Tork uk ltd - Essay Example

Download file to see previous pages Part 1 a) Develop a more aggressive marketplace positioning strategy. In order to find out an effective marketing strategy for TORC, it is important to understand its present position within the marketplace. “Strategy is a proprietary set of actions that serve targeted customers better than competition, while strategic positioning consists in defining the focus point of a company’s resources” (Strategic Positioning, 2013, n.p.). TORC consists of a large customer range which incorporates huge sections of the public and also different organizations. It has been observed that the products reach the general through their retail outlets and that they are made available to large corporations through their sales engineers. The Ansoff product or market matrix is used for determining the opportunities for growth of the organization. At present, TORC is presently deliberating the merits of online business by a mail order subsidiary. “Ansoff’s product/market growth matrix suggests that a business’ attempts to grow depend on whether it markets new or existing products in new or existing markets” (TORC UK Ltd. Essay, 2003-2011, n.p). ...
b) Introduce a rationalized product range to exploit the higher turnover available from more profitable products. Product development is an area which the TORC can investigate and find out what strategies to employ in order to attain a better market position. An opportunity has to be taken to diversify the existing products .For example, raising interest in females, children etc by modifying the products to suit their tastes. TORC has established its brand name already with high quality through its retail outlets that sell assorted goods in order to entice new customers. An increased influence from gardening, home improvement programmes and television have seen the new customer target base endeavoring to the male domain, but, however is trying to maintain their femininity and hence does not want to handle heavy tools presently available. Packaging of products also plays a crucial role to attract the customers, as it is based on the appeal of the end product that they buy it. “Product Development plays a critical role in ensuring a company's future growth potential” (Product Development Overview, n.d, n.p). The sales engineers will also have to inform the customers that there exist new products with reputed brand image and they have to explain the way in which they compliment the range. Even though the knowledge of entry into new distribution channels is limited, the development of an existing product that produces high profits and distinguishes itself with quality would entrench itself into any market arena. c) Develop a marketing promotion campaign to include an on-line intranet and extranet capability in order to serve more international markets. Even though ...Download file to see next pagesRead More