Marketing and Management for Lee Valley Tools' Rotary Sharpening Tool

Running head: MARKETING AND MANAGEMENT
Marketing and management
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1MARKETING AND MANAGEMENT
Executive summary
The aim of this report is to discuss about the marketing strategy to be initiated by Lee Valley
Tools for their new product in the market. This report proposed that they should come up
with rotary sharpening tool in the market to cater to larger and different customer segments.
In view to this proposal, this report discussed about number of marketing strategies such as
segmentation, targeting and marketing mix strategies. It is concluded that effective
implementation of these strategies will help Lee valley Tools to push their sales of rotary
sharpening tools in the market.

2MARKETING AND MANAGEMENT
Table of Contents
Introduction................................................................................................................................3
Evaluation of the internal marketing environment.....................................................................4
Evaluation of the external marketing environment....................................................................5
Cost leadership strategy.........................................................................................................7
Production differentiation strategy.........................................................................................8
VRIO analysis............................................................................................................................8
Consumer buying decision process............................................................................................9
Impacts of the influence.......................................................................................................10
Segmentation strategy..............................................................................................................10
Targeting strategy.....................................................................................................................11
Positioning strategy..................................................................................................................11
Proposed plan for CSR.............................................................................................................11
Customer relationship management.........................................................................................12
Marketing mix strategies..........................................................................................................12
Conclusion................................................................................................................................13
Reference..................................................................................................................................14

3MARKETING AND MANAGEMENT
Introduction
Contemporary business organizations should have to initiate effective and distinctive
marketing and business strategies in order to push the sales of their new products and to stay
ahead in the competition. However, in order to have the scope for effective marketing
strategies, it is also important for them to have the clear understanding about the market
where they are operating (Borland & Lindgreen, 2013). The more efficient they will be able
to determine and analyse the business environment, the more benefits they will gain in
offering products according to the market requirements. In addition, it should also be noted
that extending the business or product line is also important for the business organizations to
extend their market coverage.
Lee Valley Tools are one of the leading tool manufacturers in Canada. They
specialize in domestic gardening tools and woodworking tools. Lee Valley Tools were set up
in 1978 in Ontario, Canada by Leonard Lee (www.leevalley.co, 2018). Currently they mainly
cater to the domestic consumers but they are thinking of enhancing their business operation
and enter in other related sector in becoming a fully-fledged manufacturing company. They
are having the requirement of a product that will be related to their current product line and
that will be the within the same business line. It is suggested that Lee Valley Tools should
launch rotary sharpening tool. Currently they are not having this product in their product
portfolio and this product will help them to extend their product line by means of
complementing their current products.
This report will discuss about the internal and external business environment that will
influence the business activities of the new product. Influence of customer decision making
elements will also be discussed as well as the source of the competitive advantages.