Going to market, refers to the course “selling” idea in the market. Now, if a company’s goal is to produce and market it invention on its own, then “going to market” means accessing retailers to sell its completed product to them or possibly setting up a website where clients can put their orders in a straight line with the company. If the company’s goal is to license its invention for royalty, then for that company, “going to market” denotes to come up to manufacturers interrelated to the industry that the company’s invention comes into and share with them particulars regarding its invention to see if they articulate any attention in the idea. This is a new development in the process of going into market and is different to the traditional going into market through providing the finished good to the retailer directly. A number of inventors end up with a mixture of manufacturing their invention their self, followed by licensing it for royalties. The input is to consider about which choice they are trying accomplish near the beginning in the course. For instance, if license for royalties is the companies’ choice, then they do not want to use up a lot of time and capital doing things that are towards developing the invention. In the previous years we have seen Portakabin with such a policy of manufacturing their own inventions and designs as well as registering them with other organizations for royalties. This policy reduced the risk of the company in many areas and helped enhance the revenues of the organization.
Task Number 2 a
Factors that would determine Portakabin’s ability to plan its future marketing activity effectively are described below.
A market trend is preference of customers to procure a product or avail services based on features, producer or functionality. Marketing plan has to be designed to deal with present market trends and generate projections on future trends Economic Conditions
The local, nationwide and worldwide economy has an important effect on the focus of Portakabin future marketing plans. A study of a particular economy can state sales protrusion and assist to decide prospective revenue. Competitive Analysis
The competitive analysis in Portakabin future marketing plan will be ongoing study of the actions of rivalry and how those actions have an effect on market share, the plan of promotion materials and how they spend on advertising. Laws
New laws can alter the way Portakabin do dealing and how they create marketing plans.
Task Number 2 b
Following are the various ways an organization such as Portakabin might assess its internal and external capabilities in relation to competitiveness. SWOT ANALYSIS
SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors. Strengths and weaknesses are internal factors that create value or destroy value. They can include assets, skills, or resources that a company has at its disposal, compared to its competitors. Advantages of SWOT analysis are described as following.
a. It supplies information for tactical planning.
b. It helps in recognizing core competencies of the organization. c. It assists in setting the objectives for planning.
d. It assists in knowing the background so that by using past and current data, future plans can be formulated.
This PEST analysis has a variety of factors that have an effect on the process of marketing planning. The PEST analysis tool is an important framework for recognizing opportunities and threats in the macro external surroundings. It works through a variety of mechanism of the macro environment to look at the detailed areas in depth. This analysis tool is very significant to any marketing audit, as it drives the organization to investigate what factors may facilitate or obstruct them to carry out business and marketing activities. PEST...