Launching a new product Essay Example | Topics and Well Written Essays - 1000 words

Launching a new product - Essay Example The company currently operates in Singapore, but it is planning to extend its operations in the UK. The UK offers a vital market for the company bracelet due to the high rate of economic growth and high consumer disposable incomes of the population. More than 40 million people in the UK would be willing to buy the product and contribute towards charitable work due to the caring attitudes of the population and feminine culture that is replicated in the bracelet design. The number of wealthy and aged individuals is more than 10 percent of the total UK population (Oxford Business Group 222). The macro-environment is favorable since UK economy is currently experiencing a recovery after the recent financial crisis. UK also enjoys stable political environment and is a member of the EU thus making it easier for the organisation to expand to neighboring European countries. The UK population is highly educated and most of the citizens have access to the internet in their homes. UK citizens ha ve caring attitudes towards the environment and life thus it will be easy for the product to penetrate the market. The existing legal environment enables the citizens to contribute donations towards charitable organisations and adequate e-commerce laws have been enacted in order to facilitate online donations (Oxford Business Group 137). In addition, the level of technology is high thus the organisation can rely on the existing modern communication technologies and high internet penetration in order to reach the potential buyers in the remote villages and smaller towns (Oxford Business Group 189). SWOT Analysis Strengths Midomo bracelet enjoys several strengths that are essential in penetrating the targeted market and sustaining relationships with buyers. The product is made of high quality and wearable jewellery thus appealing to the purchasing behaviour of UK citizens. The product will enjoy high brand recognition and awareness in the market since it has been designed by an award winning designer who has a high reputation of quality and stylish designs. In addition, the bracelet is light in weight thus can be worn by the buyers when travelling thus spreading the word of the mouth on the existence of the charitable product in the market. Accordingly, the bracelet symbolizes abundance and water thus will resonate well with the attitudes of UK citizens towards combating environmental degradation. The product is also lowly priced compared to similar jewellery products in the market. Weaknesses Midomo bracelet suffers from several weaknesses since the designer has not offered a variety in terms of color or raw material. Not all potential buyers would be attracted towards silver products or products that depict a feminine style. Some of the potential donors may not be willing to wear the bracelet due to the stereotypes that associate certain health issues like stiff arms with wearing of bracelets around arms (Yeshin 316). Another challenge that will be involved in clude employment of additional staff to monitor the online transactions and answer to customer complaints (Yeshin 337). Opportunities There are numerous opportunities that Midomo Initiative can exploit in order to attain its mission and objectives in the UK market. The company should provide for a variety in terms of bracelet designs and color in order to appeal to the wider market in the UK. The