Need help with my writing homework on Marketing Strategies. Write a 1500 word paper answering; The group report consists of five force analysis of the market. However, a PEST analysis of the market will also be appreciated.
Europe is quite stable from the political point of view. With the advent of globalization, buying and selling of yachts also registered raise. Certain tax regimes have encouraged the market and enabled it to flourish in the global market.
The European economy is still on its recovery stage. Undoubtedly, the recent recession has cut down the purchasing power of the prospective customers. This has made the customers more diligent and careful while buying goods. They are looking for more advanced yachts and ensuring that a good value is earned from their deals. From the analysis of economic factors, it is recommended for the company to introduce a different range of yachts for different niche of customers. Strategies are required to combine product differentiation with cost-effectiveness. In this way, the company would be able to expand its customer base to a larger one.
Europe is known for its affluent population who not only has the required wealth but also possesses the passion for a luxury lifestyle. Yacht racing competitions are often organized in Europe and America, which are popular and are assumed to be a status symbol of affluence. Apart from this, yacht racing itself has been growing at a fast pace. All these factors have influenced the yacht industry.
Technology is a significant factor in today’s competitive business environment. With technological advancements, customer requirements have also undergone a sea change. The customers of this industry would like to buy more technologically enabled advanced yachts.
In the wake of recent environmental awareness, the customers are now looking for yachts which are environment friendly. All these factors have changed the focus of this industry on new product development.