Market Study for New Product Offering

This report evaluates alternative options and selects the best marketing strategy for a new product offering. It includes a market study, PESTLE analysis, market segmentation, and target buyers.

Running Head: MARKET STUDY FOR NEW PRODUCT OFFERING
Market study for new product offering
Name of the Student
Name of the University
Author’s Note

1MARKET STUDY FOR NEW PRODUCT OFFERING
Executive Summary
The very sole purpose of this report is to evaluate each of the available alternative option and
select the best marketing strategy with regard to the assistance of the marketing advisor
addressed as the 'Ashanti Marketing Solutions (AMS)'. It is a marketing advisor that provides
market related guidelines and advices to the start-up firms. Taking into consideration the market
issue as of which of the product segment to be targeted and which product is required to be
introduced, the advisory firm Ashanti Marketing Solutions (AMS) make efforts by
recommending the Chinese company named as Tianjin FAW. It is one of the leading company
within the region of the china, it is an automobile company. The advisory company proposed to
bring the automobile segment of Xiali Luxury Sports Utility Automobile within the region of
the UK. However, before suggesting so a proper evaluation of the international market was
undertaken in regard to the business prospects available for the automobile company. A through
audit was undertaken by the advisory firm. The various market risks were thoroughly evaluated
from each of the various possible perspectives. By means of the Tianjin FAW's activity in
Britain, various marketing activities were studied and evaluated in terms of the corporate
environment.

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Table of Contents
Introduction...............................................................................................................................................3
Tianjin FAW PESTLE Model:.................................................................................................................4
Modes of market entry:...........................................................................................................................11
Market segmentation and target buyers:...............................................................................................14
Discussion.................................................................................................................................................16
Porter's Generic Strategies-....................................................................................................................16
Focus strategy-..........................................................................................................................................18
Conclusion................................................................................................................................................19

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Introduction
The report findings include the strategic marketing standards which are accepted by
corporate marketing, and which helps in setting the structures equipped for upgrading their
general income and return on investment (ROI). The firm carried on the business activities in
accordance to a leading and reputed Chinese Automobile Company within the region. The
business firm makes use of innovation and development to be successful in penetrating within
the Great Britain automobile sector. To penetrate the market and to cope up with the present
market pattern Tianjin wandered into a sport utility vehicle as it set to present.
The plan is to bring about a new innovative product that will be known as the Xiali
Luxury Sports Utility Car within the region of the UK market in the year of 2018 -2019
budgetary year. To meet the marketing targets the and the various objectives, the firm needs to
know different market operation tasks, regulation and marketing forms preceding the starting
function. To penetrate the market, there is a need for an adequate amount of market-related
information’s for which the firm takes the help of a marketing advisory firm addressed as the
Ashanti Marketing Solutions (AMS).
The use of the marketing tools such as the PESTEL analysis tool will be undertaken, the
study of the various market segment will be undertaken to find out the most suitable segment of
the market to introduce the business. Finally, the use of the PORTER’s generic methodology will
be used in order to undertake survey as of which one may be suitable for the organisation to
acquire competitive advantage.
However, the business surrounding of the automobile based Tianjin FAW company was
audited with the application of the PESTEL analysis. This marketing model helps in evaluating

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the political, economic, social, technological, environmental and legal aspects of the business
environment in the UK. However, the various threat and opportunities that lie in the hand of the
company are also being evaluated. Making use of Porter's Generic strategic theory, the
researcher undertakes measures to investigate the effect of marketing strategies on the launching
activity of Tianjin FAW within the region of the UK market (Faw 2017).
Tianjin FAW PESTLE Model:
Within the region of the UK market, the PESTLE analysis outlays the various facts which
may exude from the external forces around a business activity particularly while operating
abroad. This model is primarily used for evaluating the political, economic, social, technological,
environmental and legal aspects of the business environment in the UK. Besides, it also outlays
the various macro-environmental factors regarding the business unit that supports its present
areas of locations. However, the PESTLE analysis regarding the Tianjin’s FAW within the
region of Great Britain is carried out as:
Political-
2016 United Kingdom European Union membership referendum is one of the key facts
for the occurrence of the favourable market within the region of the UK market. The political
conditions of the region are stable as introduced by the Brexit referendum. Because of the impact
of Brexit Union membership referendum, it has created a great impact over the global economy
in regard to trade as well as upon the business relationship with Britain. Thus, Tianjin’s FAW
needs to understand its various existing risk and other political issues before investing in the UK
automobile sector. The company, Tianjin’s FAW, has its headquartered in China that operates in
100 nations, and the automobile business firm also intends to penetrate the UK automobile
market sector (Browne, M., 1985).

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However, it is a matter of concern regarding the various ongoing political campaigns and
the political issues within the region of Great Britain that may bring about huge uncertainties
upon the automobile industry. AT present situation the European countries are facing a lot of
political issues. Thus, making the entry of new business prone towards the economic and
political threats.
However, the uncertain consequences emerging out from the EU may empower the UK
to present new fiscal policies, trade tariffs and taxes capable of affecting the Tianjin's dispatch in
the UK market. It is because of the import policies, rules, and regulations the purchasing activity
by the consumers will be adversely affected. The inauguration of the new product category of the
automobile company Tianjin FAW and cost may increment when British strategy policies are
more grounded.
Economic –
In terms of the economic factors the pricing of the new product segment and that of the
business activities of the automobile business firm Tianjin FAW will be adversely affected
because of the changes in the economic aspects. The aspects are that of the economic conditions
of the country whether poor or healthy in terms of money, state of the recession, and that of the
depression (Smallbusiness.chron.com, 2019). The economic growth potential of the country is
also another factor to be taken into consideration. The employment factor and the job growth
potential that exists within the region of the UK market are some of the key aspects that are
required to be taken care of before formulating business in the new regions of the country. In
terms of the national boundary unemployment rates affect buyer trust in a numerous ways,
including the desire to purchase things. They fail to possess a particular commodity because of
the low income factor (Schaub, 2016).

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However, a business firm can act strategically by employing some employees as long as
it results in positive changes in the consumer responses towards the business services, fair wages
working hours, rates exchange, inflation and living cost. One of the common example as of such
is the Brexit referendum Pound sterling which was unstable in the exchange market showing
shifting within the curves as such moving up and down. Before entering a new market, there is a
need for the business firm to study the UK inflation margin and the buying power that stays in
the hand of the consumers. As such, the inflation rate might directly cause the cost of the
production because of the hike in the prices of the raw materials. This gets most affected when
the value of the money falls. A proportion of the consumer's segment within the society will lose.
However, some will even gain, and some will stand in between, this will adversely affect the
sales of Tianjin FAW vehicles. The luxury segment of the product offerings in terms of the new
sporty look vehicles will be considered as extravagance because of the higher pricing nature.
However, the automobile business firm Tianjin’s FAW must consider the economic
aspects such as the supply and demand forces within the prevailing market structure. On the
other hand aspects like that of the financial measures, importing and exporting conditions are
also to be taken into consideration. The business practices of the automobile industry like that of
the Ford, Nissan LEAF and Volkswagen must be considered to generate better business
structure, market, revenue, and sales. However, priority should be given to the fact that within
the international and the global market if the value of the Pound sterling expense decreases to a
certain level, then the exchange of Tianjin will get adversely affected. This will result in the
negative impact upon the Tianjin FAW automobile industry. When the UK exchange rate is high,
sales will be reduced to an extreme level because the purchasing power lies very few in the
hands of the deserving consumers with the region of Great Britain (Economic Outlook, 2016).

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Social-
The social factors that should be undertaken and would hamper the normal business
undertaking of the business environment, they are health, safety perception, growth in
population, demographics, and cultural characteristics. The consumer market within the region of
Great Britain comprises of the high as well as poor earning people. Hence, this fact is to be taken
into consideration. The population of 40% to 50% earns on an average of eighteen to twenty-five
thousand pounds per annum. Purchasing power that stays in the hand of Britain differs from one
individual to other individual consumers.
The proportion of the consumers that can afford the price of the vehicle will be reviewed
to suggest appropriate costs price of the product, the network of supply, and the services to be
adopted by the automobile industry Tianjin’s FAW in the UK market. As a consultant, the
automobile business firm Tianjin’s FAW will require to introduce their product within the
market of Great Britain with a lower price strategy as this will help the new start-up firm to
capture the interest of the consumers and generate new prospects and then conversion of these
prospects into leads and then into end consumers. This pricing strategy will help in competing
with the other rival firms present therein, brand such as the BMW, Ford, and Nissan. The present
economical state within the region of the UK market has decreased buyer purchasing power.
Besides there is some competition within the market. Hence, it is essential for the new firm to
make the qualitative product available to the consumer market (Schaub, 2016).
Technological-
The frequent changes in terms of the technological advances that are taking place within
the globe may outdate the present technology of the business firm. Hence, the firm is required to

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introduce such a product that has the potential to bear innovation at least for another 8-10years of
time. Innovation results in an opportunity for any business firm irrespective of the nature of the
product offerings. Till there is presence of innovation, the business firm is successful, as soon as
the product gets outdated there is an immense need for the introduction of the innovation to
sustain the market within the competitive phase. However, the Tianjin’s FAW Technology
Bundle is reasonable for the UK environment which includes distinctive models of vehicle.
Speaking in terms of the product offering made by the business firm, it comprises of advance
application technology, making it maintain a competitive advantage over the rival business firms.
Example, the product offering made by the rival brand such as the Ford, the cars as
manufactured by the brand Ford comprises of features like real-time processing data related to
traffic and providing constant traffic detail. Within the region of the UK market, the automobile
industry Tianjin’s FAW should make use of the innovations to introduce the consumer market
with electric vehicles, and with different models that will fit into individual’s extravagance needs
at moderate costs prices. The firm makes efforts for introducing innovation in term of consumer
safety while driving through the road at high speed. The use of the improved and advanced
technologies will enable the Tianjin’s FAW business firm to have unique features and abilities
that will in return contribute towards the competitive advantage of the business firm over the
other rival business firms. However, this will in return helps in the maintenance of the social
status and reputation of the consumers within the UK region. Moreover, when the consumers
arouse the feeling of reputation and that of the social status because of the consumption of the
product offering made by the business firm Tianjin’s FAW the consumer is more likely to
increase in terms of the number. This will further help the business firm to generate brand equity
and goodwill.

9MARKET STUDY FOR NEW PRODUCT OFFERING
Legal-
Taking into consideration the legal aspects. The rules and regulation that exists within the
UK market are favourable for making a positive business environment for any business unit.
However, it is mandatory and a matter of ethics that the existing rules and regulations are to be
followed by the Tianjin’s FAW business firm. For instance, the exit of the UK from the
European Union, Brexit may bring a new set of guidelines within the business sector especially
regarding the import of the equipment’s and sales of automobile products.
Factors like that of the safety of the drivers operating in the geographical boundary of the
UK region, commercialisation, health and safety standard and work regulations are to be given
priority. All these factors are required to be considered before stepping forward. The business
firm needs to check in general safety significant angles with the utilisation of "12-point agenda,
for example, braking process, tyres, auto-drive, crash tests, steering and lighting systems.
Resulting in a business firm that manufactures the product, maintains the employee safety and
that of the drivers will enable the new business firm to evolve with the present rules and
regulations of the economy and avoid the sanctions.
Moreover, the worker's regulations execution must be appropriately overseen by Tianjin
FAW to avoid discrimination and low pay for staff. The issues regarding the selection,
recruitment, health, and retirement bundles for labourers must be guaranteed. The staff fulfilment
is given trustworthiness at the firm. The organisation guarantees the most extreme security of
customer rights while delivering tasteful vehicles.
Environmental-

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It is basic ethics of any business firm to have concern towards the environmental safety
aspects of the economy. As such that many organisations and business unit contribute towards
the environment safety programmes to denote their contributions and efforts towards the
environment. Making use of harmful chemicals, and plastic wastage directly affects the
wellbeing of the country and that of the environment. Dumping of deleterious chemicals and
wastage directly into the river channel is polluting our water system for consumption. It is a
threat towards the human life as well as towards the animals.
However, the automobile business firm Tianjin’s FAW makes use of recycling and
different advancements to protect the earth. Within the various sub-department of the Tianjin
FAW's plants, wind and hydro control structure form sources of energy. In UK environmental
pollution is a major problem; the government is considering a solution by suggesting making use
of the eco-friendly materials. However, financing this criteria’s like making use of the eco-
friendly raw materials or equipment’s all these may be a limitation too.
SWOT analysis model:
Making use of the SWOT analysis model, Tianjin FAW is moving globally to the region
of Great Britain to launch its new sport utility product. However, it is to be understood in terms
of the business aspects that the automobile business firm is exposed to some opportunities as
well as threats.
Opportunities-
Speaking in terms of the overall global economy, China is the leading dominator in the
business environment. The scope of the business firm Tianjin’s FAW is huge as they have
adequate knowledge in terms of business working and strategy. They understand the dynamic

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nature of the business environment. Moreover, they take place from one of the competitive
markets where exists some rival firms.
From the startup itself, the firm has been facing huge competition that has made them
stronger in terms of business activities. Since Chinese firms operates within the international
market too, they have an adequate set of knowledge in regard to international business culture.
Hence, much of the success opportunity lies in the hand of the Chinese firm. As such that the
business firm may be productive and effective in terms of the business undertaking within the
region of the UK market.
Presently the business firm Tianjin’s FAW operates in 100 different countries where its
brands are accessible to Algeria, Costa Rica Russia, Ghana, Sudan, United Arab Emirates, China
among other European, African and Asian countries. Tianjin’s FAW automobile firm understand
the global environment market trends, empowering it to strategize better in the UK. The issue of
Brexit has made the best UK vehicle firm to be at crossroad, permitting new entries, for example,
Tianjin to enter the market effectively.
Threat-
The Brexit referendum may create some the unfavourable business environment for the
Tianjin FAW automobile industry. New financial and the economic conditions may be
formulated which might be unfavourable for the automobile firm. The tax structure if
restructured the business firm has to redesign the budgeter plan as formulated keeping in mind
the business activities. The new budgetary plan may be favourable or maybe not. The new law
regarding the import and export activity will be introduced which will furthermore affect the
business undertaking of the concerning business firm (Faw 2017).

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Pound Sterling rate at first falls to lowest rate after Brexit vote in 2017, it consequently
influencing the purchasing power of the individual consumer and money distribution within the
economy. As a leading main brand within the region of China and within the different countries
Tianjin’s FAW, it is that as it may yet to be well known in the UK, making it a threat issue.
Modes of market entry:
Exporting– This refers to outsourcing the product offering as per the demand of the
customers residing within the international boundaries. The exporting situation that exists in the
prevailing country fluctuates on a continuous nature basis. Such that this fluctuation can cause
the export criteria of the business firm. Since the business firm Tianjin’s FAW has its primary
operating firm within the region of the UK boundaries. The specifications regarding the
technological advances and that of the different materials can be sent to the other countries but at
a moderate rate. However, the clients should trust that extensive stretch will get their necessities
because of exportation challenges.
The strength lies in the fact that exporting this product offering within the international
boundaries will help in formulating a bunch of revenues and brand equity regarding the firm. The
number of products outsourced will create positive goodwill in the eye of the consumers. The
weakness lies in the fact that there are some limitations for carrying export activity as such that
the current economic policy regarding the import and export practices as framed by the law. The
export channel, if the export channel does not result in an effective effort, the entire business
activity of the Tianjin’s FAW fail to exist effectively.
Franchising-

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This is one of the effective means of formulating business prospects as such that making
the use of the goodwill that other firms possess helps in gaining a major proportion of the
consumer market. The Franchising activity can be initiated using a partnership agreement. This
partnership agreement outlays the terms and conditions upon which the business activities are
carried upon (Dada et al., 2015). The automobile business firm Tianjin’s FAW by making use of
the Franchise concept can gain a major proportion of the UK consumer as the UK consumer has
a positive taste and preference over the parent Franchise body (Economic Outlook, 2016).
The strength lies in the fact that the faith of the consumer stays in favour of the parent
Franchise body such that whenever a new product is being launched, a consumer seeks to the
consumer for at least once from the brand. It is the belief of the consumers that they have
towards the Franchise brand. However, there lies a weakness that the parent Franchise body and
the business firm willing to work together has to keep the interest of the individual bodies safe
and should have concern towards the reputation of the individual firm. As such that the
hampering of the reputation of one firm may directly hamper the joint partnership agreement
they formed.
Joint Ventures-
This is also addressed as the Strategic Alliance. It is a business activity which is
undertaken by two or more parties but upon the formulation of an agreement (Hong et al., 2014).
The strength lies in the fact that forming Joint-venture helps in sharing the workload and
introduction of innovation, ideas and visions from different bodies. However, there also exists a
limitation that they had to work together and maintain the interest of the parties. They cannot act
as independent body. Another key factor is the sharing of revenue and generated income. It is to

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be divided as per the partnership deed. Conflicts among the parties may interrupt the entire
business process (Economic Outlook, 2016).
Recommendation
Being a leader of the Chinese automobile sector, the automobile business firm Tianjin’s FAW
has the potential to successfully export its product offerings within the region of the UK market.
This is because, when considered to that of Great Britain, China labour cost is very less.
Therefore, the automobile business firm Tianjin’s FAW will manufacture its new vehicles from
its home country .i.e. China and export to the region of the UK. The product will be prepared
qualitatively in terms of design, features, and the use of technology to support consumer utility
work. The entire manufacturing work will be carried out as per the choice of the UK market. The
product offering will target not only the high-class segment of the market but will also capture
the interest of the middle-class and lower-class consumers.
This is to introduce an increase in sells. Taking into consideration today’s market
structure, the majority of leading manufacturing business firms have plants within the region of
China. The automobile business firm Tianjin’s FAW enters the UK market with various product
diversifications offerings. Aggressive marketing and low pricing strategies to generate rising
market shares and to assure better distribution networks within the region of the UK market.
However, the China plant will be the primary main parent firm to manufacture and export
materials with cheap labour cost to the region of the UK. This will enable the business firm to
generate additional profit and revenue. However, the automobile business firm Tianjin’s FAW
may be exposed to a number of threats like that of the sea pirates and other regulatory
impediments. There is another factor such as the high import duties within the region of the UK
which will greatly impact its business.

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Market segmentation and target buyers:
Market segmentation- The changes in the trends and the consumer preference over the need of
the luxury segment of the car are discussed within this section to have effective outcomes.
Market segmentation brings in the competitive advantage by classifying the entire market upon
the basis of demographic factors and according to the consumer types.
Gender base- This refers to the division of the entire consumer market upon the basis of genders
such as male or female. However, the use of statistics is very important to identify the potential
buyers and the sellers of the goods. As such that male are found to be more prone and attractive
towards vehicles with unlimited speed and high-class upholstery. Thus the ‘Xiali Luxury Sports
Utility Car’ may be able to catch the attention of male buyers in the UK as they prefer sports-
oriented cars when compared to their female counterparts (Economic Outlook, 2016).
Age- This segment helps in classifying the entire range of consumers in accordance with the age
group. Such as age between the numbers of 25-30 will be more attracted towards the sports car.
Income- The income of UK consumers is also to be taken into account. The Xiali Luxury Sport
Vehicle is classy and expensive range accessible. Therefore this has to target higher income
earners within the region of the UK to an increase in sales.
Occupation- This resembles the job that individual consumers of the economy possess. It is the
occupation that creates wealth for individual consumers. Hence, taking into account the
occupational factor, the market is to be targeted. The capitalist and entrepreneurs who are more
prone towards the sporty vehicle can be targeted to break even in the industry. Also, sports
lovers, car-racer and travellers are also better targets for ‘Xiali Vehicle’ (Holly, & Smith, 2009).
Target market-

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The target segment for automobile business firm Tianjin’s FAW is the working class and
people that prefer luxury cars. Consumers leading a healthy and wealthy life will be more prone
towards this new range of sports car category. Besides, the game lover and cheerers that attend
4x4 playing, travelling always will prefer to buy ‘Xiali Luxury Sports Car’. The executives of
firms and other politicians may also prefer sport vehicles and go for ‘Xiali’(Choi, 2014). The age
grades inculcated to the system are between 25-50 years.
Discussion
Porter's Generic Strategies-
It has been undertaken to support the businesses that step towards the new market entry by
generating awareness around the business. The primary three key factors are essential in policy-
making for the creation and introduction of a new commodity. The business firm focuses on
brand influence with dependability from the part of buyers. New firms that aim to enter within
the new market territories on an internationally basis must be able to research and penetrate
within the existing market. Three generic strategies as outlaid by Porter’s model comprises of
cost leadership, focus and differentiation Choi (2014).
Cost leadership-
The cost remains to be the primary factor to formulate the future decisions of the brand
(D. Banker et al., 2014). When there is some competition within the market and the product
being offered is popular in nature, then there is a need for added value for the amount spent by
the buyers of the commodity. However, while penetrating within the international and overseas
market the business strategy that is required is cost leadership because it provides the fullness
about the brand in the occupied marketplace. However, as soon as the product category enters
the growth and maturity phases in the lifecycle, cost becomes lower, and rising revenue is

17MARKET STUDY FOR NEW PRODUCT OFFERING
achieved for firms. The maturity phase is followed by the growth phase. The primary reason for
setting the lower price of the product offering is to capture the interest of the majority of the UK
consumers. The product cost value-chain have to be evaluated to earn added profit (Economic
Outlook, 2016). Low pricing in terms of the basic operation cost can prompt more investment in
research and development.
Differentiation strategy-
This refers to the marketing strategy where the majority of the deserving consumers are
the smaller but high-income segments of the society (Cross et al., 2015). Being a new brand
within the consumer market of the UK, the automobile business firm Tianjin’s FAW addressed
themselves as a classy luxury brand with expensive pricing that not all can afford. The primary
aim and focus are mainly towards the high-income earner, affluent class and capitalists. To cope
up with the objective, fewer cars may be sold at a very early phase to study the consumption
behaviour of the consumers and market behaviour. They believed that it will positively create
higher profits.
The target is towards the introduction of the new segment of a product category that is
unique in term of the rival firms. The competitors have to be recognised by such business while
assuring direct relationship and promotion to target segments. However, there is an immense
need to evaluate the various offering in terms of price made by the rival firms who make use of
the same technology and features within the consumer market. However, it is the faith of the
business firm Tianjin’s FAW that their business objective will be successful and the firm will be
able to capture major proportion of the consumer market.

18MARKET STUDY FOR NEW PRODUCT OFFERING
The strength lies in the fact that awareness is high in this period. As the consumer market
interest to consume a particular commodity evolves a period after various marketing dilemmas
like customer satisfaction, ratings, product review, and much more. Introducing the product at a
lower price will be a marketing trick to pull the consumers. The limitation lies in the fact that if
the business firm fails to provide at a reasonable price or at a lower price than that of the rival
firms. The business fails to exist.
Focus strategy-
The business firm is required to maintain consistency of concentration upon specific
segments that supports the corporate marketing objective (Grant et al., 2016). The primary
concentration should be upon the criteria to generate more additional revenue by making use of
the above mentioned cost leadership or differentiation. However, implementing this method may
incur additional marketing factors (Bamiatzi et al., 2014).
As a case may target another segment that has few costly formats to appeal to those that
may pay premium for the firm services. In return it helps in capturing the interest of the
additional earner market segment such as the middle class market segment. This middle class
market segment is willing to pay money for the consumption of the end product. However, they
are not very wealthy or reach to head forward for consumption. It is as of their interest for the
consumption. The concerning business firm should make use of the differential model and later,
support it with cost leadership to have advantage over rivals (Holly, & Smith, 2009).
However, this business strategy helps in formulation of market strength by means of
supply chain and reduce the cost. Therefore it makes the limitations or uncertainties low within

19MARKET STUDY FOR NEW PRODUCT OFFERING
market share. However, an important aspect to be noted is drop in sales may lead to creation of
problems and it may even lead to competition with that of the stronger brands.
Recommendations
The firm should make use of the marketing theories like Porter’s Model, SWOT analysis,
and the PESTEL analysis to evaluate the best alternative options to select the best alternative
available. By making a premium pricing strategy, the business firm can generate USP. The
business firm should keep track of the latest automobile features and technology that the rival
firms seek to introduce. Regular monitoring of the rival firm's activities is to be undertaken to
understand the dynamic changes that take place.
Conclusion
Lastly, it is to be concluded that a thorough analysis was undertaken to understand the
dynamic changes that exist within the region of the UK market. Proper research was undertaken
in respect of the case study and the overall UK business environment, lifecycle and automobile
industry in particular (Economic Outlook, 2016). How Pound Sterling first drops and then took
hike again within the international market due to Brexit matter properly investigated. Concepts
like purchasing power and the consumption preference of the consumers are given immense
focus. The product offering will be upon market segmentation to generate major proportion of
the market leads, and then conversion of this leads to end consumers.

20MARKET STUDY FOR NEW PRODUCT OFFERING
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