1-Write a market-oriented mission statement for Dyson
The market-oriented mission statement of the company can be differentiated, which can also integrate with the goals and objectives.
“The mission statement of the company is “to identify the different products, which are not in the limelight and make them better through creativity and innovations to enhance the visibility of the customer satisfaction.”
The main intention of the company can be depicted through customer satisfaction. For everyday products, the company is determined to engage the customers and make the benefits or advantage quite visible, which creates a positive impact on customer satisfaction. It is necessary for the company to identify the different issues which are related to the products and resolve them to come up with pertinent outputs in the competitive market. The mission statement of the company is triggered by the competitive market. For Instance, when the company satisfies the customers, the responsiveness increases, and ultimately a, it has a good impact on sales and market share. Getting Dyson’s products in the limelight in the market is in the best interest of the company to have a strong position in the market.
2-What are Dyson’s goals and objectives?
In the competitive market, Dyson’s management intends to make objectives, which enable business sustainability for the long run. For Instance, all the objectives and goals of the company are linked with the market and customer needs. The main objectives of the company are as under
The first objective of the company is to strengthen the financial position through doubling the sales of different products in the market in the presence of an immense range of substitutes. The company intends to boost the revenue and convert it into the different revenue streams to be lucrative in the market.
Another objective of the company is to expand the business with the new product developments. For Instance, instead of focusing on the existing products for the customers, the company wants to trigger with the needs of the fan, hand dryer washing machines, and other bathroom product.
The company is looking forward to having multiple media channel considerations to increase the visibility of integrated communication. Accelerating the attraction regarding existing or current products is a prominent objective to boost sales.
Another objective is to assess the real customer needs in the market through focused group strategies and satisfy the customers for both, short and long run.
3-Does Dyson have a business portfolio? Explain
Yes, Dyson has a business portfolio, as it deals with different products for the customers in the market. Instead of focusing on the vacuum cleaner, the company has come up with different products such as hand dryers, bathroom faucets, and washing machines. Interestingly, the intentions towards the expansion and business portfolio are good, but the company has faced trouble in getting the product in the loop. For Instance, after the first Introduction of washing machines, the management had to recall the product due to impaired sales and less response from the customers. Obviously, there were some quality issues as compared to the substitutes for the customers available on the market. Concerning the new products, the business portfolio of this company seems strong, as several quality issues have been eliminated. The business portfolio is a result of the different needs of the customers, and success can be justified through quality and differentiation. To make the business portfolio successful in the competitive market, the company uses the traditional media channels to position in the minds of the customers. The management, to justify the new brand portfolio, is also adopting new techniques such as E-mail marketing to introduce or depict the diversity in the products.
4-Discuss Dyson’s marketing mix techniques and how they fit within the context of its business and marketing strategy?
Product
The products of the company contain higher quality due to modern technology considerations. Interestingly, the company depends on the manufactured products. To improve the products with the passage of time, the company focuses on the research and development process. For Instance, the recent development of a new motor, running at 110,000 revolutions per minute is an example of quality, research, and technology focus. The top products are motors, vacuum cleaners, washing machines, bathroom faucets, hand dryers, and many other home electronic appliances.
Price
The company is using the skimming pricing strategy in the market. The aim is to come up with high-quality products at higher prices. High prices lead towards higher revenues, which are used in improving the product quality and modifications. Also, the skimming pricing strategy is also a different trait to make the difference in the market.
Place
Dyson’s products are sold in more than 50 global markets. The company maintains relations with different retail stores in different parts of the world. Recently, The Company has initiated the online sales process, which depicts the modern approach regarding placement.
Promotions
The company is promoting the products on traditional media channels such as TV, Newspaper and other business magazines. The intentions towards modern media channels are comparatively low. The advertisement is straightforward, as there are not any creative traits to demonstrate better positioning. The big reason to make the straightforward advertisement is to make the brand or products appealing. Public relations are used as the promotional medium to promote the products.
Fit with business and marketing strategy
The business strategy is to satisfy the customers, and through these marketing techniques, the company can express pertinent information for the customers to make the decisions. On the other hand, the marketing strategy of the company, its differentiation, and through promotions, quality, and pricing it has been justified by the management of the company.
5-Is Dyson a customer-centered company? Explain
Dyson is a customer-centered company, as it has developed many products, which are linked to the needs of the customers. Every product of the company meets the needs and expectations. For example, the first air blade of the company was very noisy, and the company spent seven years developing a fast and small motor with the same functions. It depicts the care for the customers, as customers demanded the small machines with less noise. This customer-centric approach helped the company reach the other level. Therefore, the management has met the needs of the customers in the global markets. When the customer uses the products of the company, with the passage of time, the requirements and trends change. Conversely, the company is conducting the research and development process to come up with products which have never experienced before. It seems rare that the company takes its initiative to develop the new products. The needs of the customers are the main preferences of the company, and therefore, an immense response from the different markets emerges.
In the end, this is to conclude that Dyson Company, along with a comprehensive business portfolio, has gained success. However, to meet the new trends in the market, the company should adopt modern marketing techniques such as search engine optimization, and social media integration. A customer-centric approach and promotion can be improved through these considerations.
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