It involves understanding the main competitors of the firm and has a detailed analysis on how innovative they are, factors that affect them, how their products are perceive relative to your own and finding the niche markets that are not served. Segmenting the market is useful when a company needs to serve its customers efficiently since it enables pooling of needs of customers and finding the best way to satisfy them. Market segments can be identified based on demographic, psychographic, behavioral or geographical factors. It will therefore be easy for a company to formulate and implement position strategies that will help sell the product to potential customers. Table of Contents Executive summary 2 Table of Contents 3 Background 4 Company products 4 Situation analysis 4 Strength 5 Weakness 5 Opportunity 6 Threats 7 Customers 7 Main competitors 8 Market segments 8 Position strategies for the market segments 9 Reference List 11 Background Richer Sounds was established in 1978 by Julian Richer at a tender age of 19 years. Before this age, he begun the business at an age of 14 years where he specialized in buying and selling hi-fi separates music system. Under support of Vic Odden- a photographer retailer-made a start of a journey into the most successful retailer in UK. The retail received an award in 2002 being the best British-owned company that provides best working conditions for its workers. The company is operating at 52 stores in secondary high street locations in UK. Since its growth, the company has been able to invest in people schemes and in 2010, it received an award of the Best Retailer Award (Richer Sounds PLC, 2012). Within its operation, the company has kept providing value to its customers and requesting them to fill questionnaires regarding how best they have been served and performance quality of their products. The period 2009 to 2010, the company was able to realize a profit of 5 million pounds which was from a turnover of 160 million pounds. Company products Richer Sounds has become a national retail stores. The current demand in the market required Richer Sounds to provide most of the best latest flat-screen TVs, hi-fi, DVD and electrical appliances. Situation analysis Richer Sounds has placed much investment in product advertisement to reach its customers and increase its market share both in the existing market and its potential markets. The company has been able to make an analysis of its strength weakness, opportunities and strength to assess its position in the market and ability to serve its customers (Thompson and Martin, 2010). Strength Richer Sounds enjoys a long lasting characteristic of providing quality products and services as they keep the fun for their customers. Awarded as the best high street retailer, it remains to b the UK bets value hi-fi, home cinema and TV specialist. This makes them call their brands as the biggest with best prices. The company is organized in a way that it offers expert services to its customers. Its strength has been its brands of high quality hi-fi and electrical appliances which the customers have come to accept as best in satisfying their
Richer sounds: Company Situational Analysis (Instructor) Executive summary Every company strives to operate effectively in the industry considering intensity of competition available in the market. Understanding therefore the core competencies and capabilities of the company is essential in formulation of strategies that will help attain a competitive advantage over the rest of the competitors…
For that, it presents an analysis of its internal and external environments along with a detailed SWOT analysis for the company. This includes an insight into the target market of the company along with the promotion and pricing strategies followed by the company so far in order to create value for its customers.
It will provide an insight on the company’s external and internal environment. Additionally, it will seek to establish the SWOT analysis report for the company. The company recent developments are aimed at establishing the best marketing objectives, and it is crucial to find out which are in practice for the needed sustainability.
It sells both branded goods and has become popular not only in UK but also other countries. They have different departments and wings such as their discount wing and their aim is to keep their customers happy. The success story is due to their placement to the right customers at the right time and by the best possible way.
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and J International Ltd. popularly known as Clarks Company is an international shoe company based in Britain with the company registering significant sales in shoes as at 2010. Clarks has also grown in terms of product innovation to establish new generation active footwear from the old manufacture of professional boots.
They also state that in a leadership setting, the leaders should adjust their behavior to suit maturity level of their followers. They had their illustrated their four levels of maturity in what they came up with as a situational leadership model. They referred to it as
The success story is due to their placement to the right customers at the right time and by the best possible way. They have had some failures such as targeting to kids; however, they have managed to take that in their stride and now are a bigger and better