OzCo Boats is a family-owned boat building industry based in Coffs Harbour, situated in New South Wales has been operating since 1961. It builds high quality and luxury boats that are made from traditional material. In the current scenario of technological developments, they have to embrace innovative technologies to compete with its competitors and needs to transform its traditional methods of production. If it is continued further, it can lose its market profitability in the future (Huang et al., 2016). In the following, an effort has been made to discuss the strength, weakness, opportunities, and threats through a SWOT analysis and Ansoff matrix. In addition, it also discusses the perceptual map and recommendation based on the above analysis to deal with the threats so that it can be applied to the business to make it profitable.
The SWOT analysis has been discussed below-
· It has been offering high quality and small-sized products.
· It has more technical, experienced, and qualified staff.
· It offers luxury products to its customers.
· It attains high goodwill and profitability in its own home city and beyond the whole country.
· It offers out-dated and traditional technology.
· It delivers the old models, which can lower the growth.
· It can also lower the morale of the employee.
· They have no experience to deal with the competitors.
· They have passionate consumers about luxurious products.
· There are several restrictions by the government.
· The latest technology creates a threat in the future.
· There are several substitutes available in the market.
(Bull et al., 2016)
Based on the above analysis, it has been evaluated that the organization has more weakness in comparison to its strengths. Similarly, it has more threats in comparison to opportunities. It is not possible for the organization to take advantage of the opportunities as existed threats can lead to negative results. Therefore, in this critical financial state, it is not possible for them to invest a vast amount in mitigating these issues. The weakness of the organization involves various issues such as the utilization of traditional models and old technology, which needs huge money to solve the issues (Latip et al., 2015).
The major opportunity of the OzCo is the passion of consumers towards utilizing the traditional boats that is not simple for any technology-based organization. They can utilize the opportunity to promote the company and brings stability to the organization. They can also take the benefit of the fewer restrictions to enter into a new market by the government. Besides opportunities, there are several threats, which can ruin the opportunities if are not considered. Availability of innovative technology is another treat that is existed in the organization. The organization cannot handle the threat, as they are not in a position to invest a vast amount (Patuk and Borowski, 2017).
It is stated that after identifying strength, weakness, opportunities, and threats utilizing SWOT analysis and Ansoff matrix, it is strongly recommended that the organization should utilize market development strategy, which is beneficial for the organization. This strategy initiates the organization to enter into the new market with the existing products. They might difficulties concerning the experience of operating business in the external market, which can be mitigated through adequate training and development. The strategy of developing a new customer base with its luxurious products and traditional technology can mitigate the threats of new entrants in the current market. If the organization is being accepted by the new market than they can embrace innovative strategies such as market penetration and market development. It is also recommended that if the organization does not want to enter a new market then they can adopt a market penetration strategy (Bonelli, 2017).
It is to be concluded that OzCo Boats is having threats more than opportunities in its environment as it also has unique and attractive strengths, which can be utilized to take benefit of the opportunities. In order to deal with organizational threats and weaknesses and adequate advantage of opportunities, they should carefully identify the strength and weakness associated with the organization.
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Latip, N.A., Marzuki, A., Pimid, M. and Umar, M.U. (2015) Indigenous People, Conservation and Sustainable Tourism at Lower Kinabatangan, Sabah: SWOT Analysis. Australian Journal of Basic and Applied Sciences, 9(7), pp.331-334.
Patuk, I. and Borowski, P.F. (2017) Business plan of the company of repair and maintenance outboards and boats–“Technoservice”. World Scientific News, 86(3), pp.193-204.
Phadermrod, B., Crowder, R.M. and Wills, G.B. (2019) Importance-performance analysis based SWOT analysis. International Journal of Information Management, 44, pp.194-203.
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