Marketing

Posted: January 5th, 2023

Marketing

Student’s Name

Institutional Affiliation

Question 1

Briefly describe the industry JGH operates in and analyze the external environment using a PESTLE and 5-force model.

Joyous Group Holdings (JGH) is engaged in creating mementos, which utilized the strategy of expanding the customer base through various products and services. The company is divided into two subsidiaries Werkz and Joyous Asia, all involved in the photography and portraiture services, especially during the graduation ceremony. The revenue generated by the company is from the various key customers, with much of the income being developed by the universities, early childhood, and preschool, respectively, as per the recent statistics. Werkz’s company boasts of enjoying the space at the various universities, the National University of Singapore (NUS), as well as the Singapore Management University (SMU). Joyous Asia had a relatively more minor client profile as it targeted the smaller private universities in addition to the childcare and the early childhood and kindergartens. In addition, the Joyous entity was also businesswise engaged with the churches, the faith-based training centers in the provision of photography services.

The PESTLE analysis of any profit-making organization incorporates the various aspects of the organization, such as Political, Economic, and Sociological factors and the technological, legal, and environmental factors. The political environment entails the tax policies, the environmental regulations imposed by the government, and the various leading organizations. The PESTLE structure also incorporates the trade restrictions and reforms and the tariffs and political stability within a particular country in which the specific business operates.

The Economic factor within the business organization incorporates the economic growth and decline within an organization due to utilizing the various business strategies within an organization. The economic environment also entails the interest accrued following the engagement in a specific business and the inflation and the wage rates in which the affiliated employees earn within the particular month, which play a role in the motivation of the employees within an organization. The economic environment was much conducive for the JGH Company, especially the Werkz entity, which targeted the university students. This is because most international students value the picture moments when receiving their rewards on the stage. The Joyous Company was also engaged in the gown rental services, especially to the lower classes. The base price set by the Wertz entity differed, with sometimes hitting highs of US$250 and some lows of US$147. The price further fluctuated based on the upgrades, with the bundled package rate being the most expensive. The revenue generated from the business was much exerted from the portraiture since the price could hit a record of US$ 1,200 per hour.

The technological aspect within the particular organization incorporates the various innovations and inventions included in the specific organization. Modern society is governed by technological innovations that determine the company’s success depends on the business operations’ modeling to the current trends. JGH Company was keen to control the market through the development of the more robust technology capable organization through the hiring of the skilled staff as we as incurring the extra cost in the technology investment which optimized of the search engines which consequently improved of the online traffic of the Joyous Asia corporate websites. Joyous Asia and Werkz improvised the online portals, which was essential in enhancing the customer base in ordering and paying the photos, which was a business milestone against their competitors. The JGH Company was challenged to adopt social influencing in the marketing of the company products, a strategy that it had previously tried but failed.

The social-cultural factors within the particular business environment include the various cultural norms and expectations as well as the population growth rates and the age distribution, which consequently affect the business sale and income. The multiple markets that JGH eyed believed in taking photographs were the means through which the gradients thought in enticing their fellow families, hence its dominance through the two entities in the photography service business.

The level of competition within the JGH jurisdiction of business described to be Singapore was stiff following new service providers’ entry into the industry. Although the various companies eyed graduation ceremonies and graduation portraitures, they could not successfully outshine JGH from the industry. This is because multiple companies only considered the JGH company for the various works because they had engaged already transacted businesswise with them.

The legal environment as defined includes the various factors that affect the business’s running as determined by the government interventions through various trade policies and laws, as evident in JGH Company. The price of the university portraiture was based on the different pricing strategies of periodicals as illustrated by the Economist. This has consequently affected the consumer purchasing behavior, as they turned into bundled packaging as the price implicated of separate purchasing led to smaller items compared to the price. The delivery of only 50 graduation gowns within the institution during the ceremonies amounted to the much profit gained by the JGH company, which won most of the Contracts within the Singapore- based institutions.

The environmental factors within PESTLE include the other elements in the society which affect the business operations. JGH operates in such a limited environment that incorporates both private and public universities as their target market. JGH company, on its Joyous affiliate, has a small client profile due to its limited number of participants since the number of student participants was deficient.

Question 2

Discuss how the information you found in the PESTLE will potentially influence the 5-forces in the future. Conclude your discussion with a list of opportunities and threats.

The 5-forces in the business environment include the threat of the new entrants to the industry, the bargaining power of the various suppliers, and the threats from the substitute products and services in the market dominated by the particular company. The five forces also include the bargaining power of the buyers and existing industry rivalry. The level of competition within the Singapore market aids in the determination of the availability of the substitute, especially when the business environment allowed for the various existence of the suppliers. The economic policies and nature of the business environment within the JGH market influence the future entrants in the market and the bargaining power of the suppliers and buyers. This is because the economic viability will influence the entrants of the new companies to the photography in terms of the revenue generated.

The JGH Company has got various opportunities to invest and take advantage of and succeed o its business in such a competitive world. For instance, the inventory tracking technology can be used whereby the wireless tags are attached to the various graduation gowns hence facilitating fast-tracking of the graduates. This strategy can be effective when used on graduation ceremonies that involve a larger population. The event mobile application also presents an opportunity in which JGH Company can utilize. This opportunity is viable for the event photo providers who act in providing event management services. Some applications such as the Mice pad as improvised led to the reduction in the demand of the brochures and program booklets since the information is accessible by the graduates via mobile phones. Besides, the application makes it easy for the gradients to be notified of any changes in the 11^th hour. This opportunity can be beneficial to the JGH Company as it will be easy to transmit the speeches and read the profiles of the various speakers in addition to the transmission of real-time photos. Aerial photography and videography act as the future in which the machines are becoming affordable, capturing pictures at certain angles.

JGH has the opportunity to expand the business activities but through the prioritization of resource allocation to achieve sustainable growth. This is through the utilization of the vast customer base since the whole organization is structured into two that target different markets in society, such as the Werkz, which targets the higher university. In contrast, the Joyous company targets junior learning institutions. Since JGH Company mainly interacted with the gradients rather than their families, the company can tap into taking a clear picture that could market the company and aid in the winning of the corporate events deals. Besides, the company had a ready opportunity through the various studios established within the graduation centers. The multiple studios based within the school could be an opportunity that the JGH Company can utilize in the marketing since the Singapore location offers a ready market for the future if it provides quality pictures.

JGH company is facing various threats to its future investments within Singapore as the portraiture business had positioned to present a limited industry expansion as a whole due to the limited opportunities available. The two entities described in the JGH company are a threat to the future management of the organization as the business becomes diverse hence the chain of command being a limiting factor. Besides, the two entities were operating in the same industry; therefore, the future challenges in the sector might adversely affect the business.

Question 3

Using the value chain as a guide, identify JGH’s strengths and weaknesses. Combine these with the opportunities and threats you found in Question 2 and do a TOWS analysis.

The value chain analysis describes the various activities that have the ultimate goal of transforming the inputs for the particular products and services into the output that is essential and much valued by the customers. JGH, which is concerned with photography and portrait, has various opportunities in which can utilize. Besides, the company has got multiple strengths and weaknesses in the business center. The company boasts of the dominance in being hired by the various colleges and institutions and can utilize this opportunity to win over the market. This implicates the company’s ability to improve the quality of its services to the various target markets, such as the gradients who need high-quality photos and portraits. The company is also highly preferred by the international students who, due to their honor to the studies, prefer the snaps shots. At the same time, they are being awarded their academic qualification; hence the company can utilize the chance to market by investing in the acquisition of the sophisticated weapons fit for the various photo sessions. The JGH Company has excellent strength, having established vast customer control in the multiple locations it has invited.

The JGH Company has various weaknesses in the management of its two entities in the market. For instance, the company has failed to centrally organize the entities to ensure a smooth running of the business. The two entities sometimes feel like they are competing for specific job opportunities like the various graduation ceremonies, which almost happen simultaneously. Although JGH Company had a strong basis of customer control followed by the heavy investment in the company technology, it has failed to maximize the income generated from the heavy investment as well as capture more customer base in the society. This process of the company’s weaknesses utilizing the opportunities is much revealed as the critical cause of under generation of the revenue. For instance, the company failed to use the social media platform influencer option to expand the customer base.

When employed within the business environment, TOWS analysis describes the strength, weaknesses, opportunities, and threats as detailed in the company, hence acting as an extension of the business SWOT analysis. The TOWS analysis differs from the SWOT analysis because the TOWS analysis matches the strengths and opportunities and the weaknesses. JGH Company in Singapore boasts of a vast market share which hence explains its chance to target the expansion of the market share through the granting of the potential customer with quality photo and portrait as there is the likelihood of the happy customers acting as the brand ambassadors to the company

. The company boasts of utilizing the best technology in photography where the company is challenged to using aerial photography, which could yield real-time pictures and take photos at an angle that makes the company more profitable as it will host corporate events. Since the company is documented to have underutilization of technology in the photography industry, it should prioritize embracing the maximum utilization of the technological advancements to achieve the best returns as they should be providing the community with the market with the best resolution of the picture. Since the company experiences the challenges of tracking the various individuals with their rented gowns, the company can incorporate modern technology in attaching sensors on the gowns to enable the first track of the gowns and reduce the gown and the general business loss.

After reflecting on your analysis, identify what you believe is the most appropriate competitive strategy for JGH and discuss the factors that influenced your decision. Conclude with a set of recommendations that JGH will need to follow to make your system a success.

The JGH Company, which is involved with photography and portrait making, has various competitive strategies against its competitors. For instance, the company boasts of being recognized as the best team in society through the long experience in photography; it should compete on the branding of its product and quality product production. This will enable the company products to sell and remain afloat in the market, a marketing strategy. Besides, the customers are attracted to the branded products of higher quality than substandard products. The company can utilize price marketing positioning as a competitive strategy. This strategy in marketing involves the setting of prices at such levels that are competitive against the overall market process, which makes it easy to control the market as the customer will step up to cater to the amount that best produces a quality photo. Besides, the company can improvise the use of the aerial photographic scene to have clear images. These marketing strategies postulated are rooted in the fact that the company has been recommended for its experience in producing photographic images and portraits in Singapore, hence the company’s potential. Besides, the company should be dominating the market in Singapore as a whole company under one management.

Ultimately, various recommendations can be essential when improvised by the JGH in the photographic and portrait industry; The Company should utilize modern technology in the industry as it is the only mechanism in which the company will thrive in marketing against its competitors. As evident in contemporary society, the company can utilize the use of drones in taking photographs in addition to the recording of any event; hence the company can tap into the technology into the taking of the picture while students are receiving awards and transmit the information garnered from the various speakers immediately to phones hence a first alert way of communication. The company should also utilize the market position in the society operating to dominate the market fully against the various competitors. They might come along the way since JGH holds the critical aspect of its products, that is, price, in addition to the market dominance. Already JGH has utilized modern technology but not fully exploited it, making it possible for the various competitors to inflict fear among the employees as they fear being overcome by their competitors. The JGH Company can partner with multiple universities, a move that might illuminate to granting pf the contracts for the recording of the various proceedings and consequently streaming them as a live stream which hence depicts the progress made by the organization. The company may also partner with institution installs where they teach photographing and provide quality photos. The dominance of the JGH as being the best in photographing is an opportunity in the marketing strategy development for the company, such as the marketing and pricing as detailed above.