Conducting Situational Analysis Assignment Example | Topics and Well Written Essays - 1750 words

Conducting Situational Analysis - Assignment Example It involves understanding the main competitors of the firm and has a detailed analysis on how innovative they are, factors that affect them, how their products are perceive relative to your own and finding the niche markets that are not served. Segmenting the market is useful when a company needs to serve its customers efficiently since it enables pooling of needs of customers and finding the best way to satisfy them. Market segments can be identified based on demographic, psychographic, behavioral or geographical factors. It will therefore be easy for a company to formulate and implement position strategies that will help sell the product to potential customers. Table of Contents Executive summary 2 Table of Contents 3 Background 4 Company products 4 Situation analysis 4 Strength 5 Weakness 5 Opportunity 6 Threats 7 Customers 7 Main competitors 8 Market segments 8 Position strategies for the market segments 9 Reference List 11 Background Richer Sounds was established in 1978 by Juli an Richer at a tender age of 19 years. Before this age, he begun the business at an age of 14 years where he specialized in buying and selling hi-fi separates music system. Under support of Vic Odden- a photographer retailer-made a start of a journey into the most successful retailer in UK. The retail received an award in 2002 being the best British-owned company that provides best working conditions for its workers. The company is operating at 52 stores in secondary high street locations in UK. Since its growth, the company has been able to invest in people schemes and in 2010, it received an award of the Best Retailer Award (Richer Sounds PLC, 2012). Within its operation, the company has kept providing value to its customers and requesting them to fill questionnaires regarding how best they have been served and performance quality of their products. The period 2009 to 2010, the company was able to realize a profit of 5 million pounds which was from a turnover of 160 million pounds . Company products Richer Sounds has become a national retail stores. The current demand in the market required Richer Sounds to provide most of the best latest flat-screen TVs, hi-fi, DVD and electrical appliances. Situation analysis Richer Sounds has placed much investment in product advertisement to reach its customers and increase its market share both in the existing market and its potential markets. The company has been able to make an analysis of its strength weakness, opportunities and strength to assess its position in the market and ability to serve its customers (Thompson and Martin, 2010). Strength Richer Sounds enjoys a long lasting characteristic of providing quality products and services as they keep the fun for their customers. Awarded as the best high street retailer, it remains to b the UK bets value hi-fi, home cinema and TV specialist. This makes them call their brands as the biggest with best prices. The company is organized in a way that it offers expert servic es to its customers. Its strength has been its brands of high quality hi-fi and electrical appliances which the customers have come to accept as best in satisfying their