Bakeys Cutlery Case Study Analysis
Marketing Channels:
With an aim of increasing its brand awareness, the company uses a number of marketing channels in order to improve its brand awareness in the target consumers, which are given below. The marketing channels allow the company to reach its target market. Brand awareness refers to the extent to which the customers are able to recall or recognize a brand(Latif, Mdnoor, & . Islam, 2014). The marketing channels through which the company would advertise it product are given in appendix-1.
Place:
The company is facing a decline in local demand, so the target place of the company are different countries and citiesin India, such as: Hyderabad, Ahmedabad, and Mumbai etc.
SWOT Analysis:
SWOT analysis of Bakey’s is done in order to understand the core competencies of the company, which would help the company in managing its future operations and current problems.(Sammut-Bonnici & Galea, 2015). The SWOT analysis of the company is given in appendix-2.
PEST Analysis:
PEST analysis is done in order to understand the external factors that might affect the company’s operations. (Sammut-Bonnici & Galea, PEST analysis, 2015). The PEST analysis is given in appendix-3.
Recommendation
On the basis of above analysis, the company is recommended to use promotion activities in order to increase its environmental awareness in the target market. The company could use all the marketing channels that are mentioned above, which would help the company to improve its local sales that ultimately impact the company’s profitability.With an increase in the awareness in the target market, the company would be able to deal with the behavioral issues, which might cause a probability that the consumers will buy the product at premium prices. However, it requires a huge investment, which would ultimately affect the financials of the company. Furthermore, as the product is at its initial stage, so once the brand awareness is developed among the consumers then it would not require huge promotional cost in the long run.
Action Plans
In order to execute the recommendation; the action plan of the company is as follows:
First of all, the company targets the channels and the events through which the company could improve the awareness in the target market. Furthermore, the company would design the promotional activities, such as:advertising campaigns etc.In addition to this, the company would allocate a budget to its marketing tactics. The company would also design a team in order to evaluate that the promotional activities are working effectively in grabbing the interest of the target market. The monitoring and evaluation are done by analyzing the sales growth on an annual basis and an increase in the number of customers.
Evaluation of Consequences
Creating awareness about the environment would improve the consumer base of the company, which ultimately improves the sales and profitability of the company. Furthermore, the company would be able to maintain its competitive position of the company. As the company is operating at its full capacity, so with an increase in the demand of the product,the company would have to improve its operational capacity and build a new plant. In order to create awareness in the consumers, the company would require a high cost or additional investment. With the promotion of the brand awareness and the eco-friendly practices, the company could become one of the leading edible cutlery manufacturer in the industry. Furthermore, in order to reduce the prices of the raw material; the company would directly buy from the customers. This would positively impact on the economy of the country. By using edible cutlery, the consumers of the company would be healthy for long time...................................
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