Scenario Planning Stages for 3d Printed Paws - Coursework Example

INTERNATIONAL MARKETING PLANNING Table of Contents 2 Introduction 3 2.0. Analysis of 20 potential drivers: 3 Scenario Planning stages for “3D printed Paws” 5 2.1. PEST analysis or identification of the driving forces associated in the development of marketing plans 5 2.2. Customers analysis 7 2.3. Competitors analysis: 7 3. Stakeholders Analysis for “3D printed Paws” 8 Step three: Identify the most critical uncertainties 11 4. Development of the futures wheel 14 5. Concept of the marketing plan 15 6. Scenarios analysis on the basis of the product: 16 7. Conclusion 18 Reference list: 20 1. Introduction In the current study, the researcher will be developing a marketing scenario planning report. Mainly the researcher adopted one animal prosthetic product that is produced in China and planning to promote in the USA. Animal prosthetic mainly outlines the concept of products or tool that supports physical condition of animals. Prosthetic devices are implanted in the body of animals externally or internally. These products are supplementing some of the defective body parts of animals (Belke and Pilbeam, 2014). In the current scenario, planning proposes that the researcher have chosen “3D printed Paws” as animal prosthetic product that is produced in China and planning to penetrate in the USA. Current study is constituted with the help of various stages of scenario planning. Moreover, researcher adopted different tools for developing market penetration strategies. Market planning models are contrasting various potential future situation of animal prosthetic industry. Stakeholders and market analysis is made on animal prosthetic industry of America (Cant, 2006). 2.0. Analysis of 20 potential drivers: In the contemporary market condition, organisations are facing the challenge of globalisation. In addition, risk of intense competition is reducing the scope of profitability. Scenario planning strategic development will aid organisation or “3D printed Paws” marketing process. Potential USA market overview will be expressed with the help of such technique. Statistical figures outline fragmentation of change along with time. Creativity of the marketing policies will be increased with the help of different factors and along with that the negotiation process (Buckley, 2002). Major drivers can be listed as 1. Political, 2. Legal, 3. Economic, 4. Technology, 5. Environment, 6. Legal factors, 7. Power of the suppliers, 8. Power of the buyers in bargaining, 9. Competitors productivity and features of their products, 10. Threat of the substitution products, 11. New entry related threats, 12. Strengths of the organisations, 13. Weakness of the organisation, 14. Opportunity underlined in the market, 15. Threats can be faced in the market, 16. Inflation rate, 17. set up and promotional cost, 18. Customer loyalty, 19. Number of competitors, and 20. Price sensitivity. Prediction regarding American animal prosthetic industry will be made with the contrast of potential risks. Marketing strategies for penetrating in the USA region will get more flexible. Marketing plan can be developed with the help of scenario planning process. Logical marketing plan will aid American animal prosthetic industry. “3D printed Paws” marketing plans utilises proper vision for increasing possibility of earning increased rate of revenue. Situational analysis of American animal prosthetic industry will contrast the behaviour of customers. External marketing factors include consumer behaviour (Chae and Hill, 2000). Scenario Planning stages for “3D printed Paws” 2.1. PEST analysis or identification of the driving forces associated in the development of marketing plans “3D printed Paws” will face certain complexity regarding the development of marketing strategies. American animal prosthetic industry can set up proper strategies of marketing with the help of PEST analysis (Dewhurst, 2011). Political aspect Political set concern of America is promoting proper welfare policy for animals. Volatility of American animal prosthetic industry arises due to the changing policies of legal and political bodies. During the year 2013, the political support increased for the injured animals. Moreover, animal’s welfare will get the government hindrance regarding the allocation. Globalised business is facing the challenge of increased tax in the year 2010; however, price will also increase. On the contrary, American animal prosthetic industry will be facing the threat of instable political situation that can be caused due to trade barriers among China and USA. “3D printed Paws” marketing plan must be required to explore trade regulations (Chermack, 2011). Economic restraints “3D printed Paws” is facing the post recessional economy restraints. American economy faced severe challenge regarding fluctuating metal prices and consumer purchasing power. Economic recession and inflation herms “3D printed Paws” production company. Economic factors are increasing the raw material prices and reducing purchasing power parity. American tax policy also becomes a barrier for international trading and pricing policy. However, Chinese economy and foreign money exchange rate creates risk of possible revenue generation. American animal prosthetic industry is facing the restraints of global trade (Godet and Roubelat, 2000). Social Factors American animal prosthetic industry is going to face certain cross sectional aspects in terms of foreign trade of the “3D printed Paws” from China. In America, pet and other domestic animals are given high priority. They are treated as a family member. Therefore, maintaining benefits of “3D printed Paws” is one of the crucial strategies for attracting customers. However, American people are having the concept that Chinese products are not having such quality. Products are produced in terms of achieving more revenue. Therefore, quality and other factors are limited in “3D printed Paws” penetration in America (Jevons, 2000). Technological Factors: Technology is one of the most important factors for “3D printed Paws”. Technology will provide more support to prosthetic products. This will create more satisfaction among the prosthetic products users. American people are concerned for the welfare of their injured pets. Therefore, prosthetic industry of America is requiring innovative technology in the “3D printed Paws” that will increase the compatibility (Kahane, 2012). 2.2. Customers analysis “3D printed Paws” customer analysis can be obtained in better format from the stakeholders analysis. 2.3. Competitors analysis: In the USA based market the organisation “3D printed Paws” is going to face the challenge of the two leading prosthetic producers named “Hanger Prosthetics and Orthotics” and “OrthoPets”. These two organisations are controlling the market rapidly with extensive product range. 3. Stakeholders Analysis for “3D printed Paws” Proper marketing strategies development requires contrasting the roles, responsibility and demands of stakeholders of “3D printed Paws”. Animal prosthetic industry of America will be having the major stake holders like suppliers of raw materials, sellers or institutional buyers, participant of the USA based markets, customers of the “3D printed Paws” products. Moreover, stakeholders will be helping organisation in terms of redesigning the features of the products (Karunakaran, 2008). Figure 1: Stakeholders matrix (Source: Keegan, 2004, p.14) There are different types of stakeholders for the “3D printed Paws” and their interest and power can be disseminated along with different type of attribute of above mentioned graph. “3D printed Paws” need to meet the needs of animal prosthetic products customers and equity stakeholders. The key players are employees of “3D printed Paws”. Moreover, it needs to show proper consideration to government and local society. Competitors marketing policies must be critically appraised in terms of getting more sustainability and growth in the USA market. Pressure groups are the least important parts of the organisation (Keegan and Green, 2005). Employees of “3D printed Paws”: Employees are playing vital role in producing “3D printed Paws” in the USA. Employees are major internal stakeholders in the organisation. Employees are having interest of meeting proper organisational goals and objectives. Employees are requiring proper appraisal and recognition. However, job security is one of the major concerns of the “3D printed Paws” employees. Proper compensation planning must be outlined. Therefore, “3D printed Paws” needs to maintain proper employee orientation strategies for developing efficiency and performance of employees (Kotabe and Helsen, 2008). Suppliers “3D printed Paws” will be seeking for metal and other type of rubber products for making animal prosthetic products. Chinese based organisation will be facing some complexity regarding new set of suppliers. Prosthetic products related raw materials are seeking for loyalty among the suppliers. Suppliers will be negotiating the quality and price of the products. Animal prosthetic products are seeking for proper quality in terms of providing accurate supplementary support to animals with injured organs (Kotler, 2000). Shareholders While penetrating into American animal prosthetic products industry “3D printed Paws” needs to maintain proper strategies regarding finance and funds. Equity share financing will aid “3D printed Paws” in obtaining low risky business funds. The organisation can be able to explore various opportunities underlined in USA market. Equity shareholders are having major interest for getting share of profits as dividends. Moreover, shareholders of “3D printed Paws” must be provided with proper rate of return of investment made. On the contrary, shareholders have very limited right to participate in the marketing or other internal strategic development process (Kotler, 2003). Government “3D printed Paws” will be facing certain rules and regulations of the USA government. Government is one of the major external stakeholders of “3D printed Paws”. Business policies of prosthetic operations will be implementing certain control policy. Moreover, government can be imposing certain rate of taxes for the exports and imports. In addition, American government will create a protection shield for suppliers. “3D printed Paws” will negotiate certain policies for development of societies and economic development of overall country. Government can impose pricing controls for prosthetic products (LaPlaca, 2007). Pressure Groups or trade unions Pressure groups or the trade unions are the major group for “3D printed Paws” in terms of maintaining proper strategies of operations. Such stakeholders will be negotiating various operational policies in respect of various operational objectives. Trade unions will make proper monitoring of work place environment of “3D printed Paws”. On the other hand, trade unions are having the interest of obtaining higher benefit for the employees along with proper compensations policies (LaPlaca, 2007). Professional Bodies Professional bodies of America will be looking for best possible support of prosthetic products. Professional bodies will align some control policy of legal and ethical considerations. Professional bodies will merge certain techniques of animal health care organisations. Different type of system and procedure are imposed on “3D printed Paws” operational policy. In spite of concentrating on the performance of “3D printed Paws”, professional bodies in the USA will emphasise employees and clients stake. Competitors From the above mentioned stakeholder’s analysis, it is obtained that competitors are forcing the organisational success. Revenue generation or achieving growth and sustainability in industry depends on effective strategic direction of meeting the challenge of competitors. Employees and equity stakeholders are having financial interest from the organisation launching “3D printed Paws” product. Employees are motivated by the proper compensation technique. Management level employees will be providing their opinions for developing marketing plans as per the market scenario. However, marketing policies of “3D printed Paws” will be developed in terms of risky attributes faced in the market (LaPlaca, 2008). Step three: Identify the most critical uncertainties 5.3. Place: Placing strategy of “3D printed Paws” must be feasible enough to meet various customers demands easily and effectively. Major uncertainties that the organisation is going to face in terms of developing the marketing plan of 3D printed Paws are competition in the USA prosthetics industry. Global prosthetics industry started with the human beings. However, in the contemporary time veterinary patients are also using prosthetics tools. In USA demands for artificial body parts of animals is increasing rapidly. Injured pets and animals are helped with prosthetics items. In the USA, “Hanger Prosthetics and Orthotics” is one of the major prosthetics who have developed animal prosthetics as well as human prosthetics. In addition, OrthoPets is another leading prosthetics company in the USA market (LaPlaca, 2008). 5.1. Price Price is one of the crucial matters that “3D printed Paws” marketing plan must be managing in terms of obtaining highest customer support. USA society is having more potential of growth in the prosthetics industry. Therefore, selling “3D printed Paws” from China to USA can help the producers in earning increased profit. Still there are some complexity of trade policy and foreign exchange policy in the international trading. USA based competitive market is increasing rate of compatibility by implementing innovative strategies along with additional benefits. Hanger Prosthetics and OrthoPets are offering free treatments for certain types of pets in different periods (Lindgren and Bandhold, 2003). 5.2. Products: In the current Prosthetics market of America, tools and products are offered to ducks, pet and street dogs. Moreover, both the organisations have developed many animal prosthetic centres and health centres for serving more distressed animals. OrthoPets are offering global set up for producing and selling prosthetic products. It is expected that more than 180 injured animals can be served with Prosthetics products. 3D printed Paws can expect good monthly profits. On the contrary, prosthetic industry in the USA is imposed with some ethical controls. The US government scientists are looking for innovative technology for more efficient prosthetic tools. Dogs are losing their paws in many severe accidents (Mann et al.2000). Engineers are appointed to design prosthetic products along with the scientists. However, scientists have to check used materials in the products. Veterinary doctors are consulted by the company in terms of developing more accurate idea of creating prosthetic products (Chermack, 2011). For the constraint of economic limitations, clinical experiment cannot be made. Human beings are not tasted in the time of innovation of any sort of prosthetic products which can act as one of the limitations. 5.4. Promotion The prosthetic products must be promoting the features along with benefits and charges or pricing of product. Animals are having different type of body structure than the human bodies. Fundamental difference of the body structure is nervous system. Prosthetic products for dogs and cats must innovate something new. Injured animals are not treated readily by the care centres or those are not taken to the treatment centres. Initiatives are really required to make sure of the treatments. Designs and features of prosthetics vary from animal to animal. Prosthetic products will face difference of body structures among the different animals (Osborne, 2004). 4. Development of the futures wheel Change identification for the marketing plan: Prosthetic products in the USA segment are facing intense challenge regarding competition and economic restraints. The marketing policy of the “3D printed Paws” for selling in the USA market from China must consider feasible attributes. Major risk of global marketing policy of “3D printed Paws” is mainly profitability measures. However, prosthetic products related marketing strategies are required to maintain proper balance among economic and cultural aspects (Sampson, 2001). Figure 2: Futures wheel for “3D printed Paws” (Source: Tardif, 2011, pp-127) Identification of the First-Order direct Consequences for prosthetic marketing plan in USA: Brainstorming policy can help the management to inform lower level employees about the operational policy. On the contrary, some of the consequences limit the scope of revenue generation and marketing plan success. Foreign trading policy, economic or purchasing power parity and price of prosthetic product are the direct consequences (Sheehan, 2011). Indirect or the Second-Order Consequence of marketing plan identification: In order to make most feasible marketing plan the organisation have to identify second order consequences. Prosthetic marketing plan will be facing the indirect effects of customer behaviour, and cross cultural segments. Implications to be faced by the prosthetic products policy: After implementing Futures Wheel analysis in the marketing plan of the prosthetic products selling in USA from China, it can be said that globalisation policy of USA will act as barrier in the marketing process. On the contrary, cost of production and taxation will limit the revenue generation. Growth and sustainability of Chinese organisation in the USA is quite tough (Sullivan et al. 2012). 5. Concept of the marketing plan “3D printed Paws” marketing plan must consider certain concepts regarding global penetration plan. Process of selling of the prosthetic products will be adopting feasible entrance method in the USA market from China. “3D printed Paws” producers will be selecting promotional channel of different animal health care set up. This will aid the organisation in meeting potential customers. Target customers are the owners of the injured dogs or cats, and different charitable NGOs. The USA based prosthetic products are facing intense challenge in the market. “3D printed Paws” are providing additional support to the users. Value of marketing plan will be offering proper pricing. Pricing policy of “3D printed Paws” will be adopting competitive pricing in contrast to OrthoPets, and Hanger Prosthetics. The American market is facing the challenge of economic restraints like increased rate of recession and inflation. Scenario analysis of the current product will be justifying feasibility of selling products in the USA market from the Chinese market. Transportation cost of prosthetic products to the USA will increase feasibility (Tardif, 2011). In simple terms, the concept of scenario planning for the prosthetic product will align some crucial attributers. Firstly, proper market analysis will include customers, competitors and stakeholders analysis. The organisation can develop proper remedies for the gaps and challenges faced by the USA penetrating marketing plan. 6. Scenarios analysis on the basis of the product: Below mentioned table is going to help out in making proper scenario analysis of the “3D printed Paws”. Mainly the producers are thinking to sell the prosthetic products in the USA which is produced in China (Terpstra, 2000). Issues that must be considered in the time of developing marketing plan of “3D printed Paws” Proper measure of the issues underlined in the marketing plan The process of utilising Positive aspects in the marketing plan during the first year of commencement of plans Negative attribute remedies or recommendation for mitigating such negative aspects Whether the entry method selection of “3D printed Paws” in the USA able to achieve outcomes In the USA new product is going to face the challenge from OrthoPets, and Hanger Prosthetics. Although organisation is able to achieve expected outcomes Completive aspect is increasing the continuous development of the product features Competition will reduce scope of earning revenue. Potential customers of animal prosthetics products will get the proper idea from the marketing policy of “3D printed Paws” American people are showing more concern for their injured pets Increased marketing opportunity will increase the growth opportunity (ThorneLeClair, 2000). Different customers are having diversified choice Whether the selected customers group is feasible enough as per target group American market is having certain growth Potential marketing sustainability Is the marketing plan is outlining the customers with the relevant benefits that can be obtained through the purchase of “3D printed Paws” along with competitors products Marketing plan of “3D printed Paws” will outline proper beneficiary policies More additional benefits will attract more new customers If the customers are able to obtain the potential value of China to USA sale process The customers are feeling the problem of reading the instructions in Chinese language There are certain cross cultural gap among China and USA. Is the prices of “3D printed Paws” is fixed appropriately is the price is competitive or cost based pricing Comparative pricing is adopted Pricing will attract the customers from the market. 7. Conclusion In the current study, researcher used 20 Drivers analysis on Animal prosthetic industry of the USA. Market environment is contrasted with the help of contemporary data regarding potential and target customers’ expectation and perception from the organisation. Competitors and external traits of the Animal prosthetic industry are done with the help of PEST analysis. In addition, Stakeholder analysis provided clear role and responsibility of stakeholders of animal prosthetic industry for “3D printed Paws”. Future Wheel analysis has been created by the researcher in order to outline the trends of the prosthetic markets in the USA. Concept of marketing plan has been critically emphasised on the basis of stakeholder matrix and analysis. Future Wheel preparation made best possible marketing mix for the “3D printed Paws” in the USA. However, scenario analysis of such marketing plan will outline best possible operational implementation for penetrating in the USA market. 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