Market Environment Analysis And Organization Assessment Answer

Answer:

Introduction

The marketing strategy of an organization is one of the most significant components of both business and operational model of the organization. This strategy defines the various activities required to be carried out by the organization to reach maximum number of customers in order to increase the sales and profits of the organization. So the organizations operating in various industries across the globe are focusing a lot on the development of the marketing strategies on the basis of a large number of marketing theories and concepts. The process of market environment analysis allows an organization to gather all the required information about the industry and market of operation, in order to design and develop the marketing strategies in an efficient manner. This report focuses on such market environment analysis for the industry and market that Bindle is operating currently (Rosenbloom, 2012).

Industry overview

Bindle is operating in the Australian industry of the retail gift businesses present in both the online and offline platforms. The online retail industry in Australia is rapidly growing both in terms of revenue and number of businesses due to the recent changes in the lifestyle and social habits of the citizens of the country. The revenue of the Australian online retail industry is close to 16 billion dollars including close to 44429 businesses as identified in the market research carried out by IBIS World. The research also reveals the revenue of the online flower retail industry to be 68 million dollars with more than 70 businesses in Australia. There are a number of competitors of Bindle in the online retail industry including Not another toaster, Gifts Australia, Hard to find and Bits of Australia (Åžerban, 2014). These competitors in the Australian online retail industry provide a wide range of gifts along with effective services to the individuals in the country. These competitors also provide a number of personalized gifts and personalized delivery services to the customers which is the biggest threat to the business operations of Bindle. In the recent past, the online retail industry for gifts in Australia has experienced a rapid growth due to the changes in the lifestyle and standard of living of the citizens of the country (Song, 2013). The youth in the country have started taking the online gift retail industry to be their first choice for the purchase and delivery gifts to their loved ones. There are a number of active trends in the online gifts retail industry in Australia some of which are mentioned here. During the Christmas holidays the sales increase to a significant amount contributing to 60% of the total revenue of the industry. The other occasions throughout the year also contribute to the revenue to the industry with peak rate of sales. Another trend experienced in the corresponding industry is that the number of female customers are significantly more than the male customers for the online gifts retail industry and the number of female recipients is slightly more than the number of male recipients (Martirano, 2016).

Organizational background and product description

Bindle has been active in the gifts industry in Australia since 2012 and has been focusing on the online operations for the purchase and delivery of the gifts from the recent past. Bindle provides a wide range of products which are handmade, wrapped and designed as per special occasions such as holidays, Father’s Day, Mother’s Day, housewarming etc. Each of the gift packages are put together by a group of creative people in an innovative and thoughtful manner in order the explain the emotions efficiently. The organization supports various Australian businesses by including only the Australian products in their gift packages (Terpstra, 2012). The product suppliers for Bindle are generally small and medium-sized local boutiques in Australia. The gift packages are also wrapped with high quality packaging to express the emotions of the customers in a beautiful way. Some of the most popular products of Bindle are Naughty but Nice, Mother and Baby, Sparkling Occasions, Short Black and Sides and Body Beautiful. The organization predominantly operates in the Melbourne area and trying to expand into the entire nationwide market (Strauss, 2016).

Micro and macro environment of Bindle

The market environment analysis of the organization focuses on the analysis of the macro and micro environment of the organization. The analysis of both of these factors of the organization

sets the base for the design and development of the marketing strategy for Bindle.

Micro environment

The micro environment of Bindle includes a number of elements and factors external to the organization, which can be controlled or at least influenced by the organization through various business processes and strategies. These elements or factors in the micro environment of Bindle directly affect the business operations of the organization in the corresponding market (Wilson, 2012).

Customers

The most significant micro environmental factor of Bindle is the customers present in Australia. The power of the marketing strategy to influence and persuade the customers to purchase the products of Bindle allows the organization to achieve its objectives. The customers in the Australian societies vary from the low to high socioeconomic classes along with different lifestyles. The current trends in the societies across the country are allowing the people to prefer purchasing customized gifts from the internet and deliver them to the loved ones. The products of Bindle provide an effective value proposition to the customers present in the corresponding markets (Yuan, 2013).

Suppliers

The suppliers of Bindle in Australia are generally small boutiques manufacturing their handmade products in Australia. This in turn doesn’t allow the suppliers to satisfy high amount of demand within a short period of time. Bindle has to increase their supplier counts through effective identification and determination of prospect suppliers in the Australian market (Zugno, 2013).


Competitors

As mentioned earlier, there are a number of competitors present in the corresponding industry of operation of Bindle. But the products and services provided by Bindle are unique in the market in terms of the quality and creativity of the packaging. This in turn allows the organization to have a competitive advantage in the market (Armstrong, 2014).

Public

The general public in the societies across Australia is another important micro environmental factor, which affects the business operations of the organization. Bindle has to position itself as a reliable, trustworthy and creative brand in the eyes of the public in the corresponding societies. The perception of the organization of the public affects the sales of the products of Bindle to a significant extent (Hollensen, 2015).

Macro environment

The macro environment of Bindle consists of a number of entities in the external environment, which indirectly affect the business operations of the organization. These elements in the external environment of the organization can’t be controlled by the organization. These elements can be analyzed through a PESTLE analysis of Bindle.

Political structure

The political structure of Australia affects the business operations of Bindle in terms of the process of acquiring the products from various bouquets across the country and selling the packaged contents all over the country. The current political structure allows Bindle to easily procure the products from the organizations operating in the local market as it strengthens the economy of the country by supporting the local businesses (Gibbs, 2012).

Economic condition

The economic condition of Australia can have a major impact on the business operations of Bindle in terms of the costs of maintaining the inventory, procuring the products from local market and demands for the products sold by Bindle. The current economic condition of Australia allows the citizens to have a good lifestyle and adequate demand for the gif packages sold by Bindle (Kotler, 2015).

Technology

The technological infrastructure and tools present in the country are enough for Bindle to have an effective model for design and development of an effective business model for the online retail business. The technological advancements in the societies across the country allow Bindle to have effective implementation of the business processes in the online retail industry (Lusch, 2014).

Culture and society

As mentioned earlier, the societies across Australia have seen some recent changes in terms of the economic condition, lifestyle of the people and standard of living, which in turn have started a trend of exchanging high quality gifts among each other. This cultural trend supports the business model of Bindle in terms of selling the customized gif packages over the internet. The current cultural trend of high usage of the internet for purchases also supports the business operations of the organization in Australia (Lusch, 2014).

Regulations and legal system

The current legal system along with the regulations implemented in Australia allows Bindle to have smooth operations for the procurement of the products from the local businesses along with the high quality packaging materials. The regulations also support the business activities of Bindle to sell customized gift packages over the internet (Armstrong, 2014).

Market segmentation

The below mentioned segmentation criteria can be utilized by Bindle to divide the market into a number of segments.

Segmentation base

Segmentation variables

Demographic segmentation

Age

15-19, 20-39, 40-59

Gender

Male, Female

Marital status

Single, Married

Income

Medium, High

Psychographic segmentation

Lifestyle

Lavish

Personality

Creative, Innovative

Hobbies

Wines, Creative designs, Art

Socioeconomic segmentation

Socioeconomic class

Medium, High

The business strategies of Bindle can divide the market into segments of individuals with ages from 15 to 19, 20 to 39 and 40 to 59. Each of these segments with individuals from similar generations can be targeted for different products sold by Bindle. The products of Bindle can also be targeted for market segments containing only males and females. Some of the products sold by the organization attract only female customers and some attract only make customers (Armstrong, 2012). The products can be targeted at specific segments of the market containing individuals with medium and high income. Apart from there demographic factors, the market can also be divided into segments based on the psychographic factors such as lifestyle, personality and hobbies (Czinkota, 2013). The products sold by Bindle can be targeted at the market segment containing individuals with lavish lifestyles who are passionate about creativity and high quality in their gifts. The personality of the customers can also be utilized as segmentation criteria in order to target the products at the market segments containing individuals who appreciate creativity and innovation. Different products sold by Bindle can also be targeted at the market segments with individuals having particular hobbies like wine, art or creative designs. The segmentation of the market in Australia can also be done on the basis of the socioeconomic class of the individuals present in the corresponding societies i.e. the individuals with medium or high socioeconomic class (De, 2013).

Market targeting and customer profile

The market segments defined in the previous section, can be utilized as target markets for different products sold by Bindle. The market segment containing individuals with age from 20 to 39 with a lavish lifestyle along with medium or high socioeconomic status can be considered to be the most effective target market for the products sold by Bindle. The customers in this market segment are 20 to 39 years old and at a high point both in their personal and professional life. The medium or high socioeconomic status along with the lavish lifestyle allows these individuals to show their emotions and love for the loved ones through high quality and highly personalized gifts. The market segment also contains the individuals who are interested or passionate about creativity, innovation and art, which in turn makes them to be attracted towards the products sold by Bindle. Some of the important factors of the customer profile in this targeted market segment include lavish lifestyle, early 20s to late 30s of age, passion for creativity and innovation and medium to high socioeconomic status (Gibbs, 2012).

Differentiation and positioning

This business strategy allows an organization to differentiate its products or services along with its brand image from that of the competitors providing similar products or services.

Bases of differentiation

Product

Bindle should focus on the factors of customization of the gift packages along with the high quality packaging to set its products aside from that of the competitors. The boutique style of the products of Bindle set them aside from the competitors as each of the products of Bindle are handmade and crafted with high quality in the local market followed by being packaged by a number of creative people by keeping a keen eye on creativity and innovation. So the differentiation strategy can focus on these qualities of the products of Bindle aiming closely at creativity, innovation and emotions (Hartley, 2013).

Image

Bindle can also differentiate itself from the competitors in the corresponding market of operation in terms of the image of the organization. The organization can promote the fact that the products sold by Bindle are made with creativity from the products and materials procured from the Australian manufacturers. This in turn allows the organization to be differentiated on the basis of its brand image of using only Australian products and high quality materials with creativity (Hollensen, 2015).

Service

The services provided to the customers to modify the gift packages and the gift cards showing the emotions effectively are some of the services to differentiate Bindle from the competitors.

People

People across the entire country of Australia should be influenced to have a positive perception about the brand, which in turn will allow Bindle to differentiate itself from the competitors (Kotler, 2015).

Channel

The channel of business operations and marketing activities of Bindle can be optimized to use various social networking sites, search engines and smartphone applications to market and promote its products, which in turn leads to the differentiation of the brand from the competitors (Jobber, 2012).

The statement, ‘Creative and unique gift packages from Australians, by Australian and for Australians’ can be utilized by the organization to position the brand image of Bindle to base on the factors of creativity and support of the Australian businesses (Iyer, 2014).

Conclusion and implications

The report analyzed the market environment of Bindle in terms of the company profile, macro and micro environmental factors, market segmentation, marketing targeting, differentiation and positioning strategies. One of the implications for Bindle is to satisfy large demands from the customers across the country in a short period of time, due to the manufacturers being small boutiques in the local market. Bindle can capitalize on attracting more customers in various societies across Australia through allowing full customization of the gift packages from the online retail shop. This in turn will allow the customers to create the gift packages from scratch through an interactive online solution and the organization can ensure that the selected products are packaged according to the needs of the customer and in a creative way (Liu, 2013).

References

Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.

Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2012. Marketing: an introduction. Pearson Prentice-Hall, London.

Czinkota, M.R. and Ronkainen, I.A., 2013. International marketing. Cengage Learning.

De Mooij, M., 2013. Global marketing and advertising: Understanding cultural paradoxes. Sage Publications.

Gibbs, G., 2012. Implications of ‘Dimensions of quality’in a market environment. York: Higher Education Academy.

Hartley, R.F. and Claycomb, C., 2013. Marketing mistakes and successes. Wiley.

Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.

Iyer, K.N., Srivastava, P. and Rawwas, M.Y., 2014. Aligning Supply Chain Relational Strategy with the Market Environment: Implications for Operational Performance. Journal of Marketing Theory and practice, 22(1), pp.53-72.

Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th). McGraw-Hill Higher Education.

Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson Higher Education AU.

Liu, F., 2013. The Requirements of Fair Value Measurement on Market Environment. In The 19th International Conference on Industrial Engineering and Engineering Management (pp. 321-330). Springer Berlin Heidelberg.

Lusch, R.F. and Vargo, S.L., 2014. The service-dominant logic of marketing: Dialog, debate, and directions. Routledge.

Martirano, M., 2016. Effects of Marketing Theories and Customer Relationship Management on Small Colleges. International Journal of Marketing Studies, 8(4), p.94.

Rosenbloom, B., 2012. Marketing channels. Cengage Learning.

Åžerban, S., 2014. From marketing to semiotics: The way to marketing semiotics. Journal of Self-Governance and Management Economics, 2(2), pp.61-71.

Song, X.C. and Cui, J.Z., 2013. Marketing Strategy Analyse Based on 4 P Theories. In Informatics and Management Science I (pp. 321-331). Springer London.

Strauss, J., 2016. E-marketing. Routledge.

Terpstra, V., Foley, J. and Sarathy, R., 2012. International marketing. Naper Press.

Wilson, A., Zeithaml, V.A., Bitner, M.J. and Gremler, D.D., 2012. Services marketing: Integrating customer focus across the firm. McGraw Hill.

Yuan, W.M., Advani, R. and Bossaerts, P.L., California Institute of Technology, 2013. Method and apparatus for providing a market environment. U.S. Patent 8,386,370.

Zugno, M., Morales, J.M., Pinson, P. and Madsen, H., 2013. A bilevel model for electricity retailers' participation in a demand response market environment. Energy Economics, 36, pp.182-197.

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