Although Mistine has succeeded in some things in its operation in Thailand, there are various things that it should consider to continue growing and maintaining its dominance in the Thai market. From this case study, it is clear that this organization has various strengths, weaknesses, opportunities, and threats that should be considered while implementing its expansion and operating strategies in this country.
One of the strengths associated with this company is substantial market share. Over the years, its management has been committed to enhancing the quality of its products, as well as improving customer satisfaction, meaning the company has enhanced its reputation across the country. Most consumers have also built loyalty with its products, hence making it to enjoy brand recognition. As a leader in the Thai market, Mistine will continue to attract many customers as compared to its competitors.
Although Mistine has succeeded in some things, there are various weaknesses that its management needs to work on to continue dominating the Thai market. One of the major weaknesses, in this case, is high salespeople turn over. Because most of the people employed by this company to play the role of salespeople view selling Mistine as a second job, they don’t work with the organization for long, a situation makes the management to experience high turnover rate. According to Gummesson (2012), high staff turnover costs organizations in terms of time and money used to hire and train recruits, and therefore Mistine should address this issue to continue performing well. This company also has a weakness in its recruitment process because it invites anyone who wants to earn money, develop self-confidence and make new friends. For the establishment of a competent workforce, its management should not only aim at attaining these aspects but should also consider other critical factors such as qualifications and experience.
There are various opportunities that this company can use to continue dominating the Thai market and also to expand its business to other countries. Having proper targeting strategies and a tightly integrated marketing program can assist it to keep growing. Its strong brand recognition can enable its management to overcome some of the challenges such as competition in its domestic and foreign markets. Most of the people in Thailand having familiarized themselves with direct selling and established loyalty to Mistine brand, this company has an opportunity to sell a substantial volume of products as compared to its competitors. According to Joshua et al., (2015), advertising is one of the critical factors that make an organization to realize high market share. Therefore, being the first direct selling company to use mass media advertising, Mistine has an opportunity to enhance its brand image, and to inform as many people as possible concerning the existence of its products.
One of the major threats faced by this company is stiff competition from various firms that produce similar products. Some of them comprise of Avon, Giffarine, and Amway. Although Mistine has a strong brand name, some of its competitors like Avon, for instance, have established proper strategies that may make it to grab a substantial market share. The other threat faced by this company is competitors’ focus on the implementation of technology in their operations and diversification of products.
According to Luther (2011), performance in the domestic market plays a crucial role in determining the level of success in which a company is likely to attain in a foreign market. This means it is crucial for Mistine to consider various key things that can make it to remain competitive in Thailand while focusing on expanding to foreign markets. Because one of the major things that affect its operations in Thailand is high salespeople turnover, its management should concentrate on enhancing job satisfaction among these people so that they can develop the desire of being associated with the company. This can be attained by providing attractive compensations and rewarding those who perform better. Retaining salespeople in the company will have various benefits such as reducing hiring and training cost. Retaining these people will also play a key role in having experienced and people who are conversant with the business model used by this company
The other thing that will make Mistine to remain a leader in Thailand while focusing on expanding to other countries is implementing technology in its operations. According to Gummesson (2012), technology is a critical factor in business operations because it helps organizations to attain both tangible and intangible benefits that assist them in achieving substantial profits, and also to produce goods or services that match customer demand. Using technology will enable Mistine to challenge its competitors by producing products that satisfy customer needs.
The other thing that its management should solve to remain strong in Thailand is addressing the threat which comes from competition. Ronald (2015), states that competition may put business performance at risk especially when a company does not have strengths that can assist it to attain a substantial market share. For this company to achieve and retain a competitive advantage, it should analyze the changes in consumer buying behavior and expectations. Its management should also analyze the strategies used by its competitors and strive to challenge them.
There are various strengths weaknesses, opportunities and threats that can influence the success of this company in Thai market, and also in its plans to expand to other regions. One of the strengths associated with the company include strong brand recognition, substantial market share, and reputation among others. Its weaknesses include inability to retain its sales people, and failing to consider key things that can enhance performance such as qualifications during recruitment. Its opportunities include possibilities to expand to other markets while its major threat is competition. There are various things that this company can do in order to lead in Thailand while focusing on expanding internationally. Some of them comprise of reducing employee turn over, challenging its competitors, using technology in its operations and so forth.
Gummesson. E. (2012). Total Relationship Marketing. London: Routledge
Joshua, T. B., Kelly, C., and Robert, W. P. (2015). Understanding Relationship Marketing and Loyalty Program Effectiveness in Global Markets. Journal of International Marketing, Vol. 23, No. 3, 1-21.
Luther, W. (2011). The Marketing Plan: How to Prepare and Implement It. New York: AMACOM.
Ronald, B. (2015). Marketing Channel Integration -A Review of Current Debates. Advances in Management, 8(5), 56-89.
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