Example Of Prosperity Painting Equipment Essay
Marketing is highly imperative towards successful outcomes in an organization. As such, marketing denotes diverse approaches such as segmentation, targeting and so forth towards successful outcomes. Thus, this paper will evaluate Prosperity Painting Equipment in its marketing approaches as per the case questions.
Provide a competitive analysis for prosperity painting equipment
Competitive analysis denotes the incorporation of diverse tools towards effective understanding the environment of operation. From the analysis of Prosperity Painting Equipment, the use of the Porter five forces is highly plausible for competitive analysis of the market. Hence, the porter five forces denote the evaluation of threats of entrants, bargaining power of buyers, suppliers, threat of rivals and threat of substitutes. Hence a competitive analysis of the market through the inculcation of Porter five forces is as follows:
Competitive rivalry: high
Competition is highly evident in the painting equipment industry. Accordingly, from the evaluation of the sector, there is low, middle and high level painting companies. The highly segmented industry denotes that the level of competition is highly and price centric (Duncan & Moriarty 2010). Price volatility of the goods and services denote the need for effective research and tactical approaches towards successful outcomes.
Power of suppliers- low
Supplier power is low. As such, the painting equipment sector is reliant on diverse suppliers that provide diverse portions of equipment that are important for assembly (Dobni & Zinkhan 2010). The various parts are highly cheap and the painting companies have a high bargaining power.
Threat of substitute-low
The painting equipments are highly specialized for the car manufacturing company. Replicating the products or providing cheaper options for the car manufacturers is highly daunting. In a highly price centered industry, substituting the painting equipment for any manufacturer is highly costly.
Bargaining power of buyers- high
The majority of buyers are car manufacturers. Different manufacturers have economies of scale and purchase in bulk. Purchasing in bulk denotes a high purchasing power. Thus, the bargaining power of the manufacturers or the buyers is high.
Threats of new entrants-high
New entrants can easily enter into the painting equipment industry. The market is evidenced by diverse segments of companies that cater to various levels of companies. Market fragmentation is a clear description of the evident threats of new entrants in the industry.
What are the bases for segmentation appropriate for prosperity painting equipment’s industry? Refer to the automobile industry in your analysis
Market segmentation is pivotal to implementing marketing strategy. The main aims of market segmentation are to identify the set of buyers who become the potential targets for the company’s planning process (Yorkston, Nunes and Matta 2010). As such, the market that Prosperity Painting Equipment operates in can be segmented or subdivided in terms of geographic, demographic, psychological and behavioral characteristics. However, since Prosperity Painting Equipment operates highly differentiated market, the main segmentation criteria should be demographic and behavioral to meet the different manufacturing companies with diversity in segments.
The segmentation of buyers through the use of tangible personal attributes such as age, income, family size, ethnicity and many more sub-groupings entails the demographic segmentation. Prosperity Painting Equipment should use the demographic segmentation for the diverse manufacturers that meet different income levels of the Chinese population due to the colossal information that is available in different databases pertaining to income spread (Dobni & Zinkhan 2010).
The above segmentation divides the market into groups in accordance to how they act towards a given product. Prosperity Painting Equipment should consider benefits segmentation which falls under behavioral segmentation. As such, Prosperity Painting Equipment should consider what the benefits that the clients get from using their products. If the painting equipment does not pollute the environment, it’s cheap and focuses on the mass market; it will be able to capture the buyers in the mass segment in the manufacturing sector (Duncan & Moriarty 2010).
Identify the different automobile manufacturing segments based on the degree of focus on the Chinese market, joint venture partnership and export orientation
Successful organization leverages their comparative advantage in the business environment towards acquisition of large levels of performance. As such, the companies can obtain competitive advantage either through differentiation or domination of the market segments. The notion of differentiation or domination of the market segments results into the need for focus (Duncan & Moriarty 2010). Focus approach denotes identification of the market and encompassing the most plausible approach that ensure profitability in performance. Accordingly, from the analysis of the automobile manufacturing industry, there are prospects of focus on distinctive branding and exportations are the operational approaches. As such, distinctive branding denotes ensuring that their products are highly differentiated towards ensuring profitable outcomes (Dobni & Zinkhan 2010). From the analysis of the industry, cherry, china’s GM and so forth invest highly into research and development towards development of products or cars that meet the market demand, through the investment into distinctive product development. Thus, the market invests highly into brands that ensure meeting of the potential buyers. Additionally, exportation is a plausible approach towards successful outcomes in the highly competitive Chinese market. With over 300000 exported abroad, the plausible mandate. The investment into exportation has led to profitable outcomes among the various organizations in the sector.
Present a targeting strategy that is appropriate for prosperity painting equipment
In respect to Chakravorti (2010), .mass marketing has been an aspect that was ever present in the targeting strategy of a business. As such, mass marketing ensures efficiency in terms of minimum tailoring that may be done to suit a certain market. Targeting a certain market is costly and somewhat a daunting task for any company. Nonetheless, Prosperity Painting Equipment operates in a painting equipment sector whereby the buyers are highly differentiated or segmented in terms of the income levels of their potential buyers. As such, the prospect of competition is ever ensuing for the company. Thus, a multi-segment strategy is a proper play for the company. Through multi-segment targeting strategy, the company will manage to meet the needs of the varied markets in regards to pricing of their equipment (Klemperer 2007). Tailoring of the products will be user specific or market niche specific which will ensure dispersion of product performance risk.
Most specific, the company offers diverse painting equipment. Hence, in the launching an effective partnership with Wuling, the company should ensure that their equipments are lowly priced. Pricing their products at a lower price point will ensure that Wuling can maintain its target market.
Prosperity Painting Equipment operates in a cutthroat environment whereby marketing ensures profitability. Admittedly, businesses should incorporate strategies that ensure successful operations in the business environment. Henceforth, targeting, competitive comprehension and segmentation should offer successful approaches in terms of solutions to businesses in their operational strategies.
Chakravorti, B. (2010). ‘Stakeholder marketing 2.0’, Journal of Public Policy & Marketing 29(1), pp.97–102.
Dobni, D. and G.M. Zinkhan. (2010). ‘In search of brand image: a foundation analyses, Advances in Consumer Research 17, pp.110–19.
Duncan, T. and S.E. Moriarty. (2010). ‘A communication-based marketing model for managing relationships’, Journal of Marketing 62, pp.1–13.
Klemperer, P. (2007). ‘Markets with consumer switching costs’, The Quarterly Journal of Economics 102(2), pp.375–94.
Yorkston, E.A., J.C. Nunes and S. Matta. (2010). ‘The malleable brand: the role of implicit theories in evaluating brand extensions’, Journal of Marketing 74, pp.80–93.
Porter, M. (2009). ‘How competitive forces shape strategy’, Harvard Business Review 57(2), pp.137–45.
Ringold, D.J. and B. Barton Weitz. (2007). ‘The American marketing association definition of marketing: moving from lagging to leading indicator’, Journal of Public Policy & Marketing 26(2), pp.251–60.
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