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Questions:

1.Perform the SWOT analysis of OzCo Boats
 
2.Analyse the threats and opportunities you have discovered in the SWOT analysis.
 
3.Based on the Ansoff’s Matrix and identified threats and opportunities, suggest a strategical alternative that OzCo Boats should pursue in the future. Provide reasons for your answer and support your recommendations with credible sources of information.
 
 

Answers:

Introduction

Marketing principles are the guidelines for organizations to control and optimize their existing products’ performance in the market and launch of product in the new markets (Seddon 2015). This study will describe the marketing principles of OzCo Boats. It is an family owned boat building company in New South Wales. The study will demonstrate the SWOT analysis of the organization identifying the major threats and opportunities. Apart from that, the study will also apply Ansoff’s matrix on the organization for identifying the business growth strategies. Lastly, the study will provide a strategic alternative for the future growth of the organization based on the previous analysis.

1.SWOT Analysis

SWOT ANALYSIS OF OZCO BOATS

Strength

·         High quality and luxurious boats are popular to the customers

·         Smalls size boats meet the customized needs of the customers

·         Traditional hand-built boats are famous to the tradition lover customers

·         Strong reserve of cashes has increased the financial strength of the organization

Weakness

·         Increasing numbers of substitutes are hampering the sales volume of OzCo Boats

·         The organization has no experience in overseas market

·         The traditional technologies and materials used in OzCo Boats’ are being obsolete now

Opportunities

·         Fast market growth and increasing trading partners in overseas markets

·         Overseas governments place comparatively less restriction on the traditional boats

·         Growing economics of the developing countries can lead to increased business development of the organization

Threats

·         Shrinking Australian domestic market is leading to declining sales for the organization

·         Australian government is about to restrict the traditional technologies in the boats of the organization

·         Technologically advanced and larger boat builders are going to buy the small sized boats like OzCo Boats

Table 1: SWOT Analysis of OzCo Boats

(Source: Created by Author)

2.Threats and Opportunities Analysis

Threats of OzCo Boats

The Australian domestic market of OzCo Boats is shrinking gradually, where more and more substitutes are emerging. In this way, the ultimate success of OzCo Boats is declining gradually. The organization is highly worried about their traditional technologies of manufacturing boats, which is soon about to be restricted by Australian government. Despite of being the market leader in Australian market, the organization will be incapable of moving to newer technologies. In this way, the some types of boats of the organization will be illegal soon, which will create a threat for the organization. Apart from that, the organization has also the threat of being liquidate, as the large sized and technologically advanced boat building companies are going to buy out such small sized companies.

Opportunities of OzCo Boats

The fast growth and increasing trading partners of global markets has increased the potential increase in the sales volume of boats of OzCo Boats. Furthermore, overseas governments impose comparatively less restriction over the traditional boats and traditional technologies. Hence, in such global countries, the traditional boats of the organization can be legal enough for the forthcoming years. Apart from that, the developing economies of the developing nations and their wealthy consumers can be highly passionate for purchasing the luxurious boats of the organization. 

3.Ansoff’s Matrix

ANSOFF’S MATRIX FOR OZCO BOATS

Market Penetration

·         The traditional boats in domestic Australian market may not be so successful in the coming days

·         OzCo Boats should avoid this strategy for getting increasing market share in Australian market

Market Development

·         The traditional boats of OzCo Boats can have high sales potential in emerging global markets because of less legal restrictions and growing economies

·         The core competencies of luxurious traditional style can be popular in global market

Product Development

·         The organization should develop new types of boats with newer technologies for launching the domestic Australian markets

·         The boats with newer technologies and modern style will be highly popular for the new generation customers of Australian market

Diversification

·         This strategy is associated with development of new products in new markets for leading high level of business growth

·         OzCo Boats can build new boats with newer technologies in the global markets for increasing sales voulume of the boats

·         This strategy can adjust will the potential risk of failure of the boats in the domestic Australian market

Table 2: Ansoff’s Matrix for OzCo Boats

(Source: Created by Author)

Recommendations

From the discussion of threats and opportunities and Ansoff’s matrix of OzCo Boats, it is evident that the organization is facing the issue of traditional boats, which is going to be obsolete in the Australian domestic market. However, the organization has huge opportunities in the emerging global markets with less restriction of the government on traditional boats and with emerging economies. Hence, this time, the organization should diversify its types of boats for overcoming the legal restrictions and attracting the new generation customers in domestic as well as global markets.

 


Diversification can enhance the line of the products of organization towards enhancing the overall product portfolio (Stadler et al. 2018). In this way, though diversifying into newly designed and technologically advanced boats, the organization will have both traditional as well as modern types of boats in their product portfolio. Apart from that, diversification strategy meets the unique and customized needs of the customers (Harkiolakis 2016). Hence, the development of modern boats will increase the numbers of customers for the organization. Diversification strategy leads to wide expansion of organizations leading to increasing sales volume in new market (SocialFish 2017). Likewise, diversification strategy can enhance the sales volume of OzCo Boats in global markets. Diversification strategy enhances the customer bases of organizations both in domestic market as well as in global market (Sun, Peng and Tan 2017). Hence, this strategy would be perfect for the business growth of this organization. On the other hand, the strategy of diversification provides an opportunity of exploring innovation to organization (Wu, Chen and Jiao 2016). Hence, the OzCo Boats can definitely lead to uniqueness in the market through manufacturing different types of boats.

Conclusion

While concluding the study, it can be said that OzCo Boats is highly popular in Australian for its high quality and small sized boats. However, the traditional technologies used in the boats are going to be obsolete in the market. The organization can also face legal threats of Australian government, as they are going to restrict such traditional technologies in boats. However, the less restriction of governments in global market and their emerging economies can provide the organization huge opportunities for their business growth.

 

Reference List

Harkiolakis, N., 2016. Multipreneurship: Diversification in times of crisis. Routledge.

Seddon, J., 2015. The Brand in the Boardroom: How Ogilvy & Mather Reinvented The Marketing Principles of Brand Valuation. Journal of Advertising Research, 55(2), pp.146-161.

SocialFish. 2017. The Importance of Marketing Diversification. [online] Available at: https://www.socialfish.org/2017/01/the-importance-of-marketing-diversification/

Stadler, C., Mayer, M.C., Hautz, J. and Matzler, K., 2018. International and product diversification: Which strategy suits family managers?. Global Strategy Journal, 8(1), pp.184-207.

Sun, S.L., Peng, M.W. and Tan, W., 2017. Institutional relatedness behind product diversification and international diversification. Asia Pacific Journal of Management, 34(2), pp.339-366.

Wu, H., Chen, J. and Jiao, H., 2016. Dynamic capabilities as a mediator linking international diversification and innovation performance of firms in an emerging economy. Journal of business research, 69(8), pp.2678-2686.

OR

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