Strengths, Weaknesses, Opportunities, and Threats Analysis for Natural Made Products
Question 1: Identify and justify at least three strengths, three weaknesses, three opportunities, and one threat for Natural Made Products.
Strengths:
Weaknesses:
1. Limited Product Range: Natural Made Products only offers ice cream and frozen treats, limiting its revenue potential. 2. Limited Brand Recognition: The lack of branding inside the stores may hinder brand recognition and customer retention. 3. Limited Financial Resources: The business relies on Mr. Lenny Links' pension funds, which restrict financial capabilities for growth opportunities.Opportunities:
1. Expansion into New Markets: The opening of the Holetown store presents an opportunity to cater to tourists and upscale customers. 2. Product Diversification: Introducing new flavors or product lines could attract a wider customer base. 3. Collaborations and Partnerships: Teaming up with local businesses or events could enhance brand exposure and awareness.Threat:
1. Competition: The presence of other ice cream or dessert vendors in the Holetown area could pose a threat to Natural Made's market share.Question 2: Identify Natural Made’s target market and prepare a marketing strategy for their entry into the Holetown markets.
Natural Made's Target Market:
The target market for Natural Made Products includes health-conscious individuals, tourists visiting Barbados, and upscale residents in the Holetown area.Marketing Strategy:
1. Brand Awareness: Implement branding strategies inside the Holetown store to increase brand recognition. 2. Special Offers: Introduce special promotions or discounts to attract tourists and incentivize repeat purchases. 3. Online Presence: Utilize social media and digital marketing to reach a broader audience and engage with potential customers. 4. Partnerships: Collaborate with local hotels or tour operators to promote Natural Made Products to tourists.Question 3: Briefly explain four elements of the Product/Market expansion grid.
Product/Market Expansion Grid:
The product/market expansion grid, also known as the Ansoff Matrix, consists of four elements: 1. Market Penetration: This involves selling more of the existing products to the current market by increasing marketing efforts or lowering prices. 2. Product Development: Introducing new products to the current market to expand the product line and attract new customers. 3. Market Development: Entering new markets with existing products to reach a wider customer base and increase sales. 4. Diversification: Developing new products for new markets to minimize risk and maximize growth opportunities.Question 4: What is the Product Life Cycle? Briefly explain.
Product Life Cycle:
The product life cycle refers to the stages that a product goes through from its introduction to market saturation and eventual decline. The cycle typically consists of four stages: 1. Introduction: The product is launched into the market, and sales are low as awareness is built. 2. Growth: Sales increase as more customers adopt the product, and competitors may enter the market. 3. Maturity: Sales peak as the product reaches its maximum market share, and competition intensifies. 4. Decline: Sales decline due to market saturation, changing consumer preferences, or technological advancements.Question 5: What is Digital Marketing? Briefly explain.
Digital Marketing:
Digital marketing encompasses marketing efforts that utilize digital channels, such as websites, social media, email, and search engines, to connect with current and potential customers. It involves strategies and tactics to promote products or services, build brand awareness, and drive conversions through online platforms.Question 6: What is ethical marketing?