INDUSTRY ANALYSIS
Question
I need assistance with writing an Industry analysis (100 words) of a new product (weed eater) for a marketing Collaborative Marketing Plan assignment. I've attached a sample of an industry analysis. I've also attached the rough draft of the new product I am working on (weed eater). The website of the company is also included.
Marketing Plan
TTI Industries of North America
1. Company Description
Techtronic Industries of North America's (TTI) world famous brands can be traced back over one hundred and fifty years but was founded by Mr. Horst Julius Pudwill and Prof Roy Chi Ping Chung BBS in 1985. TTI has become a world-wide market leader in home improvement power tools by acquiring and developing established brands. As a company TTI believes that a clearly defined corporate culture and operating philosophy is essential for superior leadership. The cultural infrastructure within TTI gives the company the ability to deliver consistently on its goals. Clear direction and leadership is the focus of TTI and the reason behind our success.
We believe that values, principles of respect, honesty and learning should pervade every aspect of their company from customers to leadership. Our core values include treating others with integrity, teamwork, continuous improvement and speed of execution, leading by example, taking initiative in problem solving, and positive work ethics. Through continuous improvement, the ultimate goal of TTI is to provide complete customer satisfaction when it comes to quality, delivery and cost.
2. Strategic Focus and Plan
Mission
Techtronic Industries North America, Inc. (TTI) mission is focused on delivering high quality construction and repair tools to a variety of customers, including personal, professional, and international individuals and groups. As stated on the company's website, www.ttigroup.com, their mission statement includes, "[a] commitment to innovation, continuous improvement of our products and services to exceed customers' expectations." Furthermore, TTI wishes to be the leading brand in their area by innovative products, investment in quality, and integrity in business. According to www.ttiinc.com TTI has business partners in North America, Asia, as well as Europe. Employing over 3,500 workers, TTI continues to look for new ideas and innovations that will keep its products ahead of the competition.
Along with innovative products, TTI focuses on establishing a high level of integrity when it comes to business dealings. TTI actively trains their employees to put the needs of the customer first. This is achieved by instilling accountability and corporate governance in every level of the company, from the floor workers to the Board of Directors. TTI remains very open about their policies and finances. The high degree of openness shows potential customers that TTI can be a trusted business partner. This is another way that TTI has established itself as a leader in its business area.
Goals
We as a company look to achieve the following goals within the next five years:
• Nonfinancial goals
1. Provide tools for our customers that are easy to use and maintain.
2. Buy back used TTI North America tools from our customers in order to recycle or refurbish them; preventing unnecessary waste.
3. Provide a wide range of tools geared towards various consumer needs.
4. Only provide tools that operate off energy sources other than gasoline.
5. Strive to make the use of our tools an overall eco-friendly, uncomplicated, and enjoyable experience
Core Competencies and Sustainable Competitive Advantage (SCA)
Techtronic Industries (TTI) commitment to developing innovative products is one of their primary core competencies. TTI‘s commitment to offer distinctive products sets the company brands apart from other manufactures. The innovation that focus on challenging accepted standards leads to better, new products. Our team provides one on one customer contact in our global markets by meeting with consumers and professionals to gather ideas about new products, features or changes in current products. Additionally, TTI's culture leads to a pursuit of hiring only the best in the field of engineering. At the core of TTI, is the employees. Development of employees keeps the company strong and focused on product development during an unpredictable market.
These core competencies have created a strong sustainable competitive advantage for Techtronic Industries. By partnering with major name brand companies to bring a stronger sense of innovation to their product lines, we have an advantage over our competitors. TTI is constantly challenging products that have been accepted as best and surpassing them with the newest and most improved machine. Combining the passion of constant innovation, excellent employees, and the close network of name brand machines, TTI's competitive advantage is very sustainable for the future.
Reference
Techtronic Industries Co. (n.d.). TTI North America: Ryobi® power tools: Homelite consumer products. Retrieved May 21, 2014, from https://www.ttigroupna.com/
Company: TTI of North America https://www.ttigroupna.com/
New Product: Weed Eater (string trimmer) that is "female" friendly - light weight and easy to use but powerful.
I need an industry analysis for weed eater.
The Industry Analysis section provides the backdrop for the subsequent, more detailed analysis of competition, the company, and the company's customers.
Sample - Industry Analysis: Trends in Frozen and Mexican Foods
Frozen foods: According to Grocery Headquarters, consumers are flocking to the frozen food section of grocery retailers. The reasons: hectic lifestyles demanding increased convenience and an abundance of new, tastier, and nutritious products. By 2007, the lasts year for which data are available, total sales of frozen food in supermarkets, drugstores, and mass merchandisers, such as Target and Costco (excluding Walmart), reached $29 billion. Prepared frozen meals, which are defined as meals or entrees that are frozen and require minimal preparation, accounted for $8.1 billion, or 26 percents of the total frozen food market.