Issues Faced by Ventura boat Company-Free-Samples for Students

Question: Discuss about the Various Issues faced by Ventura boat Company. Answer: Introduction: Ventura boat is the family owned business that deals with manufacturing luxury boats with the tradition methods and traditional materials (Ventura, 2018). This is the business that is facing some of the technological market issues because of the decrease in popularity of these boats in the Australian market. This is the report that focuses on the SWOT analysis of the company along with the in depth discussion of opportunities and threats that company have. As per the analysis, some of the recommendations have also been discussed in the later part of the report that can be implemented by the company for better business in future. SWOT analysis: SWOT analysis is used in order to identify the strengths, weaknesses, opportunities and threats of the company (Bull, et al. 2016). Following is the SWOT analysis of Ventura boats: Strengths: Market leader: It has been identified from the case that Ventura is the market leader in Australia. It has been realised that it is the business that deals with making the luxury boats and lead in its sector in the Australian market. High quality: as per the case, the boats manufactured or designed by Ventura are high in quality. The company believes in serving the market with quality products and this is the reasons the company is operating in the industry since so many years. Weakness: Reliance on traditional practices: As per the case, Ventura is the business whose activities are dependent on traditional methods and practices. This is one of weaknesses that the company is facing. Lack of technological efficiency: the company is not at all efficient in technologies that are available in the market and facing the competition from the substitutes. The company use all he outdate technologies for its practices and manufacturing. Lack of overseas experience: the company does not have any overseas experience and thus it unable to expand their business to other international market. Opportunities: Overseas market: the biggest opportunity that the company has is expansion of business to the overseas market. This can help the company to overcome the competition issues that the company is facing in Australia. Upgrading the technology: it is required by the company to upgrade their technologies so that they can compete with the other companies in the same industry. Threats: Shrinking of Australian market: it has been realised from the study that the Australian market in the boat industry is shrinking and thus it is a very big threat for the company (Byrnes, et al. 2016). Current products are becoming illegal in the Australian market. Buyout by big companies: it is also a big threat for Ventura as the big companies in the industry are buying the smaller companies like Ventura. Technological advancement: as discussed that technological advancement in the industry is also becoming a great threat for the business of Ventura. Analysis of opportunities and threats: Opportunities: As far as the opportunities for the company are considered, it has been analysed that the company can upgrade its processes and manufacturing activities by integrating better and modern technologies that are available in the market. As more and more companies in the industry are doing the same thus it is required by Ventura should also take initiatives in this direction. The next opportunity that the company can easily exploit is going to the overseas market. As the company is the market leader in Australia thus analysing the situation, it should take initiatives in order to reach the overseas market. This is the great opportunity for the company to enhance the business and to be in the competition. Threats: In terms of threats it has been analysed that the biggest threat for the company is the lack of technology. To stand in the industry, the company has to take changes in its traditional methods to become more competitive in the market. As its old products are becoming illegal in Australia thus it becomes a threat for the company to even remain the business for long. In addition to it, the big players of the industry are ready to buy out the smaller firms that again act as the big threat for Ventura. Last but not the latest is about shrinking of the local market in Australia for the products that Ventura is serving. Recommendations: There are several recommendations for the company: Upgrading the technology: as per the case, it is realised that upgrading the technology in the process will help Ventura in fighting the race and withstanding the competition in the industry. Technological up-gradation can also help the company to face the challenge from the side of government. Expanding to the overseas market: as discussed that the current products and the practices of Ventura is obsolete in nature and soon will be illegal in Australian market thus it will be beneficial for the company to extend its business in the international market. Launching new products variation: the company can also switch to the new and the demanding product. This will help the company to enter the new industry which has better potential to keep up the business (Kiss and Barr, 2017). Merger: merger is also a very good option for the company. It has been recommended that if it cannot be possible for the firm to enter the new market, it has the opportunity to merge with the company already having the overseas activities (Cartwright and Cooper, 2014). This helps the firm to enter the new market without facing any issues or barriers of internationalisation. Conclusion: It has been concluded from the report that Ventura is the business that deals with manufacturing small sized boats and serves the Australia market. The company is facing many issues because it is using the traditional practices that are obsolete in nature as per the technologies that are used by the new players. Thus, it is required by the company to exploit the new opportunities such as expanding the business to new international market and upgrading the technology that are in the market. Merging with the other companies is also an option that will help the firm to withstand the competition and sustain in the industry. References: Bull, J.W., Jobstvogt, N., Bhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zhringer, J. and Carter-Silk, E., 2016. Strengths, Weaknesses, Opportunities and Threats: A SWOT analysis of the ecosystem services framework.Ecosystem services,17, pp.99-111. Byrnes, T., Buckley, R., Howes, M. and Arthur, J.M., 2016. Environmental management of boating related impacts by commercial fishing, sailing and diving tour boat operators in Australia.Journal of Cleaner Production,111, pp.383-398. Cartwright, S. and Cooper, C.L., 2014.Mergers and acquisitions: The human factor. Butterworth-Heinemann. Kiss, A.N. and Barr, P.S., 2017. New product development strategy implementation duration and new venture performance: A contingency-based perspective.Journal of Management,43(4), pp.1185-1210. Ventura. 2018.Home - Ventura. [online] Available at: https://ventura-boats.com/ [Accessed 12 Feb. 2018].