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Market Analysis – SATRICK Company

Market Analysis – SATRICK Company

Background

SATRICK Company is a textile industry that deals with the design, production, distribution, and selling of garments using online. SATRICK created an app called AFFORDABLE GARMENTS which helps sectors and traders in getting more customers and building their space as it also offers exports of goods. After a thorough market analysis which involved performing a SWOT analysis of our product, some conclusions were reached. In brief SWOT analysis is a technique used to find the strengths, weaknesses, opportunities, and threats related to business completion or project planning(Berry, T. (n.d.)).  The reason for doing the market analysis was to come up with the Project Innovation Charter (PIC) to help us strategize more having in mind some of our weaknesses as a company to improve on our performance.

Internal forces External forces
Strengths:

·   Have many return customers.

·  Trustworthy nature of company personnel.

·  Successful marketing strategies

·  Good internal communication.

·  Customer satisfaction; they give positive feedback.

Opportunities:

· Taking advantage of the increasing use of the internet.

·  Local annual fashion fair.

·  Population increase creating more room for clothes need.

·  Laws and regulations safeguarding businesses.

Weaknesses:

· Currently struggling to deliver in time due to too many orders.

· High rental costs

·  Market research data may be out of date

Threats:

·  Other clothing industries grooming, increasing competition.

· Our competitors have launched a new marketing campaign

· Our competitor opening their industry nearby.

·         Having to struggle to deliver on time due to many return customers. Will employ more staff and have others work overtime to enable on-time delivery. ·         With the launch of a new marketing plan by our competitors, we will take advantage of the App created for the company and market it more on social media platforms to help get a wide range of customers.

With the advancement in technology and most things being done over the Internet, there was a need to create a platform where consumers, traders, and industries could do business quickly and efficiently. The app created only requires one to log in and decide the shoes or clothes they want and the quantity. Being an online platform, most people get to access it, and every time someone logs in to their account and makes a purchase there is an earning of revenue for the company.

Focus

When dealing with the focus aspect of our PIC factors like our Company’s competencies are an area of concern because it will help us collect success factors that are necessary to achieve best results in the marketing department of the SATRICK Company.  According to an article by (Chouhan, V. S., & Srivastava, S. (2014)) competency means intellectual, managerial, social and emotional competency and people get rewarded for it. Our company’s primary skill is the mastery of the latest trends in technology whereby we can use it to get many customers for our products. We can use the transaction dimension in our company which helps us in the completion of commercial transactions.

An increase in competition has led to our company coming up with the AFFORDABLE GARMENTS app that favours our company in competition as we can make more sales with less labour required. A promise of the best services and quality goods is guaranteed as we have a team that monitors the production and ensures it is up to the standard needed in the market. Taking into consideration our customer’s needs,  we strive to offer better quality for less as most companies give low-quality products for more. The focal point of organizations should be the NPD strategy as shown by the findings of the majority of studies which have emphasized factors associated with it. (Crawford, C. M. (1980)). Gradual changes in fashion trends make us try our best to come up with beautiful designs that are appealing and unique.

The innovation of the GARMENTS app was to improve the marketing of our company to the global market. For us to build out capabilities, the hiring of some employees with excellent marketing skills is done, and there are some partnerships with companies in the same area of work. The success of most organizations involves the coming together of suppliers and vendors, and we can achieve this by giving wholesalers better offers than retailers.

Goals and objectives

SATRICK Company’s main goals are revenue, customer service, and employee appreciation goals. To manage to double our revenue by the end year, the hiring of an advertising consultant will immensely help achieve that as we will be able to analyze and capitalize on our customers’ buying trends.  Considering the high competition as other sites are doing the same mode of marketing, our company has taken into account the significant impact that creating a period to learn about our primary competitor and decide to add features and services that they don’t.

Customer satisfaction is our primary objective as a company hence we strive to achieve 95 percent positive customer feedback. I believe that redesigning the customer service research process by including questionnaires and incentives and giving out discounts for customers who respond to them would help us in achieving this goal and objective. As it is, creating a conducive environment for our employees to work in would give us a plus in the industry; this can be achieved by appreciating their efforts and giving them gifts every end year for exemplary performance during work.

Guidelines

Everyone in this company should, therefore, try their best to work within the required lines to achieve a higher revenue and customer satisfaction. It is a requirement for everyone in the company to be conversant with how the app works and promote the product. The onset of the product use will be immediately, and in case of any hitches they’ll be rectified and continuation of online vending services.

References

Berry, T. (n.d.). What is a SWOT Analysis?

Crawford, C. M. (1980). Defining the charter for product innovation. Sloan Management Review     (Pre-1986), 22(1), 3. Retrieved from     http://search.proquest.com.proxy1.ncu.edu/docview/206800253?accountid=28180

Chouhan, V. S., & Srivastava, S. (2014). Understanding competencies and competency modeling―A literature survey. IOSR Journal of Business and Management, 16(1), 14-22.

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Question 


Instructions

Conduct a market analysis for your chosen company and develop a report that will be given to the senior management of your chosen company. The objective is to develop a Product Innovation Charter (PIC). A PIC is a written document, prepared to chart the company’s new product strategy. To develop the PIC, you will need to conduct a PEST and/or SWOT analysis. Your market analysis should also include an analysis of your customers.

Market Analysis - SATRICK Company

Market Analysis – SATRICK Company

You also need to answer the following questions:

  • What are the market opportunities?
  • What are the technology opportunities?

Identify an area of opportunity for your chosen company. Then develop a PIC for your chosen company. You can find examples and more about a PIC through searching online. At a minimum, the PIC should include background, focus, goals and objectives, and guidelines.

Support your paper with a minimum of three (3) peer-reviewed articles published in the last five years. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 3-5 pages not including title page and references

Your response should demonstrate thoughtful consideration of the ideas and concepts presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.

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