SWOT Analysis
STRENGTHS
• Well established and highly regarded in the electronics market
• A dedicated group of engineers and designers working to give the highest quality possible.
• Efficient production methods WEAKNESSES
• Building new relations with suppliers.
• The target group can choose cheaper models if they want.
• Low debt equity rating. Lower risk.
OPPORTUNITIES
• The internet. Having Easy access to view and read reviews for the product helps give it publicity.
• Word of mouth. Let other consumers hear how it helps others who they can relate to. THREATS
• Other companies with similar or better products
• Economic downturns shifting consumer’s rationality if they want to spend on luxury vs needed goods
• Much larger companies cutting corners on quality to overrun the market with cheaper products
Strengths
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If sale figures are doing as expected, there won’t be any radical changes to irritate the sales flow. There will be however, small changes to try and increase motivations of buyers in fear of sales ever going below the estimated records. Sales, discounts, and vouchers will be offered to help influence an increase.
Marketing Strategies and Implementation
Marketing Strategies
Product Strategies o Release base model to public, along with attachments. o Review how customer satisfaction is for complaints and suggestions. Make considerate suggestion edits to all models and release newly upgraded base model along with deluxe model o Repeat second step and finally release the newly revised luxury model.
Price Strategies o Prior to release, scout the current market for competitive price in consideration of quality of goods. o Once determining a fair price for the base model and attachments, release to the market. o After months of carefully monitoring sales, makes adjustments depending on demand. o Repeat process in monthly intervals and adjust pricing for each
Their price must be one that is attainable and reasonable for the offerings. The Kotler & Keller text suggests that facilities analyze competitors and their offerings, estimate their own costs, and determine demand, in order to set the appropriate price.
Product advertising is defined as the art of building and ensuring that product awareness stays with potential buyers. A good advertising program aims to make consumers aware of product need, usage of product, customer value and sustainable competitive advantage of a product compared to the competitors. Hershey’s always used appropriate channels like of internet, radio ads in order to ensure to promote customer value and affordability (Chitty, 2011).
4) Viral-Quotient per Content (Any Media) - Most popular YouTube video was viewed 200,000 times. On an average, a video was viewed 1600 times. This builds upon the idea of Customer engagement, and Content distribution in the social space, that relates heavily to the very purpose of such a campaign. Also, this entire communication was user-generated, so the message didn’t look, at least to say, to be coming out in the form of ‘Company Promotion’.
According to Smithson, Walmart can expand its markets to new and emerging markets especially in the third world countries, which can significantly increase its revenues. Secondly, the company can reform is employment practices and improve the quality standard and in doing so, attract more customers and improve its brand image. On the other hand, the company faces threats such as the rising healthy lifestyle trend I that the company in most cases does not provide customers with healthy goods. At the same time, the company can capitalize on this aspect and increase its revenues. Aggressive competition from other discount retailers such as Target creates a great threat to the company (Smithson, 2015).
2. In an industry that is fairly stable, with a broad market for the products and a product line of ‘small ticket’ items; and
Negative media attention can cause a business or its products to go plummeting down within a very short amount of time and positive media attention can make an organization reach to its highest potential. Businesses need to be able to have some hand in controlling the media so that the media help promote the positive things about the company and decrease the impact of anything negative on their reputation. The television programs that consumers watch have a wide and more direct audience that would also have a very strong impact on the success of an company. A lot of organizations realize these factors and this will make them change their reaction when consumers tell them that they are going to contact a consumer television program or the newspapers about the company.
Viral marketing is a form of word-of-mouth marketing that aims to result in a message spreading exponentially and campaigns work when a message is spread exponentially and it results in a desired outcome for a brand (Stokes, R., 2010). Viral marketing uses the internet to disclose and spread the company’s products or services. It harnesses the electronic connectivity of individuals to ensure marketing messages are referred from one person to another (Stokes, R., 2010). There are two types of viral marketing. Organic viral campaigns spread with no input from the company who wants to advertise. The message or product/ service being sold by the merchant are passed around in a viral nature without any intention from the marketer (Stokes, R., 2010). In organic viral marketing, no planning was done on how to broadcast the products or services and those who expose the products or services made a choice just to pass it around by word of mouth in the internet. Amplified viral marketing on the other hand have been strategically planned, have defined goals for the brand being marketed, and usually have a distinct method of passing on the message (that can be tracked and quantified by the marketer) (Stokes , R.,2010). To go viral, sellers or services provider have to define the aims of the campaign. Sellers or service providers have to decide if the company wants brand awareness, drive traffic or make sure customers avail of the products or services. Secondly, the company should plan the message it wants to go viral. The message has to be unique and easily noticeable by consumers. Third, the message you want to convey must be passed on to others efficiently. The company has to provide incentives for sharing. The greatest ince...
What is a SWOT analysis? This concept involves assisting businesses to identify their strengths, weaknesses, opportunities and threats. It is often used to analyze an organization and its environment. Businesses find the analysis useful in assisting them to improve their business, establish goals and objectives.
Promotion. Finally comes promotion - informing the customer on the qualities and advantages of the product so that the potential buyer learns about the product, prefers it to those of the competitors, and has an opportunity to buy it at some place.
This reflective essay will critically review my personal and professional skills that I am less confident in whilst in practise, which is essential for communication and developing effective relationships with others in an organization and even for personal development. The skills identified for improvement was highlighted in a skills audit for communication and effective relationships. A SWOT analysis was carried out to focus on the skills recognised, where finally an action plan was made to address how to improve the skills, what the challenges would be to develop them and how it is beneficial. The skills audit, SWOT analysis and the action plan are included as an appendices. It will also apply communication theories to
The SWOT analysis is a useful tool for identifying our personal strengths, weaknesses, opportunities, and threats to our plans and goals. According to a “Fuel My Motivation” article (2010), this analysis considers internal influences that can positively or negatively affect our ability to achieve our goals. The internal factors are our strengths and weaknesses. Also considered are opportunities and threats, which are external influences that can have a positive or negative impact on the ability to achieve our goals. I will share how the self-assessment instruments and self-exercises in this course have contributed to assessing and understanding my strengths and weaknesses. I will also discuss techniques I will use to leverage my strengths and understand my weaknesses. In addition, I will consider opportunities that I can take advantage of and the threats that can possibly impede my progress.
All items are hand-picked and have been established for 3 years. Mr Price will need to combat this threat by closing the gap where potential customers are escaping by merging businesses, or creating a competitive advantage. A competitive advantage is achieved by having lower prices, better quality, customer’s loyalty or best service. (Retief, 2015)
social, they are likely to spread brand goodwill by word of mouth. They are also likely to pass on the
test whatever it's a bad effect or not. So when it used on humans, we
...change production planning and control, and supply and payment process, when firms provide customized products.