Question:
Discuss about the Investigating Influence of Musical Congruity.
Australia is one of those countries with many organizations/companies that are at different levels of the economic marketing. Among them is the DV8 Leather Company that deals with the manufacture and supply of leather materials. This is a local and home based company that was started in 2010. Ever since this company has grown and has been launching new products into the Australian market.DV8 is located in Buxton, new south Whales and specialize in custom made leather where it operates its business from their residence to avoid more costs. Their products are sold online in dv8leather.com, at trade events or some reputable retail outlets around India.
The new product opportunity identified is the manufacture and use of leather vests. This company started supplying leather made materials like biker and belts but it has now decided to launch a new product into the Australian market. The impact of business innovation has positive results to SMEs. (Apansovich, 2016) This was an idea developed as a result of creativity and exploration of the existing market and the satisfaction of the customers by the available related goods.
This company is both launching a new product to the national market of its country Australia and trying to penetrate the world’s international market. The sale of leather vests is a new technology and therefore it is in strive to successfully convince both the national and international market that their product is the best and also diversity the sale of its new product.
DV8 Leather innovation is also as a result of the signing of the free trade treaty between Australia and China that has really promoted the growth of trade and the introduction of new commodities in the market. This is because with minimum trade restrictions manufacturers will always get a wide market to sell their products.
This market introduced market opportunity was identified after the observation of continued promotions and adverts both in social and mainstream media. The introduction of a new business opportunity is accompanied by advertising (Moreno-Moya, 2016). After this company launched a new product to the market, it began serious advertising to catch the attention of the prospective buyers. Ready vests that are made of rhino skin were promoted continuously and happy customers were reviewing the product leaving positive comments. Every advert was aimed at catching Australian market and penetrates to other countries of the world market.
In respect to the business environment, there are usually those factors that affect a particular business internally i.e. the micro environment and those that affect the business externally i.e. the macro business environment (Hood, 2016). Sale of leather vests, being a business like any other is affected by these factors. To begin with, this is how internal factors affected this new opportunity:
The business structure is one of the micro-environment and it refers to the arrangement of activities that are carried out at various levels of the organization so that business objective may be achieved. The organ gram, therefore of dv8 leather was easily established because there were easy management and decision making owing to the fact that it is a private and home run company. The arrangement of these activities is therefore easy making the sale of leather vests a success. The company organized itself well and made all efforts to bring out their product as being the best.
Resources are yet another business micro environment and they dictate the continuity and success of a business. It will dictate whether a particular product will continue to be made and it includes human, financial, physical and technological resources. To begin with, dv8 has almost enough and actually qualified employees that have relevant skills in the same area of specialization (Chilopora, 2016). Financially, dv8 is a company that is stable and has adequate funds to finance the production of the leather vests. Dv8 has good physical resources such as machinery and super high technology for its production.
There are also external factors that affect a particular business. According to (Bello, 2016) are the macro business environment and they include economic, demographic, legal-political, technological, cultural, competitive, enterprise and the physical environment. To begin with, the economic factor is favorable because buyers have proven to be in a position to buy these leather vests. In the demographic factor, the population is not showing a continued increase and hence this is rather affecting the diversification of the business. Luckily, there have not been legal-political crises over the mentioned product. This absence of a legal crisis is a positive promoter of the business.
Technological environment is yet another factor. If a business uses out-dated technology while other businesses is using modern technology consumers will go for the other firm’s products. A business that uses high production technology produces higher quality products attracting a wider market (Lofsten, 2016). In our case, Dv8 Company is associated with high production technology from the conversion of skin to leather to the point of making the vests. On top of that, the invention of the leather vests was accompanied by an increase in production technology leading to the business success.
The competitive environment is a big challenge to most of the business organizations worldwide. It means an environment where firms are trying to outdo each other in an effort to maximize profits. There are two types of competition, a generic competition where products are used for the same purpose though they are different and enterprise competition where firm’s products are similar to the other firms. This poses a big challenge to the dv8 company. There is competition from other firms who sell woolen or cotton jackets and also from other companies that copied dv8 and started making these Leather vests.
The physical environment includes factors such as relief, climate, and infrastructure like roads, water supply, banks among others. Dv8 Company is strategically placed and therefore enjoys good infrastructure and access to services such as banking. This, of course, is one major source of the success of the sale of leather vests. This is to mean that its placement gives it access to infrastructure and other important social services.
The market is one of the very most important factors that affect the success of any business organization. In this case, market availability leads to a business success while its unavailability will lead to a business failure. In the case of Dv8 Company, which deals with the sale of leather vests, there has been a pronounced market from the Australian society. It is evident that the Australian society supports the technology and is ready to purchase the products.
With the recent signing of the China-Australia Free Trade Agreement, after a 10 year negotiation period, it is expected that trade will double from the existing levels as the local tariff barriers have been lifted between Australian exports and the Chinese Markets. For Australian and New Zealand SMEs, this presents exciting new opportunities being the best-positioned, geographically and in business to make the most of this shift in the world economy (Ghezzi, 2015). This is a major advantage to the dv8 company because of the diversified market for its vests.
With these opportunities comes a new set of challenges. Small businesses will need to start thinking internationally if they want to capitalize on the opportunities presented in coming decades. By being agile and taking the time to truly engage with the new powerhouse economies of the Asia Pacific, businesses will be well-placed to grow throughout the Asian Century. This has found dv8 in the zeal to explore new market and soar to the international market. The market has been established and is growing and more of the vests are sold every day. The advancement of trade and trade partnership has favored these vests. Even though there is no a mentionable population increase in Australia, the market has been expanded to the rest of the world countries.
Every business that starts is faced by competition challenge. Since the establishment of the dv8 company in 2010, there has been competition. Most of the new opportunities introduced in the market are faced with stiff competition (Wright, 2013). When the leather vests were established, there has been competition from other firms that are selling the substitutes of these vests. Some companies sell woolen or cotton jackets and since these products are all meant to keep one warm, people sometimes tent to prefer woolen jackets and vests which are lighter rather than the heavy leather vests which are sometimes uncomfortable.
There has also emerged some other firms both nationally and internationally that have borrowed the technology and begun making these leather jackets. This is actually posing a big competition challenge because it has availed more of the products to the market. New technologies are imperative in a product introduction (Hess, 2016). Even though competition has been a main challenge; dv8 still enjoys the advantages of pioneering the vests and being the initial launchers in the world market. Their competitive advantage is that they are actually the pioneers of the leather vests. This renders their products original and thus there is trust from the customers and hence they are able to make more sales as compared to their competitors.
As mentioned earlier, dv8 specializes in custom made leather and the business is run from their residence in order to keep our costs lower. Their showroom & workshop is located in Matcham road Buxton 5 mins south of Thirlmere Steam train museum, approximately 20 mins north of Mitta gong and their products are sold online from dv8leather.com.au by themselves at trade events and at selected reputable retail outlets around Australia.
In 2010 DV8 Leather was formed and it is an Australian owned & family operated, manufacturer, wholesalers, importers and retailers, a custom made service is offered on selected lines. To their registered customers they offer a 12-month stitching hardware guarantee on all their DV8 leather branded items. Bike Road shows and the alternative shows are their specialty; they enjoy meeting their customers face to face and discussing their requirements, (Bacherer, 2016).
This is the most appropriate organization of this company. It leads to minimization of costs and maximization of profits at the same time. I therefore recommend this organization. The competitive advantage of dv8 organ gram is that they incur less cost because they run their business from home and therefore don’t have to pay rents. Another advantage is that they have quick decision making and also spent less on the payment of human resources hence can sell their commodities at cheaper price and still make profits unlike their competitors who have to incur more costs on human and physical resources
The strengths of dv8 leather Vests Company arise from its originality. It has been found that this company was the first to come up with this idea of leather vests. This has rendered its product original enjoying the fruits of innovation (Rubera, 2016). Another advantage is low cost of operations and successful advertisements fetching a wider market.
The weakness of dv8 leather Vests Company is the inability to penetrate many outside countries. Even though it is an export company, it has not been able to highly penetrate to most countries. This has implications that it is still in growth. Another weakness is that it has not yet grown into a fully public company and hence it is not in a position to enjoy the economies of such growth.
Conclusion
Conclusively, entering a new market must be accompanied by a serious advertisement. It is usually important, however, to invent a new idea to enjoy the advantages of originality. Even though there is usually a stiff competition from the pre-established companies offering the alternative of the product; a new opportunity thrives well after promotion and continuous production of quality services. Dv8 company launched leather vests and is doing well both in the national and international market due to promotions and quality service provision.
References
Abolhasani, M. &. (2017). Investigating the influence of musical congruity in higher education advertising. In Advances in Advertising Research VIII, pp. 183-196.
Apansovich, N. H. (2016). The impact of business innovation modes on SME innovation performance in post-Soviet transition economies. The case of Belarus, pp. 57, 30-40.
Bacherer, R. C. (2016). The role of entrepreneural Marketing i improving market share for small business facing external environmental or resource challenges. Journal of small business and entrepreneurship, pp. 117-119.
Bello, D. R. (2016). Performance of professional service firms from emerging markets. rRole of innovative services and firm capabilities, pp. 413-424.
Chilopora, G. K. (2016). Human Resource for health. Postoperative outcomeof caeserian sections and other major emergency obsteric surgery by clinical officers and medical officers, pp. 94-98.
Ghezzi, A. C. (2015). Strategy and business model design in dynmic telecommunications industries. Technological forecasting social Change, pp. 90, 346-354.
Gorostidi-Martinez, H. e. (2017). Strategies to avoid liability of forgiviness when entering a new market. Journal of advances in management research, pp. 46-68.
Herrera, M. E. (2016). Innovation for impact. Journal of business research, pp. 1725-1730.
Hollender, l. Z. (2017). SME market entry mode choice and foreign venture performance. International Business Review, pp. 250-263.
Lofsten, H. (2016). New technology-based firms and their survival. Local Economy, pp. 393-409.
Moreno-Moya, M. &.-A. (2016). The differential effect of development speed and launching speed on new product performance. Journal of small Business, pp. 750-770.
Prajogo, D. I. (2016). The strategic fit between innovation strategies and business environment in delivering business performance. International Journal of production Economics, pp. 171, 241-249.
Raviv, A. H. (2017). A new product introduction. Kellog school of Management cases, pp. 1-11.
Rubera, G. C. (2016). Open innovation, product portfolio innovativeness and firm performance. Journal of the Academy of maeketing science, pp. 166-184.
Weerawardena, J. M. (2017). Capabilities development and deployment activities in born global B-to-B firms for early entry into international markets. Industrial Marketing Management, pp. 479-501.
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