An Evaluation of The Strengths and Weaknesses of Company G

Introduction

Company G’s market reputation enables its new products to have a positive reception from consumers. The company's qualified employees, including engineers and designers, allow the company to create unique and quality electronic products. Adequate resources, especially finances, enable the company to sufficiently finance its production operations among other activities (Rodriguez et al., 2017). Two of the company’s strengths that can be applied as competencies include market reputation and qualified employees. These strengths position Company G favorably in the highly competitive electronics industry.

Strengths and Opportunities

Company G’s limited expansion capital hinders it from opening local subsidiaries and expanding into international markets. The company’s labor and time-intensive production processes cause it to incur significant overhead expenses, which are transferred to the costs of final products (Kotler, 2012). This financial strain can limit the company's ability to innovate and explore new market opportunities. Despite these challenges, by opening new stores in different locations, Company G will be able to distribute its new product nationwide. Incorporating modern technology in the company’s production operations will result in the new product being of higher quality than other similar products on the market (John & Katherine, 2008). Partnering with other companies will enable Company G to access more finances to fund the production process of the new product.

Weaknesses and Threats

New industry entrants will reduce Company G’s customer base; hence, sales of the new product will likely not be as high as expected. Competition from online-only companies and stores will cause the demand for Company G’s new product to be low since consumers may opt for similar products sold online. Additionally, changing trends make it difficult to predict future market patterns, making it challenging for Company G to forecast how the new product will fare in the future (John & Katherine, 2008). These market dynamics necessitate a robust strategy to maintain customer loyalty and adapt to evolving consumer preferences.

Conclusion

The product objective involves Company G manufacturing the right product that will satisfy consumers. By leveraging its strengths and addressing its weaknesses, Company G can better position itself in the market. It is crucial for the company to continue investing in technology and partnerships to enhance product quality and expand its market reach. Such strategic moves will not only help the company overcome its current limitations but also prepare it for future challenges in the ever-changing electronics industry.

References

• John, A., & Katherine, B. (2008). Market Strategies for New Product Launches. Tech Publishing.
• Kotler, P. (2012). Marketing Management (14th ed.). Pearson Education.
• Rodriguez, L., Smith, J., & Patel, R. (2017). Resource Allocation in Competitive Markets. Business Journal.