Market Study
The rising demand for aquariums and decorative fish among hobbyists is one of the key factors impacting aquarium and aquarium bowl sales volume. Hobbyists are growing interested in aeration equipment, substrate, aquariums, decorations, and fish food, which will drive future trends in the aquariums and fish bowls industry. According to the recently published Future Market Insights (FMI), the aquariums and fish bowls market is valued at USD 1.61 billion in 2023 and is expected to reach USD 2.65 billion by 2033, growing at a 5.1% CAGR from 2023 to 2033.
The aquariums and fish bowls market has a market share of 8% to 12% in its parent industry (the aquarium market). Over 4000 species of freshwater fish are sold as ornamental fish. The most common species are barbs, danio, other carp, and cichlids. Carps are prevalent across Africa (excluding Madagascar), Asia, Europe, and North America and are the dominating species wherever they are found. This mainly applies to goldfish, minnows, barbs, rasboras, and danio. Carp are significant as food species, in addition to their decorative significance.
Competitor Analysis
Establishing a corporate strategy is one of the most crucial requirements for efficient company development. The primary outcomes of the strategic management process are strategies. However, suppose the outcome of strategic management is imprecise and fragmented rather than clear and specific. In that case, such a plan will not yield any results and will only degrade the company’s market position.
GriquFishmanCompany employs a plan to improve its market position. With this product, the company is doing everything possible to improve its aquarium industry position. This sort of plan needs significant marketing work to be realized. There may also be attempts to execute what is known as horizontal integration, in which the corporation strives to gain influence over its competitors. The firm has been in operation for seven years, which offers it a significant edge.
Exotic Aquatics employs the concentric diversification approach, which focuses on identifying and utilizing extra chances to develop new goods in the present business. According to this approach, existing production remains at the heart of the business. New production comes from opportunities inherent in the mastered market, the technology employed, or other strengths of the firm’s operation.
As a fledgling company, the organization offers limited aquarium design consulting services and conducts home calls to customers with difficulties with their aquariums or fish. In carrying out this strategy, the company looks beyond the industrial chain in which it has been operating and seeks new operations that complement the present ones regarding technology and commerciality. The goal is to achieve synergies and broaden the potential market for the company. Calming Aquariums employs a market development approach. By designing new models, the owners hope to increase the number of functions or product features, expanding the market. By offering a complete solution, the corporation hopes to gain market share.
Concluding Assessment
Business Development
It is not enough to start a firm and carry out fundamental operational tasks to achieve economic success. Entrepreneurs must devote time and effort to business growth since it will yield more profits in the long term. Numerous approaches are available to assist business owners in developing a competent growth strategy to reach and realize their objectives.
Business development is one of the most critical parts of a company’s growth and success (Drobyazko et al., 2019). Much of it is identifying and capitalizing on new chances to expand the business, enter new markets, develop new products, or enhance the organization’s overall performance. Business growth is crucial for any firm that wants to stay in the market, be in demand, and succeed. This method may also assist entrepreneurs in staying competitive, providing better customer service, and increasing profitability.
To begin, developing a company growth plan is required to uncover new potential for Amazing Aquariums. Business owners can grasp what their consumers require if they perform extra market and consumer research. This can create new products and services to fulfill those requirements (Kamaluddin, 2020). New distribution methods may also be discovered to allow more customers to access available items. This can assist a firm in expanding its client base, increasing sales and profitability, and expanding into new markets (including international ones).
After evaluating the market’s demands, one should define their target audience more precisely. This will enable the company to concentrate on offering high-quality service and customer happiness. Companies must create and sustain contact with customers. Building a dedicated audience regularly can boost revenue flow and thrive. Good service should be offered, and regular client feedback should be collected to incorporate comments and increase consumer connection.
Marketing Development
The company needs to adopt a development marketing plan. Marketing is exclusively concerned with advertising, research, branding, and consumer engagement to promote and sell items or services. This comprises researching and understanding the target demographic, creating and implementing marketing campaigns, increasing brand recognition, and attracting new consumers for sales. Advertising, public relations, branding, and market research are standard components of marketing strategy. Marketing aims to generate demand for a company’s products or services while establishing strong customer connections.
Effective marketing strategies use a combination of conventional and digital channels to reach the target audience and develop a favorable reputation for the brand, which is suggested for Amazing Aquariums. Given the current situation, businesses should devise marketing strategies integrating conventional and digital promotions. A brand’s internet presence is increasingly a crucial marketing component (Assaad & El-Adaway, 2020). Businesses should construct websites and social media accounts where their target audience congregates to interact with them and gain their trust. Owners must frequently examine and alter their marketing strategy to ensure that it is effective and aligned with business objectives.
Planning Long-Term Development
Experience has shown that many enterprises do not thrive in a competitive climate and fail within the first five years of operation. Lack of capital and the company’s inability to meet operational expenditures are typical factors for such collapses. As a result, while developing a long-term company development strategy, it is critical to give special attention to finance and identify extra methods for obtaining funds (Assaad & El-Adaway, 2020). This might entail recruiting investors and asking for loans or scholarships. Owners may also consider more modern ways of financing, such as crowdsourcing.
Amazing Aquariums must be able to observe market trends and respond swiftly to succeed. It is critical to consider the possibility of force majeure and to have resources available to respond to new conditions, if necessary, during the plan design process. Since the corporate landscape is ever-changing, it is critical to be adaptable and open to new ideas and methods (Kamaluddin, 2020).
For example, entrepreneurs must adapt and adjust their strategy occasionally to capitalize on new possibilities and stay ahead of the competition. Entering new markets, offering new goods, and collaborating with other firms or organizations are all examples of this (Kamaluddin, 2020). Seeking opportunities might be dangerous, but business people must be able to respond quickly and take calculated risks to build their companies. Owners must carefully weigh the risks and advantages of each new venture.
References
Assaad, R., & El-Adaway, I. H. (2020). Enhancing the knowledge of construction business failure: A social network analysis approach. Journal of Construction Engineering and Management, 146(6). Web.
Drobyazko, S., Barwińska-Małajowicz, A., Ślusarczyk, B., Zavidna, L., & Danylovych-Kropyvnytska, M. (2019). Innovative entrepreneurship models in the management system of enterprise competitiveness. Journal of Entrepreneurship Education, 22(4), 1-6. Web.
Kamaluddin, I. (2020). Business development strategy with canvas model business approach in CV. Hakhenbik. Dinasti International Journal of Economics, Finance & Accounting, 1(3), 469-481. Web.