Analysis of Australian Market - Case Study Example

Marketing Name Institution Date Market Opportunity Ranking Access to financial services In Australia, the access to financial services like loans are easy to obtain and hence promoting the growth and development of the business. The availability of financial support is important in terms of promoting the growth and development of a business (Joshi, 2010). Friendly business laws The legislations in Australia promote the growth and development of business. It allows for equal competition among the businesses. The laws do not favor a particular business and hence encouraging each company to be competitive. The Trade Practices Act 1974 encourages the fair competition in the market among different companies. Availability of technology In Australia, technology is commonly used in business for the purpose of carrying out different functions. Technology provides an important medium of carrying out business promotions. Advertisements through the internet can be carried out easily. On the other hand, transactions can be carried out through the internet and hence impacting positively on the growth and development of the business (Chen, 2011). Technology can also be used for the purpose of monitoring the business processes and hence impacting positively on the growth and development of business. Availability of customers In the Australian market, the customers are willing to spend as long as the product is of high quality. The availability of the customers is important to any business as it ensures that the products can be sold. On the other hand, it is also important to note that the availability of the customers play an important role in ensuring that the company is able to achieve growth and development. Efficient distribution and supply system In Australia, it is easy to distribute products as well as obtain supplies. This is because of the availability of high class infrastructure and companies that carries out the distribution or supply process. This is important in terms of ensuring that the business is able to receive or distribute any product. PEST and SWOT analysis SWOT analysis Strength Weaknesses Ability to access loans and financial services Presence of legislations that support the growth and development of the company. Availability of the customers. The loan repayment could lead to financial implications for the business. The market may be faced with fluctuations due to the dependence on the financial sector. Threats Opportunities High interest rates on the loans. Intense competition in the market due to the favorable conditions. Exploiting a new customer base. Use of technology to carry out the business activities. PEST Analysis Political The political situation in Australia is stable (Gray, 2014). The political stability is important in creating an environment that promotes the growth and development of business and also the financial sector. Political stability in the country has also created a peaceful atmosphere which supports investments as it eliminates the risks that can be brought about by political unrest. Economic The economic situation in Australia is stable and this supports the financial markets (Lowe, 2014). The support to the financial market plays an important role in ensuring that the businesses can obtain loans at an affordable rates and hence promoting its profitability. On the other hand, it is also important to note that the stability of the economic situation is important in enabling the business to experience growth and expansion. Social The people in Australia are social and are also friendly. The customers are usually willing to spend a huge amount of money for the purpose of shopping. The spending behaviors of the customers will play an important role in ensuring that the business is able to make profits. Technological The use of technology in Australia is widely acceptable when conducting business. The use of technology plays an important role in reducing the cost of doing business. Reduction in the cost of doing business plays an important role in ensuring that the revenue of the company is increased. It is also important to note that the use of technology plays an important role in promoting innovations which can result to profitability for the company. Environmental The environmental issues in Australia are of great concern. The businesses are usually encouraged to carry out their activities with a view of ensuring that their activities do not harm the environment. On the other hand, it is also important to note that the companies are usually encouraged to carry out corporate social responsibilities for the purposes of protecting the environment. Legal The legal aspect of the country plays an important role in promoting equal competition among different companies. Anti-discrimination laws are in place for the purposes of ensuring that equal opportunities are provided. The Trade practices Act 1974 is also an important legislation that supports the growth and development of businesses. The legislations that are in place are thus useful in ensuring that no particular business is favored. Financial plan The owner of the business will contribute 60% of the capital while 40% will be obtained from bank loans. This is considering that the banks are able to provide loans to businesses at an affordable arte. The loans will be repaid within 3 years. The company is set to register high returns due to the spending nature of the Australian customers. It is also expected that the company will register profits during its operations. Likely changes for the business Some of the operational processes of the company will have to be changed. This is for the purposes of ensuring that it is able to utilize the technology. The company will have to ensure that it automates its operations so as to embrace the use of technology. Most of the manual activities will be replaced with the automation process. Different software will also be installed for the purposes of controlling and monitoring the operations of the company. The company will also change its strategies with regards to corporate social responsibilities. The marketing strategies will also be changed for the purposes of ensuring that company can also carry its transactions through the internet. An information technology platform will also be developed for the purposes of accommodating the new technology. The company will also reevaluate its policies for the purpose of ensuring that it is fully compliant with the laws and regulations that are in place. New policies will be required in order to ensure that the business is able to utilize the financial opportunities that are in place. The organizational structure of the company will also be changed so as to ensure that it utilizes the market opportunities. How the operations will be separated A decentralization policy will be put in place for the purpose of ensuring that the company separates the operations in Australia from that of the US. Through the decentralization process, the managers in Australia will be able to make their own independent decision that will be useful in ensuring that its operations are compatible with the requirements in the local market. The marketing mix strategies of the company will also be changed in Australia. The prices will be determined independently in Australia depending on the nature of the market. On the other hand, the distribution strategy will also be changed and the company will use the local distribution channels. The marketing mix strategies are important in terms of ensuring that the company is able to meet the demands of the customers in the market (Rodríguez-Pose, 2011). The changes in the strategies will affect the operations of the company in the US market in terms of the operational processes. However, the qualities will not change and hence ensuring that the customers still enjoy the same quality. Marketing plan Challenge The company has been operating in the US market and it currently intends to enter the Australian market in order to exploit the existing opportunities. Situation analysis The company is financially stable and it has the ability of investing in the new market. The company is also prepares to use technology in order to ensure that it exploits the market in Australia. The company also has experienced employees and members of staff who can enable the company to achieve its goals and objectives. The company also expects stiff competition from the existing firms. Market segmentation The company will target customers from different backgrounds and age groups. The youth and the middle class will be the main target of the company. This is considering that they are the majority of the customers in the market. The 4Ps will be used during the marketing process for the purposes of ensuring that the company is able to meet the demands of all the segments. Marketing strategies The pricing strategy that will be used by the company will be for the purpose of penetrating the market. Advertisements will be carried out through the internet and the print media. This is considering that the use of the internet is common among most of the customers. The company will work with different distributors to ensure that the product reaches the customers on time. Projections The company will be able to make profits within six moths of operations. It is estimated that the growth of the company will be about 15% per annum. The company is set to perform well in the market and make profits. References Joshi, M. (2010). Intellectual capital performance in the banking sector: an assessment of Australian owned banks. Journal of Human Resource Costing & Accounting, 14(2), 151- 170. Chen, S. (2011). Recent related research in technology acceptance model: A literature review. Australian Journal of Business and Management Research, 1(9), 124-127. Gray, S. (2014). Political and government connections on corporate boards in Australia: Good for business? Australian Journal of Management, 0312896214535788. Lowe, P. (2012). The changing structure of the Australian economy and monetary policy. The Recent Economic Performance of the States 1 Trends in National Saving and Investment 9 The Distribution of Household Wealth in Australia: Evidence from the 2010 HILDA Survey 19 India’s Steel Industry 29, 79. Rodríguez-Pose, A. (2011). Is fiscal decentralization harmful for economic growth? Evidence from the OECD countries. Journal of Economic Geography, 11(4), 619-643. Read More