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Marketing Principles

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Marketing Principles

Introduction:

In today's world marine industry has been improved a lot with the development of technologies and well-organised ship structure. This assignment would focus on the analysis of the marketing problem faced by family-owned shipbuilding business in New South Wales. The current assignment would also focus on the SWOT analysis of internal marketing strategies of Ventura Boats to execute its ability and drawbacks to cope up with ever increasing market competition in international market.

Opportunities and threats Analysis:

With the help of Ansoff Matrix, analysis of threats and opportunities of Ventura boots can be made to evaluate the strategies and methods taken by this organisation.

Market penetration:

In case of Ventura boats, market penetration is one of the important aspects that can provide this company with opportunities to enhance their existing product in existing market. As stated by Valentin (2014), existing product launching in existing market is one of the best processes of market growth. In a case study of Ventura Boats, it can be seen that this company faces severe problem in business in overseas market. As staffs of Ventura uses traditional technologies to manufacture their product, it is better for them to strengthen their new existing market with an improvement of an existing product (venturaharbor.com, 2017).

Market development:

Though it is better for Ventura to strengthen their existing product as well as existing market, market development is also important to cope up with new challenges raised by rivals. As stated by Yujing and Xinhua (2014), market development is associated with launching and promotion of the new product in existing market to enhance product range as well as a number of customers. In this context, Ventura Boats faces huge threats from its rivals in Australian market due to technological drawbacks and usage of an outdated manufacturing process.  Therefore it is important for Ventura to cope up with new market outlook to launch a new product which can make them potential to combat challenges posed by potential rivals.

Product development:

Ventura staffs are unable to understand the overseas market, which poses primary threats towards them to damages their business framework. On the other hand, well-organised shipbuilding marketers in Australia capture this opportunity to gain overseas as well as domestic business with new technology and new market approach. Therefore, to cope up with this challenges and to introduce market varieties within a business, Development of proper financial service, new software, hardware, machines and smart business planning could be done by marketers of Ventura to launch new product in Australia (abc.net.au, 2017),

Diversification:

Diversification strategy can be little troublesome for Ventura as it deals with new product ranging in a new market. As Ventura is based mainly on traditional market planning it is quite unpredictable that they will get proper success or not. They are going to update their design and manufacturing processes. However, it looks huge time to compete in an overseas market with new product. Therefore it can be said that Ventura can focus on  existing market to strengthen its position which would enhance their international value and makes them able to get wide range of investor (abc.net.au, 2017),

Conclusion:

 

This assignment concludes that Ventura Boats could enhance their technological updating to enhance business scope in an overseas market. This also concludes that effective and newer technologies would be developed by Ventura boat to enhance their business and combat rival threats. Furthermore, this study also concludes that product diversification and market development can be effective as well as risky ion overseas market for Ventura.

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