Marketing is described as the process of conveying the product or services to consumers. It involves, determining the scope of the product line, identification of the market or customers of the product and services determining the best price for the identified market as well as various ways to convince potential customers to buy the product. Besides, it involves establishing the best channels of distributing goods and services so that they can be accessed easily by the clients.
The objective of market analysis is to evaluate the appeal of a market and to comprehend its dynamic opportunities and threats as they relay to the strengths and weaknesses of the business. There are several factors considered in marketing analysis which can be included in the following manner;
1. Size of the market
The size of the market could be evaluated based on present sales and potential sales if the use of the product were expanded.
2. Market Profitability
While several firms in a market will have various levels of profitability, the average profit potential for a market can be used as a guideline for knowing how difficult it is to make money in the market. Michael Porter devised a useful structure for evaluating the attractiveness of an industry or market (Li, Wang, Yang & Ragland, 2013). This framework, known as Porter's five forces, identifies five factors that influence the market profitability.
The cost structure is critical for identifying key determinants of success. To this end, Porter's value chain design is useful for determining where the value is added and for separating the costs. The cost structure also is helpful for forming strategies to develop a competitive advantage. For example, in some circumstances, the experience curve effect can be used to develop a cost advantage over competitors.
Jones Blaire is a research, manufacturing those majors in the production of paints. Also, it has articulated and focused on critical aspects marketing. The main headquarters and operational center of the company is based in Dallas, Texas in the United States of America. This case study defines the problems that the company faces in its ability to market its products. The company has a problem in its profitability and also meeting the market demand. This has been attributed to the poor production and marketing techniques. The company would like to evaluate and analysis its size of the market, profitability and any other factor that is affecting its ability to succeed in the market. The size of the market would be analyzed so as to get to understand how it can meet the demand of its market.
Over the years, it has pursued means and modalities or approaches that would see it increase its market share, revenue base and fulfill the demands of the customers and the market as a whole. In principle, most of its actions and business acumen have focused on achievable and realistic market objectives that would have to be realigned to the market dynamics and realities. In essence, it commissioned a market analysis to consider the ways and means through which it would increase it revenue base, increase its presence in the market as well as balance the competition from other established firms or companies in the market. Specifically, the solutions or prospective suggestions to that effect have been characterized qualitatively and quantitatively based on the nature of the intended action. As such, the solutions have been varied to reach the spectrum of meeting the innate demands of the consumers such as high quality products at a favorable pricing level and durable products. Theoretically, all these approaches and perspectives of interest have been tailored to cover the eventuality of mathematical or quantitative rise in profits, market share and revenue. As such, this exposition have delved and considered some of these approaches to help fulfill and meet the set objectives conclusively.
Problem Statement and Statement of Alternatives
The primary objective of the Blair Company would be to increase its market share and improve its subsequent revenue collection. This is to say that it would seek to have an increase in its sales and increase in the number of customers who buy the paints or the products of the company. In the immediate time, the company would see to increase and expand from its geographical location to other areas that are worthy and articulate to the products. For instance, the short-term plan is to expand the distributorship networks to other areas within the country. This would mean that the business reach and grip of the business would extend and expand to other areas but within the same geographical reach of the United States of America. A practical case and instance is the raising of the stature of the brand so that it popular and famous within the geographical realm and reach of most clients within the country. Also, the firm would seek avenues and modalities that would lead to an increase in revenue base and sales for the Blair Company. In essence, the firm would have to devise means and ways that would lead to more sales and profits. In the long term, the firm would have to register an increase in sales and as such have more money due to the profits that would be made. It is to say that the Blair Company would then have an increase in acumen and imperative that would make it increase its profit share and value in the market. Accordingly, the most practical and applicable approach or perspective would be put in place to ensure that profits and sales are increased in the fullness of time or the long end.
Another related problem would be to balance or control the strength or wave of the force of the competitors so that they do not limit or hinder the success and growth of the Blair Company. This means that that the company would gauge and contextualize the tenets and components that make the opponents and the business rival strong or have a competitive advantage over it. This would mean that the firm would consider its areas of weakness and as such employ corrective measures to arrest and rectify the situation. A practical case and instance is the notion of lesser pricing employed by the competitors. As such, the Blair Company would also seek for corrective means and ways to ensure that its pricing levels tally with the market rates. Accordingly, any undue negative effect that Blair Company might have suffered in the past would be corrected since the prices would be fair and pocket-friendly to the existing market. Sequentially, this would mean that the firm or the company would conduct robust and extensive analysis and consideration of the market to gauge the level of prices. Likewise, if the prices offered by the firm are lesser than the market rates, then the problem analysis would extend to other related considerations.
Similarly, the firm or company would view the quality of products that it offers to the market as one of the likely impediment that may lead to its predicament of reduced profits and limited market reach. It means that the quality and veracity of the products and goods offered by Blair Company would have to be reconsidered if they are of the high and acceptable quality that is acceptable and proper to the market. Intuitively, if there would be a lapse or weakness in this regard, then the appropriate measures to improve the quality would be put in place as it would be deemed proper and wise in the business realms and terms.
Instinctively, the objective and realm of reach would be tailored to measure and touch on the aspects of prices, quality of products offered, the agility and preparedness or the competitive advantage of the business competitors and the modalities of expanding the market reach and subsequent revenues. It is important to note and mention that the approach or study would pursue all these approaches and spheres in an expansive and coherent manner. This is to say that in the beginning, there would not the conclusive or accurate course of action that would be taken. But rather in the course of time, as the research analysis for the market progresses, then the company would be able to narrow down to the area of interest and focus on it with the due attention and focus. Hence, all these issues raised herein as the prospective problems would have to be considered and weighed equally without overlooking any one of them. In the end, the objective that bears the heaviest interest and articulation would be contextualized and appropriate or relevant corrective measures instituted to counter the deficiency in that respect as it would have been recorded or approached.
Analyses of Alternatives
In the course of determining the corrective measures to employs so as to achieve the desired results. It would be fair to consider the qualitative and quantitative aspects of the market analysis question and area of concern. This means that the corrective notions that would be pursued would have to consider the payoff in terms of the level of welfare that that business as an entity and the consumer as the body of the market would enjoy. This means that the sphere and spectrum of influence that the business would have must be balanced against the level of welfare in increase that the consumer or the market as a whole would enjoy. Instinctively, in the event that the market or the business pursues an increase in the quality of products that it offers, then the business would have received some increase in some welfare. For instance, the products offered would be durable in that it would focus on the principles of reliability and durability of the product offered. This means that the paints offered to the market by Blair Company would be of high quality and would withstand the test of time in that they would be durable. Accordingly, it means that the aspects of the longevity of the products and the paints presented to the market would fulfill the customers in that respect. Practically, people would prefer to but paints once and enjoy the service or convenience of the products without being redundant or suffering the same fate or challenge over time. Thus, the fact that the customers or the clients would be able to use the products for a long period of time would be fair and critical because they would save money and repetitiveness of going back to the shop for such products.
In the same regard or line of thought, the appearance, texture, and style of the products offered would also come to question. This is specific in the area of disposition and the appearance that the paints and products that the customers would continue to enjoy in the course of their partnership with the company. As such, it covers the physical beauty and appeal that the product would give to the customers. By extension, the Blair Company would also enjoy a good reputation and name to the market and as such serve as another tool for marketing. This means that the qualitative reach would touch on the texture and appeal that the products of Blair Company would offer to the market. In principle, this means that the improved appeal of the product would serve double benefits to the market and the company as a whole.
Relatedly, the aspect of warranty or extensional service that would be offered by the market or the products would also cover the tenets and the articulation of company promotional agenda and extensive service to the people or the market. In essence, the follow-up services would come in handy to ensure that the products and services are in good shape. As such, the company and the consumers would both enjoy the services that the warranty or the extensional services would be tallied (Chen, Yang, Gao, Sheng & Li, 2013). Intuitively, the already existing customers would have an easy time to use and maintain the areas that would have been painted by the contractors of...
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