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Marketing Principles Assignment | Ventura Boats Case Study

   

Added on  2020-03-16

8 Pages1822 Words73 Views
Running head: MARKETING PRINCIPLESMarketing principlesName of the student:Name of the University:Author’s note

1MARKETING PRINCIPLESIntroduction:Through the analysis of the Ventura Boats Case study, the reports develops theunderstanding regarding challenges present in business market. The nature of business ofVentura and review of business process, challenges and opportunities increase the knowledgeregarding strength and weakness of the company. The analysis of the threat and opportunitieswith support from marketing theories also helps in recommending alternative strategies thatVentura Boats can take in the future to revive their business. SWOT analysis of Ventura Boats:Strength:Ventura Boats mainly deals with designing high quality small-sized luxury boats.However, their specialty is that they build the boats in traditional hand-build ways fromtraditional materials. Their main strength is that as their business have prospered till now, theyhave a strong reserve of cash. Strong cash reserve is likely to provide positive implications in thearea of long-term strategic growth and future market share. It is also indicative of strongperformance of the company till now (Enqvist, Graham and Nikkinen 2014). Weakness:One of the major weak point of Ventura Boat is that despite the availability of newer andefficient technologies in materials and manufacturing processes, the company has still notembraced new technology. The technology used for manufacturing the boat is very outdated andthis is the major reason for decline and low demand of many of its product in the Australian

2MARKETING PRINCIPLESmarket. Secondly, the dependence on traditional methods and materials to build boats is likely tohinder their growth in overseas market too. Opportunity:The possibility of minimum restrictions imposed by overseas government on the use oftraditional boats is an advantage for Ventura boats. They can use this opportunity to expand theirtraditional business in overseas market. This will help them to overcome the challenges ofdomestic markets. As there is a prediction that Australian government legislation is likely torestrict the use of some of their traditional boats, they can seize the opportunity of fewerrestrictions on traditional boats in overseas market. This will help them to expand their businessas well as legalized their traditional products for many more years to come. The other advantageof doing business overseas is that the company may offer unique products that may not beavailable in that region and the product may become a high demand products among new base ofcustomers. This is likely to mitigate threats in business. Secondly, shifting business to overseasmight give great exposure to the company which will eventually benefit their business (Hohenthaet al. 2014). Threats:Considering the decline in many of the traditional boats produced at Ventura Boats, thecompany could have used their experience in industry to adapt new and efficient technologies tomake innovative products. However, this move of Ventura Boats can be threatened by theillegalization of many of their current products. Thus means a decline and loss in business notjust for Ventura, but also for all traditional boat manufacturing companies too. The research by

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