Short informational report Essay Example | Topics and Well Written Essays - 750 words

Short informational report - Essay Example There is a need of Education that is formal in this area to improve the efficiency and effectiveness of this program (Kotler, Brown & Armstrong 2004). Growth Projections: There has been an increase in sale of cutlery and kitchen utensils in China. The Cutlery and Kitchen Utensil Manufacturing Industry is growing at a rate of 13.9% per Annum, and the approximate revenue in this market is $ 17 billion. In addition, there is growth in the number of companies that produce cutlery and kitchen utensils. The businesses in this industry are 1194, and the total number of employees is 233,532 (Wood, 2013). This growth is a result of the increasing purchasing power in the country caused by the improved economy. There is an increased demand in the domestic markets, due to the increasing rate of western influence on dietary and culinary. This has resulted in Chinese raising the standards of living. The Company has to keep up with the market growth since this creates a great opportunity for its ex pansion. The production industry, therefore, should ensure there is increased innovation and implementation of new and unique ideas to attract and retain consumers. The management should create a good working environment and improve the treatment of employees, such as increasing payment and incentives. This would lead to the attraction of the best talent and skills. The managers could introduce new marketing activities such as internet advertising, and Research and Development (IbisWorld, 1999). Thus, it enables the development of a wider scope of the target market. Improved communication between the customer and the organization would enable the organization to produce kitchen utensils according to the needs and customer’s preferences. Intensive market research would help identify the company’s strengths and new opportunities in the market, hence attaining a better competitive position in the industry (Solomon, 2003). Competition The company faces competition from com panies such as Yongkang Ruixiang Metal Products Company and the Chaoan Caitang Shengfeng Stainless Steel Products Factory. Additional competition is from the local industries in countries where the Chinese Kitchen Utensils Production Industry exports their products, such as Taiwan, South Korea and Japan. This is because of the low prices of goods produced locally, since there is no exportation expense (Trade Media Ltd, 2013). The Company should compare its pricing methods to those of the competitors. A low price would lead to the attraction of consumers in the market. In the exporting countries, the company should ensure mass exportation of goods to reduce the costs, hence maintaining competitive prices with the local industries (Jeannet & Hennessey 2004). The Company should develop niche segmentation in the market, whereby there would be production of specialized design of products as per the customer’s request. Marketing research would enable the organization to produce pro ducts that can suite a large number of consumers (Pearce & Dent, 2009). It would enable the company to segment the market according to the needs of the variety of societies in the countries. Customers are attracted to quality products. The organization, therefore, has to produce higher quality products than their competitors to attract more consumers. Intensive promotion of goods, development of attractive labels and