netrashetty
Netra Shetty
Allegheny Technologies, Inc. NYSE: ATI is a specialty metals company headquartered in Pittsburgh, Pennsylvania in the United States. Allgheny Technologies is one of the largest and most diversified specialty metals producers in the world with revenue of $3.0 billion in 2009. ATI's key markets are aerospace and defense, oil & gas, chemical process industry, electrical energy, and medical. Products are titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, forgings and castings.
Competitive Forces Analysis
Porter identified the five forces model of competitive strategy. He identified the five forces as:
The threat of new entrants and the appearance of new competitors
The degree of rivalry among existing competitors in the market
The bargaining power of buyers
The bargaining power of suppliers
The threat of substitute products or services which could shrink the market
The strength of each of these forces varies from industry to industry, but
taken together they determine long-term profitability. They help shape the process firms can charge, the costs they must pay for resources and the level of investment that will be needed to compete. The threat of new entrants limits market share and profit; powerful buyers or suppliers, using their superior bargaining power, can drive down prices or push costs up, eroding margins and so on (Witzel 2003). The five factors affect the strategy of the organization. It is important to analyze and study these five forces to be able to craft a successful strategy. To be successful, the organization must respond effectively to the pressures of these five forces.
Competitive Forces Analysis for Stobo Castle
Threat of New Entrants
The spa industry is now becoming more competitive. Different spas with different concepts and themes are entering the market. The threat of new entrants for Stobo Castle is high as new spas are being developed and built. These new spas are likely to become competitors. There are many hotels in Scotland that are adding spa facilities.
Degree of Rivalry among Competitors
The competition in the spa industry is becoming stiffer. The degree of competition is considered high among competitors. The existing competitors of Stobo Castle are spas within Scotland’s leading resort hotels such as Turnberry, Gleneagles and the Sheraton in Edinburgh. Among the direct competitors of Stobo Castle are the spa facilities at Peebles Hydro and MacDonald Hotel at Cardona.
Bargaining Power of Buyers
More and more people are becoming health conscious. The fact that spas are increasing in number in Scotland means that the market is growing. As the market grows, different markets are becoming more accessible. Consumers have more choices. Different spas offer almost the same services as Stobo Castle. The bargaining power of the consumers is considered strong.
Bargaining Power of Suppliers
The impact of the suppliers to Stobo Castle is very minimal.
Threat of Substitute Products
Other forms of wellness and health spas are also sprouting. For example, spas are now being built inside hotels. This could shrink the market for Stobo Castle.
Marketing Research Plan
Stobo Castle is one of the premiere spas in Scotland. The spa attracts numerous guests. Since its opening, Stobo Castle has attracted has attracted wealthy customers. The current aim of the spa is to attract a more diverse customer, aiming at customers with modest incomes.
Research Problem and Objectives
The aim of the marketing research is to identify the customer needs in B2B and B2C markets. Specifically the marketing research aims to answer the following questions:
1. How can Stobo Castle attract the B2B market?
2. How can Stobo Castle attract the B2C market?
3. What are the characteristics of the B2B and B2C markets?
4. What marketing tools and strategies should be used in order to attract these markets?
Research Brief
The aim of the marketing research is for the Stobo Castle to attract more visitors. Through the marketing research the management aims to discover ways of communicating and attracting the B2B and B2C markets. In order to gather the needed information, the marketing team will use both secondary and primary data. The secondary data will come from existing researches and information about B2B and B2C markets. The marketing team will investigate by examining secondary data. The secondary data will provide a starting point for research and offer the advantages of low cost and ready availability.
In order to increase the reliability of the secondary data, the researcher will collect primary data. In order to discover how visitors and target markets feel about the topic in question, the researcher will conduct a series of data-gathering procedures.
Research Methodology
Primary
Primary data will be gathered through surveys, focus group and observational research.
Survey research – surveys are best suited for descriptive research. Stobo Castle can conduct surveys in order to learn the visitors’ and target markets’ knowledge, beliefs, preferences, and satisfaction.
Focus-group research – the researcher can gather six to ten people in order to discuss the services, facilities and amenities of Stobo Castle. The discussion will be facilitated by a skilled moderator.
Observational research – fresh data can be gathered by observing the relevant actors and settings. The researcher can observe the visitors in order to assess the impact of the services and other features of Stobo Castle. The researcher can also go to Stobo Castle’s competitors in order to observe the quality of service and therapies.
Secondary
Secondary data will come from published materials and existing literature regarding the research topic. The internet will be useful in the collection of data regarding the B2B and B2C markets. Published materials such as books and journals are useful in order to assess the characteristics as well as the needs and requirements of the target markets. Secondary research will also aid in the analysis of the developments and characteristics of the spa industry and the competitors of Stobo Castle.
a. Their feedback will help you determine which direction to go with it. Talking to customers also works well for businesses owners who are trying to determine their company’s position in the market.
If you do decide to do this yourself, there are a few things to keep in mind. The person from your business who is conducting the interviews or leading the conversation must listen to what people are saying. Remember, you asked for their opinion, and whether they are critical of or excited about your new product, you need to pay attention to what they are saying. Maintain a certain cheerfulness and professional tone even in the face of criticism. Clients often have good ideas, but you must listen with an open mind.
Whenever you poll, you are bound to encounter people who do not want to answer your questions, but those who do respond can offer helpful information about the market and the perception of your product or service. With that information, you can redevelop sales material or pick a new tact for how to go after the market.
Testing the market directly with your product is another way to gauge whether your idea makes sense. For instance, a personal trainer who produced a weight-training video thought marketing his program in sports stores was a good idea, but a limited budget meant he needed to be sure before launching into a major distribution program. He found an expert, although he could have easily done it himself, to seek out a few key stores that would allow interviews with customers about whether they would buy his product. Sports stores, it turns out, weren’t a good fit, so he went another route, avoiding a costly in-store sales effort.
If you are trying to expand into the Midwest, call 50 stores in the Midwest and see if they want your product.
Sometimes the marketing objective is more complex than getting a product into a store, but personal research can help in these situations, too. For instance, when a small plastics company that manufactured a recycled edging and irrigation product wanted to open up in markets across the country, its owners decided to analyze the green architecture industry. Through their research, the company recognized industry trends that provided insight in deciding intelligently where and when to expand.
Competitive Forces Analysis
Porter identified the five forces model of competitive strategy. He identified the five forces as:
The threat of new entrants and the appearance of new competitors
The degree of rivalry among existing competitors in the market
The bargaining power of buyers
The bargaining power of suppliers
The threat of substitute products or services which could shrink the market
The strength of each of these forces varies from industry to industry, but
taken together they determine long-term profitability. They help shape the process firms can charge, the costs they must pay for resources and the level of investment that will be needed to compete. The threat of new entrants limits market share and profit; powerful buyers or suppliers, using their superior bargaining power, can drive down prices or push costs up, eroding margins and so on (Witzel 2003). The five factors affect the strategy of the organization. It is important to analyze and study these five forces to be able to craft a successful strategy. To be successful, the organization must respond effectively to the pressures of these five forces.
Competitive Forces Analysis for Stobo Castle
Threat of New Entrants
The spa industry is now becoming more competitive. Different spas with different concepts and themes are entering the market. The threat of new entrants for Stobo Castle is high as new spas are being developed and built. These new spas are likely to become competitors. There are many hotels in Scotland that are adding spa facilities.
Degree of Rivalry among Competitors
The competition in the spa industry is becoming stiffer. The degree of competition is considered high among competitors. The existing competitors of Stobo Castle are spas within Scotland’s leading resort hotels such as Turnberry, Gleneagles and the Sheraton in Edinburgh. Among the direct competitors of Stobo Castle are the spa facilities at Peebles Hydro and MacDonald Hotel at Cardona.
Bargaining Power of Buyers
More and more people are becoming health conscious. The fact that spas are increasing in number in Scotland means that the market is growing. As the market grows, different markets are becoming more accessible. Consumers have more choices. Different spas offer almost the same services as Stobo Castle. The bargaining power of the consumers is considered strong.
Bargaining Power of Suppliers
The impact of the suppliers to Stobo Castle is very minimal.
Threat of Substitute Products
Other forms of wellness and health spas are also sprouting. For example, spas are now being built inside hotels. This could shrink the market for Stobo Castle.
Marketing Research Plan
Stobo Castle is one of the premiere spas in Scotland. The spa attracts numerous guests. Since its opening, Stobo Castle has attracted has attracted wealthy customers. The current aim of the spa is to attract a more diverse customer, aiming at customers with modest incomes.
Research Problem and Objectives
The aim of the marketing research is to identify the customer needs in B2B and B2C markets. Specifically the marketing research aims to answer the following questions:
1. How can Stobo Castle attract the B2B market?
2. How can Stobo Castle attract the B2C market?
3. What are the characteristics of the B2B and B2C markets?
4. What marketing tools and strategies should be used in order to attract these markets?
Research Brief
The aim of the marketing research is for the Stobo Castle to attract more visitors. Through the marketing research the management aims to discover ways of communicating and attracting the B2B and B2C markets. In order to gather the needed information, the marketing team will use both secondary and primary data. The secondary data will come from existing researches and information about B2B and B2C markets. The marketing team will investigate by examining secondary data. The secondary data will provide a starting point for research and offer the advantages of low cost and ready availability.
In order to increase the reliability of the secondary data, the researcher will collect primary data. In order to discover how visitors and target markets feel about the topic in question, the researcher will conduct a series of data-gathering procedures.
Research Methodology
Primary
Primary data will be gathered through surveys, focus group and observational research.
Survey research – surveys are best suited for descriptive research. Stobo Castle can conduct surveys in order to learn the visitors’ and target markets’ knowledge, beliefs, preferences, and satisfaction.
Focus-group research – the researcher can gather six to ten people in order to discuss the services, facilities and amenities of Stobo Castle. The discussion will be facilitated by a skilled moderator.
Observational research – fresh data can be gathered by observing the relevant actors and settings. The researcher can observe the visitors in order to assess the impact of the services and other features of Stobo Castle. The researcher can also go to Stobo Castle’s competitors in order to observe the quality of service and therapies.
Secondary
Secondary data will come from published materials and existing literature regarding the research topic. The internet will be useful in the collection of data regarding the B2B and B2C markets. Published materials such as books and journals are useful in order to assess the characteristics as well as the needs and requirements of the target markets. Secondary research will also aid in the analysis of the developments and characteristics of the spa industry and the competitors of Stobo Castle.
a. Their feedback will help you determine which direction to go with it. Talking to customers also works well for businesses owners who are trying to determine their company’s position in the market.
If you do decide to do this yourself, there are a few things to keep in mind. The person from your business who is conducting the interviews or leading the conversation must listen to what people are saying. Remember, you asked for their opinion, and whether they are critical of or excited about your new product, you need to pay attention to what they are saying. Maintain a certain cheerfulness and professional tone even in the face of criticism. Clients often have good ideas, but you must listen with an open mind.
Whenever you poll, you are bound to encounter people who do not want to answer your questions, but those who do respond can offer helpful information about the market and the perception of your product or service. With that information, you can redevelop sales material or pick a new tact for how to go after the market.
Testing the market directly with your product is another way to gauge whether your idea makes sense. For instance, a personal trainer who produced a weight-training video thought marketing his program in sports stores was a good idea, but a limited budget meant he needed to be sure before launching into a major distribution program. He found an expert, although he could have easily done it himself, to seek out a few key stores that would allow interviews with customers about whether they would buy his product. Sports stores, it turns out, weren’t a good fit, so he went another route, avoiding a costly in-store sales effort.
If you are trying to expand into the Midwest, call 50 stores in the Midwest and see if they want your product.
Sometimes the marketing objective is more complex than getting a product into a store, but personal research can help in these situations, too. For instance, when a small plastics company that manufactured a recycled edging and irrigation product wanted to open up in markets across the country, its owners decided to analyze the green architecture industry. Through their research, the company recognized industry trends that provided insight in deciding intelligently where and when to expand.