There are various growth strategies which an organization can adopt regarding developing a new product or service and the choice of the growth strategy is dependent on the capabilities and competencies of the organization. In order to aware the existing and potential customers of the company, an organization must focus on implement an effective communication strategy which will help in informing the target customers of the company regarding the offerings of the product and therefore it is very vital that an organization develop the objectives of integrated marketing communication objectives. The current report focuses on the 3 Cs analysis and SWOT analysis based on the 3 Cs of Quay, an Australian eye-wear company. The report also helps in suggesting a new product development idea for the company along with its segmentation and positioning.
Environment Scanning 3 C’s
Customers- The current customers of Quay Australia are men and women belonging to the age group of 18-45 who seek for trendy and fashionable products and use sunglasses to protect their eyes from various harmful rays such as UV rays, to provide comfort to eyes in low light conditions.
The past customers of Quay Australia were mainly urban women customers belonging to the age group of 18-35 who sought for stylish sunglasses at competitive prices to protect themselves from scorching rays of sun.
The potential customers of Quay Australia are men and women between to age group of 15-65 years who seek eyewear solutions at competitive prices not only to look stylish and fashionable but also to protect and provide comfort to their eyes.
Competitors- The man competitors of Quay in Australia are Le Specs and Local Supply. Le Specs is a well-established Australian sunglass brand which has been present in the market from many years. The products of Le Specs are fresh and modern and they also offer a feeling of retro to their products. The market share strategy of Le Specs is to market as a modern and fashionable brand which is yet trendy in nature and is choice of many eminent celebrities round the world. The communication strategy which is being used by Le Specs to communicate with its target market is advertisement. Local Supply is another Australian company which specializes in making strong but light weight frames with polarized lenses and is competitor of Quay Australia. The products of Local Supply are competitively priced in nature which are worn and loved by home grown celebrities of Australia. As opined by Adebiyi and Bello (2018) the market share strategy of Local Supply is to use the world’s best designer and high tech manufacturers to attract their customers and increase their market share. The communication strategies which are being used by Local Supply are Sales promotion and Advertisement.
Communication- The current communication strategies which are currently followed in Quay Australia are advertisement, sales promotion and social media. As stated by Ali, Shaban and Al-Zubi (2017) the company highly relies on advertisement of their product to attract the target customers towards the products. Quay Australia focuses on advertising their products mainly from online platforms to reach to maximum number of customers. The products of Quay Australia are promoted by various popular and famous personalities and social media sensations of the country to increase the acceptance of the products among the customers. As stated by Cogoljevic, Dimitrijevi? and Cogoljevi? (2017) Quay Australia extensively advertises their products through their official websites by providing detailed features and description of the products and by taking help of various technological advancements to provide unique product knowledge to the customers. Quay Australia also uses sales promotion as their communication strategy in which the products of the company are offered to customers at cheaper price and also with other attractive offers and benefits to attract maximum number of potential customers towards the products. As stated by Finne and Grönroos (2017) Quay Australia also takes help of social media platforms to communicate their target customers regarding their products and their features. As opined by Seyyed Amiri et al. (2017) as majority of their target customers, remains hooked to various social media platforms, therefore the company has increased presence in various social media platforms to reach out to their target customers by advertising their products in multiple unique ways in different social media platforms which creates a buzz for Quay Australia in social media platforms which accordingly helps in attracting customers towards the brand.
The Duncan’s SWOT analysis of QuayAustralia is as follows:
Strength- The main strength of QuayAustralia lies in fact that customer base of product of the company is high owing to greater variety. Other strength of QuayAustralia is combination of communication strategies being utilized in form of advertisement, sales promotion and social media. Other strength of QuayAustralia is effectiveness of market share strategy adopted by the company as it has enabled them to gain popularity in market.
Weaknesses- The main weakness of QuayAustralia lies in the fact that that brand image of company is comparatively lesser than that of their competitors. Another weakness of QuayAustralia lies in fact that number of loyal customers are lesser in comparison to competitors. Another weakness of QuayAustralia is that company lacks focusin improving public relations image and their increased focus in advertisement to facilitate communication leads to increased expenses for the company.
Opportunities- the main opportunity for Quay’s Australia to improve its position in Australian market is to focus on including public relations strategy as a part of communication strategy which will help in development of theirbrand image. Another opportunity for Quay’s Australia is to increase the customer segments for their products to increase the market share and to develop their communication strategy by implementing various forms of technological advancements.
Threats- The main threat for Quay’s Australia is rise of international competitors in their business as mainly Quay’s Australia was involved in competition with domestic competitors and therefore involvement of international competitors has increasedexisting competition level of the company. Another threat of QuayAustralia is the pattern of sudden changes of customer preference which can disrupt operations of the company in adjusting to changes in customer style and preferences so as to maintain competition level in market. Another threat of Quay’s Australia is increasing costs which are associated with various types of communication strategy which can influence price and eventually demand of product.
There are various types of growth strategies which can be implemented by Quay Australia such as:
As opined by Sharma and Sagar (2018) the new products of Quay Australia which will be introduced in existing market segment are colourful uni-glass lenses which will be designed by international designers. Thegrowth strategy which will be adopted by Quay’s Australia is Product Development growth strategy where they will introduce new products in their existing market segments. As opined by Manser Payne, Peltier and Barger (2017) the current products which are offered by QuayAustralia to their existing customer segments are various types of sunglasses such as aviators, wayfarers in various designs such as round frames and other cool frames. Also eye-wear products rangewith bluelight glasses are offered to protect eyes from harmful HEV lights which comes from various computer devices such as TVs, smartphones, laptops etc. As opined by Ozcan, Hattat and Hair (2018) as result QuayAustralia will focus to launch new product i.e. colourful uni-glass lenses which will be designed by international designers and which will help to reflect mood and essence of customers during the Christmas carnival. The new product which will be launched by Quay Australia will be designed by international designers and will contain top quality features and technology which will ensure safety of eyes. The colourful uni-glass lenses of Quay Australia will be competitively priced to attract more customers towards new products by targeting on affordability. According to Schnurr (2017) the existing products of QuayAustralia are mainly targeted towards the women market. As opined by Xie, Xie Qian (Jane) and Zhao (2018) however the various coloured uni-glasses will be targeted towards both women and men customers with available number of designs and options in the new product line of QuayAustralia.
As stated by Gr?bosz (2017) the basis of segmentation for the new products of QuayAustralia is age, lifestyle and income and these bases will form the basis of market segmentation of the company. The different types of market segmentation which will be followed by QuayAustralia for launching their new colourful uni-glass lenses will include demographics segmentation and behavioural segmentation.As opined by Yang et al.(2017)the new products of QuayAustralia will be targeted towards men and women between the age group of 15-65 belonging mostly to middle level of the society, who seek light weight and trendy eye-wear solutions at competitive prices.
As stated by Guo et al. (2018) Quay Australia’s new colourful uni-lenses will be positioned as both trendy and affordable products. Though trendy and affordable does not fit with each other and are considered to be poles apart,QuayAustralia will take the challenge of combining both these features via their new product which will have capability of offering greater value proposition to their target customers.
The perceptual mapping of the new product line of Quay Australia is as follows:
The objectives of the Integrated Marketing Communication of Quay’s Australia regarding the new products of the company are as follows:
Conclusion
From the above report it is evident that integrated marketing communication plays a vital role in communicating the offerings of product to potential customers which contributes to popularity and sales of products. Therefore it is very important that a company implements effective communication strategies in order to communicate their product offerings to their customers. From the above report it is also evident that the analysis of the 3 Cs plays a vital role in determining the context analysis which helps in determining communication strategy and objectives of integrated marketing communication of the company. Further it is also evident that the segmentation and positioning of new product must be based on capabilities of the organization and characteristics of various segments in which the company operates.
References
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