Swot Analysis for Mistine Essay
Research and update the case information as much as possible with current research, and then conduct a comprehensive SOOT analysis for Mistiness. Strengths: Mistiness strengths are in its high quality products, efficiency, selling and marketing techniques. The company uses international standards in its product and ingredient selection, ensuring quality that consumers can trust. They build a customer base, trust and encourage product switchover by offering full refunds or product replacement if dissatisfaction occurs.
The selling method of direct by way of district managers and sales reps is a strength as it continues to grow and builds more intimate relationships between the sales force and the buyers. Mistiness uses clear marketing techniques of magazines and mass media advertising instead of relying too heavily on word of mouth. Celebrity actors create product buzz and strengthens its reputation as a solid, successful company. It’s clear marketing demographic of working, educated, and professional women help the company focus its marketing efforts in a clear direction.
Efforts to expand globally has greatly increased sales and brand awareness. Focusing on efficiency and organizational improvements means Mistiness can handle a high number of selling periods with quick turnovers and higher levels of sales. Its loyalty programs and mission for
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Weaknesses: Mistiness extreme and fast paced growth has a few weaknesses and areas for improvement. Focusing too narrowly on women, and Asian women, alienates many other markets and demographics as potential customers for Mistiness. Also, as the direct selling company is many sales reps second Jobs, the high turnover is expensive for Mistiness in training resources and causes lower employee loyalty levels. Although the organization is currently improving itself to raise employee retention it needs to do more to make reps and managers see the company as their career and full-time focus.
Also, increasing its pricing as the recession ends could take away the buying potential for many customers whose income has not increased. This would weaken the company’s mission of providing affordable products. Oil dependency in its products is also very problematic. Not only is this not an environmentally conscious ingredient, scarcity of resources and political and geographical considerations with oil make it a highly unstable ingredient to be dependent on and could drastically lower revenues if it were to be restricted or hard to obtain.
Opportunities: Mistiness development of several products a month means the company will continue to expand and shift with the times and changing trends and developments. Expansion and exportation into global markets has the opportunity for infinite growth, and the continuation of modernizing the company through advertising with popular celebrities and expanded products lines will also provide Mistiness with huge growth and new market opportunities. The direct selling method being a success even in the recession with successful marketing and pricing Soot Analysis for Mistiness By philosophic economic climates.
Increased prices as a result of increased salaries of its target consumers will give Mistiness higher budgets to continue successful mass marketing eateries. Threats: For starters, the company’s rapid product development and expansion of its cosmetics and personal care line into the “Friday’ collection has the potential to backfire in its focus to provide consistent and quality products. Too many products can weaken the company by pulling it in too many directions, especially if products that have not been properly tested start to fail or are in poor quality as the result of trying to get new products to buys as quickly as possible.
Offering full refunds and replacements are great marketing techniques but could kefir financially if ever utilized by too many consumers. Mistiness competitors are also global organizations with huge resources, strong reputations, and many mass marketing campaigns of their own. These strong competitors will continue to be a huge threat for Mistiness and source of constant challenge to distinguish themselves as the better choice to prospective buys and employees alike.
Political, environmental, and demographic situations and unrest could be a potential threat as there are some countries with unstable climates Mistiness is working in and or considering expanding in to. Oil in this same context could threaten Mistiness ability to produce its many products. After review of current information on Mistiness, they have continued to expand and grow on a global level. They are now the “number one cosmetic in Thailand” (http://www. Misconceptions. Com/about. PH). Their website boast several global awards in brand name, product quality, and sales achievements.
They now boast over 10,000 products all over the world, have recently built a new distribution center, and provide certifications to continuous improvements on their importing and exporting of products. Mistiness looks to triple its sales in the next three years as it is entering Southeast Asian companies and works with the Asian Economic Community (ACE) (http://www. Nationalities. Com/business/Better-Way-has-big- plans-for-Mistiness-in-Sean-mark-30174717. HTML). 1. Identify and discuss the major SOOT considerations in Mistiness attempt to continue its growth and dominance in the Thai market.
Maintaining growth and dominance in the Thai market while also expanding on a global level will be a challenge for Mistiness. Anytime there is extreme and fast growth there are many SOOT considerations that must be analyzed in order for the company to position itself for further growth, dominance, and success. I think the biggest factor for Mistiness in the Thai market will be to expand its marketing to a more diverse market (males, other income levels, non-Asian ethnicities) and to strengthen its internal organization structure for employee loyalty through efficiencies, rewards, and pay rates.
Mistiness should also continue to be a market specialist on importing and exporting cosmetics by continuously developing, growing, and updating its distribution and partnership methods. 2. Identify specific VIALS consumer profiles which coincide with Mistiness product development, promotion, and positioning strategies. Why might this type of cryptographic segmentation be useful at Mistiness? Them into categories (Farrell & Hairline, 2011, p. 178). There are several VIALS consumer profiles which correlate with Mistiness product development, promotion, and positioning strategies.
Looking at figure 6. 5 on page 179 we can see that Strives, Thinkers, Achievers, coincide with Mistiness products and organizational structure, and as an organization try to expand and appeal to Experiences and Believers although these are not its primary consumer profiles. Strives lack resources (low income) but strive to improve their situation through Jobs and making risks. They appeal to Mistiness as sales reps looking for car and home purchasing power and to work towards achievements. Thinkers are the educated women Mistiness looks for to sell and mange sales reps.
They think globally and are value minded which are right in line with Mistiness strategies. Achievers look to advance career wise and make perfect candidates for district managers for Mistiness as well as consumers that want ease of shopping experience. Experiences like products that are “on trend” which is where Mistiness tries to market to by using celebrities in their marketing ads and Believers are very loyal which is what the organization hopes to achieve by getting them to switch and try with their refund/replacement tactics.
What specific marketing program actions would you recommend over the next five years? Why would you recommend them and how would you approach implementation? The specific marketing program actions I would recommend over the next five years would be to focus on mass marketing to expand brand awareness on an international bevel, implement by television campaigns social media development and continue to use pop culture such as actors to market and modernize Mistiness products.
I would also recommend market specialization in the import and export of cosmetics, implemented as Mistiness is building new distribution centers and building certification programs in increase specialization and efficiency (Farrell & Hairline, 2011, p. 182). These actions help make Mistiness a global brand name such as Avon, appealing to all profiles and reaching to all corners of the globe with products that everyone has a chance to afford and can better themselves by representing.