- 04 Mar 2020
This article will evaluate and identify marketing opportunities that are implemented in relation to BBQ fun. The different portions of the study focus to evaluate the marketing requirements of this company. The various factors are the needs of customers, competitor’s performance, marketing trends, profitability, and legal and ethical factors.
The company implements strategies with increasing demand and competition in the retail industry. Many methods are followed to tackle the market. The policies related to marketing & sales work on ethical principles linked with the code of conduct as per the Australian Government. The BBQ company is doing the implementation of strategies in increasing the market share.
The identification of and evaluation of marketing strategies are done on the below-discussed factors:
Market information- Around 300 million dollars were achieved by this company. The company has grown to a great height with many factors. The sale in the lifestyle sector has been increased.
Competitor’s performance- the company is facing stiff competition from the various players in the retail sector. Also, the company is experiencing competition from local and international players.
Customer’s requirements- The tastes and requirements of the customer are changing constantly. So, the company is also changing its marketing strategies. They are selecting modern tools for decorating houses. So, the company is required to change the products as per the need.
Legal and ethical requirements- The company adhere to the ethical work culture with the code of conduct to achieve industry standards.
Market share- The market share is increasing. The company has witnessed a high market share in Brisbane.
New and emerging market- The marketing trends are changing and the opportunities are drafted as per the market diversification.
Market developments and trends- the activities and trends are diversified to increase sophistication in many ways such as the widening of choices by target customers and the quality of items manufactured by the company.
Profitability- It is becoming quite difficult for maintaining profitability due to many factors. Also, many steps are undertaken to increase profit and maintaining stable growth. So, two different aspects were considered. One was to achieve high market share and developing new trends in the market. Another trend was to focus on marketing demands.
New markets for company- The company is increasing the market share and also developing new markets. This is done with the approach of product diversification. With the help of marketing techniques such as gap analysis, the diversification in the business can be easily studied.
Influence of business and marketing opportunities- The company growth is based on marketing strategies for the smooth functioning of the organization. This has been made possible by the implementation of effective long-term marketing strategies. Also, the sales volume has increased with great outcomes in the business. Moreover, the profit margins of the company are increasing by following ethical practices. This is attracting the customers for the long term and repeat purchase.
Discussing the marketing strategies
New marketing strategies can lead to required sources that vary as per the size and importance. It also includes risks like new vertical industry segments and different use of technology like imaging or document technique. The marketers who deal with document equipment like supplies, imaging, and software, BBQ require more creativity, objectivity, and needs. The company is also looking for new opportunities. The company has used many statistical techniques and tools to analyze company performance and growth. Also, the outcome is on the positive side. This has positively impacted factors like sales volume, profit, market share and much more. Also, vertical segmentation is selected as the best marketing strategy. The company selects a specific niche like branding its products and services and getting specialized in its fun niche.
Also, the company is required to segment its market vertically and must focus on comparative markets. It must also monitor the competitor’s performance and must consider the customer as a focal point for promoting their services and products.
Discussing the innovative and creative options
The innovative ways are contributing to the growth of the economy. This is made possible by developing the new markets with the current markets. The company has to find out the niche to explore growth. Also, they must help people to search for the content. The company must issue e-coupons to its customers. Also, the management must brainstorm the tools and techniques employed for innovation, creativity and solving the problem. Also, the company must adopt the three key tools of innovation. Also, the top management and business promoters must develop new opportunities and visions for creating the desired options.
This article is describing the marketing strategies undertaken by this company to explore growth. Many statistical methods are been used for the assessment of sales volume, profit margins, growth rate, and market share. After analyzing the evaluation ad identification of marketing opportunities of this company, it is found that they have employed many different options with the new market opportunities. Also, they have alternative tools and techniques for improved imaging and document technology. But they must focus on new geographic segmentation. They are also required to enter new markets if they want their firm to grow. With the new marketing strategies their market share, profit and growth have increased but they must look for new niches. Also, they must take care to build effective marketing strategies as per customer needs. They must also take recent industry trends into consideration.
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