Perceptual map of middle size vessels.
SWOT Analysis for KBC..
From the perceptual map, it has been identified that KBC provides its customers with luxury without charging a lot of money from its consumers. However, the Black watch tries to provide luxury at a low cost, but the organization has to decrease the quality of the product. On the other hand, Austal provides economical ships at a higher price. As this particular shipbuilding organization excels in building battleships rather than normal cruise ships (Austal 2020).
Maintenance and repair services
The small ships that are produced by the organization will be entertained in the question marks category. The sole reason behind the placement of small vessels in the question mark category is that the majority of the market share has been captured by the rival organizations. it has been identified that the market growth for small ships can be very high. If the organization can enhance its technology, it can easily regain the market share.
After analyzing the case study it was identified that the medium ships will be placed as a cash cow. As most of the company's revenue is generated from this particular segment, it has been identified that this particular segment is the only segment that brings adequate revenue to the organization's functioning.
It was identified that the repair and maintenance system should become part of the dog category. As per researchers, Australia is one such country that does not produce inexpensive labor (OECD, 2018), and the repair and maintenance system is the most labor-intensive unit. The rate of return is quite low and currently, this particular segment only adds to 20 percent of the total revenue.
It was identified that KBC majorly focuses on the strategy of market penetration. Market penetration is utilized when the organization wants to sell its existing product in the currently occupied market (Bocken, Fil and Prabhu 2016). It has been identified that when the organizations implement this particular strategy, the organization has to face minimal risk, which helps organizations to innovate their different products. This particular strategy is very suitable for KBC as they have complete knowledge of the market conditions and at the same time, they are also aware of the needs and wants of their customer. In addition to this, their goodwill can aid them to establish this strategy. The only problem that lies with this particular strategy is that it would require the organization to target their competitor’s consumers.
For this particular strategy, the organization has to identify a new market where the organization can showcase its existing products. If KBC wants to develop a given market for itself, the organization needs to familiarize itself with the product that it deals in (Gardiner and Scott 2018). KBC should make sure that they have the complete knowledge and understanding of their product that is they should be aware of the strength weakness that their product portrays. This will help the organization identify the requirement of its potential customers. It is important to understand that market development cannot be always associated with expansion or globalization (Daykin 2018). As per the case study, there were a lot of opportunities for the organization one of them was a largely untapped market place present around them. To make this a huge success the organization has to deeply analyze its competitor's movements
This particular strategy is used by the organization when it is planning to use the same market place to launch a new product (Elverum, Welo, and Tronvoll 2016). After the analysis of the case study, it became evident that the organization portrayed the qualities of first movers advantage as the organization is working on the concept of fiberglass. The organization would be able to substitute fiberglass, with carbon fiber as well as Kevlar. However, it has also been identified that for the development of this new product the cost incurred will be quite high. However, in the case study, it was also identified that KBC did not have to incur the high cost alone, as the organization can take the help of the high-end customers to compensate for the high costs of production.
This particular strategy can be somewhat linked to the product development process but, in this particular strategy, there is just one difference, although the organization is showcasing its new product the market is completely different (Bowen, Baker and Powell 2016). After analyzing the case study it was identified that this particular scenario will be the most unsuitable strategy for the organization. It can be easily identified from the case that only the medium ships of the organizations were doing well. However, it cannot be guaranteed the medium vessels can be succeeding in a foreign market. As that depends on the consumers of the country.
From the above analysis, it was identified that product development strategy can help the organization go a long way. This particular strategy is the least risk-bearing strategy for the organization. It was identified that the organization prefers the traditional ways of shipbuilding. If the organization wants to grow they have to and have a sustainable future they should try to make the technological changes.
Austal. 2020. Littoral Combat Ship. [Online]. Available at: https://www.austal.com/ships/littoral-combat-ship-lcs
Bocken, N.M., Fil, A., and Prabhu, J., 2016. Scaling up social businesses in developing markets. Journal of Cleaner Production, 139, pp.295-308.
Bowen, H.P., Baker, H.K., and Powell, G.E., 2015. Globalization and diversification strategy: A managerial perspective. Scandinavian Journal of Management, 31(1), pp.25-39.
Daykin, J. 2018. Growing and expanding your business. [Online]. Available at: https://www.forbes.com/sites/jordandaykin/2018/11/06/growing-and-expanding-your-business/#7d707cbdd6a6 [Accessed on: 14 June 2020].
Elverum, C.W., Welo, T., and Tronvoll, S., 2016. Prototyping in new product development: Strategy considerations. Procedia CIRP, 50, pp.117-122.
Gardiner, S., and Scott, N., 2018. Destination Innovation Matrix: A framework for new tourism experience and market development. Journal of Destination Marketing & Management, 10, pp.122-131.
OECD. 2018. Average wages. [Online]. Available at: https://data.oecd.org/earnwage/average-wages.htm [Accessed on: 14 June 2020].
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