Analysis to Identify Target Market Essay

Paper Type:  Essay
Pages:  6
Wordcount:  1400 Words
Date:  2022-05-09

Introduction

In essence, the port of Felixstowe in the UK is one of the biggest and busiest container ports in the region. Apparently, the harbor handles approximately 4 million twenty-foot equivalent units (TEUs) and around 3,000 ships yearly comprising of the biggest vessels available today. The port is well connected with rail and roads that encourage investors to prefer it. Therefore, the port is well connected to the mainland distribution hubs that inspire investors to us the port. It is evident that trade in the UK relies largely on Felixstowe port because it delivers real benefits to customers, transport industry, and the community. Arguably, although the port is ranked one of the biggest and the busiest in the UK, there is still a lot of work to be done to make it the best in service delivery (Port of Felixstowe, 2018). Notably, the use of best types of business analysis helps an organization largely to trace the potential of a particular firm. This paper seeks to identify the port's target market giving examples of how the analyzed ways would subsequently promote the port. Debatably, every company that aims at promoting its services has an obligation to identify its target market by using the best types of analysis methods.

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Photo of Port Felixstowe in UK

Notably, one of the best types of analysis that can help the organization in identifying the potential target market is SWOT. SWOT analysis involves examining and identifying the company's strengths, weaknesses, opportunities, and threats facing it. In my opinion, I would recommend SWOT analysis for port Felixstowe in the UK to help it analyze the target market. SWOT analysis allows the organization to know its strengths from both internal and external perspectives which give feedback on the type of customers available and the type of market the company is working with. The analysis also helps the organization to know some of its weaknesses making it use its strengths to cover its weaknesses. Realization of available opportunities is also another factor that SWOT analysis is characterized with that helps it to adequately expand or use it to cover potential threats.

Lastly, it helps the organization to realize some of the threats facing it and focus on using the available opportunities to cover the threats (Helms, and Nixon 2010, 216). For example, port Felixstowe realized that they have strength of welcoming very many big ships to their docks and are able to manage them. In that case, they welcomed one of the biggest ships that connect North Europe and Turkey in 2017 (Port of Felixstowe, 2017). Through SWOT analysis, they were able to know their strength, weaknesses, opportunities, and threats using each to cover the other hence promoting the company. For example the companies modern logistic park is one of the best opportunities covering it from the threat of competition from other companies (Port of Felixstowe, 2018).The company was also able to reach the target market which in this case was large shipments which linked countries. The company can serve the existing market well as part of their promotion to help create awareness for new companies. Therefore, SWOT analysis is a good type of analysis in identifying a target market.

On the other hand, port Felixstowe could have also used MOST analysis to identify their target market. It is a highly organized technique for providing aims to all members of the company from top to the bottom ensuring that every individual maintains focus on the organizational goals. MOST analysis entails analyzing company's details on Mission, Objectives, Strategy, and Tactics. Analyzing companies MOST allows the company to keep track the four basic lines of duty. For instance, port Felixstowe uses MOST analysis to ensure that the company uses recommended ways to meet its objectives and missions. For example, port Felixstowe objective and mission is to offer facilities for short-sea, deep-sea, and feeder operations in addition to rail terminals. The MOST analysis allows the port to operate under consideration of the mission and objectives. In this case, port Felixstowe operates on cargo shipment. Therefore, the company's target market is all cargo ships operating in both deep and short seas. Notably, the company can reduce prices in the port to encourage new shipping companies (Haralambides, 2002, 327). This type of promotion works well where completion is stiff.

In essence, the Felixstowe port can also consider using PESTLE analysis to identify its target market. PESTLE analysis is another common type of analysis used by businesses to trace their markets. This type of analysis involves awareness of the influence of the environment on the organization. It is a tool used to analyze and identify the key driver of change in the strategic business environment. The analysis gives the decision on whom to work with considering how an organization is affected by those changes. This type of analysis entails details such as political, economic, social, technological, legal and environmental factors. The relationship between each and how they affect the organization is analyzed giving the company a chance to make sound decisions. The company considers the present happenings in the political landscape on the environment the business is operating and how it affects the business. In so doing, the company makes a decision on the potential company to work with. The company also goes on to consider the important economic factors such as inflation and meltdown happening and what they are meant for its business. In addition, the port considers the cultural aspect of the company to work with and how it relates the other factors. In the current world, technological aspect cannot be left out in the analysis. The company checks on the trends and innovation before making decisions. Regulations and legislation are also considered to verify that the market is legit. And lastly, in PESTLE analysis, the company focuses on the environmental factor to ensure that the organization the company works with observes environmental conservation (Srdjevic, Bajcetic, and Srdjevic, 2012, 3381). This analysis is used to understand the drivers and factors within the organization's environment and how they affect the narrative of the organization. Observation of PESTLE analysis gives guidelines to Port of Felixstowe on how to choose a target market. In this case, the company can choose to promote customers by making sure that it is not affected by those factors and that the changes do not affect operations.

Conclusion

To sum up this discussion, Port of Felixstowe is one of the largest ports in Europe offering all port operations. The company also offers rail and road services to its customers. It ranks top in many years as is the busiest in the UK. However, the company needs to use good types of analysis to identify its target market and to set aside the best promotion methods to use in creating awareness. One of the recommended type of analysis that the company is required to use is SWOT analysis. We found out that SWOT analysis helps the company to know its strengths, weaknesses, opportunities, and threats which helps it to organize its resources significantly. Using this analysis, the company can serve the existing market adequately to create awareness to new markets. The other type of analyses was most which entails company's mission, objective strategy, and tactics. This analysis helps the company to focus on the four factors reaching the goals eventually. Finally, we discussed PESTLE which is also a potential type of analysis which can help the company to identify the target market. This analysis dealt with the analysis of factors that affect the environment of the company. All the three types of analysis could help the company identify the target market and also achieve it is the recommended types of promotions were followed.

References

Haralambides, H.E., 2002. Competition, excess capacity, and the pricing of port infrastructure. International journal of maritime economics, 4(4), pp.323-347.

Helms, M.M., and Nixon, J., 2010. Exploring SWOT analysis-where are we now? A review of academic research from the last decade. Journal of strategy and management, 3(3), pp.215-251

Port of Felixstowe, 2017. Port of Felixstowe welcomes new 'North Europe Turkey Express' (NET) Service. Retrieved from https://www.portoffelixstowe.co.uk/press/news-archive/port-of-felixstowe-welcomes-new-north-europe-turkey-express-net-service/. Accessed on 19th April 2018

Port of Felixstowe, 2018. Logistic Park a unique opportunity. Retrieved from https://www.portoffelixstowe.co.uk/. Accessed on 19th April 2018.

Srdjevic, Z., Bajcetic, R. and Srdjevic, B., 2012. Identifying the criteria set for multicriteria decision making based on SWOT/PESTLE analysis: a case study of reconstructing a water intake structure. Water resources management, 26(12), pp.3379-3393.

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Analysis to Identify Target Market Essay. (2022, May 09). Retrieved from https://proessays.net/essays/analysis-to-identify-target-market-essay

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