Marketing is the backbone of the organisations. It is a process of developing and implementing a plan to meet the customer needs and to satisfy them (Aaker, 2004). According to McKenna (1991), “Marketing is everything and everything is marketing”. It is very true in the today’s scenario as the competition among the firms is very high and using the marketing organisations can be one step ahead of their competitors. Thus, marketing is the source of the competitive advantage for the organisations. A marketing strategy which is well defined and properly executed cab help the firm to stand out from the competitors. The firm needs a marketing plan to answer the major marketing questions. As Jain (2012) has illustrated, “Marketing planning is to identify
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They are market leaders which is the source of the major competitive advantage for the firm. The firm has built a brand image and deliver the quality products and wide variety of the products to the customers. With the changes in the market, it is important for the firm to identify the different methods with which it can diversify its products and can increase their market share. This will be done using the Ansoff’s matrix. Ansoff’s matrix helps the business to consider the new opportunities by offering the existing products to the new markets or by moving to the new market or diversify the products in relation to the risk attached to it (Mindtools, …show more content…
The firm can use various tactics such as the changing the price or using the extensive distribution in order to increase the market share. This is least risky strategy since there is no change in the product or the market. On the other hand, the firm can try developing new products and can enter into the new market or the existing market. These two strategies are very risky since it involves the use of the unknowns. In the end, the firm can enter into the new market using the existing products. This is known as the market development. This includes identifying the new segment, new geographical market, different channels of distribution, different packaging. Since ChipsЯus are market leader in the UK and the products are known for its quality and the variety, exploring new markets with the existing products will be the best option for the organisation. They can consider moving to the European Union countries. As UK is the part of the European Union, there are no restrictions on the trade and the movement of the goods and services. This will give easy access to the world’s largest single market. With Euro zone countries showing a positive performance after a long period of recession, consumer confidence is returning in the market (Giles, 2013). This is a good news for the company. ChipsЯus can exploit the existing reputation they have in the UK to sell their
They are market leaders which is the source of the major competitive advantage for the firm. The firm has built a brand image and deliver the quality products and wide variety of the products to the customers. With the changes in the market, it is important for the firm to identify the different methods with which it can diversify its products and can increase their market share. This will be done using the Ansoff’s matrix. Ansoff’s matrix helps the business to consider the new opportunities by offering the existing products to the new markets or by moving to the new market or diversify the products in relation to the risk attached to it (Mindtools, …show more content…
The firm can use various tactics such as the changing the price or using the extensive distribution in order to increase the market share. This is least risky strategy since there is no change in the product or the market. On the other hand, the firm can try developing new products and can enter into the new market or the existing market. These two strategies are very risky since it involves the use of the unknowns. In the end, the firm can enter into the new market using the existing products. This is known as the market development. This includes identifying the new segment, new geographical market, different channels of distribution, different packaging. Since ChipsЯus are market leader in the UK and the products are known for its quality and the variety, exploring new markets with the existing products will be the best option for the organisation. They can consider moving to the European Union countries. As UK is the part of the European Union, there are no restrictions on the trade and the movement of the goods and services. This will give easy access to the world’s largest single market. With Euro zone countries showing a positive performance after a long period of recession, consumer confidence is returning in the market (Giles, 2013). This is a good news for the company. ChipsЯus can exploit the existing reputation they have in the UK to sell their