The paper presents a discussion in the proposal of a business venture in growing area. In the paper a discussion strengths and weaknesses of the entrepreneur are given. The paper presents a discussion of the market needs, competitors, and the potential customer needs. The overall assessment of the target market is made looking at the political, economic and social aspect of the market.
Marketing and Marketing Strategy
SLP Marketing Strategy SLP Assignments Have wondered completely ? Well opportunity combine wondering analysis put flesh dreams. Your SLP assignment MKT301 develop a marketing strategy a service business (hypothetically) manage.
Self-Analysis
As the entrepreneur in the business I have skill in business marketing and management following from class knowledge. Additionally I have engaged in running a business in an internship and contract basis position charged with the responsibility to oversee growth in the businesses market size. I have also undertaken courses in marketing research that give me potential to evaluate the potential in a market. In the year I worked as a motor vehicles spare parts sale manager, I maintained a good rapport with the transport companies in the regions. This gives me an advantage of market knowledge. The existing relationship with procurement managers gives me an upper hand in introducing the new business venture to the market.
I have acquired knowledge of the tire need of different motor vehicles and the preferences likely to drive demand for the tires depending of the use. Additionally I have gained information while working of the source of tires and the quality of theses tires. This gives me an advantage in selecting the tires for the sale and keeping inventory of fast moving stock. The ideal knowledge in the type of products dealt is necessary so that to present the market and potential clients confidence (Sengupta, 2005; Rajan, 2007))
I have no knowledge in servicing of car tires and ideal measures of estimating the millage tires can serve potential clients as far as the use is concerned. Looking at the market needs, transport companies and in business and their desire is to maximize profit and more so to cut on costs. Adversely failure to come up with the realistic measures of advising clients may result in poor reception in the market. The market has potential to attract more competitors in the tire trade industry. It is essential that one intending to undertake such business equips themselves with the requisite knowledge of tires. This is in line with marketing needs as put across by (Harrison Jr., Horngren, & William, 2012) arguing that marketing requires sufficient knowledge products of trade.
Customer Analysis
The market is divided up in to two distinct groups' corporates and individuals. Corporate customers encompass the clients who undertake transport services and the companies in the region that have a fleet of vehicles for their transport needs. This group of clients desire value for their expenses that must be reflected in the cost cuts and their appreciation for quality. Individual client comprise of the household consumers who have their personal vehicles. The household demand is small compared to the demand from corporate clients. Corporate clients' demand is estimated to cumulate to 75% of the total market demand while household demand stands at 25%. The tire industry is estimated to have a demand of up to $5,000,000 million an amount that has been on the rise owing to the growth in the transport industry and settlements in the area. The area has received an increase in the number of companies locating there because of the regions productivity and the increase in the number of individuals moving to stay around.
Primary Competitors Analysis
The primary competitors in the region are tire manufacturing companies with outlets in outside regions but providing delivery services to competitors in the region. The companies have the knowledge of the areas growth and have been increasingly assessing ways of setting up branches in the region. At the moment there is one outlet for a major tire manufacturing company. The outlet offers only one single brand of the product. Table 1 below shows the primary competitors and how they fair in five measures of competitiveness.
Table 1
Competitors
Price
Reputation
Quality
Service
Location
Bridge stone tires
High
Admirable
Very good
Good
Present
Ture Tires
Low
Fair
Good
Fair
Absent
Tire distributers
Fair
Very Good
Good
Good
Absent
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