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首页 Niche market -vertu

Niche market -vertu.doc

Niche market -vertu

王斯夫
2019-05-12 0人阅读 举报 0 0 0 暂无简介

简介:本文档为《Niche market -vertudoc》,可适用于外语资料领域

ContentsExecutivesummary  Introduction  Natureofbusiness  Marketsegmentation  Microenvironmentanalysis  Strengths  Weaknesses  Opportunities  Threats  Competitiveenvironment  Traditionalcompetitors  Newentrants  Substituteproducts  Buyers  Suppliers  Marketingmix  Product  Price  Place  Promotion  Demandanalysis  Demand  Demandelasticity  Conclusionandrecommendation  References  ExecutivesummaryVertu,locatedinEngland,isaluxurymobilephonemanufacturerSofarthecompanyhaslaunchedthreetypesofphones:signature,signaturetouchandconstellationThepurposeofthisstudyistoinvestigatehowVertuestablishesnichemarketthroughproductdifferentiationAsweallknow,Vertuonlytargetsasmallgroupofpeopletherich,soastoremaincompetitiveThecompanytriestomakeitsproductsdifferentfromotherphonesbycrafts,materialsanddesignsExceptthese,Vertuphoneshaveconciergethatcanofferhourservicesincludingglobalassistance,recommendationsandprioritybookingsThesecondpartbeginswithenvironmentanalysisFirstly,it’smicroenvironmentanalysisConsumerschangetheirdecisionsalongwiththeeconomicenvironmentThemethodofSWOTisintroducedtoclarifyitsstrength,weakness,opportunitiesandthreatsSecondly,it’sthecompetitiveenvironmentAlthoughVertupositionsitselfinthenichemarket,thecompanystillhascompetitorsMichaelporter’sfiveforcesareagoodtooltoexaminehowstrongthecompetitionisAftertheaboveanalysis,threats,competitionandproblemscomeoutHowdoesVertumarketitsproductsThearticleexplainsthisthroughPsIt’sthestrategiesthatVertuadoptstosellthephonesButthesestrategiesaren’tperfectForexample,Vertu’sadvertisementonlyappearsonluxurymagazinesNext,it’sdemandanalysisVertuhasdonealottoitsproductsandservicesHowdothebillionairesreacttotheseDespitethenichemarket,Vertu’scustomershavehighincomeandthenumberofthemisincreasingSoit’salsoapotentialmarketIntermsofthecustomers’income,thedemandforVertuphonesisinelasticBasedonthefindings,thearticleindicatesconclusionsandrecommendationsThemethodologyofintegrationoftheorywithpracticeiswidelyusedIntroductionNatureofbusinessVertu,whoisfamousforluxurymobilephone,wasestablishedinAtfirstitwasownedasanindependentsubsidiarybyNokiaInOctoberNokiasoldVertutoprivateequitygroupEQTVI,butstillretainedshareFrankNuovo,thechiefdesignerofVertu,believesthateachandeveryVertuphoneishandmadeinEnglandbyasinglecraftsmanTheytrainextensivelybeforetheyareabletobeginthepainstakingworkofoperatingauniqueVertuOnlyoncetheyareentirelyhappy,dotheyputtheirnametoitInVertulauncheditsfirstproductVertusignatureThephonewasmadeofmanyrubiesandsapphiresbyhandandwassoldat$,ApparentlyitwasspeciallydesignedfortherichBesides,thebuiltinpersonalassistantprovidedhourserviceslikebookingtickets,checkinginahotelandreservingameal,nomatterwhenandwhereyouareAslongasyoupushthatbutton,apersonwillserveyouinyourfavoritelanguage(Vertu,n,d)Despiteuniquedesignandmaterial,VertustillneedstopromoteproductdifferentiationinthenichemarketMarketsegmentationVertupositionsitselfintheluxurymarketThatmeansthatthecompanyistargetingpeoplewhoenjoyhighsocialstatusandwhoaresuccessfulbusinessmenThesepeoplehavenoconsciousnessaboutmoneyandtheyonlycareaboutthesymbolofthephone,justlikeRolex,FerrariandLVAsia,astheworld’sengineofeconomygrowth,hasnumbersofbillionairesManyluxurygoodsmanufacturerstransfertheirbusinesstoAsiaSodoesVertuThecompanysetsupitsbranchesinChina,RussiaandMiddleEast,andachievesagreatsuccessBytheendof,phoneshavebeensoldTherichareonlyasmallpartoftheworld’spopulationInordertoremaincompetitive,VertuconcentratesonthenichemarketWhenpeopletalkaboutVertu,theyrefertosuccess,honorandbeautyIt’salsothesameconceptsthatVertutriestoexpressthroughproductdifferentiationSofarVeruisstilltheonlyonewhomanufacturesluxurymobilephoneThesuccessfulmarketpositioningstrategymakesVertuuniqueandattractiveMicroenvironmentanalysisStrengthsProductdifferentiationincludinguniquedesigns,tactilematerials,outstandingengineeringandhandcraftsmanshipdistinguishVertufromotherphonemanufacturersPremiumpositionalsocontributestoenhancingpeople’simpressionThebuiltinpersonalassistantoffersexclusiveservicestoownerslikeVertuconciergeNomatterwhereyouare,highqualityservicemakesyousatisfiedBecauseeveryphoneishandmadewithrarematerials,thequalityisabsolutelytrustableHighqualityphonesimpressconsumersdeeply(TermPaperwarehouse,n,d)OverexposurescandamagethebrandSoVertuadvertisesitsproductsonlythroughnicheluxurymagazinesHighqualityadvertisementsreinforcetheconceptsthatVertuwantstoexpressAsVertufocusonAsia,thecompanysuccessfullywinsthemarketVertuphonesareverypopularinRussia,ChinaandMiddleEastIt’sverysuccessfulbusinessWeaknessesSomeoftheVertuphonesarerelativeunderpowertechnicallyInordertomaintainthebeautyofdesignsandcrafts,theframetakesmorespacethannormalphonesSoitleavessmallspaceforthebatterySometimesthephonerunsoutofbatteryquicklyBecauseofjealousy,Vertuphoneshavebeenconcernedasa“costlesscrash”bywiredmagazineThenegativepublicityhasbadimpactontheimageofVertuSomecustomersareaffectedandthentheystopusingVertuphonesHighstandardrequirementsresultinhighproductioncosts,whichwilltakemuchtimeandmoneytobuildaVertuphoneBesides,mostofthephoneshavelowerfunctionalbenefitsTheyfallbehindthetechnologyOpportunitiesNowadaystherichwanttobedifferentfromordinarypeopleTheytrytochangetheirlifestyleandliveinauniquewayPeopleinAsiatendtospendmoremoneyonluxuryproductsBothofthephenomenacreateagreatopportunityforVertuDuetotheappearanceofAndroidOS,VertuhasshiftfromSymbiantoAndroidforbetteroperatingperformancesCustomerswillnoticethatandchangetheirphonesIt’sagreatmarketWiththedevelopmentofemergingeconomies,moreandmorepeoplebecomebillionairesVertuphonescansatisfythemtopursuehighersocialstatus,supremehonorandcomplacencyThreatsAlthoughVertuhaspatenteditsdesignsandfeatures,counterfeitproductsarebeingsoldinthemarketSomemanufacturerstakefiguresofVertuphonewithoutpermissionandtheirproductshavethesamefeaturesasVertu’sSoit’seasytoconfuseconsumersEventheywillbuywrongproductsThoughVertuistheonlyluxuryphonemanufacturer,itstillfacesthecompetitionfromothermainstreamphonemakers,suchasApple,SamsungandSonyVertucustomerscanturntothesenormalphonesatanytimeCompetitiveenvironmentNowadaysmostorganizationsfacecompetitionoutsideAlthoughVertuistheonlyluxuryphoneproducer,itstillhascompetitorsTherefore,it’sessentialtorecognizetheroleofcompetitioninthenichemarketMichaelporterpresentsamodelforexaminingthecompetitionHearguesthatfivebasicforcesdrivecompetition:traditionalcompetitors,newentrants,substituteproducts,buyersandsuppliers(seefigure)ThesefiveforcesgiveusacluetounderstandthenatureofcompetitionthatVertufacesFigurePorter’sfiveforcesofcompetitionmodelTraditionalcompetitorsTherearenumbersoffactorsaffectinghowfiercecompetitiverivalryisinanindustryandconsequentlyhowdifficultthemarketisfororganizationsoperatingthere(Capon,C)AsImentionabove,Vertuhastraditionalcompetitors,suchasApple,SamsungandSonyThoughthesemanufacturesmainlyproducenormalmobilephonesandpositionthemselvesinthemassmarket,theylaunchtheirpremiumphonesaswelllikeiphones,galaxysandsonyZTheseproductsattractmanycelebrities,starsandPolitianPreviouslytheseconsumersarefansofVertuButnowtheyturntotherivalsTraditionalcompetitorscanattractVertu’scustomersbyrenewingtheirproductsSoVertulosescustomersNewentrantsIt’snecessarytoidentifywhichcompaniesarelikelytobeabletoentertheluxurymarketInordertocompetewithexistingoperatorsandtorecognizeothermarketsinwhichthesepotentialnewentrantscurrentlyoperateHighpotentialprofitsandlowsetupcostsmakeanindustryattractive(Capon,C)Inspiteofnichemarket,companiesstillcanmakemuchprofitbyproductdifferentiationandhighpriceIt’sveryattractivetotheoutsidersEspeciallyforthetraditionalmobilephonemakers,theycanmovetotheluxurymarketanytimeSincetheyhavealreadyhadpremiumphones,theseproductscouldbedevelopedintoluxuryphonesiftheirmanufacturersfindgoodtimeTheyarethepotentialnewentrantsSubstituteproductsAsubstituteproductprovidesthesamefunctionasthegoodsforwhichitisareplacementIphones,galaxysandsonyZarethesubstituteproductsTheycanprovidethesamefunctionasVertuphones,exceptconciergeButtheyaremorepowerfulthanVertu’sExceptansweringphonesandreceivingmessages,theyaregoodatmusic,gamesandvideosSotheyhaveexcellentperformanceoverVertuphonesWhat’smore,thesephonecompanieshaveinterestinluxurymarketTheycanbeupgradedtoluxuryphonesifthecompaniesthinkthatit’sgoodtimetoenterBuyersTheindividualconsumerisusuallymuchlesspowerfulasabuyercomparedwithlargeorganizationsForVertuistheonlyluxuryphonemanufactures,buyershavelesspowertobargainwiththecompanyHowever,VertuislisteningtoitscustomersTheymayhavedifferentrequirementsaboutthephonesVertualsowantstoselldifferentphonestotheircustomersSoeveryphoneistailormadebytheirfutureownersBuyersaresatisfiedwiththeservicesSuppliersAseachVertuphoneishandmadewithrubiesandsapphires,thematerialsplaysanimportantroleinmakingaphoneSuppliersoftherarematerialshavestronginfluenceonthecompanyWhiletheproductionofthematerialislimited,supplierscanhavestrongpowertonegotiatewithVertuTheycannotbereplacedeasilyIftheycansupplymorematerialforthecompany,VertucanmakemorephonesIfnot,fewerphoneswillbemade,nomatterwhatdemandisMarketingmixProductVertupositionitselfforcompetitiveadvantageHowtosurviveinthenichemarketIt’sProductdifferentiationExceptthatallVertuphonesarehandmade,thedesignistotallydifferentThedesignofeachphoneintheVertucollectionembodieseverythingthatVertubelievesin:tactilematerials,outstandingengineeringandhandcraftsmanship(Vertu,n,d)Theshapeandbodyfiguresfitinmen’shandsverywellSomeofthephoneslooklikePorsche’sroadsterIt’smarvelousSecondly,it’sthematerialsSapphirecrystaliswidelyusedforphonemaking,inordertodeliverextraordinaryperformanceSuperiorstrengthisbasedontheserarematerialsForinstance,adiamondistheonlymaterialstrongenoughtoout,grindorpolishthevirtuallyscratchproofsapphirecrystalscreen,helpingdeliveracrystalclearviewingexperienceThirdly,it’stheservicesWithVertu,youcanenjoyhourconcierge,personalizedsecurityandVertucertaintyIt’salwaysavailablewheneveryouneedtobookahoteloraflightBesides,youdon’thavetoworryaboutthesecurityofyourdataonthephoneIthasalreadybeenencryptedPriceThecompanyisborntoaimatthenichemarketasmallgroupofpeoplewhomtheyhavenoideaaboutmoney,butfocusonreputation,honorandfameThenormalphonescan’tmeettheirdemandsSoVertustepsintothismarketandmakephonesforthemBecauseofadoptingspecialcraftsandrarematerials,thepriceisextremelyhighcomparedwithotherphonesButforbillionaires,theyarenotsensitivetopriceOnthecontrary,highvaluedphonessymbolizetheirsocialstatusPlaceSofarVertuhasopenedmorethanstoresaroundtheworldInAsia,therearemorethanstorestoservetheincreasingrichpeopleWhentheywanttobuytheVertuphones,theygotothestoreandtalktothesalesmanAfteroneortwomonth,theycangetitWhat’smore,VertualsoestablishesjointmarketingserviceswithKeving,Zegna,andFerrariTheseluxurygoodsproducerslaunchtheirproductswithVertuCustomersarerecommendedtobuyaset,notjustasingleproductSoVertucanmakeuseofitspartners’channeltoconnectwithconsumersPromotionBecauseofthepropertiesofluxuryproducts,highexposurecandamagethebrand(EbertRJGriffinRW,)SoVertuisverycarefulaboutpromotionVerturarelyprovidesdiscounttosellitsproductsunlikeLVandGucciOntheotherhand,VertuadvertisesitsproductsonlyonluxurymagazinesThesemagazineshavesamemarketasVertuWhentherichscanthemagazines,Vertu’ssophisticatedadvertisementwillbeseenThat’showVertutargetsitscustomersDemandanalysisDemandInthemarketorientedeconomydemandisaffectedbymanyfactors,suchaspreferences,income,substitutegoods,futureexpectationsandnumberofconsumers(Farnham,PG,)Qd=f(preferences,income,substitutegoods,futureexpectations,numberofconsumers)Justastheequationshows,thesefactorswillchangeSothequantityofdemandshifts(seefigure)BelowI’mgoingtoanalyzethosefactorsandstatehowtheyinfluencethedemandofVertuphonesFIGUREDemandCureshiftswithChangesinIncomeorinOtherGood’spricesPreferencesIt’salwaystruethatpeopledifferfromeachotherSotheirpreferencestowardsacertainproductaretotallydifferentThat’sthereasonwhyVertulistenstoitscustomersanddesignsauniquephoneforthemThecompanycollectstheirrequirementsandbuildstheirpersonalityintothephonesUsuallyittakesmorethanonemonthforcraftsmentofinishthephonesIfotherfactorsholdconstant,preferenceshavenegativeinfluenceonthedemandofVertuphonesCraftsmenhavetospendmuchtimeinsatisfyingcustomers’needasmuchaspossibleThequantityofproductionislowIncomeIfothervariablesholdconstant,incomehasapositiveinfluenceondemandofVertuphones(seefigure)PeoplewhoearnenoughsalarytoaffordthepriceofVertuphoneshavethepossibilitiestobethecustomerofVertuIfnot,theywon’tbuythephonesOfcourse,billionaireshaveenoughmoneyandtheywouldn’tcareabouttheprice,buttheotherfactorslikepreferencesUnderthiscircumstance,incomehasnoinfluenceonthedemandofVertuphonesFIGUREQuantityofdemandshiftswithincreasingincomeSubstitutegoodsPorter’sfiveforcesofcompetitionshowthatsubstitutegoodsslowdownthesalesofVertuphonesThepotentialsubstituteproductsareiphones,galaxysandsonyZAlthoughtheyaren’tluxuryphones,thefeaturesandfunctionsstillcanattractbillionaires’attentionParisWhitneyHiltonusesheriphoneinthepublicSodoesSteveJobsCelebritiesturntoiphone,whichdecreasethedemandsofVertuphonesFutureexpectationPeoplehavedifferentjudgmentstowardsthefutureIftheybelieveVertuphonescansymbolizetheirsocialstatusandwinother’srespect,theexpectationcanfulfilltheirspecialneedsTheywillbeloyaltothebrandAsImentionabove,businessmendon’tcareaboutthepriceTheyneedthehonoredservicesThebuiltinconciergeoffershourserviceforthemAslongastheybuythephones,apersonalassistantisallocatedtothemTheservicesfitintheirfutureexpectationNumberofconsumersBecauseVertuonlylooksatthenichemarketluxurymarket,customersaren’tasmanyasmassmarketButthesecustomersinthenichemarketarefondofVertuphonesIt’stheonlyproductsthataredesignedforthemBesides,withthedevelopmentofeconomyaroundtheworld,manypeoplewilljointheclubofmillionaireandbillionaireSothepotentialcustomersareincreasingThedemandwillriseaswellDemandelasticityDemandelasticitymeasurestheresponsivenessofconsumertochangesinthefactorthataffectthedemand(Samuelson,PANordhaus,WD,)IhavealreadymentionedthefactorsinthelastchapterIfanyofthevariableschange,thecorrespondingproportionchangeinquantitydemandedThepercentagechangeinthequantitydemandofagivengoodisrelativetoapercentagechangeinitspriceep=△Qx△PxWhereep  =priceelasticityofdemand  =theabsolutechangeQx  =quantitydemandedofgoodXWecanseetherelationshipbetweenthepriceanddemandformthepriceelasticityofdemandequationIfconsumersareverysensitivetoprice,increasingpricewilldecreasetheirbuyingbehaviorThatmeansepismorethanoneInanichemarketdemandelasticityofVertuphonesishighlyaffectedbytheincomeVertus’scustomersusuallyhaveincrediblesalaryIt’snotthemainproblemforthemaboutthepriceThatmeanstheyaren’tsensitivetothepriceSothedemandofincomeelasticityislessthanoneWhateverthepricechanges,theystillbuyBecauseVertuaimsatthembyproductdifferentiationandVertuistheonlyluxuryphonemakerinthismarketAllthefactorsplayanimportantroleinaffectingtheirchoicesNevertheless,competitors’pricingpolicymayaffectthedemandelasticityofVertuphones(seefigure)Vertuhascompetitorsinthephoneindustry,especiallyApple,SamsungandSonyTheirpricechangemayaffectthecustomers’buyingbehaviorNormallythesecompetitorsupdatetheirpricealongwiththechangeofmarketButVerturarelychangesitsprice(D)Besides,highpricehasalreadysettheaffordingabilityPotentialcustomerswillchangetheirmindandbuyiphonesinsteadofconstellationThedemandofVertuphonesdecreases(D)Whentherivalcompanieschangetheirprice,potentialcustomersofVertuwillnoticethatandmaymakehugeresponsetothechangeSothecrosspriceelasticityismorethanoneMoreandmoreconsumersmayturntocompetitors’productsDemandofVertuphonesdeclinesFIGURECrosspriceelasticityofdemandConclusionandrecommendationTheconceptofhowtomakeaphoneisexcellentVertuinsiststhateachphoneshouldbehandmadebyasinglecraftsmanThemethodisquitegoodNotonlycanVertuguaranteethatallthephoneshavehighquality,butalsowinthetrustofcustomersAfterlongtrainingandpractice,thesecraftsmenaccumulatealotoftechniqueandexperience,sothattheprocessofbuildingandassemblingbecomeeasytofinishBesides,VertuiscarefulaboutmaterialsEventhoughVertuchoosesruby,sapphireanddiamond,thecompanystillhashighstandardrequirementofpurityandlusterAssoonascustomersgettheirphones,theshinningappearancewillimpressthemTheconceptonthecraftsandmaterialsplaysanimportantroleinsuccess

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