Free «LexisNexis Marketing Plan» Essay Paper

LexisNexis is a publishing industry founded in 1977 and is a subsidiary of Reed Elsevier. Its headquarters is located in Dayton, Ohio, United States. The mission of the LexisNexis is to enhance “the world’s understanding” in general and inspire its insightful decisions, primarily through employee involvement. Its technical infrastructure is designed to help extensive set of databases in the world and the capability to deliver the exact search results within a few seconds to any locale subscribers. The company’s objectives are comprised of:

• To  assist professionals get insights in easier, faster and more effective ways
• To enhance advancement of society and industry
• To provide help to corporations, law firms and increase their profitability

LexisNexis unites brands of proprietors, premium information and advanced web technologies sources through its technology and integration of information (LexisNexis Firm, 2002).

Internal Environment

Almost two-thirds of LexisNexis’ sales are collected from subscribers of their databases. Recent potential area of growth in revenue as per the company is its data backup and hosting services offered to the third party companies (LexisNexis.com)

 

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LexisNexis Company is dedicated to assisting employees in excelling both personally and professionally. There are extensive benefit programs offered and a variety of professional development programs (LexisNexis Firm, 2002).

The company believes that when information and technology are placed in the right place, people get the chance to change the world and to achieve this; it has combined efforts of 15,000 employees who work across geographies and across functions and cultures to develop products, solutions, and services that assist LexisNexis customers to make crucial decisions confidently. Daily, over five million of academic professionals located in more than 100 countries worldwide depend on the LexisNexis, so as to make informed decisions.

Customer Environment

LexisNexis Company is a world provider of services and information solutions, including the provision of computer assisted legal and professional research solutions for corporations, law firms, and agencies of government seeking legal solutions, business and news insights. It also provides risk solution services for the government and industries with the aim of assessing, predicting and managing risk. Its current customers comprise of Dun & Bradstreet Business reports and Delaware Secretary of state (LexisNexis & Matthew Bender 2009).

The company brand is built on the basis of reliable, timely and accurate information. Through the incorporation of premium information and technology, this company assists their customers in making decisions. All over the world, their customers can get access to five billion searchable documents.

The LexisNexis is using its 30 years of expertise, their understanding of customer’s challenge and innovative culture of their employees to give workflow resolutions. Customers from law firms, accounting firms and tax, including other corporations today, can finish their research and assignment like assessing customer risk, managing outside counsel, the entire litigation process and developing business through answers from LexisNexis (Dunham, 2009). The LexisNexis is dedicated to assisting their customers towards meeting their business goals. The company is dedicated to listening and giving solutions that assist their customers in achieving their marketplace, and they also provide outstanding support to customers on all their products and services (LexisNexis & Matthew Bender 2009).

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External Environment

LexisNexis is striving to improve its environmental performance in various ways, including increasing water, energy and waste efficiency by investing in modern and improved technology and mechanical equipment. It is also aiming at improving the environmental reporting by collecting more data and assigning review by Ernst & Young. Moreover, the company has re-launched its legal online product, where the workflow applications are becoming vital in its strategic implementation. In that case, its workflow solutions comprise of software elements, which are developed in order to boost efficiency, as well as compliance with the legal environment and other external factors, including the public sector organizations. LexisNexis has also been in the front line in establishing partnerships that have helped it in becoming one of the largest aggregators across the world of information, in order to enhance environmental protection among other external functions (Scott & Chuck, 2011).

Currently, in all the 50 states, 80% of the federal government and 70% of the local government use the LexisNexis as a way to make this world safer (Dunham, 2009). Most importantly, assisting people to protect their investment is one way to enhance an effective external environment. The company assists in adoption of solid foundations, which can be expanded when changes in the business occur. Time management is a part of external environment and the company has provided solutions for the reduction of training, as well as deployment times. The company has provided Visualfiles that have popular looks and a way to solve problems. That way, LexisNexis has played a huge role in saving and improving the external environment.

LexisNexis SWOT Analysis

Strengths and Weaknesses

LexisNexis’s core strength is the global reach in over 100 countries worldwide, coupled with the development of over five billion searchable documents.LexisNexis’s most significant weaknesses include strong competition from Thomson Reuters from Westlaw for legal research, its major competitor for public records is Acxiom and Credit bureaus. For news, major competitors are Factiva from is News corporation and Proust. Optimizing marketing functions to achieve effectiveness in product distribution is the most prudent global strategy that LexisNexis can use, in order to take maximum advantage of its strengths. Shrewd marketing of LexisNexis brand would capture consumers’ surplus in 100 countries, and this obtains above average returns, thereby maximizing shareholders wealth. On the other hand, besides LexisNexis trade secrets used to develop its business information solutions, the company should also diversify its products services, in order to fix its most significant weakness and achieve competitive advantage in the marketplace (Scott & Chuck, 2011).