Executive summary
A company which is hoping to prosper in the foreign market must pay real close attention to the new countries laws and regulation. They also need to pay more attention the market that they are trying to sell the product to. Thus doing more research and positioning and constant improvement is necessary for the company to strive in order to reach the…show more content… Although, they have had a staggering success of 75% in bike stores, it would reasonable for them to expand to other locations, so as to capture a bigger audience to pitch their product to such as advertising and selling the product on the internet on websites such as amazon.ca, and also moving the product out from bike stores to places like supermarkets, where the product will be available to customers who may have many different uses for the product.
As successful as the product may become, and no matter how a large a market it can capture, in the short term however, it is being faced with a number of threats, which may as well lead to the possible destruction of the business. First of all, the product itself is not very unique, and the only difference between “Grease Monkey Wipes” and other regular wet wipes is that this product is designed with natural citrus oils from leftover oranges. However, the owners of the company have decided not to patent this secret ingredient, which may be considered as a wrong choice, because this means that they have lack of proprietary content, and now, other companies can bring about their own brand of wet wipes, with the same citrus oil ingredient.
In conclusion, it is apparent from our analysis that the strengths and opportunities for the product outweigh the weaknesses and threats. However, it is highly advisable for the owners of the company to get a patent for the product. If this is done, no other
