Marketing Analysis on Ventura Boats †Free Samples to Students

Question: Discuss about the Marketing Analysis on Ventura Boats. Answer: Introduction Ventura Boats is a business that builds boats and is completely family-based. Since, 1961 it is situated in the Coffs harbor, in new south whales in Australia. The specialty of this organization is that it designs boats with traditional materials but focuses on high quality. However, it was successful until the domestic market in Australia started to shrink. Strengths Ventura sells their boats directly to their consumers, which is one of their strengths as this provides the company with a chance so that they can improve the relationship between their brand and the customers. It further helps in collecting the direct feedback of the customers as well (Bone 2017). Ventura boats have employees who have many years of experience and knowledge regarding boat building in Australia. Weaknesses Having no experience about the foreign markets Venturas traditional method of building its boats in this fast grow technological era is a very big weakness as they havent came up with any new model for many years and so its products are sinking in the Australian markets. Having obsolete boat producing technologies many of their boats can be confined by the Australian Government Legislation from using. They are unable to bring quick changes in their technology in spite of having skillful and experienced employees, which can actually stop their present products from becoming unlawful. Opportunities Increasing market growth in the foreign markets As the foreign governments places very less limitations on the utilization of traditional boats thus, their products can become lawful in the upcoming years (Terpstra, Foley and Sarathy 2012). The nations, which are transpiring with their developing economies, are producing the rich customers who can afford their passion for indulgence products. Threats With the passing time, there is an availability of substitutes in this business due to depreciation in the domestic market of Australia. More successful and updated companies of boat-builders are in search to buy small companies that can be their competitors just like Ventura so that they can grab their market share, dissolve their assets and finally close them completely. The employees are searching for better job opportunities because they are facing low morale due to the conditions inside Ventura boats. Thus, getting better job prospects they can leave Ventura boats. Threats and opportunity Analysis The opportunities that are discovered about Ventura Boats are that it has an increased growth of market in the foreign markets where the availability of trading partners is huge. However, as Ventura boats are the category leadership in this boat-building market is limited to Australia only thus, they are very inexperienced in the foreign markets. Moreover, the growth as well as the prospect in the foreign markets is vast. Another opportunity that came out clear was that unlike the Australian government legislations, the foreign governments apply very few limitations in utilizing traditional boats. Thus, from this it has been very clear that if Ventura reaches out to the foreign markets with their present products then they can definitely make their products lawful that are almost on the verge of becoming unlawful due to Venturas outdated technologies. However, economically developing countries like china, South East Asia, South Korea, Poland and Germany all have better opportunities for Ventura to export their traditional boats because here the consumers are mainly rich and can afford expensive products (Baldwin and Lopez?Gonzalez 2015). Ventura has few threats as well and the biggest of them are the emerging substitutes because the internal markets in Australia are sinking and thus, customers are switching on to the substitutes where they can get updated products in proper price range. Bigger companies are searching to take over smaller companies like Ventura so that they can close them fully by occupying their market shares. Larger companies have more recognition of their brands, significant Human Resources along with their economy scale. Therefore, for them it becomes very easy to take over small businesses and finish them. The largest threat is the de-motivated employees in Ventura due to their market conditions. Thus, their experiences and skillful employees are searching for better job offers, which is the biggest threat for any company. Thus, threat can in future cause low productivity, huge turnover and negative organizational. Recommendations Thus from the above weaknesses, threats and opportunities of Ventura boats the recommendations that can be suggested keeping in mind Ansoff matrix are as below- The first thing that they must focus on is to get them updated with technology. In todays era, technology is growing so fast that it is overtaking everyone under it. Thus, they must also include technology in their boat manufacturing techniques. This can not only help their market value from depreciating but also help their products from getting illegal by the Australian Government. Thus, product development is taking place that can satisfy the changing needs of the customers (Shaw 2012). Their approach must be quick so that it becomes a challenge for their employees to involve the flavor of technology to their business. This will also stop the employees who are searching for better job opportunities. The next work that they must do is to try their luck in foreign markets. China, South Korea, Germany are all having high opportunities for this type of businesses. They have high market values and they it can be a huge success for Ventura if they try out there. In foreign markets, they put fewer or no limitations for the use of traditional boats that can be another advantage. Thus, market development is taking place with new market segments with their own products (Proctor 2014). Apart from that, foreign countries, which are having rich customers, can also buy the traditionally designed boats of Ventura for fulfilling their boats. This will in a way help Ventura from completely fade away from the developing markets. Lastly, to overcome the threats of the substitutes Ventura must focus on their performance which is lacking. This is very much due to the de-motivated employees and their internal conditions. For the time being they must lower, the products price a bit to attract their customers and gain their support. Thus, the market penetration strategy will work here where the company can sell their already existing products and gain market shares (Zarzewska?Bielawska 2012). Thus, Ventura must pay more attention on their employees, start from zero, they must act carefully as fast as possible, people must be calm rather than being anxious and the employees must be aware of the true situation and get equal chance to turn around themselves for the betterment of the company. This will further help them in diversification where they can come up with new range of products with developing technology and motivated staffs (Hussain et al. 2013). Conclusion Thus from the above case analysis it can be concluded that to deal with the current conditions of Ventura boats the organization should quickly focus on upgrading their technology and try to make connections to foreign markets. Reference Baldwin, R. and Lopez?Gonzalez, J., 2015. 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