Marketing Principles On Ventura Boats †MyAssignmenthelp.com

Question: Discuss about the Marketing Principles On Ventura Boats. Answer: SWOT Analysis Australia, boat business had confronted 20% loss in their last 18 months or so and the overall business has faced this disaster situation due to that time (Ibinews.com 2018). Ventura boat is one of the small boat building business and they make traditional boats for the inland domestic uses of Australia. The company had agood business market in the1960s, 70s but in modern times they need to change their infrastructure for the development of their business. Strengths The company is following the traditional way of boat making, and this is not applicable in modern times. However, their product quality is good and their traditional products are very high in quality. Some of the high-quality products are noticed in France and Italy and their business is growing day by day (Armstrong et al. 2014). In case of Australia, innovative products are important for market sustainability and people love to use these kind of products so that better outcome can be gained. There is another strong factor which is people accumulation. They try to cater to sections of people and expand their business in all around Australia. Luxury boats are generally costly, so a good price margin oftheboat is important for boatyards or in case of business providers. Ventura boats sell their boats to boat-yards and customers as well. Very few companies are doing this kind of bilateral business and Ventura boats has this advantage to do the business in this way. Weaknesses The company profile was very good in the1960s, 70s, and 80s but in recent times they have not introduced any technological changes in their boats. So the traditional makings of boats are creating barriers to their business extension (Challagalla, Murtha and Jaworski 2014). Innovation in shape, size, velocity, dimension, range, space, architecture and technology is the most important need for their business acceleration. Their efficient employees are leaving this job and searching for better opportunities so overall a disaster situation is confronted by Ventura Boats Company. Opportunities In theUK, British marines are encouraging the steady growth of single market boat business and delivering good opportunities for future. In the session of Post- Brexitsituation government has the only way to sustain the business and for that reason, every company wants a sustainable support from their government (Moriarty et al. 2014). In case of Ventura boats, Australian government wants some financial support that enhances their GDP but Ventura has no future as they are lacking because of their technological limitations. But in other counties, traditional boat restrictions are less so the company can move their business in those countries. The economic divisiveness is also noticed in Australia, sothe business market or Ventura needs to change for their own sustainability. Threats The main threat for Ventura is their staged technological perspective. Australian government creates another threat for them by declaring their product illegal. The amount of money, that they have invested in manufacturing those products are gone in vain and this is the reason the company is facing such a bad time in their recent past. Large companies are also trying to take over the relatively small companies like Ventura as they are not so strong in technological aspect and this is also considered athreatto the company. Analysis of Threats and Opportunities Threats are very predominant in Ventura Boats Company and their usage of traditional boats creates a problem for the company in terms of revenue generation. Australia government imposed some allegation over their boats and that is the reason their business has got a huge threat (Kleeman 2014). Companys morale becomes down, employees are resigning and efficient employees are searching for new jobs so overall a negetive influnce has been set up in the comapny. In case of opportunities, it can be only possible to spread their business in overseas countries. Traditional luxury boats are not restricted enough in those places so better business opportunities will be expected in those regions. Ansoffs Matrix In case of market penetration, the company has not entered with their existing products as the products are outdated. Their new products are not so innovative or technologically proper to sustainin the new market so market penetration chances are quite low for the company. In case of products development, the development is only possible if innovative and technologically strong products are evolved in the market and this is the reason their market enhancement has stopped as well as their revenue generation. Products are the augmented parameter for a company. If traditional innovations are not changed in a right way and new process are not implemented then it is quite difficult for the company to sustain in Australian market (Sulistiyono, Mutmainnah and Furusho 2018). New products are not coming up and that is the reason company is not extending their business through product development. In case of market diversification or product diversification, no changes are noticed in their production. Same traditional boats are still their assets and they tried to run their business through those boats. However, the reality determines that technological enhancement in boats are required and that help in their sustainable condition. Recommendations Compare to other nations, Australia is facing more trouble in yachting. In 2015 the marine market of France has grown 2.7% and the overall turnover was $4.41bn (Ibinews.com 2018). Their service, maintenance, government initiation all these business aspects are taken care by the government so Australia government needs to step up and provide all kind of facilities so that small companies like Ventura Boats is not facing this situation (Hourston, McDonald and Hewitt 2015). In Italy, thetechnology sector has improved a lot in this sector. Good amount of accessories and infrastructural change also happen in this country. These factors resulted in 13% increase in total sale and 25% increase in total revenue generation (Ibinews.com 2018). Thus, technological changes are needed for market expansion and this needs to be understood by Ventura authority. IntheUK, their domestic market is the only source of better revenue generation due to the promotion. 68% increase in total revenue in 2013-2014 sessions is the reflection of their domestic promotion (Ibinews.com 2018). So, Ventura needs to take this opportunity to reach the maximum amount of people through promotion (Bbc.com 2017). References Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia. Bbc.com 2017 UK superyacht industry sales rise to highest since 2008retrieved from:https://www.bbc.com/news/business-38548901[Accessed on 4th February, 2018] Challagalla, G., Murtha, B.R. and Jaworski, B., 2014.Marketing doctrine: a principles-based approach to guiding marketing decision making in firms.Journal of Marketing,78(4), pp.4-20. Hourston, M., McDonald, J.I. and Hewitt, M.J., 2015. Public engagement for the detection of the introduced marine species Charybdis japonica in Western Australia.Management of Biological Invasions,6(3), pp.243-252. Ibinews.com 2018 International Boat Industry retrieved from: https://www.ibinews.com/country-reports/page/3 [Accessed on 4th February, 2018] Kleeman, G., 2014. Global cruise industry.Geography bulletin,46(1), p.28. Moriarty, S., Mitchell, N.D., Wells, W.D., Crawford, R., Brennan, L. and Spence-Stone, R., 2014.Advertising: Principles and practice. Pearson Australia. Sulistiyono, A.B., Mutmainnah, W. and Furusho, M., 2018. The Improvement of Yacht Entry and Exit Ports as a Marina in Indonesia. InApplied Mechanics and Materials(Vol. 874, pp. 215-220). Trans Tech Publications.