Strategic Marketing Assignment Sample

STRATEGIC MARKETING & ENTREPRENEURSHIP

 Slide 1: Introduction

• Harley and Adamson is SME based on Hertfordshire
• 124 people are currently employed on the company
• B2B sales are the most followed business format of the company
• The company can see slower growth due to the range of product

The presentation will be outlined with the creativity of new products and services for Harley and Adamson. The presentation will be presented with organizational and environmental analysis on the UK and EU industries. Market trends and opportunities will be outlined that should follow up by the company.

Slide 2: Background of the organisation

• The current geographical market of Harley and Adamson are the UK and Europe.
• Compared to previous years, the revenue spiked to 14% from 2020 to 2021 (Isbisworld.com, 2021)
• Casting iron cooking equipment is the product category
• Slower growth in the existing market can be seen in upcoming years

Harley and Adamson’s company has commissioned the team to help her develop a marketing plan that will enable her to expand to new products/services within the existing category or diversify into other suitable product/service categories that would be a strategic fit with the company’s core capabilities.

Slide 3: SWOT analysis

Quality product ranges are the best category of Harley and Adamson; however, less product diversification has become an issue for increasing customer engagement. Their products are durable; however, their products are expensive. The market size of the UK iron casting industry has been increased by 16.7% in 2022. However, market competition is increasing, and product diversification can be an effective approach to developing a competitive advantage.

Slide 4: Market trends

• Coronavirus pandemic has been effective in increasing demand for casting products.
• From 2016 to 2020, industrial demands were expected to decrease (Ibisworld.com, 2021)
• The casting industry consists of industrial residential and non-residential construction.
• Significant growth in the UK spice market in 2019 (Indexbox.io, 2022)
• Eu has an immensely increasing market in spice demands

The demand for casting iron products has decreased in the previous years. However, the pandemic situation has been positively impactful in market demand. The spice market has seen a fall in the previous years; however, since 2019, the demand for condiments and seasoning has increased. Demand for spices and herbs in Europe is immensely growing.

Slide 5: Competitor

Competitors in the casting iron industry

• ALFA
• Welbilt UK Limited (Welbilt.uk, 2022)
• AFE Group Limited

Competitors in the space industry

• Associated British Foods plc
• Doehler Group SE
• Worlée Gruppe

Competitors in the recipe book market

• The Great British Cook Book
• Cooking and Baking
• Best Home Cook

The major players involved in the manufacturing of casting iron and spice market include Frinia Group, NovaCast Limited, Worlée Gruppe, and Doehler Group SE. About 60% of German consumers demand healthy foods and drinks; in that way, healthy spice ingredients are the major concern of the industry.

Slide 6: Supply and distribution

• Materials of casting iron industry are sources from China and India (Nkosi et al. 2018)
• Reliable distribution consisted of purchasing policies and intelligent planning.
• Online recipes will be the part over the next five years with the digital revolution in the industry.

The supply chain and distribution of the casting iron and spice industry are completely different from the recipe book industry. For instance, pumps, valves, earthmoving, agriculture, highway and HVAC are the major equipment sourced in the iron and spice industry. In the casting iron industry and machined iron casting is mostly supplied in the casting iron industry.

Slide 7: Market segmentation

Based on the market segmentation, low- and middle-income groups and working men and women can be part of new product diversification. People with healthy lifestyles and customers who are interested in making homemade foods can be chosen. Cost-beneficial customers and occasional purchasers can be targeted as the major segment in the UK and EU geographical markets. However, above all, demographic segmentation such as low- and middle-income class and working men and women are going to target the main segment for the company.

Slide 8: Environmental factors affecting the organisation

Legal factors can be the barrier for the product increment to the UK and EU markets. However, the rest of the factors have a positive impact on the UK and EU casting, spice, and recipe book market.

Slide 9: Businesses capabilities

• Harley and Adamson has the ability to make quality products
• The company is followed by a distribution (B2B) and retail (online)
• The existing portfolio of products includes a range of products

The company is employed with 124 people and has the ability to make quality products. However, the company has less diversified products, and their products are quite expensive. Most of the customers purchase their products occasionally, and in that way, creating diverse products with different price ranges can be effective.

Slide 10: Market opportunities

• Dependency on smart technologies in increasing
• Consumers are now more conscious about their health and food consumption
• Disposable income of both regions is increasing
• Middle-income people in both regions (Inews.co.uk, 2021)

The number of middle-income people is increasing, and based on the target market segmentation here, it can be said a medium range of product and product diversification can be a great approach to increase the market growth. As the disposable income of people is increasing, introducing a range of products can become an opportunity for the company.

Slide 11: CSR factors

• Planet: Concern on CO2 concentration needs to be implied
• People: Labour law and consumer data protection policy need to be followed (Li et al. 2019)
• Profit: Create a diverse range of products to gain more geographic market and increase revenue growth

The main concern of the company is now to gain market reach. However, highly expensive products have become a barrier in gaining market reach, which is slowing down revenue generation. A diverse range of product introduction can be effective to the company to achieve the target market research and increase profit. In achieving the purpose, the company will be required to be concerned about CO2 concentration and labour and consumer protection laws and acts.

Slide 12: Three ideas from the ideation process

New casting iron range

New cost-benefit casting iron products such as

• Frying pan
• Spatula
• Dish hangers

Spices and Condiments

• Essential oils
• Quality Olive Oil
• Mayonnaise
• Ketchup

Recipe Books

• Bakery and cookbooks with instruction of cooking with Harley and Adamson products
• Vegetarian Cookbooks
• Mediterranean Cookbooks

New product diversification has been associated with a range of products for casting iron kitchen equipment, spices and condiments, and recipe books. Medium price range products will be introduced with a diverse range of products such as frying pan, spatula, and dish hangers. Essential oil, ketchup, and syrup can be a primary attraction to customers. Along with that, recipe books with their equipment use can raise the customers’ engagement with the products.

Slide 13: Conclusion

• At Harley and Adamson, customers use to buy products occasionally
• Customers often find their products expensive
• The company needs to introduce a diverse range of products with different prices.
• Small ranged casting iron products, spices, and recipe books on equipment usage can be included as new diverse products.

Customers often find Harley and Adamson products as expensive and purchase their products occasionally. The company needs to introduce their customer to a diverse range of products with different price ranges. The above product diversification and ideation can be effective in reaching the financial target for the company.

Reference List

Ibisworld.com, 2021. Steel Casting in the UK. https://www.ibisworld.com/united-kingdom/market-research-reports/steel-casting-industry/

Indexbox.io, 2022. United Kingdom’s Spice Market Report 2022. https://www.indexbox.io/store/united-kingdom-spices-market-analysis-forecast-size-trends-and-insights/

Inews.co.uk, 2021. What is middle income?.https://inews.co.uk/news/politics/budget/middle-income-what-meaning-explained-ifs-budget-2021-tax-changes-earners-worse-off-1272843#:~:text=Statista%20says%20the%20average%20income,of%20the%20median%20national%20income.

Isbisworld.com, 2021. Iron Casting in the UK. https://www. ibisworld.com /united-kingdom/market-size/iron-casting/

Li, H., Yu, L. and He, W., 2019. The impact of GDPR on global technology development. Journal of Global Information Technology Management, 22(1), pp.1-6.

Nkosi, N.C., Piketh, S.J. and Burger, R.P., 2018. Fine PM emission factors from residential burning of solid fuels using traditional cast-iron coal stoves. Clean Air Journal, 28(1), pp.35-41.

Ohlan, R., 2019. Energy Efficiency in India’s Iron and Steel Industry: A Firm-level Data Envelopment Analysis. Strategic Planning for Energy and the Environment, 38(3), pp.27-36.

Statista.com, 2021. European Union inflation rate. https://www.statista.com/statistics/267908/inflation-rate-in-eu-and-euro-area/

Welbilt.uk, 2022. Welbilt UK – Bringing innovation to the table. https://www.welbilt.uk/