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Company G’s market reputation enables its new products to have a positive reception from consumers. Company G’s qualified employees including engineers and designer will allow the company to create unique and quality electronic products. Adequate resources, especially finances, enable the company to finance its production operations among other operations sufficiently (Rodriguez et al., 2017). Two of the company’s strengths that can be applied as competencies include market reputation and qualified employees.
Weaknesses
Company G’s limited expansion capital hinders it from opening local subsidiaries and expanding into international markets. The company’s labor and time intensive production processes cause it to incur a lot of overhead expenses that are transferred to the costs of final products (Kotler, 2012). The limited penetration the company experiences in the market hinders it from acquiring new customers.
Opportunities
By opening new stores in different locations, Company G will be able to distribute its new product nationwide. Incorporation of modern technology in the company’s production operations will result in the new product being of a higher quality than other similar products on the market (John and Katherine, 2008). Partnering with other companies will enable Company G to access more finances to fund the production process of the new product.
Threats
New industry entrants will reduce Company G’s customer base; hence, sales of the new product will likely not be as high as expected. Competition from online-only companies and stores will cause the demand for Company’s G’s new product to be low since consumers will opt for similar products sold online. Changing trends make it difficult to predict future market patterns; thus, Company G cannot forecast how the new product will fare in the future (John and Katherine, 2008).
Marketing objectives
The product objective involves Company G manufacturing the right product that will satisfy consumers.
