Communicating Marketing and Engineering Business Strategies

Communicating Marketing and Engineering Business Strategies Communicating the assessment by marketing and engineering is a critical step for every organization since it ensures the business maintains its competitive advantage for a significant period. Luxor Technologies should provide effective communication of its marketing and engineering particulars to enable maximum brand performance and stability in the market over the period. According to Keller (2016), a firm should take advantage of its unique strengths in communication strategy, combine them, and sequence them strategically. Moreover, the firm should adopt an integrated marketing communications strategy that the management formulates concerning the brand, customer, and budget alignment. The firm must effectively communicate with all its stakeholders, including customers, community, employees, and power, to ensure the smooth running of its marketing and engineering products; hence, better coordination that results in the business's long-term survival.

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COMMUNICATING BUSINESS STRATEGIES2 Before communicating, a firm should understand the intended information audience since the process will only be effective if the company tailor it according to customers’ preferences.

The firm should then ensure its information reflects a unique selling proposition that will convince customers to remain loyal to its products. The communication personnel should also consider all the communications mix, such as online, offline advertisements, personal selling, direct marketing, and sales promotion, among others. Once the company defines and analyzes its success metrics, it can maintain market share and remain the market leader for a long time.

Besides, training its employees according to new developments will also ensure significant competition among several firms.

Management’s evaluation of strategic options is necessary to ensure the effective formulation of effective communication processes. The assessment should be consistent with the corporate organizational goals, mission, and vision to provide practical strategies and eliminate inappropriate ones. The process should also consider the feasibility, business risk, flexibility, and validity of the procedure. The evaluators require organizational information such as the corporate objectives, mission and vision statements, the business’ underlying forecasts, and assumptions.

The estimates will indicate the areas of strategy that require adjustments. Strategy options evaluation also requires information regarding the value of equity and enterprise. The details and valuation of various company projects will also help evaluators determine the option that will deliver maximum returns. A company’s management should also reveal its communication channels to evaluators to effectively obtain all the necessary information and communicate their results. Information from SWOT analysis can also be useful for the evaluation of strategies since it will assess whether a particular design will ensure a competitive advantage or not.

Since high market competition demands new and competitive marketing strategies, and simultaneously, high-end products using advanced technology, I would prefer improvements in both marketing and engineering. Luxor Technologies should focus on both its engineering and marketing strategies. The firm has been producing low-cost products using state of the art technology, and over the years from 1992 to 1996, there were no significant competitors in the wireless communications industry. Since many firms have emerged and present severe competition for Luxor Technologies, the firm must utilize the advanced state of the art technology in its production and service provision processes. Moreover, the competitiveness has pushed the firm from market leader position and is becoming a follower in the market. Due to this, Luxor Technologies need to advertise its new products and their improvements to regain the market leader's position. Thus, the firm should focus on producing new products using advanced state of the art technology and thoroughly market their brand.

COMMUNICATING BUSINESS STRATEGIES3 References Keller, K. L. (2016). Unlocking the power of integrated marketing communications: How integrated is your IMC program? Journal of Advertising, 45(3), 286-301. https://www.tandfonline.com/doi/abs/10.1080/00913367.2016.1204967