environment developments
– As Everyone loves a secret: Why consumers value marketing secrets HBR case study mentions - Secrets Secret takes time to assess the upcoming competitions. This has led to missing out on atleast 2-3 big opportunities in the industry in last five years.
Opportunities Everyone loves a secret: Why consumers value marketing secrets | 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 Everyone loves a secret: Why consumers value marketing secrets are -
Creating value in data economy
– The success of analytics program of Secrets Secret has opened avenues for new revenue streams for the organization in the industry. This can help Secrets Secret to build a more holistic ecosystem as suggested in the Everyone loves a secret: Why consumers value marketing secrets case study. Secrets Secret can build new products and services such as - data insight services, data privacy related products, data based consulting services, etc.
Buying journey improvements
– Secrets Secret can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. Everyone loves a secret: Why consumers value marketing secrets 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.
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Secrets Secret can use these opportunities to build new business models that can help the communities that Secrets Secret operates in. Secondly it can use opportunities from government spending in Sales & Marketing sector.
Building a culture of innovation
– managers at Secrets Secret can make experimentation a productive activity and build a culture of innovation using approaches such as – mining transaction data, A/B testing of websites and selling platforms, engaging potential customers over various needs, and building on small ideas in the Sales & Marketing segment.
Low interest rates
– Even though inflation is raising its head in most developed economies, Secrets Secret can still utilize the low interest rates to borrow money for capital investment. Secondly it can also use the increase of government spending in infrastructure projects to get new business.
Using analytics as competitive advantage
– Secrets Secret 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 Everyone loves a secret: Why consumers value marketing secrets - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Secrets Secret to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Learning at scale
– Online learning technologies has now opened space for Secrets Secret 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.
Loyalty marketing
– Secrets Secret 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.
Manufacturing automation
– Secrets Secret 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.
Developing new processes and practices
– Secrets Secret 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.
Identify volunteer opportunities
– Covid-19 has impacted working population in two ways – it has led to people soul searching about their professional choices, resulting in mass resignation. Secondly it has encouraged people to do things that they are passionate about. This has opened opportunities for businesses to build volunteer oriented socially driven projects. Secrets Secret can explore opportunities that can attract volunteers and are consistent with its mission and vision.
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 Secrets Secret in the consumer business. Now Secrets Secret can target international markets with far fewer capital restrictions requirements than the existing system.
Reforming the budgeting process
- By establishing new metrics that will be used to evaluate both existing and potential projects Secrets Secret can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.
Threats Everyone loves a secret: Why consumers value marketing secrets External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Everyone loves a secret: Why consumers value marketing secrets are -
Stagnating economy with rate increase
– Secrets Secret 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.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Secrets Secret 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 Everyone loves a secret: Why consumers value marketing secrets .
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. Secrets Secret needs to understand the core reasons impacting the Sales & Marketing industry. This will help it in building a better workplace.
High dependence on third party suppliers
– Secrets Secret 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.
Backlash against dominant players
– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Secrets Secret business can come under increasing regulations regarding data privacy, data security, etc.
Technology acceleration in Forth Industrial Revolution
– Secrets Secret has witnessed rapid integration of technology during Covid-19 in the Sales & Marketing industry. As one of the leading players in the industry, Secrets Secret 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.
Environmental challenges
– Secrets Secret needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Secrets Secret can take advantage of this fund but it will also bring new competitors in the Sales & Marketing industry.
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. Secrets Secret can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
Shortening product life cycle
– it is one of the major threat that Secrets Secret is facing in Sales & Marketing sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Instability in the European markets
– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Secrets Secret will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.
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.
New competition
– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Secrets Secret in the Sales & Marketing sector and impact the bottomline of the organization.
Regulatory challenges
– Secrets Secret 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.
Weighted SWOT Analysis of Everyone loves a secret: Why consumers value marketing secrets 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 Everyone loves a secret: Why consumers value marketing secrets 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 Everyone loves a secret: Why consumers value marketing secrets 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 Everyone loves a secret: Why consumers value marketing secrets 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 Everyone loves a secret: Why consumers value marketing secrets 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 Secrets Secret needs to make to build a sustainable competitive advantage.