1. Competitive Rivalry:
STO is known and leading company in Maldives. Few competitors can affect the competitive market of the company. Competitors trying to compete in the same rank with STO are RED WAVE, AGOURA, LECUTE, etc. therefore, it is difficult to the STO to be in same rank without proper research and management.
2. Supplier Power:
STO is one of the organization that import products from countries like Malaysia, Singapore, Japan, India and Srilanka. It is important to keep good relation with companies, and more importantly, where certain products are imported like “Heskiyaa jugo” which is imported from India. STO should keep good relation with India Company. Otherwise, supplier might prefer a competing company.
3. Buyer Power: …show more content…
The product can be intangible or tangible as it can be in the form of services or goods. The products of STO are the consumer goods, staple foods, pharmaceuticals items, electronics items, home appliances, pain and industrial machinery, insurance services and petrol etc. The advantage STO is having is that they provide the products for the all areas of life. The company must ensure to have the right type of products/services that is in demand for your market. So, during the product development phase, the marketing department must do an extensive research on the life cycle of the product that they are creating. Any product or services has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase. It is important for marketers to reinvent their products to stimulate more …show more content…
The company needs to develop new products/services which can meet the customers’ needs and need to do more improvements in the quality of its services, i.e. the internet speed should not be slow down for the corporate clients and the sound quality of calls. Now a days STO calls are disconnecting very frequently. This is not something that can be put on hold or delayed: the current business operating model is very challenging. Clear strategic and innovative thinking is required. A service-based vision has to have the customer at its first priority. The customers’ expectations are driven by their own experiences of new-wave companies. These companies in the main are highly responsive, and base their business on innovative customer experience and faster “time to market” models. Added to this, the product development and “time to market” for new products is now calculated in weeks and months, instead of the years which Trading companies have been used to in their previous business
STO is known and leading company in Maldives. Few competitors can affect the competitive market of the company. Competitors trying to compete in the same rank with STO are RED WAVE, AGOURA, LECUTE, etc. therefore, it is difficult to the STO to be in same rank without proper research and management.
2. Supplier Power:
STO is one of the organization that import products from countries like Malaysia, Singapore, Japan, India and Srilanka. It is important to keep good relation with companies, and more importantly, where certain products are imported like “Heskiyaa jugo” which is imported from India. STO should keep good relation with India Company. Otherwise, supplier might prefer a competing company.
3. Buyer Power: …show more content…
The product can be intangible or tangible as it can be in the form of services or goods. The products of STO are the consumer goods, staple foods, pharmaceuticals items, electronics items, home appliances, pain and industrial machinery, insurance services and petrol etc. The advantage STO is having is that they provide the products for the all areas of life. The company must ensure to have the right type of products/services that is in demand for your market. So, during the product development phase, the marketing department must do an extensive research on the life cycle of the product that they are creating. Any product or services has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase. It is important for marketers to reinvent their products to stimulate more …show more content…
The company needs to develop new products/services which can meet the customers’ needs and need to do more improvements in the quality of its services, i.e. the internet speed should not be slow down for the corporate clients and the sound quality of calls. Now a days STO calls are disconnecting very frequently. This is not something that can be put on hold or delayed: the current business operating model is very challenging. Clear strategic and innovative thinking is required. A service-based vision has to have the customer at its first priority. The customers’ expectations are driven by their own experiences of new-wave companies. These companies in the main are highly responsive, and base their business on innovative customer experience and faster “time to market” models. Added to this, the product development and “time to market” for new products is now calculated in weeks and months, instead of the years which Trading companies have been used to in their previous business