2.5 Business Techniques Review
The marketing strategy of OSIM and its effectiveness have been analyzed using following business models.
2.5.1 SWOT Analysis
S.W.O.T analysis is one of the Situational Analysis methods used to evaluate the company’s Strengths, Weakness, Opportunities and Threats. It is also used to identify the external & internal marketing environment of the company. (Kotler,P & Keller, K.L, 2012)
Strengths refer to the company’s competitive advantages, resources and capabilities and weakness refers to the negative attributes of the internal operations that affect the performance of the company. Strengths and Opportunities are favorable to the company and Weakness and threats are unfavorable in achieving the objectives of the …show more content…
Product Development is to develop new or modified product (services) to sell in existing markets to existing customer. It is also known as market extension.
Market Development is to find and develop new domestic or international market segments for the existing products. Diversification is moving into new products and new markets at the same time which is different from what organization has done in the past and it involves the highest risk. There are two type of diversification Related Diversification and Unrelated Diversification. (Portakabin Group)Ansoff Matrix model will help to show vivid picture on how OSIM Singapore has increased its sales with and without developing new products. And what are the market development and diversification techniques used in its overall growth. (Ansoff Matrix)
2.5.3 Market Segmentation, Targeting and Positioning
Market Segmentation divides a market into well-defined slices. A market-segment consists of a group of customers who share a similar set of needs and wants. (Kotler,P & Keller, K.L, 2012).
Figure 2.3 Segmentation, Targeting and Positioning Source: (Lars …show more content…
Positioning will help OSIM identify how to manage people, how to build brand image and what competitors to take care. (ABE, UK, Strategic Marketing Management Manual)
Report objective includes how OSIM has segmented its Massage chair and its targeted consumer and what is the current position in the market? And to identify if OSIM has understood the needs and wants of the targeted market segment and if there is any room for further improvements.
2.5.4 Marketing Mix (4Ps)
The marketing mix is the collection of marketing tactical tools that are used to aim the products and services on the chosen target markets. Marketing mix is also known as 4Ps and it can help to test the existing marketing strategy. (ACCA P3 Study Manual, 2012)
4Ps comprises of Marketing Mix are the following;
Product - products or services offered to the market
Price - amount of money customer have to pay on the particular products and services
Promotion - communicating, giving information of products and attracting customers to buy the product
Place - Where the products are
The marketing strategy of OSIM and its effectiveness have been analyzed using following business models.
2.5.1 SWOT Analysis
S.W.O.T analysis is one of the Situational Analysis methods used to evaluate the company’s Strengths, Weakness, Opportunities and Threats. It is also used to identify the external & internal marketing environment of the company. (Kotler,P & Keller, K.L, 2012)
Strengths refer to the company’s competitive advantages, resources and capabilities and weakness refers to the negative attributes of the internal operations that affect the performance of the company. Strengths and Opportunities are favorable to the company and Weakness and threats are unfavorable in achieving the objectives of the …show more content…
Product Development is to develop new or modified product (services) to sell in existing markets to existing customer. It is also known as market extension.
Market Development is to find and develop new domestic or international market segments for the existing products. Diversification is moving into new products and new markets at the same time which is different from what organization has done in the past and it involves the highest risk. There are two type of diversification Related Diversification and Unrelated Diversification. (Portakabin Group)Ansoff Matrix model will help to show vivid picture on how OSIM Singapore has increased its sales with and without developing new products. And what are the market development and diversification techniques used in its overall growth. (Ansoff Matrix)
2.5.3 Market Segmentation, Targeting and Positioning
Market Segmentation divides a market into well-defined slices. A market-segment consists of a group of customers who share a similar set of needs and wants. (Kotler,P & Keller, K.L, 2012).
Figure 2.3 Segmentation, Targeting and Positioning Source: (Lars …show more content…
Positioning will help OSIM identify how to manage people, how to build brand image and what competitors to take care. (ABE, UK, Strategic Marketing Management Manual)
Report objective includes how OSIM has segmented its Massage chair and its targeted consumer and what is the current position in the market? And to identify if OSIM has understood the needs and wants of the targeted market segment and if there is any room for further improvements.
2.5.4 Marketing Mix (4Ps)
The marketing mix is the collection of marketing tactical tools that are used to aim the products and services on the chosen target markets. Marketing mix is also known as 4Ps and it can help to test the existing marketing strategy. (ACCA P3 Study Manual, 2012)
4Ps comprises of Marketing Mix are the following;
Product - products or services offered to the market
Price - amount of money customer have to pay on the particular products and services
Promotion - communicating, giving information of products and attracting customers to buy the product
Place - Where the products are