Discuss about the Evaluation Of Market Opportunities.
With the rise in the Global expansion and newer opportunities, every business organization tries to capture and gather the most advantages out of it. In order to gather better marketing and business inventories always plays a crucial role in determining the success of the organization (Borman 2014).
In this report, the fundamentals of marketing opportunities have been discussed. To help in better understanding an organization has been cited as well as the products and the new introduced products have been discussed along with its opportunities in the Global market.
With the help of this report the principles of marketing and business opportunities along with the target market, the impact of the products on both the organization and its publics have been detailed and analyzed.
Design’s Mart is an architectural organization that is based in Australia, Melbourne. The organization is one of the known architectural firms that are known for its well-furnished designs in both interior and exterior infrastructures as well as real estate planning. Australia is one of the out growing markets for newer technologies and innovations and Design’ Mart plays just the crucial role in tendering these outgrowing needs and demands of the advanced generation.
Design’s Mart is mostly involved into architectural designs, interior designing, urban planning, master planning and strategically planned designs. Design’s Mart is currently working on the incorporation of smart technologies into some of the pre existing designs and innovations that has been produced. Few noteworthy innovations includes a sustainable aqua garden, self sustaining high rise generator, incorporation of smart technologies into homes such as external as autonomous waste management systems, smart water channeling and processing systems. Apart from this Design’s Mart has designed innumerous infrastructures such as hotels, houses, theatres, opera houses, shopping complex and adjoining residencies, community houses and clubs.
Design’s Mart is an architectural company that is known worldwide and famous for its innovations. Since the organization is based in Australia the primary customer base and market is also supposedly the current operating country. Yet, Design’s Mart helps its clients worldwide in achieving a better infrastructure for both residential and commercial purpose.
Design’s Mart previously introduced to most popular designs in terms of architectural and strategically planned designs. The design is of House-Residence or House Boats. The houseboats are mostly popular in Holland that incorporates the idea of a mobile residence on water. Houseboats are an innovative idea for a specific category of customers who wish to own a luxurious residence on the verge of nature as well as the special privilege of portability. The houseboat is functional in terms of moving the residence from one place of convenience to the other. This product is likely to be introduced in a market which is facilitated by the availability of the resources to own such a mobile home. In this case, a place, which is surrounded by water, bodies with abundance of population in such areas, is a potential market that can facilitate the sales of such product.
The second product in line of Design’ Mart is photovoltaic cells functionalities that has been installed and incorporated in tiles rather than the using of traditional tiles. The motive behind such an innovation is the use of sustainable resources in terms of using conventional for of resources. The photovoltaic cells are instrumental in channeling the solar energy that has been captured thought the daytime and it can be utilized to power the entire house without the external supply of electricity. The potential market for such a product can be considered as the areas, which experience frequent power cuts or other electricity concerns. Such an area could be the main influencer of generating higher sales through the introduction of the photovoltaic tiles.
One of the two innovations for the current market from Design’s Mart is automated controlling of in-house temperatures through cell phones. This feature includes the installation of special in house heat and cold sensors that would be fitted inside the walls of the house during its construction that can be operated through cell phones. This would be beneficial for homes that do not have the additional facility of air condition installation as well as homes lacking proper ventilation (Madsen and Walker 2015).
The second innovation involves the utilization of sensor operating home shutters that can be additionally operated through mobile phone application. This would be a breakthrough in terms of technology since homes are mostly secured manually under lock and key but this special feature would enable better security with just a push of a button. Additional hassle of home security would be simplified with this innovation, hitting the market. The shutter to be sensor fitted for obstruction detection and is completely tampers resist. This would create a huge stir in the market due to the better technical advancement in terms of housekeeping.
Both the products that were in the current possession of the company are likely to be beneficial if the target audience has been appropriately sorted. The houseboat is more likely to be beneficial for customers looking for a well organized and a portable residence apart from a residence on a consolidated ground that in immovable. Newer market opportunities as well as customers from places that are most abundant in water bodies are more likely to respond better than places with less utility of such resources. The product contributes to the organization with a better scope of economic and social recognition in terms of business opportunities. Better innovations are likely to be more influential to the consumers than ordinary products.
The photovoltaic cells are likely to be more effective and useful for all segments of consumers since the product uses the principle of using a sustainable source of energy as well as the generation of electricity without the support of external supply. The user-friendly nature of the innovation is a go on the consolidation of the business revenue. Moreover, the people living in the areas who are experiencing electrical faults are likely to be more influenced by the innovation and respond highly to the products than the people living in the area with better stability.
The innovation has been complete based on technological advancement that would be a huge impact on the organization in terms of business. The contribution of these new additions would be beneficial in terms of revenue generation since these technologies would be completely user-friendly and lesser prone to humane errors in terms of functionality. Customers more inclined towards a smarter life style would be affected more, in the current market. Better inventions would henceforth proportionally reflect on better business prospects of the company.
The innovations are likely to have a better impact on the company’s business as well as the goals. The objective of introducing strategic and innovative designs as well as the incorporation of smart and conventional technology is likely to have a better influence on new market segment and have better response in terms of goal achievement and business of the company (Goetsch and Davis 2014).
The respective innovations both current and new are formulated as per the chosen goals of the company to provide its valued consumers technological and sustainable products. The dependency on the technical advancement is one of the achievements to reach the company’ allotted parameters. The innovations on the other hand would move the business forward with the intensity of its influence on the consumers as well as its impact on the consumer behavior and purchasing pattern. Influence on the consumers both the current and newer market would result in a booming business for the company.
External influences such as Political, Economic, Social, Technological, Legal and Environmental are likely to have a better impact on the product. All the factors are included in the strategic management planning of a business where the newer market would support and add leverage on the current innovations since all the parameters of the achieving an affirmation to launch the product in a new market are up to mark (Hill, Jones and Schilling 2014). Both the innovations are technologically as well as eco-friendly that would also capture the political, social and economic support.
In order to ensure the investment and returns related to the innovation proper pricing strategy needs to be formulated that should ensure the affordability of the products to all range of customers (Eden and Ackermann 2013). A higher range or pricing could repulse the customers from the idea of possessing such property. Also, introduction of the product in the wrong market segment can affect the product.
The market risks of the product involve the right selection of the consumer categories since the right buyers would facilitate a better response towards the product or the innovations. An individual in the right area with the available requirements would tend to respond better than a customer living in an area, which is deficient of the requirements, even if the person has the will and the interest to purchase such a product. The high cost of affordability is also a risk revolving around the product.
The quality of operations related to the marketing strategy and the customer support would ensure a better return in the business (Setó-Pamies 2012). Organizational management related to the sales, marketing and customer service would ensure better customer generation and retention that would be beneficial for the business to flourish in newer market (Kinicki and Kreitner 2012).
External factors such as Political, Economic, Social, Technological, Legal and Environmental factors would not be much impacted upon by the influence on current market since the company holds a reputation of providing products and services that meets all the valid parameters without negatively affecting anything. The products are likely to be benefitted from all the factors as mentioned due to the company’s pre-existing reputation and inventories (Axsäter 2015).
As per the theories of marketing, the pricing strategy should be manipulated in such an influential manner so that the company meets the allotted profit margins and the invested revenue is attained back without any obstruction in the cash flow that was initially devoted while formulating the invention (Slack 2015).
As previously cited every organization is likely to succeed in its goals with proper organizational management with well-devised strategies and marketing techniques. Well management of the company as well as eminence of operations related to the would ensure a improved return in the business (Fleisher and Bensoussan 2015). Management associated to the principles and perspectives of marketing and customer service would ensure better customer generation and retention that would be instrumental for the business to consolidate its presence in the current market.
In order to attain a better output the company needs to improvise on the older strategies related to the current operations as well as enhance the quality of the customer service would ensure a better customer satisfaction and customer retention with better support both before and after sales (Jahanshani et al. 2014). Selection of capable employees needs to done to be able to work under pressure and use the various means of the strategic tools to achieve the desired objectives as well as increase the efficiency of the productivity of the organization. Older management strategies need to be re-enforced with more strategic and agile ideologies in order to maximize the output and achieve better competitive advantage in the Global market (Wagner III and Hollenbeck 2014).
Conclusion
With the help of this report, it can be concluded that the marketing principles and the perspective are the important tools that are influential in terms of any product that is introduced in the market. Depending on the nature of the market the respective strategies and the plans can be devised out in order for an organization to achieve its allotted objectives. The proper selection of the target consumers as well as the well analysis of the market situation should be executed to prevent the wastage of the inventories of the organization and ensure the complete sales of the products that is introduced in both the current and new markets.
References
Axsäter, S., 2015. Inventory control (Vol. 225). Springer.
Borman, W.C., 2014. Organizational citizenship behavior and contextual performance: A special issue of human performance. Psychology Press.
Eden, C. and Ackermann, F., 2013. Making strategy: The journey of strategic management. Sage.
Fleisher, C.S. and Bensoussan, B.E., 2015. Business and competitive analysis: effective application of new and classic methods. FT Press.
Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. Upper Saddle River, NJ: pearson.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
Jahanshani, A.A., Hajizadeh, G.M.A., Mirdhamadi, S.A., Nawaser, K. and Khaksar, S.M.S., 2014. Study the effects of customer service and product quality on customer satisfaction and loyalty.
Kinicki, A. and Kreitner, R., 2012. Organizational behavior: Key concepts, skills & best practices. McGraw-Hill Irwin.
Madsen, T.L. and Walker, G., 2015. Modern competitive strategy. McGraw Hill.
Setó-Pamies, D., 2012. Customer loyalty to service providers: examining the role of service quality, customer satisfaction and trust. Total Quality Management & Business Excellence, 23(11-12), pp.1257-1271.
Slack, N., 2015. Operations strategy. John Wiley & Sons, Ltd.
Wagner III, J.A. and Hollenbeck, J.R., 2014. Organizational behavior: Securing competitive advantage. Routledge.
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