Spoiled Pets Marketing Plan
Profit and growth of a firm depends on new opportunities evident from an external environmental analysis. Opportunities are subjected to the external environment, an environment over which the company does not have control. Spoiled Pets is surrounded by several opportunities that would result into higher profitability in the future if given a consideration. The company must consider using this useful approach when looking at the opportunities, that is, look at its strengths to see if it opens up the opportunities.
Alternatively, it can analyze its weakness as this enables the company to know what it can do in order to exploit new opportunities. Some of the useful opportunities include: arrival of new technologies, unfulfilled customer needs, changes in government policies such as loosening of regulations related affecting business operations, changes in social patterns, lifestyle and population profile. Consequently, considering opportunities enables the company to acquire competitive advantage, enhances new product development and quick response to new ideas.
External environmental changes may also present threats to Spoiled Pets Company. For example, development in technology may change the market beyond the technological capabilities of Spoiled Pets. Moreover, the emergence of substitute products, shifts in consumer tastes away from Spoiled Pets products, new regulations related to Spoiled Pets fields and increased trade barriers may act as major threats. Other forces that may be beyond the firm’s control include economic changes, future trends and demographic changes.
Research and innovation forms are one of the major developments in the current trends related to this field. The competitors of Spoiled Pets may take advantage of the technical information in order to dominate the market. Since Spoiled Pets depends mostly on the marketing and advertisement, it is has been observed that the emergence of smart phones and their sale has outweighed that of PCs. Therefore, the company needs to develop a mobile site alongside their websites. This is a fundamental strategic move for the overall marketing plan. Moreover, there has been a trend in the adoption of social media and customer engagement to supplement campaign based marketing.
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