Identify any actual or potential partners that would be needed to carry out the marketing plan effectively.
Marketing plan effectively
- Identify any actual or potential partners that would be needed to carry out the marketing plan effectively. These people or organizations could be either upstream or downstream in the value chain.
Yogibo requires both upstream and downstream partnership in advertising it products. The company may use companies that provide it with the raw material to market the quality of its product. This would give confidence to the potential customer to buy Yogibo products. For instance, an advertisement of fire resistance materials used for making Yogibo products would promote sales of the company’s products. Because Yogibo Company started as a retail business in the US, its popularity has increased the demands for its lounging products (Dorich). For this reason, too many businesses are willing to collaborate with the company to sell its products. Therefore, Yogibo has a great opportunity to use wholesale trade to market it goods.
- A complete competitive analysis is important in convincing company executives to take a chance on the new offering in question. It should include:
- Competitors’ strengths and weaknesses
To ensure that Yogibo competes favorably with its competitors it is prudent for the company to analyses other players strength and weaknesses. The success of the value chain of Yogibo competitor is a threat to the growth of the company (“Competitive Strategy” 20). Most of the furniture businesses have an interlinked relationship with suppliers to the retailers. Nonetheless, they lack products differentiation that can match Yogibo’s products.
- Expected reaction from competitors to company’s new offering
Any change in the company marketing strategy encounters competitor’s vigor in the promotion, value addition and differentiation (“Competitive Advantage” 11). Therefore, Yogibo will meet stiff completion for the market share when it decides to promote its products through wholesalers.
- Specific ways competitors are likely to retaliate
One of the ways that the competitor may retaliate is through collaborating with other franchises in a different part of the country to market their products as well.
- Financial resources available to competitors for retaliation purposes
However, Yogibo competitor may encounter financial challenges in rolling out it counter strategy. Therefore, Yogibo company executive need not fear the repercussion of collaborating with wholesalers to sell their product as this is the most cost-effective strategy compared to operating the retail shop.
Dorish, Alan. Yogibo LLC. retail-merchandiser.com. Retail Merchandiser. December 2012. Web. 29 April 2016.
Porter, Michael E. Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Simon and Schuster, 2008. Print
Porter, Michael E. Competitive Advantage. New York: The Free Press, 1985. Print.
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