Executive memo chinese fireworks
Chinese Fireworks Industry
Memo
To:
Jerry Yu
From:
Robert Burke cc: Frances Tucker
Date:
Re:
Marketing Strategy for Chinese Fireworks Industry
Introduction
From the SWOT analysis and my further analysis of the case, the marketing issue that needs to be solved in order to help determine a decision for the client is identifying the problem in the global marketing strategy. This struggle to make a decision is coming from the industry not having a target market and businesses marketing their products to many different segments. This means that they are devoting time, energy and money to multiple strategies and marketing channels at the same time, which leads to none of them being executed well. Due to the cutthroat price competition in the industry, price differentiation is not possible. A specific recommendation for handling this problem would be identifying a target so that it is easier to figure out a way to differentiate your product and tailor it to that market. This allows the business to specialize in one market and gain a reputation in that market.
Plan
Furthermore, a recommendation for a specific target market would be begin with identifying a target for a business this industry. The target markets for this business are those that purchase high volume, high quality orders. This will allow the business to gain a customer base that is interested in the quality of the product, to price the product as a premium, and them to lead to a differentiation strategy. This customer market is filled with the “wealthy celebrator”, who purchases a large amount of fireworks for ceremonies. The initial focus would be on governments around the world and their cultural celebrations being that governments are the largest market in the fireworks industry. This segment would be interested in high quality products that are safe and still perform at a high level because they are usually putting on a show for the masses. With that being said, it provides an opportunity for
Memo
To:
Jerry Yu
From:
Robert Burke cc: Frances Tucker
Date:
Re:
Marketing Strategy for Chinese Fireworks Industry
Introduction
From the SWOT analysis and my further analysis of the case, the marketing issue that needs to be solved in order to help determine a decision for the client is identifying the problem in the global marketing strategy. This struggle to make a decision is coming from the industry not having a target market and businesses marketing their products to many different segments. This means that they are devoting time, energy and money to multiple strategies and marketing channels at the same time, which leads to none of them being executed well. Due to the cutthroat price competition in the industry, price differentiation is not possible. A specific recommendation for handling this problem would be identifying a target so that it is easier to figure out a way to differentiate your product and tailor it to that market. This allows the business to specialize in one market and gain a reputation in that market.
Plan
Furthermore, a recommendation for a specific target market would be begin with identifying a target for a business this industry. The target markets for this business are those that purchase high volume, high quality orders. This will allow the business to gain a customer base that is interested in the quality of the product, to price the product as a premium, and them to lead to a differentiation strategy. This customer market is filled with the “wealthy celebrator”, who purchases a large amount of fireworks for ceremonies. The initial focus would be on governments around the world and their cultural celebrations being that governments are the largest market in the fireworks industry. This segment would be interested in high quality products that are safe and still perform at a high level because they are usually putting on a show for the masses. With that being said, it provides an opportunity for