Tiger Trend Case Study Solution
Introduction
A critical analysis of the current marketing efforts needed for Tiger -Tread and a review of the competitive market and customer reviews for similar products has highlighted the need for an appropriate marketing mix for Tire Grip. The product has its strengths in comparison with its competitors but because of the inability of similar products to effectively establish a brand name this product would need a thorough analysis of the market. There are several areas in terms of exploiting the competitors’ products weaknesses which can be used in establishing Tiger-Trend as a better alternative for providing traction to tires.
Problem Statement
The market offers a high potential for growth and there is a substantial option of acquiring leadership as a tire traction solution but Tiger-Tread has to work on an appropriate strategy for doing so. The following analysis of the market for tire traction solutions is to highlight how market leadership is a wide possibility.
The analysis highlights the competitive environment being faced by Tiger-Trend in the form of Porter’s Five Forces Analysis (appendix 1). In addition to this, a SWOT analysis has been done for Tiger-Trend (appendix3) in order to highlight areas of strengths which can be used in a new marketing mix and to see the weaknesses which can currently act as potential barriers to repeat sales in the future. Threats and opportunities in the market have also been highlighted.
Industry Analysis: Porter’s Five Forces Analysis: The industry for Tire traction is rather new at the moment with no product or manufacturer currently having a monopoly in terms of having a leadership position. This is a rather favorable situation for Tiger-Tread’s marketing and promotion since it suggests that the current market has a low bargaining power for the supplier. None of the suppliers and manufacturers are currently in a position where brand loyalty has led to a low elasticity of demand. The buyer has a low bargaining power in the industry too since the current buyers are looking for solutions which can solve the problem of dealing with winter snow.
Tiger Trend Harvard Case Solution & Analysis
Threats of substitutes are also low since the current substitutes are in the form of chains, similar products like Auto Sock and Tire-Grip and the option to ‘drive slow’. Each of these substitutes has its own weaknesses and strengths and none of them is a complete substitute for the other as shown in appendix 4.
The threats of new entrants in the market are currently low since no other manufacturer has come up with a solution which is a complete relief for the consumer and because of the lack of enthusiasm shown by customers towards these products, new manufacturers are currently not seeing the market for tire traction solutions as a lucrative one at the moment.
The degree of competition in the current market is low given the fact that the market is relatively new although there is a need in the market that needs to be satisfied with an optimal solution to the current problem.
Proposed Solutions
The proposed solution is a marketing mix for Tiger-Trend which will be directed towards the fleet car drivers. The product would be sold either through a direct sales medium to rental car services for fleet cars.
Proposed Suggestions for the Marketing Mix
Appendix 4 shows a review of the weaknesses of substitute products in the market and these should be used in terms of exploiting the market for finding a gap which can be appropriate for positioning Tiger-Tread.
As per the SWOT, the three major strengths of Tiger Tread need to be its economical price ease of use including a minimal effect on the speed of a vehicle as these are the minimum strengths that are offered by an alternative product called Tire Grip. In addition to this, the product’s brand name and its association with Liquid Tire Chain needs to be highlighted since the product has good reviews in the market. Competitive products lack the strengths that we need to highlight for Tiger Trend. For instance, Tire Grip has the limitation of wearing off after a specific period, chains would limit speed and AutoSock cannot be used for winter tires. This makes Tiger Tread the most appropriate and economical product in the market for winter tires in terms of ease of use and affordability.
The current marketing mix for similar products like Tire Grip involves advertisement of the product on the website by using a YouTube video for Try and Buy which stresses on the stance that the manufacturer has claimed that the product has certain features. It does not highlight the strengths of Tire Grip. Such marketing strategies are rather ineffective in terms of making the product attractive for the final user. The ad for Tiger-Trend ad must be an assertive one in terms of showing its strengths for solving the problems of fleet car drivers...............
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