Audit Report of Rip CurlRip Curl is one of the greatest manufacturers of boardwear in Australia which was founded in 1969 by the ingenuity of the one Dough Warbrick with his long time friend Brian Singer (Ham 1). The company was first founded in Torquay, Victoria in Australia which was its headquarter at the time of its initiation into the Australian Market. In the early 1970s when it was first initiated into the market, Rip Curl was involved in the production of surfboards and towards the end of that fiscal year, the company began producing wetsuits and this production was informed by the company’s vision of transforming the technology involved in diving to incorporate elements of having the wetsuits that are used in diving to be equally suitable for surfing (Ham 1).
As of now, the company commands a considerable market share in foreign markets in the production of boardwear and these markets are in Europe, South America, North America, UK, USA, Canada, Israel and Peru (Aprhys 1). This paper is a research paper as an audit report for Rip Curl where it is going to analyze the company’s SWOT situation in the market, analyze consumer behavior in the market, its pricing strategies, positioning strategy and promotional strategy in the effort of having a summary of the audit report. SWOT Analysis and Positioning on the GE GridAs indicated in the introduction, Rip Curl is one of the largest world producers of boardwear and its operations are stationed in major world economies as indicated above.
The company’s brand is among the things that have given it this market prominence over time and the fact that it has remained a private company under the chairmanship of François Payot who is also the Chief Executive Officer of the company (Ham 1).
There are additional elements that the company has in its marketing and management structure that explains this prominence and the following SWOT analysis places these elements in their proper perspective. Strengths that the company has in its market is diversity in the products that its trades in. The company has established itself as a major producer of a variety of products from general surfing equipment to swimming suits as well as services and technologies in the diving and swimming.
This gives it an upper hand in among its competitors as it has more options of products with which to trade (Aprhys 1). Its brand name has also acquired world-wide acknowledgement and therefore has been come almost an epitome of grandeur when it comes boardwears. The weaknesses that the company has, firstly is a general lack of understanding of consumer preferences. There have been times when the company has followed it culture of producing products that are specifically designed by its engineers with complete disregard of consumer needs which has cost it substantially in the past.
The company also lacks user centered designs and in most of its foreign markets, there is less awareness of its brand name and superiority (Aprhys 1). As regards opportunities, Rip Curl has great opportunities in an expanding diving and boardwears market with this crazily expanding technological dispensation. There is high percentage of young market craving for newer models of diving paraphernalia which translates to a strong customer demand for new innovative products.
In addition to this, there is a high disposable income in these emerging markets which means that expansion for the company in these markets is favourable now than it has ever been (Al-Khatib, Mohammed & Scot 211). The greatest threats that the company faces are stiff competition from other providers and bargaining power of consumers. With high competition, and high bargaining power, the company will always be at pains to revert to higher sophistication and conveniently cut on its costs for consumers to remain afloat in the market which is a considerable threat for a profit making organization like Rip Curl International (Al-Khatib, Mohammed & Scot 132).