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Market Need - Riordan

Essay by   •  July 14, 2011  •  Essay  •  1,470 Words (6 Pages)  •  1,126 Views

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Introduction

Market Needs

Riordan must identify the needs of both business markets and consumer markets. The new bottles will be sold to beverage corporations that will sell to consumers. By understanding the needs of both markets Riordan can determine its market segment.

Business markets consist of "all the organization that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to other customers."(Kotler & Keller, 2007, p.102). Businesses often practice systems buying, which is making purchases that provide a complete solution to their needs (Kotler & Kller, 2007, p.105). Beverage manufacturers and bottlers need many types of containers varying in size, design, and purpose. Therefore, Riordan must offer several solutions to satisfy purchasers' need for systems buying.

Consumer markets consist of those purchasing finished goods or services. Consumer needs are influenced by cultural, social, and personal factors (Kotler & Keller, 2007, p.84-88). Riordan must identify which groups have a need for environmentally friendly products. Certain geographical areas are more concerned with health and the environment than others. A person's needs are also influenced by his role in society. For example, someone who runs an environmental preservation society would likely need biodegradable products to project this role. Personal values greatly shape consumer needs. Biodegradable bottles will fulfill the needs of consumers who value clean energy, recycling, and nature.

Market Growth

The long-term marketing goals for Riordan are to market the new biodegradable plastic bottles directly to the market segment. Profits from the short-term marketing goals will go into the long-term advertising budget over a five to ten year period to cover advertising expenses. The goal is to manage marketing over a long period of time to determine when to use a larger budget for marketing.

Team A will gather information collected from marketing research to target consumers who are passionate advocates for biodegradable plastic bottles. By using niche marketing, the team will identify a group of advocates who will only buy certain products from companies who distribute liquids in biodegradable bottles. The team will research all the websites, blogs, and anything the team can find about the market segment. According to Kotler and Keller, a market segment is a group of people who share the same beliefs and niche marketing is a more defined group with strong beliefs (Kotler & Keller, 2007, p. 117). Riordan will build a relationship with the market segment by sending salespeople out to attend meetings and record the population of advocates who support biodegradable bottles. The recorded information will later be used to distribute the new bottles to the business-to-business clients.

Team A will also collect information from marketing research with a list of websites and blogs with the largest population of potential clients to advertise on the website. Advertising funds will also be spent on advertising in magazines for distributors, newspaper and a commercial on cable during a business talk show. The team will develop a webinar with one of the biodegradable advocates explaining the importance of biodegradable and listing our clients as a list of companies that carry the new bottles, (with the permission of our clients as free advertisement). Team A will research the expense of purchasing a booth at different distribution or business expos to determine if participation is feasible.

Once Riordan has reached the next level in marketing, the long-term marketing goals will be implemented.

SWOT

The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing Riordan Manufacturing. The following analysis will help determine whether the objective of manufacturing biodegradable bottles is attainable.

Strengths

Riordan Manufacturing Inc. is known for its innovative plastic designs and is considered as an international industry leader in the field of plastic injection moulding. The company has several facilities in the United States and in Asia thereby allowing the firm to capitalize on enhanced economies of scale, reduced shipping, and established participation in domestic and international markets. All Riordan facilities have extensive experience in high-efficiency, high volume plastic product manufacturing. The organization has committed to becoming increasingly eco-friendly in its products and operations.

Weaknesses

The company is experiencing some quality control issues at its Pontiac plant concerning trimming of products, inconsistency of plastic compounds, and shipping of damaged goods. In addition, the training of personnel has been inconsistent and has contributed to the variability of product quality. Riordan may be involved in a Food and Drug Administration investigation concerning an alleged failure of one of its medical products.

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