UNIVERSITY OF SUNDERLAND ASSESSMENT COVER SHEET / FEEDBACK FORM BA (HONS) BUSINESS MANAGEMENT Student ID: 179107533 Student Name: MPHEMBUZYO MKANDAWIRE Module Code: MKT306 Module Name: MARKETING STRATEGY Due Date: 13.04.2018 Centre / College: INTEL COLLEGE Hand in Date: 13.04.2018 Assessment Title: LENOVO’S ENVIRONMENTAL AND MARKETING STRATEGY Learning Outcomes Assessed: Learning Outcomes Assessed: Feedback relating learning outcomes assessed and assessment criteria given to students: Mark: Areas for Commendation: Areas for Improvement: General Comments: Assessors Signature: Overall Mark (subject to ratification by the assessment board) Moderators Signature: Students Signature: (you must sign this declaring that it is all your own work and all sources of information have been referenced) M.C MKANDAWIRE i EXECUTIVE SUMMARY This report majorly critically analyses the full marketing audit and marketing strategies for Lenovo. It begins with the internal and external analysis using the marketing tools of SWOT analysis and PESTEL analysis and it critically evaluates the current market situation for Lenovo group limited.
Lately Lenovo has been utilizing aggressive strategies in order to accomplish a high market share in the laptop market. Using segmentation, targeting and positioning strategy to outperform its main competitors HP, DELL etc this also explains the various growth strategies and opportunities currently available compared to its competitors, and how Lenovo should widen its product line by adding high and low end products taking into consideration the needs of its target audience. ii Table of Contents ASSESSMENT COVER SHEET / FEEDBACK FORM ……………………………………………… 1 Executive Summary ……………………………………………………………………………………………………..
i 1 Introduction ………………………………………………………………………………………………………… 1 2 environment analysis …………………………………………………………………………………………… 2 2.1.1 SWOT analysis ………………………………………………………………………………………. 2 2.1.2 TABLE 1, SWOT analysis of Lenovo ………………………………………………………..
2 2.1.3 Strengths ……………………………………………………………………………………………….. 3 2.1.4 Weaknesses ……………………………………………………………………………………………. 3 2.1.5 Opportunities………………………………………………………………………………………….. 3 2.1.6 Threats…………………………………………………………………………………………………… 4 3 pestel ANALYSIS ……………………………………………………………………………………………….
4 3.1.1 POLITICAL FACTORS ………………………………………………………………………….. 5 3.1.2 ECONOMICAL ……………………………………………………………………………………… 5 3.1.3 SOCIAL ………………………………………………………………………………………………… 6 3.1.4 TECHNOLOGICAL ……………………………………………………………………………….. 6 3.1.5 LEGAL ………………………………………………………………………………………………….
7 3.1.6 ENVIRONMENTAL ………………………………………………………………………………. 7 4 EVALUATION OF CURRENT MARKETING STRATEGY ………………………………….. 8 4.1 Competitor analysis ……………………………………………………………………………………….. 8 4.1.1 HP ………………………………………………………………………………………………………… 9 iii 4.1.2 DELL …………………………………………………………………………………………………….
9 5 PART 2 ……………………………………………………………………………………………………………. 11 5.1.1 Segmentation Targeting ; Positioning (STP) …………………………………………… 11 5.1.2 Targeting ……………………………………………………………………………………………… 12 5.1.3 Positioning …………………………………………………………………………………………… 12 6 MARKETING OBJECTIVES AND GOALS ……………………………………………………….. 14 7 lenovo’s marketing mix.
…………………………………………………………………………………….. 16 7.1 Price …………………………………………………………………………………………………………… 16 7.2 Place ………………………………………………………………………………………………………….. 16 7.3 Promotion ……………………………………………………………………………………………………
17 7.4 Product ………………………………………………………………………………………………………. 17 8 conclusion ………………………………………………………………………………………………………… 17 9 Bibliography …………………………………………………………………………………………………….. 19 1 1 INTRODUCTION Lenovo Group Limited is a personal technology company engaged in the development, manufacturing and marketing of personal computers or laptops and other products. Lenovo has operations across the Globe like in Asia Pacific, Europe and the Americas.
(Marketline, 2016) Lenovo limited company’s journey began in 1984 at a guard house in China, and it was formerly called Legend Holdings, this company was formed with an investment of just US$25,000. In the same year, they opened for business in Hong Kong and within 8 years they became China’s largest PC Company. And in the year 2004 Legend Holdings was renamed to Lenovo. In 1990 the very first Legend PC was launched in the market as the company shifted to a producer and seller of its own (Lenovo company , 2018) In 2005 Lenovo purchased the personal computer business and the brand ” Thinkpad” famous computer IBM in the IT industry all over the world. And finally Lenovo was able to significantly expand its business out of china this was when lenovo’s internationalization strategy commenced in the computer/ laptop industry, and this indicated that Lenovo already established a brand-name image in United States. (Lenovo, 2017) 2 2 ENVIRONMENT ANALYSIS 2.1.1 SWOT analysis SWOT analysis is a planning and brainstorming tool the helps people assess an idea or project for business or prepare a business plan.
SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. This tool is used to understand a business’s internal strengths and weaknesses and external opportunities and threats. It was designed to help identify suitable marketing strategies for the company. (Harmon, 2015) 2.1.2 TABLE 1, SWOT analysis of Lenovo Table 1 Lenovo’s swot analysis (Marketline, 2016) STRENGTHS WEAKNESSES Brand recognition Low cost production Competency in mergers and acquisitions Synergy of knowledge and diverse workforce Knowledge of china’s market Vast manufacturing and R& D Product recalls affect brand image Poor brand perception in the developed countries Low differentiation Low inventory turnover OPPORTUNITIES THREATS PC / Laptop market growth Increasing global market Government association Falling laptop sales Price wars Competition is intense Rapid technology change 3 2.1.3 Strengths Brand recognition according to (table 1) the company built up a strong brand reputation in its laptop business which allows it more to invest in its project which offers greater opportunities for growth.
(Lenovo, 2017)Exposure to highly growing Chinese market Lenovo’s high exposure in the highly growing china market and presence in other emerging markets around the world (Marketline, 2016)Vast manufacturing and Research and Development, here Lenovo has a large in house manufacturing and research facilities, these help the company to adapt to change very quickly in the market than companies that rely on outside resources. (Lenovo, 2017) 2.1.4 Weaknesses Product recalls affect brand image, Lenovo recalled a number of products in the recent years . (Lenovo support website) Lenovo laptops and other laptop support devices have been recalled since march 2000, till February 2018 for example Lenovo Thinkpad X1 carbon 5th gen laptop recall, in 2014 they also recalled the Lenovo laptop batteries because they expand. in consistent reality future recalls could negatively influence the company reputation in the market place. (Lenovo Support, 2018)Poor band perception in the U.S and Europe markets. (Makovsky, 2012) 2.1.5 Opportunities The pc market is expected to grow further in the next few years , as shown in table 2.1.1 especially in china.
This means that we can expect a more potential growth for Lenovo. The company is hoping for hybrid laptops that can turn into tablets with a flip of the lid to increase growth in the pc /laptop market and win back customers who are attracted by sleek, 4 lightweight tablets. (South China Morning Post, 2013) Obtaining patents through acquisitions if Lenovo wants to sustain its growth. (strategic management insight, 2013) 2.1.6 Threats The company faces intense competition in its business segment especially the laptop sector, it competes in terms of price, quality, brand, technology, reputation, distribution and range of products. Among other factors Lenovo faces competition in its PC markets from HP, Dell, Acer, Toshiba among others..
(Marketline, 2016) Falling laptop sales due to the increased use of mobile technology, the explosion of mobile technology has led to increased use of smaller and more portable devices. This affects the pc market negatively. (sminsight.com)Price wars, this involves one of the most attractive features of Lenovo PC’s is affordability. (sminsight.com) 3 PESTEL ANALYSIS Political, Economic, Social, Technological, Environmental and Legal analysis is a widely used tool in the strategic marketing and management.
This tool is used to analyse the external forces that affect the company. It is used as part of a company’s competitive strategy to identify and evaluate the important external forces that might positively or negatively affect the company. Because there are a multitude of external factors that can either support or hinder the growth of the company in this case Lenovo. (walsh, 2013) TABLE 2. PESTLE analysis for Lenovo 5 3.1.1 POLITICAL FACTORS This involves the current and potential influences from political pressures. For example taxation, government policies, free trade, EU regulations.
According to (Reuters Hong Kong Business News, 2018) Chinese personal laptop or computer maker Lenovo group swung to a loss in the third quarter from a year ago profit, this was due to the mainly a one-off charge of $400 million resulting from U.S tax reform, and they said the short –term outlook was very challenging. However the company expressed confidence it could drive growth and that U.S corporate tax cuts would positively impact future earnings of its operations in the country. Since Lenovo is not only in china but worldwide, therefore it has to keep its strategy in line with global and local politics. The communist party of china had a mutual agreement with the WTO in order for Chinese companies to become international, and in return china also had to open its borders and soften laws for impacts and arrival of foreign brands. (China Daily, 2012) 3.1.2 ECONOMICAL According to the diagram in 3.1 economic factors involves the local , national and world economy impact, for example inflation, levels of unemployment, currency exchange rate, 6 global commodity prices, etc. Lenovo expressed cautious that the new Chinese Leaderships economic policies will help the country remain a global economic motor short-term pressures on growth.
Mr Wong’s remarks came after laptop the Chinese company became the world’s largest pc laptop vendor by shipments, Lenovo grabbed the top spot despite a worsening drop in pc demand in china, which has added to fears about the company. (Financial Times, 2013) When Lenovo decided to become global and expand internationally, luckily for them their brand were accepted due to take over of its strategies of some of the biggest industries. But when the economic crisis hit the world, Lenovo was hit very bad to the extent that it had to go back home, but lucky enough the brand was accepted since it came from there. They went back in order to enjoy the economies of scales in countries like China, Argentina, Brazil.
Just to stay competitive in case another price fluctuation happens again. (Holstein, 2014) 3.1.3 SOCIAL This involves the ways in which changes in society affect the organisation. The literacy of china was very low, but after the government changed its education system it improved, this benefited Lenovo as it believed that high levels of literacy will make people want more connectivity. (China Daily, 2012) But now in the Asian societies where laptops were seen as only for professionals are now being used for home computing , entertainment and gaming purposes too, in the Asian societies laptops are now popular because of their new features as gaming and entertainment tool thats why pc makers like Lenovo have released new laptop model for example, Lenovo legion y920. (Lenovo company , 2018) 3.1.4 TECHNOLOGICAL As the environment is changing technology is changing too and if companies don’t keep up they are left behind in the race. Therefore Lenovo claims it is still hungry in of both 7 technology and business as it has a vast manufacturing R and D.
And there global shares has risen from 2% to 21% after a decade of acquiring IBM, and turnover revenue from US$3 Billion to US$46 Billion. (FORBES, 2016) In 2017 Lenovo laptops ranked number 1 according to (Laptop Mag, 2017) 3.1.5 LEGAL In China and worldwide they are laws to protect the rights of consumers against any fraudulent actions that a firm can conduct in order to engage consumers to make sales. These laws help make an environment of healthy competition. In September 2017 Lenovo was fined over superfish adware ridden laptops. According to BBC WORLD NEWS Lenovo has agreed to pay U.S states $3.5million to settle allegations that it sold laptops with preloaded adware that compromise buyer’s security without warning in 2015.
(BBC WORLD NEWS, 2017) 3.1.6 ENVIRONMENTAL Lenovo is one of the most environmental friendly companies where all the operations from the product to the packaging are recyclable. It uses PLC in all its laptops and other products. Lenovo’s corporate policy on environmental affairs is supported by the company’s ISO 14001 certified global environmental management system (EMS) Lenovo adopted the think green campaign after recognising that climate change is a serious threat, this is why Lenovo laptops come with built-in energy efficiency. Even in packaging since 2008 Lenovo was committed to offering environmentally preferable packaging for its products. (Lenovo Company, 2017) 8 4 EVALUATION OF CURRENT MARKETING STRATEGY 4.1 Competitor analysis The global laptop market is led by Chinese and American companies. Lenovo has four major competitors in the market namely, Hp, Dell, Asus and Acer.
All these companies have competitive advantage over the other. Competitive advantage refers to the means by which an organisation differentiates itself from its competitors within the market. The differentiation is achieved by offering something of value that goes beyond the expectations of the customers. (Blythe, 2003) Lenovo was born into an industry that already existed it had the opportunity to examine what works and what doesn’t, Lenovo adopted strategies that are making it to survive on the market as of now, like going globally, they attained a growth strategy by sharing operation, function costs, manufacturing centres by forming joint alliances, cut transportation cost, this helped them increase production, fulfil the current growing demand.
As time is going, people no longer want to be glued on the desktop but rather want to have freedom to move around with their devices therefore the change from PC to laptops is giving the company new opportunities to invest multiple varieties of laptops from high to low end segments with the focus of three things, performance, efficiency, durability. E.g IdeaPad, Yoga This also increased jobs in the market. According to (Financial Times, 2017) the laptop market is expected to grow. Although statistics show that Lenovo’s sales dropped from 2016 to 2017 with -2.2 % while HP’s sales increased by 4.6% and Dell increased with 1.1% as illustrated in the database below. 9 Table 2 WORLD PC SHIPMENT ESTIMATES FOR 2016 AND 2017 adapted from (Gartner, 2018) 4.1.1 HP This is one is the main competitors of Lenovo, it was reborn in 2002, it was a combination of Compaq and traditional business channel from , HP meanwhile an integrated production line was established to manufacture the generation of laptops with an inherited advanced design from Compaq.
Hp always had a healthy brand image, trustworthy, it has been the best selling company for 6 years in the top 5 vendors from 2008 till now, they also have loyal customers, its own identity and strong market. Its going to be hard for Lenovo to surpass HP even though its market share is only 1.2% smaller according to the Gartner chart in table 2. (Hewlett Packard, 2017) 4.1.2 DELL This is another competitor of Lenovo, it has a sensory system that tracks customer preference, previous orders, time log of updates on hardware/ software. Dell’s objective is to co-exist on the low –end segment where profitability is more realistic. Dell’s USP is that it has a strong relationship with suppliers to ensure the best prices, according to (Michael porters) there cost 10 leadership strategy is attaining efficiency of a low cost business, while still keeping up a healthy profit margin by spending less on promotion sales and R & D.
And there other strategy is between them and customer which is called an open agreement. It allows a free flow of communication to address problems and recognise opportunities, this helps follow customer needs and changes in trends. (DELL Official Website, 2017) Table 3 Shows WORLD PC SHIPMENT ESTIMATES IN PERCENTAGE (Gartner, 2018) Table 4 market growth between 2016-2017 HP 21% LENOVO 20% DELL 15%APPLE 7% ASUS 7% ACER 7% OTHERS 23% WORLDWIDE PC SHIPMENT ESTIMATES HP 58% LENOVO -28% DELL 14% MARKET GROWTH BETWEEN 2016-2017 11 5 PART 2 5.1.1 Segmentation Targeting & Positioning (STP) Customer segmentation is the practice of dividing a customer base into groups of individual that are similar in specific ways the company can market to each group differently and focus on what each kind of customer need at any given moment. (MELNIC, 2017)The characteristics of customer segmentation are demographics which involves age, race, religion, family size, education level. Geographic is where they live or work.
Psychographic is their social class, lifestyle and personality characteristics and then there is Behavioural involves spending, consumption, usage and desired and desired benefits. (Hooley, 2017) SEGMENTATION , TARGETING AND POSITING FOR LENOVO 5.1.1.1 Demographic Segmentation In this segment this involves age, gender, education levels on gender basis, purchasing habit of women can’t be overlooked in pc’s market, because most women buy according to beauty and lightweight portable design rather than the performance of the laptop. For example, the Thinkpad. On age teens usually use their computer for study and online game, while generation x use their laptop for work and social contact. (Marketline, 2016) 5.1.1.2 Geographic Segmentation Lenovo operates globally into these four global markets.
Chinese market, North American, the EMEA markets (Europe, Middle East and Africa Market) and the Asian Pacific. The Lenovo sells laptops to almost every country in the world but has major consumer in china and India. This helps our brand by when we segment according to region or country we are able to facilitate their needs form our brand. 5.1.1.3 Behavioural Segmentation This segmentation is based on desired benefits to the consumers. According to customer segment, in general business purpose, Thinkpad was created for professional use and its battery life is very good for business purposes.
For college students Lenovo makes thinkpad laptops that have a wide screen and view your documents widely on the screen for example the Thinkpad T440. And lastly for the advanced gamers, Lenovo introduced another laptop called Legion, purposely for games, this satisfies gamers. 12 Table 5 LENOVO’S STP (Marketline, 2016) 5.1.2 Targeting At present, Lenovo considers the following factors when choosing target market. Firstly Strong brand awareness, secondly city customers and developed rural markets. (Fulgoni, 2018) In strong brand awareness, the city customers who have advanced concepts in the laptop market might compare, Lenovo brand thinkpad has a comparative advantage so choosing such target customers can met the needs of such customers.
Secondly the city customers who have high level of education, higher on admission and age below 45, Lenovo called the crowd high-end crowd, this is because they are conducive to high-end products sales. Lastly developed rural market, those customers have strong awareness. This crowd has formed part of buying power, moreover, Lenovo did the act of the “free movies for countryside” to develop the rural market, the activities have brought the brand impact, so choosing this part of the crowd as the target customer group and apparently can quickly enter the rural markets. (China daily, 2017) 5.1.3 Positioning Once an organisation has decided on which segments to target and its strategy within these segments, it needs to decide how it wants to position its product or brand offering within its market.
In the differentiated positioning describes the process by which an organisation uses its marketing strategy to develop a favourable image to the customers in its targeted 5.1.1.4 Psychographic Segmentation Lenovo creates laptops to suit consumer lifestyles and personalities for targeting marketing purposes. For advertisements are different in mainland china ; India. In China consumers focus on the performance of laptops while Indian consumer focus on the spirit the product convey. Chinese pc consumers like comparing goods before taking money from their wallet.
While European consumers prefer to pursue high-quality products and to make decision quickly. It emphasizes on the lifestyle and interest of lenovo’s customers. Some children have more interest playing the videogames on the laptop and others prefer watching movies on the laptops. 13 segments, (Blythe, 2003) Lenovo use positioning to differentiate their product from those of their competitors eg HP , DELL.
The organisation must first understand how their consumers see their product, in this case Lenovo is trying to give thinkpad its own personality to make it stand out. Lenovo’s marketing position mainly considers the following three factors: take mainly to the high end, middle and high-end combination of market position methods. (Barbara, 2016) 14 6 MARKETING OBJECTIVES AND GOALS The marketing objectives and goals for Lenovo Thinkpad have to be SMART in order to reach their targets, the acronym SMART means Specific, Measurable, Attainable, Realistic, Time-bound. (Blythe, 2003) S.M.A.R.T GOALS Specific States exactly what you want to achieve.
Measurable Establish clear definitions to help measure if you’re reaching your goal, this could be qualitative and quantitative. Attainable States if the goal planned can be achievable Realistic States the availability of resources and it is within the capability of a normal human beings. Time-bound The company goals must have a time limit to achieve their goals Figure 1 marketing objectives The key marketing objectives that can help Lenovo Thinkpad involve: Profitability means Lenovo’s business goal is to run a profitable operation, which typically means increasing revenue while reducing expenses to reach this goal, objectives could consist of increasing annual sales by at least 10% or 20%. This means trying to make sales and shipments on our Thinkpad laptops, which means Lenovo has to do more in its advertising, promotions and reaching new markets and new customers. (Lenovo company , 2018) The Customer service objective includes reducing complaints by 50% over one year, to improve resolution times to customer complaints to a minimum of one business day like the incidents of the Thinkpad cabon x1 in February according to part 1 (Lenovo Support, 2018).
15 Therefore to meet customer service goals, objectives could include increasing your customer services staff and guaranteeing customers to receive a phone call before the end of the day. (Laptopmag, 2016) 6.1 RECOMMENDATIONS In growth Lenovo as the company and manufacturer’s operation is to grow, Lenovo has to open more franchise units, within a period of time like maybe 5 years, for example the new franchise in India in 2010 this means Lenovo should scout new cities, region for example they are few franchises in Africa and in order to obtain this or reach this goal to sell more laptops. It has to reduce its franchise fees by maybe 20% in for a quarter year just give potential , franchisers a chance to open shops in regions where the company can do well. Tracking your customers using social media , is a useful measure of brand awareness, by measuring social media followers like twitter, facebook putting up own brand Lenovo telling them more about our product , where to buy it helping to save the issues. This helps thinkpad to increase the level of exposure on social media. Advertising more improving the logo, improving the website information about their Thinkpad product, so that their customers are able to be convinced to buy before even actually touching but giving them accurate specifications and good pictures to describe the laptop.
Lenovo is committed to Corporate Social responsibility (CSR). According to (Lenovo CSR, 2015) as explained in part 1, Lenovo uses environmentally preferred materials in its manufacturing and packaging operations, eco-friendly features, follow the environmental policy, and the climate change policy. Lenovo is committed to helping out the society this helps to increase brand awareness as people have a good perceptive of the company’s good deeds. According to (Lenovo CSR, 2015) during FY 2013/14 Lenovo donated $25,000 to 16 support tornado disasters relief efforts in the of state of oklahama in the U.S, it also established an exclusive technology partnership with Room To Read, one of the world’s fastest growing NGO’s, Lenovo donated $400,000 worth of Thinkpad laptops to support its girl’s education program in India, Vietnam and other countries Asia pacific.
(Lenovo CSR, 2015) 7 LENOVO’S MARKETING MIX. A marketing mix is a tool used to determine the best way to market product or service. It is a combination of broad factors that address different aspects of marketing. The main most known marketing mix is the four Ps of marketing: product, price, place and promotion.
(Gilstein, 2013) 7.1 Price Lenovo is priced competitively when compared to other top brands. In fact, in some areas like accessories it also uses penetrative pricing. The key factor for Lenovo is to balance the price as well as the brand value. If priced too low, then Lenovo risks the drop of brand image and positioning in the mind of customers. And if Lenovo’s price is too high it’s going to lose customers to its competitors like Hewlett Packard, and Dell.
(Marketing91, 2017) 7.2 Place Lenovo has nice showrooms, it markets itself through modern retail, E-commerce chains and IT shops present around the world, apart from those, Lenovo Thinkpads are available with retailers like Amazon, Best buy, Costco, Walmart. Apart from that customers can purchase the Thinkpad laptops and other Lenovo brands from Lenovo’s own website. (Marketing91, 2017) 17 7.3 Promotion Lenovo takes certain measures when it comes to the promotion department. The laptop market is filled with a lot of competitors, like HP, DELL.
However by using the right marketing communications, targeting rightful customers like geeky customers that want a sparkle of fun in their laptops, promoting brand awareness through involving important sports events. (China Daily, 2006) Lenovo uses traditional and modern channels for the promotion. It advertises on television and in print channels, it also advertises heavily online, through their website, social media channels like Youtube, Facebook, Twitter to grow its reach and to market its brand better. (Cheshnotes, 2017) 7.4 Product The laptop market is highly volatile and has a lot of challenges that follow it, and to overcome it a Lenovo has to offer advanced technologically products in order stay undefeated and sustain the market. The key for Lenovo has been to furnish the business sector with a wide mixed bag of technology driven products to satisfy their separate aspirations. In its existence it has gained a large market share acquired fame globally, it aims to become an IT giant, the Asian markets are its main stronghold and despite the declining pc market , its performance has been good because of its products, style, design and performance.
(Marketing91, 2017) 8 CONCLUSION In conclusion, Lenovo needs to continue relying on its financial advantages for Research and Development and struggle for talented employees and come up with more laptop brands and models to survive the competitive markets and beat its competitors, and must also purse to grow through the good use of mergers and acquisition strategies. Lenovo must also strive to 18 increase its advertising strategies to promote brand awareness, either through sponsorships and sports marketing. From the strategic marketing analysis, we can see that Lenovo’s strategy is not to watch out for competitors but to go globally and increase its market share but Lenovo must choose target markets and positioning. This position must be conducive to the long-term competitive edge in the market and coming up with strong and long-term marketing strategies to sustain itself in the changing environment and technology. Lastly Lenovo must also use their own logo and not IBM’s logo, for more brand awareness. 19 9 BIBLIOGRAPHY Barbara, k., 2016.
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