SWOT Analysis
Strengths:
Creation of alliances with other strong and popular companies is a chief plus point for Boost Juice as it brings in new customers.
The juice we offer is original implying people will return to us to obtain it.
Boost Juice’s international operations mean a larger customer base as well as a larger part of the global market.
The online presence of Boost Juice is strong, implying it is ahead of the competitors.
Weaknesses:
A serious weakness for Boost Juice is the fact their juice is of low quality, meaning consumers can have higher quality substitutes.
Outdated technologies hold Boost Juice back and limits their success, when the competitors use more reliable technology.
Boost Juice is in a low financial position, making it weaker than the competitors.
Boost Juice's underdeveloped chain of distribution has an adverse effect on performance.
Opportunities:
Boost Juice could benefit from support from the Government, in the form of grants, allowances, among other things.
Searching for export opportunities is one way to raise profits.
Technological Changes could give the firm an opportunity to become successful.
The firm may benefit from expanding its online presence to cater for online shoppers.
Growth of the Soft Drink Production industry is a perfect opportunity that the firm could grab.
New market opportunities are a way to push Boost Juice forward.
Threats:
Regulations that require money expenditure could put financial pressure on Boost Juice.
Being undercut due to cheap imports is a vast threat for Boost Juice.
High competition from the overseas is a threat as it could lead to lack of interest in the juice.
The fall and/or rise of the foreign exchange rate may threaten Boost Juice with regard to exportation and importation.
Promotional Strategy
One of the best methods for product promotion is the online promotion strategy. One can reach a massive clientele in a short time. One could choose to put the juice advertisements on websites or send emails to the target market. The firm can even use pay-per-click marketing, a strategy which allows payments only when a client clicks on an advertisement, and then visits the firm’s website (Bernard 45).
Another common strategy is the traditional media. For instance, this firm could set up an advertisement campaign revolving around the radio and television advertising. The print medium is another method which would reach an enormous audience. When the firm integrates marketing in various mediums, it is critical to ensure the advertisement is consistent across all of these media. In this way, the firm repeats the message to create awareness of the brand (Sun 876).
A push marketing strategy can also play a crucial role. With this strategy, one aims to push the products (juice) out into the market through sales or promotions. There must be a gifted sales force to case show the juice to customers and then sell it. This kind of marketing is principally for new products, but consumers would take them if they became aware they existed.
Promotional products have accomplished several things in the past. This firm could give out some free juice initially to motivate customers to use this product, to increase attendance in conferences as well as to thank customers who have been loyal. In addition, the promotional juice would attract the employees and rewarding the faithful ones (McDonald 67). When deciding on whether to use promotional products, the manager of this firm should think of the goal he or she is trying to reach.
Key International Macro Environment Forces
Macro environment factors, by definition are external forces that affect how a business operates, but the business has no control over them. They often require alterations in management, production, marketing, and operating. Scholars usually categorize them by use of the acronyms PESTEL. PESTEL stands for political, economic, social, and technological, environmental and legal factors.
The political factors will include things such as Vietnam tax policies, safety regulations, the presence of government contracts, or even changes in the control of political parties. International laws may also fall under the political factors. These laws include tariffs and trade agreements. They might influence the demand and supply chains as well as the available market for the Boost Juice Company. Furthermore, the Vietnam Government may decide to decrease the entry of other business organizations (Telford 12). This would remove potential competition for the Boost Juice Company.
Economic factors include a boom of the market, recession, or rising inflation. All these can alter or Boost Juice’s future plans and present operations. Economic factors are usually complex to assess because forecasts of the economy and analyses fluctuate among various economic experts. Other economic factors that would hurt Boost Juice include comparative rates of foreign exchange, high unemployment levels, and the general state of the global economy. Environmental factors might also influence Boost Juice significantly. Global warming is one way in which this influence can come about. The law may require Boost Juice Company to adopt production methods that are environmentally friendly (Sun 89). If the company is not able to comply, it would just have to shut operations.
Key Challenges in International Marketing
In a foreign land, the Boost Juice Company will likely be adversely affected by cultural businesses. The Vietnamese have a totally different culture from the agents of the company. The sales force, particularly will face the problem of cultural barrier as they try to market the juice. In some instances, language barrier might prove to be a challenge.
The availability of accessible methods of payment will also prove to be a challenge. Some customers might want to do online shopping (Sun 65). This would require such clients to have accounts such as PayPal, or other international money transfer services. In addition, a customer would be required to possess a valid debit or credit card. These barriers would really scare potential buyers.
The problem of the marketing mix will be a challenging one for Boost Juice. The marketing mix will cover a vast territory, meaning there will often be a lag time before the firm feels the impact of its marketing decisions. This problem will cover over pricing and under pricing. When the marketing initiatives do not deliver the wanted results, the first response will be to ensure there is no overpricing or under pricing (Telford 23).
Poor location is also a key tool in a quality marketing mix. If the business is in a poor location, it will become handicapped if it comes to driving by traffic roads and access by the customer.
Works Cited
Bernard, Tversky. SWOT Analysis: International Marketing Strategies. New York: SAGE, 2008.
Johnstone, Arthur. The Overseas Market. London: Springs Publishers Inc, 1998.
McDonald, John. SWOT analysis for Enterprises. New York: SAGE, 2010.
Sun, Josphat. Macroenvironmental Factors: The International Outlook. London: Oxford University Press, 2008.
Telford, Julius. Marketing Decisions: A Classical Approach. London: Wiley and Sons, 2011.
