Marketing issues of Hunley’sPlc: Case Study Assessment Answer
In this study a detailed research is to be conducted on the marketing and production operations of the Hunley’sPlc during the year. In this study the identification of the marketing issues and the changes required by the firm in order to develop their production operations and marketing procedures are to be presented. Moreover, the study would also include several analysis of the various marketing matrices in order to identify the adequate matrix that the Hunley’sPlc can imply in order to enhance their marketing operations and returns. The identification of the marketing issues along with the mission and vision of the Hunley’sPlc are to be done in the study.
According to the case study provided for the Hunley’sPlc it is observed that the firm is mainly aiming for the market to be favourable for their product Fly Fish Road. the products is launched by the Hunley’sPlc in order to bring some changes in the fish rod market as the previous editions does not featured any noticeable upgrades and thus the market for the Hunley’sPlc has dropped down from desired levels. Although the overall returns are in positive note and the fish rod sales have increased by 10% but the achievement of the desired results and marketing goals are not witnessed by the firm. Thus they are targeting the increase of their products marketing for the increase in the sales over the years (Goworek, McGoldrick, and McGoldrick, 2015).
The Hunley’sPlc is currently establishing marketing procedures and planning for the sustained development of the Fly Fish Rod marketing and advertising in order to make their product known in the market as there are various companies that are also providing identical products. Thus in order to make their product known the Hunley’sPlc needs to conduct several marketing and camping operations regarding their product and its features. The vision is creating an environment in the market that only features the newly released product of the Hunley’s Plc.
The marketing analysis of the Hunley’sPlc may include several analytical method or matrix that can provide better market profitability to the Hunley’s Plc. Some of the used marketing methods by the Hunley’sPlc are discussed below:
- Marketing mix
Appropriate marketing mix needs to apply by the Hunley’sPlc in order to establish this product’s market and conduct sales. In an appropriate marketing mix the company needs to identify minimum 4 p’s in order to accomplish their targets.
The Hunley’sPlc has already identified their product that needs to be provided for marketing. In this context it can be said that the Fly fish rod needs to be marketed with adequate and noticeable features and textures that can attract the customers and the can easily differentiate the quality and features of the product in comparison of other similar products in the market.
The Hunley’sPlc needs to offer adequate and aggressive pricing for the product as the market in recent times have developed and the competitions have become stronger. Thus providing quality and features with adequate pricing is required by the Hunley’sPlc for the development of their product based market during the year. Hence increase of demand and sales depends on the company decision of the pricing strategies.
Promotional events and camps needs to be held by the Hunley’sPlc in order to make their products existences d features known to the customers. Providing opportunities to customers in regards with the in hand feel and feature observation has to be provided to the customers for better understanding and sales of the product (Chernev, 2018).
Identification of the market and geographical locations are important for any company to operate fluently. As the peoples and cultures of various locations differ it is important for the Hunley’sPlc to identify a market location that is suitable for their product which is fish rod. Thus fishing areas should be considered by the Hunley’s Plc.
- Ansoff’s matrix
Ansoff’s matrix is considered as strategic planning tool that is mainly developed for the identification and determination of the adequate strategies in order to enhance the future growth of the marketing and financial operations of the company.
The Ansoff’s matrix includes various marketing strategies for the sustained improvement of the marketing operation of the firms. Some of the strategies are discussed below:
- Market penetration
Penetration of the market generally refers to the facts that the company needs to develop marketing strategies and methods in order to penetrate the market with their products and services and to establish adequate goodwill (Shaw, 2016).
Development of the products and services should be a major concern for the Hunley’sPlc as the customers and retailers demand developed and qualified products exchange of the charged amount hence it is essential for the Hunley’sPlc to provide products and services as expected by the market.
- Porter’s five forces
In the marketing analysis section the porter’s five forces acts as tool for the analysis of the market competition of particular business. The tool mainly operates in regards with the industrial organisation economics in order to serve 5 forces for the conduction of competitive factors of the market (Moutinho, and Vargas-Sanchez, 2018).
According to the above figure it is observed that the porter’s five forces includes 5 sections that are
- Threat of new entrants
- Threat of substitutes
- Bargaining power of customers
- Bargaining power of suppliers
- Competitive rivalry
BCG matrix is known as a framework that was created by the Boston Consulting Group in order to evaluate the strategic and planning positions of the business and brand portfolio during the year. It also determines the business potential in regards with various variable marketing conditions and values. It classifies the business portfolio into 4 categories which are based on the industrial attractiveness and competitive positions. Not only that these two dimensions determines the profitability of the business portfolio in regards with the cash required by the business in order to provide support to the operating units that generates the cash
According to the research that has been conducted it is observed that the Hunley’sPlc has been operating in the market with moderate attitude however there is enough room for improvement. The company can imply one of the marketing tools in order to enhance their marketing operations and product sales. The net returns and marketing performances can be developed adequately for the company with the implication of the 4 p’s marketing mix covers almost every section of the marketing operations of the company.
The study has been done with a detailed research that has been conducted on the marketing and production operations of the Hunley’sPlc during the year. In this study the identification of the marketing issues and the changes required by the firm in order to develop their production operations and marketing procedures were presented. Not only that the study also included several analysis of the various marketing matrices in order to identify the adequate matrix that the Hunley’sPlc can imply in order to enhance their marketing operations and returns. The identification of the marketing issues along with the mission and vision of the Hunley’sPlc has also been done in the study.
Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI Tourism Texts.Cabi.
Shaw, S., 2016. Airline marketing and management. 6th ed. Routledge.
Goworek, H., McGoldrick, P.J. and McGoldrick, P.J., 2015. Retail marketing management: Principles and practice. Harlow, 4th ed. UK: Pearson.
Chernev, A., 2018. Strategic marketing management.5th ed. Cerebellum Press. London
4P’s of marketing
Porters Five Forces: