Marketing channels | Instant Homework Help

Q1- It is common for companies to do a SWOT analysis: Strenght, Weaknesses, Opportunities, and Threats. However, many companies don’t understand what the categories mean.For Your Business Write Down:Strengths: What you do well and should do more ofWeakness: Things that you do not do well that you should strengthen or fixOpportunities: NEW things that you should do to bring value to the company such as new markets, more market share, awareness, engagementThreats: Things that could damage your company from outside that you should set up monitoring and/or plan forStrengths:We use science and psychology when designing interior space, which is something not used by other interior offices.Great websiteDesign demo for individuals can be found on our websiteWe provide additional services in addition to the design, such as providing execution for the project as an advantage of our joint venture with execution companies.WeaknessesSmall market shareNeed to educate people more about their problems and destressFew staff members and less diversity, which need for my company especially we trey to serve different tastes of clients in our market and the new markets we are trying to reach, so we need people with different backgrounds to adapt to different customers’ needs.Marketing channels are few, so we need to add additional channels to reach the maximum peopleopportunities:Go internationally, we have a great chance of opening new markets, where our company concept is quite rare worldwide, so we have a great chance of success in new markets.Threats:Lack of cash flow and financial resources.New competitors who might try to imitate our concept.Q2- When growing your company into international markets, you may need to make adjustments to your product, marketing, sales, delivery, or other factors. For your company, write down any changes that you will have to make in order for your product to also be successful in the following areas:Demand: will your new market(s) want your product as it is, and if not, what changes will you have to makeAccess: will your new market(s) be able to buy or receive your product as it is, and if not, what changes will you have to make?Affordability: will your new market(s) be able to afford your product as it is, and if not, what changes will you have to make?Brand: will your new market(s) be able to understand or relate to your product or company images, and if not, what changes will you have to make to your brand or marketing?Finding a potential international market is not an easy job, different requirements may apply to each market. So other than legal requirements and demography, there will be other concerns, such as:DemandThe demand is different in each market, so what appeals toa market is different from what appeals to there market. The main factors that play a big role in our company demand are the economic situation in each market. The markets with small purchasing power will less likely have a high demand for our design service. So, we need to change our group segment based on each market. For example, our focused groups were established, group, and single individuals. So, some countries and regions singles individuals living alone are less likely, usually, they live with the family, or get married and build a new family.Access and Affordability:Our service is affordable for who is looking for, but our marketing channels might be altered, based on each marker. For instance, highly used social media in the states are twitter and Facebook, while in other regions Instagram is the main social network, therefore, our marketing channels nights be altered based on each market.BrandFor each market we enter, we need again to work hard in educating people about our brand and business concept. Because what we do is not yet familiar in other markets, so we need to educate people about our company and how design, psychology and human mental state are related. and how we can change their lives with our design. Especially that the level of intellectual and educated people are different from each market.