Potential Strategic IssueEssay Preview: Potential Strategic IssueReport this essayExecutive Summary42 Below is a company that has been founded in New Zealand and is a large competitor in the global vodka market. 42 Below was bought by Bicardi Ltd and retains its original founder Geoff Ross as its CEO(Walker, 2010).
This report identifies the strategic issue 42 Below may be facing. Brand awareness of the company plays a large part of the strategic issue as it relies heavily on strategic marketing tools that are potentially damaging to the company if taken out of proportion by the customers. This issue determines the problem 42 Below is facing. Options for this problem are porters five forces and the stage the product is currently at in the life cycle of a product.
42 Below is analysed through the potential internal strengths and weaknesses and the potential external opportunities and threats.It is recommended that 42 Below implements the life cycle model for their product.IntroductionThis report is to identify the strategic issue that 42 Below may have occurring in their company. This problem can be defined as large risks being the potential for loss in sales and profit.
Problem DefinitionBrand awareness pays a large part of the marketing of 42 Below. The company 42 Below seems to rely heavily on the clean green image of New Zealand when promoting their product internationally and nationally. This can create problems if the green image of New Zealand is damaged and the public reflects badly on 42 Below. This could mean loss of sales and loss profit.
42 Below also uses viral marketing which can be potentially damaging when used without a plan of action and can spiral out of control if not controlled well by the company.
Options42 Below could use Porters five forces as a way to attempt to understand their niche market. First the contemplation of the risk of new entry by potential competitors and who these potentially competitors are and what kind of marketing strategy they would use that 42 Below could implement instead. Second does the bargaining powers reside with 42 Belows buyers. Third how much power do their suppliers have over 42 Below? Lastly the extent of rivalry there is among the established companies within 42 Belows industry(Walker, 2010).
42 Below could also use the Life Cycle Model to determine where in the model their product is positioned and then what strategic marketing tools should they implement. These stages could be an embryonic industry environment where the product is fairly new. It could be a growth industry environment where the product is growing and expanding. It may be in a mature industry environment where the product is at peak and is holding a steady growth and return on profit. It could also be in a declining industry environment where 42 Belows product may be in the decline stage and is decreasing in production and profit. This life cycle is a prediction that cannot always be entirely accurate(Walker, 2010).
The Future
While we are working to build a sustainable and secure future for Belows products, today’s Belows are still in their very early stages of development. This means that the community will continue to be impacted and impacted by the changes they make to their product, and those experiences will also impact the product being built. This doesn’t mean that we will be moving away from Belows on every phase of development; we are actually building into the future what we are building into our platform, creating better content for it. In some ways we are building products with this vision, using the lifecycle models and the life cycle model to create ways for people to understand our product better in these life stages. One of the most promising aspects of this is that we are developing a product that doesn’t really just make a statement. Rather, we need to understand the product, how it works at all times, why it works at all, the way it works, and then determine the product that best fits the needs and objectives. This is the approach we are taking now, and the next steps are our current plans and assumptions that we have been sharing with the community about what this new life will take to be the life of Belows. So keep in mind the following: a customer wants “What else can you tell me?”
Our business structure is based on a large number of stakeholders.
Our products and development team need to provide a product that “works (or gets tested/reengineered); uses a long-range strategy; and is scalable while allowing users to get a feel for the new products, as well as how it works.
We need to find reliable and flexible pricing structures that will help us determine which customers are using where and what the product will be able to deliver.
There are many other benefits to being a Below customer; this includes being able to experience a brand or service that they value more; the company is constantly expanding and moving into new features or business models that are more of a business development funnel; and also, having the ability to change and optimize the products at one place or another while moving quickly throughout the company.
Our products and development team also need to build a world-class product with a proven track record and a strong track record of providing the best for everyone. If there is one thing we will add to our roadmap, it will be that we have a vision for the future to grow the company at all levels.
A growing audience of people across the platform want a product that stands up in that same niche of “business” from “social networks” to “content platforms” without being “bad” or “bad” at all.