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ACCTFIN 7017 Financial Statement Analysis
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ACCTFIN 7017 Financial Statement Analysis
0 Download6 Pages / 1,425 Words
Course Code: ACCTFIN 7017
University: The University Of Adelaide
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Country: Australia
Question:
This is individual analysis for Swiffer company.
Evaluation of Existing Marketing Mix Elements
Current Product, Price, Distribution and Promotion Strategy
Marketing Environmental Scan
Economic, Competitive, Political/Legal, Social/Cultural and Technological
Current Target Market Analysis
Segmentation Analysis (bases/criteria) and Targeting Strategy
Answer:
Introduction
Swiffer is a company that produces cleaning products, it was established in 1999. The company uses the brand “razor and blades” in its business model. Consumers can purchase the product at low prices and continue to purchase refills and pads. The company sells cleaning products such as Swiffer WetJet, Swiffer Sweeper, and others (Continuum, 2018).
In this paper, the focus will be on the marketing strategy of Swiffer Company. PESTLE analysis will help the organization in deciding its current market scenario and accordingly the company can decide its future strategies.
Product
Swiffer has great grip in the market of its products. The company introduced new products in the market that promotes its goodwill. Swiffer came back with its product quality to make the good image. Product quality means satisfying the consumer needs with its existing products. The company takes commitment to give the quality product instead of delivering the variation in the products.
Promotion
Swiffer promotes the products of the company by giving the trials to customers. Swiffer tries to enter the American’s daily routine. Every family room has a television and that is the source to promote the product. The company advertises the product by advertising on television. It also promotes the product by hiding the coupon inside the packaging of the product. It increases their sale by attracting the consumer by giving them awards based on coupons. It gives the amazing women awards in the contest that attract the lady consumers (Posner, Williams, and Posner, 2015).
Place/ Distribution
The company increases the sale by promoting the product in the market but distribution is also a marketing strategy that increases the sale of the company. The company distributes their products in many places but it has smaller refill amount in the 12-replacement sheet. If the company replace its refill place in gas location then the company sell the product at the higher margin of profit. Picking up a little extra item will avoid an additional trip or it can distribute the products in many areas. Higher distribution channel increases the brand awareness of the company (Huang, and Sarigöllü, 2014).
Price
Pricing plays an important role when it comes to FMCG industry as there are any competitors available in the market. Swiffer products have to show their values for prices. Main competitors of the company have the same products with the strong brand name. The company has to set their prices as per the competitor’s prices. Prices are the favourable pledge of the company therefore; the company has to set the prices to attract the consumers (Gattorna, 2017).
The above analysis clearly presents that the company has the strength to gain market share as it has the product range and market awareness too. However, it is not always easy to compete. In order to compete in this industry, the company must know its macro environment so that it can develop its strategies accordingly. Below is an analysis of the macro environment of the company which will help Swiffer to decide its future course of action.
PESTLE Analysis
Political
Political factors include areas such as tax policy, trade restrictions, labour laws, tariffs, environmental law, and political stability. Political factors also include every goods and services which the government allows to sell or not to sell. Government invests in health and education of the society. The government approved to the propylene glycol chemical and Swiffer uses this chemical in manufacturing its products as this chemical is safe for households (Van, and Wynstra, 2014).
Economical
Nowadays, modern techniques have changed the world. It makes the life more comfortable for consumers. Swiffer consumers want to spend more on modern techniques instead of traditional techniques of cleaning. The company has a benefit that their consumers want their products. The consumer of Swiffer spends 700 million on quick cleaning over traditional products. Providing costly services on quick clean is the negative point for Swiffer Company (Dunning, and Dunning, 2014).
Social
Everyone is busy in the world and no one has time to spend on cleaning. Nowadays, modern techniques are highly adapted by the people. Swiffer consumers are adopting the quick cleaning products which are beneficial for the company as well as the people. It is also a strong step toward children, involved in cleaning process. However, there is a social rumour that propylene glycol used by the company is harmful for the pets as well as kids. These rumours have a negative impact on the Swiffer’s growth. The company must focus on this and should try to create positive points regarding the chemical used.
Technology
Swiffer adopts the technology for producing the new product or adds the new feature in the product. Swiffer introduces many new products which are made by new technology. Now, the company wants to introduce Scooba robot for cleaning which is the next thing in cleaning. This can be claimed as a technological innovation of Swiffer.
Legal
FDA approved propylene chemicals as a safe chemical for use in the products. The government uses this propylene glycol with the approval. The government made the rule that every chemical that is used by the company, should be safe for the consumers. Swiffer follows the regulations without miss.
Ecological
The products manufactured by Swiffer are disposable and they do not harm the environment. The disposable pads not only help the households in proper waste management but also it helps in decreasing the harmful bacteria from the environment. However, 24 million wipes in a year are the major problem of the environment. It is harmful to the environment and the company must focus on it (Rastogi, and Trivedi, 2016).
Segmentation analysis
The company can achieve the strong market share. It can divide the market into segments with some different characteristics. Swiffer can sell their product in each country for spreading the awareness in the market. Swiffer’s first market segment is Mother’s House cleaning services. Mother’s always desired to clean their house therefore; they pay someone to do that kind of work. This is beneficial for Swiffer. Their second segment is two income family means, those families whose combined annual income is $125,000. These families have no time to clean the house but they have money to spend.
Target Strategy
Swiffer has segmented its market and it focuses mainly on high net-worth individuals and families. They can pay for the products of Swiffer. The company has to follow two approaches. The first approach is to distribute a colour brochure detailing the services. Distribution of this document will target to hit the chosen segment. The second approach is the word of mouth referrals. Swiffer can offer economic incentives to their customers. From financial incentives will motivate the consumer behaviour and people naturally like to share their good memories with their relatives or friends (Aghdaie, and Alimardani, 2015).
Conclusion
Swiffer analyses the market for achieving the success in the market. 4Ps used to analyse the marketing strategy of the company to grab the market. The company promotes the brand by distributing the goods in the large area. It sets the prices as per the competitor’s prices of the product. The company can expand its business because the government approved for the chemical as a safe chemical. PESTLE analysis has been used by the company for making the target strategy and market segmentation. Swiffer can target the mothers and spouses for achieving the success and increase the sale of the products. Swiffer will achieve the success by satisfying the customer willingness.
References
Aghdaie, M. H. and Alimardani, M. (2015) Target market selection based on market segment evaluation: a multiple attribute decision making approach. International Journal of Operational Research, 24(3), pp. 262-278.
Continuum. (2018) About us. [online] Available from: https://www.continuuminnovation.com/en/who-we-are/about-us [Acessed 21/07/18].
Dunning, J. H., and Dunning, J. H. (2014) Economic analysis and multinational enterprise. Oxon: Routledge.
Gattorna, J. (2017) Introduction. In Strategic supply chain alignment . Oxon: Routledge, pp. 15-21.
Huang, R., and Sarigöllü, E. (2014) How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behavior. New York: Springer, pp. 113-132.
Posner, H., Williams, S., and Posner, H. (2015) Marketing fashion: strategy, branding and promotion. Laurence King Publishing.
Rastogi, N., and Trivedi, M. K. (2016) PESTLE technique–a tool to identify external risks in construction projects. International Research Journal of Engineering and Technology (IRJET), 3(1), pp. 384-388.
Van, D. V. W., and Wynstra, F. (2014) Variety in business-to-business services and buyer-supplier interaction: The case of cleaning services. International Journal of Operations & Production Management, 34(2), pp. 195-220.
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