Swot Analysis Of Ventura Boats Company †MyAssignmenthelp.com

Question: Discuss about the Swot Analysis Of Ventura Boats Company. Answer: Introduction Marketingprinciples are the set of activities designed for creating, developing and delivering product offerings to the customers. Ventura Boats is a popular boat building company in Australia offering retro designed and luxurious boats. The study will analyze the threats and opportunities of organization after performing its SWOT analysis. Apart from that, the study will also assess the Ansoff matrix in respect to this organization. Furthermore, based on the Ansoff matrix and threats and opportunities, the study will also provide proper strategic alternatives to the organization for its business improvement. SWOT Analysis SWOT ANALYSIS OF VENTURA BOATS STRENGTH Retro design and high-quality boats of Ventura Boats are highly attractive to the customers Strong reserve of cash has made the strength of the organization Small sized and luxurious boats define the status and comfort of the consumers Highly skills and knowledgeable employees has built the success level of the organization (Ventura-boats.com 2018) WEAKNESS Lack of experience in overseas market is affecting the overall profit level of the organization Traditional methods and backdated technologies is hindering business advancement Lack of new models is reducing the attraction of the customers Low morale and high turnover of the best employees are hampering the business success (Koudijs 2016) OPPORTUNITIES Ventura Boats has opportunity to expand in overseas market Adoption of advanced technology can invent new and improved models of boats Fewer restrictions of overseas government on traditional boats can help Ventura Boats to maintain its business sustainability Growing economies of emerging nations and passion of wealthy customers for luxurious boats can increase the business demands of Ventura Boats THREATS Tough competition from the competitors is hampering the business profit of Ventura Boats Shrinking Australian domestic market and substitutes of boats is hampering the market share of the organization Restriction of Australian government on outdated technologies of Ventura Boats Technologically advanced organizations can buy out the small companies like Ventura Boats Table 1: SWOT Analysis of Ventura Boats (Source: Created by Author) Threats and Opportunities Analysis: Analysis of Threats Ventura Boats is facing tough competition from the technologically advanced boat building companies. Such larger and more technologically advanced boat building companies are looking for buying out the small companies having backed technologies like Ventura Boats. Apart from that, Ventura Boats is also being affected by the shrinking Australian domestic market with several substitutes of boats. Such substitutes are actually hampering the market share of the organization. Furthermore, Australian government has imposed several restrictions on the outdated technologies used in the boats of Ventura Boats. Hence, the organization is also facing the threats of business liquidation. Analysis of Opportunities Ventura Boats has huge opportunities to expand in overseas market for business expansion. The organization has adequate brand popularity in the boat building market of Australia. Such strong brand image can also help the organization in building global image. Apart from that, the organization has strong reserve of cash, which can help them in affording the expense of global expansion. Overseas governments have fewer restrictions of the traditional technologies rather than Australian government. Hence, such fewer restrictions can add to the business sustainability of Ventura Boats. Growing economies and wealthy consumers of emerging countries can have huge passion of luxurious boats, which can add to the global business success of this organization (Ghosh, Ostry and Chamon 2016). Apart from that, the organization has huge opportunity to adopt advanced technologies in building new technically advanced boats. It can help the organization to compete with the large sized and technically a dvanced boat building companies successfully. Ansoffs Matrix: Market Penetration In this strategy, an organization seeks to achieve market growth in its existing market with its existing products. Ventura Boats can try to enhance its market share in Australian domestic market through offering its traditional boats. Market Development In this strategy, an organization seeks business growth through targeting its existing products in the new market (Gurcaylilar-yenidogan, T.U.G.B.A. and Aksoy 2018). Likewise, Ventura Boats can offer its traditional and retro designed boats in global markets. Moreover, the overseas governments have less restriction on the traditional technologies, which can improve the global business condition of the organization. Product Development In this strategy, an organization seeks business growth through developing new products targeted to its existing market. Likewise, Ventura Boats can develop new technologically advanced boats and other types of water rides for offering in Australian domestic markets. Diversification In this strategy, an organization seeks its business growth through offering new products in new market. In this case, Ventura Boats can offer new technologically advanced boats and other types of water rides in the global market. The new product line will add to the profit level of the organization and compensate the risk of existing traditional boat business. Recommendations From the above analysis of Ansoffs Matrix and threats and opportunities of Ventura Boats, it can be said that the organization should immediately expand in global market with some improvement in its boats. Moreover, the organization is suggested with following recommendations for operating successful domestic as well as global business. Global Expansion with both Existing and Improved Boats International or global expansion naturally provides opportunities for faster business growth. Global expansion also helps organizations in adjusting with the product demand fluctuation in the domestic market (Alden and Nariswari 2017). Likewise, global expansion will facilitate Ventura Boats in adjusting with the risk of traditional boat business in Australia. Moreover, overseas governments have fewer restrictions on traditional technologies than Australian Government (Finance.gov.au 2018). Hence, Ventura Boats can get more opportunities for sustainable business even for traditional boat business in Global market. However, traditional technologies can be associated with several issues in global market in terms legislation. Hence, besides traditional and retro designed boats, the organization can also build technologically advanced boats for more sustainable business. Adoption of Advanced Technology Incorporation of new and advanced technology in business facilitates organizations to stay in front of its customers. Advanced technology provides new and exciting ways to the customers for using the products of an organization, which can lead to increased customer satisfaction and business improvement (Foxall 2015). On the other hand, traditional and outdated technologies are more likely to be obsolete, which can hamper the business sustainability of an organization. Likewise, some of traditional technologies of Ventura Boats have been considered as outdated and Australian government is about to declare these technologies as illegal. Hence, Ventura Boats should immediately adopt new and advanced technologies for building boats. It will help the organization to keep itself away from all kinds of legal constraints. New and customized Boat Models in Australian Market Customization of products always facilitates in providing unique value to the customers. Such unique value helps in fostering competitive advantage over the rival organizations (Businesswire 2014). Likewise, Ventura Boats can build new and customized boat models will help the organization in beating the substitute products and enhance customer satisfaction. Conclusion While concluding the study, it can be said that Ventura Boats is highly successful for its retro designed and high-quality boats. However, the traditional and outdated technology of the organization is going to be illegal as per the instruction of Australian government. Furthermore, the organization also has lack of overseas business expansion. Hence, the organization should immediately expand in global market for getting faster business growth. References Alden, D.L. and Nariswari, A., 2017. Brand Positioning Strategies During Global Expansion: Managerial Perspectives from Emerging Market Firms. InThe Customer is NOT Always Right?Marketing Orientationsin a Dynamic Business World(pp. 527-530). Springer, Cham. Businesswire, 2014. Is There a Need for PPE Product Differentiation for Developing Economies?PR Businesswire, pp.PR Businesswire, Oct 6, 2014. Finance.gov.au., 2018.Policy, Guides Procurement | Department of Finance. [online] Finance.gov.au. Available at: https://www.finance.gov.au/policy-guides-procurement/data-centres/data-centre-strategy/ [Accessed 11 Feb. 2018]. Foxall, G., 2015.Corporate innovation. 2nd ed. London: Routledge Library Editions: Marketing. Ghosh, A.R., Ostry, J.D. and Chamon, M., 2016. Two targets, two instruments: monetary and exchange rate policies in emerging market economies.Journal of International Money and Finance,60, pp.172-196. Gurcaylilar-yenidogan, T.U.G.B.A. and Aksoy, S., 2018. Applying Ansoffs Growth Strategy Matrix to Innovation Classification.International Journal of Innovation Management, p.1850039. Koudijs, P., 2016. The boats that did not sail: Asset price volatility in a natural experiment.The Journal of Finance,71(3), pp.1185-1226. Ventura-boats.com., 2018.Home - Ventura. [online] Ventura. Available at: https://ventura-boats.com/ [Accessed 11 Feb. 2018].