- Internal Code :
- Subject Code : ENGM90012
- University : University of Melbourne
- Subject Name : Management
Marketing Management for Engineers
The expansion of a new market for the existing business can be a powerful way for business growth and development. Also, simultaneously this requires dedicated and disciplined procedures and methodologies to unlock access to that growth opportunity (Hasyim, 2018).
In the given case, it has been observed closely that Steve is having a grave concern over having a narrow client base even though they are well known in the mining industry. Hence, to develop and grow into other markets, Felix, a mechanical engineer having a lot of management experience suggested growing the verticals in the aged care nursing home. Applying an appropriate approach and investing in the market analysis can prove to create foundational success in the chosen Australian market (Vyhnalek, 2020).
Further, in this case study, it is assumed that there is access to capital required to set up a new office with all the technical requirements in the area having larger target consumers of the new vertical. Secondly, it is assumed that a skilled workforce will be employed at less cost to meet the deadlines. Also, it is assumed that the technology is feasible and demanded by the consumers in the required market segment. Moreover, it is assumed that the marketing team of the company will be able to attract maximum channel partners to grow vertical exponentially.
The number of rivalries of JAS in the new market vertical is estimated to be around 2-5 in the new market vertical as per the research. Moreover, the product needs to be differentiated more to stand out the business in the new vertical. As the company is equipped with high-end accurate, reliable, and affordable global technology solutions, it positively impacts the consumers in the existing market in the long run. The strong establishment of the business in the mining industry makes JAS negotiate with the customers and influence the price and quality of the technology-based solution (Vaněk, Mikoláš, and Žváková, 2012).
The strengths of JAS include, real-time, accurate, and easy to use a technology solution to monitor the people working in hazardous work practices. Also, automated risk analysis using appropriate techniques and technologies like machine learning makes up the strength of JAS. But at the same time, the weakness of JAS includes the privacy concerns of the data acquired over time while monitoring. The security concerns of the technology employees pose a problem too in the business (Vaněk, Mikoláš, and Žváková, 2012). Moreover, engaging an ergonomics specialist is may be a threat to the company, as the investment requires both time and money for the detailed analysis as observed during the case study.
The marketing plan for the new business vertical includes the following:
- Introducing new products by embedding existing technological solutions;
- Extending the market for an existing product in the new business vertical;
- Entering new consumer territories for the company vertical;
- Boosting sales in a particular product, market, or price range;
- Cross-selling (or bundle) one product with another;
- Promoting the existing customers to buy new vertical products;
- Entering into long-term contracts with desirable clients;
- Raising prices without cutting into sales figures;
- Refining the product solution; and,
- Enhancing manufacturing/product delivery (Generational Analysis in Educational Organizations, 2017).
This concludes that Michael can form a new business vertical in the aged care and nursing home market as suggested by Felix as it has a much larger potential market than expected in Australia. Moreover, the business in the newer market is forecasted to grow and expand seamlessly due to larger target customers. Also, at the same time, security and privacy concerns pose a problem for the company in the new market but with the timely measures and continuous product improvisation, it can get rid of the unwanted threat. Joint Action Solutions must develop newer strategies and marketing plans as suggested to stand out from the business competitors and survive longer in the business market.
References for New Markets for an Existing Workplace
Hasyim, H. 2018. MEMBANGUN KINERJA PEMASARAN MELALUI MARKETING KNOWLEDGE COMPETENCE DAN MARKETING NETWORKING. Journal PLANS : Penelitian Ilmu Manajemen dan Bisnis, 12(2).
Kawai, T. 2017. The historicity and potential of Jungian analysis: another view of ‘SWOT.’ Journal of Analytical Psychology, 62(5), pp.650–657.
NURSING HOMES NURSING HOME ADOPTION OF RESIDENT-CENTERED CARE PRACTICES: IMPACT OF MARKET AND FINANCIAL FACTORS. 2015. The Gerontologist, 55(Suppl_2), pp.536–536.
Ruban, N.Y. and Reznichenko, I.Yu. 2018. Studying Consumer Preferences of Aged and Senior Aged Agents With Regard to Dairy Products. Food Industry, 3(2).
Vaněk, M., Mikoláš, M. and Žváková, K. 2012. Evaluation Methods of Swot Analysis / Metody Vyhodnocení Swot Analýzy. GeoScience Engineering, 58(2), pp.23–31.
Vyhnalek, A. 2020. Assumptions (Mistakes) that Parents Make with Estate Plans. Farm and Ranch Management News, pp.3-8.
Yu, P. and Qian, S. 2018. Developing a theoretical model and questionnaire survey instrument to measure the success of electronic health records in residential aged care. PLOS ONE, 13(1), p.e0190749.
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