To successful grow and increase future sales Mr. Ebert needs to evaluate the 4P’s of marketing. All competitors are selling similar products will have to be priced appropriately (lower and affordable). The product should be of better quality than those offered by the competitors to attract customers and should also be user-friendly. The product has to be targeted to the right audience/people and the most effective method chosen to create product awareness.
You guys have got the all the strengths, weaknesses, threats and opportunities. Just adding one or two points to what is already mentioned.
1) Strengths: Well-known product as secured 60 distributors across North America.
2) Weaknesses: Fairly new in the market and therefore, limited advertising and sales tactics.
3) Opportunity: Diversification – Sell products in a complete new market (not sure if this is feasible though)
4) Threats: Substitute products available in the market that customers can easily switch to.
Summarizing SWOT Points:
Due to their strengths Omega Paw has a competitive advantage over the three large competitors. Omega needs to build on their strengths and overcome their weaknesses. Once they get their marketing strategies right, they will eventually eliminate the threats.
Marketing and competitive analysis
There are 84.2 million cats in North America and nearly 33% of the 14.5 million households in Canada have two cats on average. This implies the popularity of cats is increasing as compared to other pets. A survey also shows that cats are usually owned by the older generation. This can be a good opportunity for Omega Paw in the coming years as the number of older people will more than double in the next decade.
There are three groups of the market segment:
1) The first group are the new pet owners - As the name suggests these are individuals who have recently acquired cats and make up 5% of the total market. These new owners have done their own research on product supplies....