The paper "SWOT Analysis of STOCKL and Its Target Market" is a good example of a marketing case study. Product review is a vital step when introducing a new product to the market. The company is able to come up with ways in which they can distribute the product, determine market size and how to seize the available opportunities. STOCKL is a family-owned company and has been on the marketing industry for over 20 years offering a broad range of services which includes graphic design, signage printing, vehicle graphics and wraps, signage application, drafting, building knowledge and project planning.
Crank it up banner lifting systems is a new product that is being launched by the company in a few weeks’ time. The new product is an automatic hoist banner poles that do not require cherry picker. The product can be customised to meet customer needs. This product review report takes an in-depth analysis of the new product “ Crank it up” (STOCKL, 2015). The product review report will look at the Australian market and come up with a means to how to enter, competitors, expansion opportunities, expected price, distribution channels and discounts, website ideas and means to attain sales goals. Discussions and SWOT analysis Crank it up banner lifting system has the latest technology in banner lifting.
The system eliminates the need for cherry pickers and elevated work platforms. This makes it possible to change and replace banners at ease. The system is safe and reliable compared to old mechanisms. Using technology, one is able to save money and time. The new product uses a tensioning system that makes it possible for banners to be viewed 100% of the time (STOCKL, 2015).
By offering a new product in the market, STOCKL will open a new market where they can enhance their profits. This will occur only if the competitors do not have access to the new markets. For STOCKL, success in the new product is a great avenue for growth. SWOT analysis is an acronym which stands for Strengths, Weakness, Opportunities and threats. Using SWOT analysis, it becomes possible to determine the strengths and weakness of the product as well as determine the opportunities and threats.
The tool is vital as an analytical framework to carry out the internal and external audit. Using SWOT, it is possible to assess the STOCKL proposition of crank it up the banner system. This will help in attaining a good strategy for the new product and help in discovering ideas that are worth pursuing in the product. It is also important to carry out a SWOT analysis before introducing a new product. SWOT analysis Strengths STOCKL has been in the marketing business for a long period. The company have been operating for over 20 years.
This gives them the required knowledge on the market, products and target customers. The experience that STOCKL has gained will be a major strength in marketing the new product. The banner lifting system is a new and unique product (STOCKL, 2015). This will help the company to gain a competitive advantage towards competitors. New products open up new markets which may enable the company to gain quasi-monopolistic profits. This is due to the fact that competitors do not have access to the new product and the new market.
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