BUS401 Wk 3 Discussions Assignment Example | Topics and Well Written Essays - 500 words

BUS401 Wk 3 Discussions - Assignment Example The analysis of the current market condition is critical in determining which marketing strategies work well in given situations. The assessment of opportunities is crucial in a strategic alternative bundle. This enables the management to spot and take advantage of new customer groups as well as to expand into other geographical markets. The strategic alternative plan also comprises of identification of the target market. The management must gather information to guide them in the potential consumer tastes and preferences (Nanjundaiah & Ramesh, 2010). The goals of an alternative strategic plan are important in the realization of greater revenue and efficiency. The strategies that transform the goals into results include pricing, promotional and distribution strategy. The strategic alternative bundles should be implemented in a given period. The time line devotes each department to the time limit for the implementation of a task. Companies that need good strategic alternative bundles should adopt a strategy that suits their budget. A contingency plan is the action that an organization implements in the event that an unplanned incident occurs (Nanjundaiah & Ramesh, 2010). The alternative plan is rolled out in case the expected outcome fails to materialize. The unfortunate happenings that hinder the materialization of plans are known as triggers. Companies that have contingency plans react quicker to disaster, stay ahead of their competitors, enjoy confident leadership and enables more accurate forecast on market trends. A good contingency plan should be time conscious. It should define the phase for the implementation of a plan. The plan should identify the trigger and determine the situations under which the plan can be implemented (Nanjundaiah & Ramesh, 2010). The plan should be plain and in simple language. The plan should be considerate of available resources as well as identify the