A theoretically promising situation under which the business corporation can develop exploitation for a changing trend or a fluctuation in demand for a product or service by a demographic group and is not recognized yet by its competing brands. The main factors or for the occurrence of a market opportunity, identification of potential customers, the requirements and basic demands of them, size of the market, and the capability of capturing or bringing hike to the market share. The below-presented summary has been basically focused on Blue Frog Design that is a product design and development consultancy firm (Armstrong & Cunningham, 2012). The business entity is engaged in working with large and small business enterprises at domestic and international grounds. On the basis of the survey, it has been observed that the business firm is one of the significant players since from past two and a half decades in the sector. The core functions in which Blue Frog Design are indulged are innovating and designing the products on the demands of the clients. The business entity is a product innovation consultancy operating the business practices in Australian Market. The enterprise has developed such a working environment that the workforce is focused on offering valuable and innovative services to the consumers (Baker, 2003). The organizational structure is so developed that the operations and functions are executed in a manner that the focus is divided equally between the individuals that are associated with the business that are the clients, the customers who are willing to make use of the consultancy services offered by the business firm. In the year of 1990, the business entity Blue Frog Design commenced business practices by the name of multi-disciplinary consultancy. Engineering design, product design, and graphic design are the core services offered by the business firm and apart from that the entity also offers services to the respective industry in the context of mass production. Development of NT50 Power Shower Pump for New-team has been considered as one of the greatest innovation of the firm in the year 1993 and which was is also recognized as an award-winning the product of the enterprise. Moreover, breakthrough product designs and providing the substantial return on investment are some of the other services that are offered by the business entity to the clients in Australian Market. For enhancing the systems and facilitating the clients, in the 90s, the business firm made significant investments in technologies like 3D CAD. And from the year of 2010, the business corporation was observed to be highly engaged in advancing the offerings. Apart from this, bringing an increase in the quality of manufacturing for the industrial and transport market are the other business practices in which the entity is involved.
The pre-determined milestones that are required to be essentially and effectively accomplished by the business firm can be considered as the objectives (Banerjee and Soberman, 2013). An aim is where the business firm expects to reach in future. In general terms, it is known as a statement of purpose. For instance, the business entity wants to grow the business. Business objectives can also be termed as the stated, measurable, targets of how to attain business aims. Developing business objectives are considered as one of the crucial and significant tasks for any of the business entity. The term business objective is a broad concept and has been segmented into various divisions n the basis of the various aspects. The various types of business objectives that can be developed by Blue Frog Design are presented as follows:
The business objectives provide direction to the efforts made by the workforce and the various departments engaged in the operations and execution of offering services to the potential consumers (Baroto, Abdullah & Wan, 2012). Developing objectives is very much significant as it will aid in measuring growth and profits. The objectives should be developed as per the type of the business and should also match to the mission of the firm. Blue Frog Design should develop clear objectives so as to aid the employees in focusing on the performance for accomplishing success. The below mentioned are some of the objectives that are required to be established by Blue Frog Design:
Sales and profit
Production
Market
On the basis of the executed analysis, it has been analyzed that Blue Frog Design is a product designing and development consultancy firm in Australian Market. Engineering design, product design, and graphic design are the core services offered by the business firm and apart from that the entity also offers services to the respective industry in the context of mass production (Boone & Kurtz, 2013). The core operations in which the business enterprise is engaged are, working with large and small business firms at domestic and international grounds. The business firm has also been considered as one of the integral players since from past two and a half decades in the industry. Moreover, Blue Frog Design is also indulged in innovating and designing the products as per required by the clients. The business entity is a product innovation consultancy operating the business practices in Australian Market. Development of NT50 Power Shower Pump for New-team has been considered as one of the greatest innovations of the firm in the year 1993 is also recognized as an award-winning the product of the enterprise.
On the basis of the research executed by Chaffey (2016), it has been noted down that the SOSTAC model was invented by Paul Smith. This is a planning system and adopted by the business organizations all over the world. The system is developed for focusing on the attainment of the e-marketing objectives that too in an effective manner. The system focuses on the six most integral elements of the business corporation (Chafley 2016). SOSTAC is the acronym for the below mentioned sic components of Blue Frog Design:
Each of the mentioned elements is great contributors and also forms an essential part of the marketing plan. The above-mentioned strategy or the planning system can be adopted by Blue Frog Design. As per the given scenario, a social strategy has been selected for Blue Frog Design. Social strategy is one of the most contemporary means of marketing that can be adopted by the business entities that are executing the business in the modern era (Brumfitt, 2001). A social media strategy defines the bonds, their values and sets out a plan to harness them to make accomplishments. A strategy will be proven beneficial to the business entity in building and growing the business The main component of the strategy is social media that plays an unusual role and it rages together the development of a brand internally and externally. In terms of internal, the manner of operations and also establishes the culture of the business, whereas, in external, it comprise of the communication mix and also the reactions and feedbacks to the communication.
The social strategy offers benefits on a large scale such as an ease is offered to entry while executing the marketing and promotional practices by making use of the social strategy, as participation of each the workforce and the consumers can be done easily and effectively and successful commitment is also ensured (Chakravarthy & Coughlan, 2011). Apart from the number of benefits, Blue Frog Design will come across to a number of barriers associated with the concept of social media strategy. The business entity should be actively present on the platform of social media so as to maintain and experience the benefits discovered from this strategy. The business entity can develop and design social strategy and for which the three-step strategy development method can be adopted by the firm (Garyefox 2018). The three steps of the development of the social media strategy are described as follows:
The below mentioned is the communication plan for the key stakeholders of Blue Frog Design:
The below executed is the analysis of the internal and the external environment of the Blue Frog Design and for which the various approaches are presented that can be adopted by the business firm:
Porter’s five forces is an approach that can be adopted by the business firm for analyzing the internal marketing environment and the factors that can stimulate the business of the firm (Filipovic, 2013). This approach can also be considered as an analytical tool that will aid the entity in evaluating the industrial structure in which the firm is executing the business practices. The below presented is the Porter’s five force analysis of Blue Frog Design:
Blue Frog Design is working in a profoundly focused industry in which numerous others low evaluated and great quality furniture producers are accessible. The level of aggressive competition is high in this industry. By assembling racks, Blue Frog Design is attempting to contend and develop in the Australian Market advertise. The furniture industry is by and large one of the hardest ventures when contrasted with different areas (Ghuman, 2010). As the outcome, premium valued furniture producing industry in Australian Market is currently anticipated that would expand its piece of the overall industry so the opposition in the market will be expanded consistently. In any case, considering that the furniture is currently low spending need in view of the customer conduct is influenced by the retreat.
This power in the business is considered as feeble in view of the market immersion. With a specific end goal to enter the market, new organizations need to contribute the high measure of capital and talented work to work in the furniture showcase (Jung, 2014). Alongside this, there are some different variables that the racks and other family unit things are considered as the low spending need for the clients. Along these lines, the danger of new participants is low in this industry.
This power in the business is generally solid as there is the extreme rivalry in the business so there is the accessibility of the substitute items for the clients. Yet, in some cases, the dangers of the substitute items are frail as Blue Frog Design has top-notch involvement as far as minimal effort assembling, and great quality items and administrations (Kursunluoglu, 2014). Then again, clients are likewise in the control of Blue Frog Design’s development system of the quality items and administrations in the market.
The bartering energy of providers is generally frail in this industry. The reason is that Blue Frog Design is constantly contending to build up and keep up the association with the providers in its business activities by which it can without much of a stretch access the assets and capacities as far as potential providers (Li, 2013). Alongside this, Blue Frog Design has values keeping in mind the end goal to create the key associated with the providers and propel them to develop barring their bartering power. Along these lines, this is the powerless mechanical power in the event of Blue Frog Design which is useful in advancing the assets and augmenting the benefits.
On the basis of the research, it has been analyzed that threats of substitute in this industry have been observed at the minimum level. The innovative ideas, manufacturing functional, low-cost, and good quality furniture are some of the specialized areas in which the business entity is involved. Although the expenses incurred for the retention of the customers are minimum but it is also observed that the combination of the features of Blue Frog Design remains unmatched by the competitors (Lim, Machado and Iglesias, 2015). The business entity’s brand perception is trendy and along with that the firm also offers affordable products with quality and this is due to the unmatched products and services in the market.
The business corporation is currently executing the operations as product design consultancy in the regions of Australian Market. And hence the entity has some direct and indirect competing brands. The below mentioned are some of the competitors:
One of the biggest faced by the Blue Frog Design is from one of its target group of customers that is the consultants (Lovelock, 2011). The consultants are providing independent and personalized services and they are also developing strong bonds with the customers by making phone calls and face to face interactions. The consultants charge fees that are made based on the projects along with the anticipated recompense. Professional consulting and product innovation services are some of the other forms of basic services that are offered by the consultants that are the competitors of Blue Frog Design. However, the business entity is also offering a set of effective consulting services for increasing the effectiveness and innovativeness of the products and services (Mai, 2014). Guaranteed quality, superior consulting services to the clients and also sourcing the businesses in finding the professional services are the other services offered by the business entity.
There are some small business development centers that are executing the business operations all over the regions and are offering free consulting services to the new ventures. These business centers are enjoying the competitive advantage in the context of price factors as they serve for free and no expenses are charged (Martínez, 2012). Although, the prime functions and the services executed with Blue Frog Design are of consultancy services, modified, on-going customer services and concentration of consulting services these development centers presented in the various regions of Australian Market are also increasing the intensification of the competition in the business environment.
One of the direct competitors are the temporary agencies and these are considered as one of the biggest threat to Blue Frog Design. Due to this threat the level of completion is increasing and also becoming strong in relation to the consulting services (Moiseieva, 2013). These consultancy services or the temporary agencies are offering significant sources of information, modified services and also have a pool of consultants.
The business environment has some strong brand names that are increasing the intensification of the level of competition in the market for Blue Frog Design. The following are the names of the topmost competing brands, Strackk, TEEbooks, Bolia and Vitsœ (Bluefrogdesign 2018). These business entities are existing players and also share a large piece of the high market in the furniture industry. These business corporations are some of the significant players in the sector and are also operating in the industry since long ago (Muturia & Oeba, 2012). The business firms are making use of contemporary means and mechanisms for executing the business such as they are making use of online mediums for marketing the products and services and thus are attaining the customers on the large basis. An ease in the availability of the products and services is offered to the consumers by the online means and by this they are attaining the market share of traditional retailers. The strategic priorities of the business entities are quality and services. The quality of the offering is apparent to be significant for them in the terms of competition (Pagla and Brennan, 2014). Apart from this Vitsœ is one of the brand names that is offering a quality of services at affordable prices with unique designs and quality shelves as per the requirements of the customer’s. Social media has been considered as one of the biggest tools that have been widely used by these competing brands and the strong presence of social media is aiding the business entities in giving tough competition to Blue Frog Design.
The below mentioned is the list of the ethical considerations that should be considered as a significant part of the developed marketing plan for Blue frog design:
Treat employees fairly: The business entity should operate and execute ethical business practices and should develop a fair business environment. An ethical approach towards the employees will develop a friendly environment and that will also promote the overall wellbeing of the employees within Blue frog design (Pavlou & Stewart, 2015). This will also ensure the safety and security of the workforce Suggestions are provided by the adoption of the ethical considerations such as the company must pay a living wage with benefits for addressing the unexpected emergencies. Moreover, the compensation plan of the business firm should be in line with the adopted practices.
Engage in sustainable manufacturing practices: The basic requirement of the legal and ethical consideration is to bring a decline to the negative impacts on the immediate environment in which the business entity is operating (Peck et al., 2013). The manufacturing process should be ethical and all the legal obligations should be fulfilled and thus the entity should be timely engaged in the sustainable manufacturing process.
One of the biggest components of the market research is the customer and they are considered as the integral players that can stimulate the business operations easily. The buying behavior and pattern, their income level, the standard of living, their perception towards the brand are the main features that should be analyzed for executing a marketing research by Blue frog Design (Bluefrogdesign 2018). The decision-making process for buying any of the product is based on all the above-mentioned characters and hence they are considered as one of the most integral components for any of the business firm (Phillips and Hallman, 2013). For instance, after analyzing it has been observed that the consumers in Australian Market are more focused towards buying various styled foreign furniture. And hence the business entity should develop same products and services.
The below mentioned are the market opportunities that can be grabbed by Blue Frog Design for betterment and attaining the growth and success:
One of the greatest opportunities that can be assessed by the business firm is the push and pull factors, which impact the entity on various grounds (Reed, 2014). The fast financial growth, an enormous requirement in a local market, scarcity of raw material and labors for furniture manufacturing, laws and regulations attracting foreign investment are the main examples of these factors. The mentioned factors enable the business firm in attaining competitive advantage in the markets of Australian Market.
Moreover, the location advantage is also one of the opportunities that are attracting the business firm for operating business in Australian Market.
One of the biggest opportunities that can be grabbed by the entity is the asset-based advantage that will drive the firm for expanding the business in the global markets (Sigala, 2014).
The business entity is basically engaged in offering the engineering design, product design and graphic design as the core services. The mission of the firm is to establish a better world through the process of product development (Smith, 2013). The business entity is very much focused on the statements developed and hence the core services are very much related to developing and designing the quality products and providing consultancy services (Terho et al.,2015). For executing the operations, the business entity has adopted the number of strategies and plans have been implemented. One of the most effective strategies that have been implemented by the business firm is a SOSTAC planning system. The planning system is developed for focusing on the attainment of the e-marketing objectives that too in an effective manner. Moreover, a social strategy is the tool that can be adopted by the firm for enhancing the marketing activities. And at last the budget is presented that comprises of the expenses incurred for executing the operations:
|
Resource |
Amount ($) |
|
Stock and Supplies |
100,000.00 |
|
Machinery |
5,000,000.00 |
|
Equipments |
105,000.00 |
|
Labor |
50,000.00 |
|
Office Staff |
122,500.00 |
|
Total |
5,377,500.00 |
The below mentioned are the challenges and the risks that can be faced by Blue Frog Design:
The business entity has a diverse range of resources and capabilities that will be proven as an aid while the stage of development and growth (Walker, Curren and Kiesler, 2013). The below presented are the various resources available to the firm:
Financial resources: One of the major sources of raising finance is attracting the investors for making investments in the firm (Wedel & Kamakura, 2000). Moreover, the revenues earned from the sale of products and services is another form through which the funds can be raised.
Human resources: The business entity has a huge pool of potential and capable individuals that are serving the business firm with the capabilities and professionalism (Yavuz and Toker, 2014). This resource aids the business entity in attaining the milestones of growth and success.
Conclusion
After summing up the above-presented analysis it has been analyzed that the Blue Frog Design is a business firm engaged in product designing and developing and providing consultancy services in the regions of Australian Market. From the above-concluded assessment, it has been analyzed that there are various opportunities with the business organization for investing in the concerned market. The above report has been presented for analyzing and evaluating the marketing trends and all other aspects of Australia and so as to make expansions in the business.
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