Essay on SWOT Analysis
- The acquisition of Indian Motorcycle Company, development of new luxury touring bikes and styled cruisers.
- The innovation of a new ‘on road’ vehicle by Polaris to diversify their market.
- The production of accessories and garment such as helmets, t-shirts and sweatpants would help to promote their business as people sporting them need not necessarily have the motorcycles.
- Being the biggest recognised snowmobile, all-terrain vehicles and personal water crafts manufacturer, put the company on the map and hence more sales as a result of people believing in their brand.
- The increase in employee number by seven thousand in 2013 to increase its output.
- The establishment of eleven manufacturing stations and three research centres to improve productivity.
- The employment of Matt Parks as a district sales manager to improve sales in low performing areas such as Nevada, Arizona and California.
- Victory deciding to employ two competitors who were outsiders in the research to develop better motorcycles.
- Results from the surveys and research showed that there was still a big untapped market for motorcycles that needed to be explored.
- The company took to new inventions such as the on-road bikes and a new entry point as a cruiser provider.
- Customers of the cruisers in the new market were short-changed by the current producers and often had to replace the parts to suit their tastes. Polaris had the opportunity to do well what their competitors were doing wrong.
- The building of a prototype the Harley- Davidson by a good and experienced team and the use of extensive computer aided design.
- The motorcycle was to be produced within the target price.
- The receiving of competitor information on how to build the best tires for their bikes.
- The benchmarking of engines produced by their competitors enabled the company to produce a powerful Victory V92C engine in 1994.
- The interest of various motorcycle magazines and others such as the New York Times and Wall Street Journal to the new Victorious bike would give it good coverage and attract buyers.
- It also received good reviews from TV stations such as CNN and CNBC promoting the bike.
- Dealers jumped onto the band wagon and sponsored most of the demonstration rides thus increasing the confidence for the bike.
- Having the Polaris brand name, the engineering and marketing expertise, the manufacturing infrastructure and a good dealer and distribution network.
- Many riders bragged that Victory bikes were less tippy and more stable over bumps thus attracting more customers who needed the same characteristics.
- Training all dealers in service and sales ensured that they were better equipped to make better sales.
- Studies had shown that the worldwide market for cruisers was more than 200,000 units annually making the demand more than enough for their cruisers which at the time were 134,000 units.
- Polaris had a strong 600,000 registered members in the Preferred Registered Owners program, which is good for business.
- Satisfied customers as well as informed responsible riders served as advocates for the Polaris brand.
- The Harley-Davidson rider group acquired more members than Honda Gold wing riders club in 2006, stealing their glory and fame.
- The acquiring of a minority stake at Brammo which was superb at developing good speeds and was to help Polaris in capitalizing growth of the electric vehicle industry.
- The joint venture between Polaris and Eicher motors which had a good standing in new operations.
Threats-essay on SWOT Analysis
- Competition from Japanese giants in the motorcycle world who had decades of experience and more diversified products.
- The global recession that led to poor sales.
- The company did not really know how to sell the Harley-Davidson against price, features, lifestyle and loyalty because it was already an existing brand.
- Stiff competition from Honda, Yamaha and Suzuki in the seventies,
- Their Japanese competitors were more diversified and enjoyed more product sales around the world.
- The Japanese thoroughly invaded the US market and produced similar products to Polaris to steal their customer base.
Strengths-essay on SWOT Analysis
- In 2006, Victory sales were $113 million and the company celebrated its first decade in motorcycle business.
- The designing, engineering and manufacturing of snowmobiles, all terrain recreational and utility vehicles, motorcycles and personal water crafts.
- The marketing of replacement parts, garment, accessories through dealers and distributors.
- Their supplies to the United States, Canada and Europe under branded names such as Victory, Indian, Ranger, Sportsman and others which provided diversification for consumers who had a variety to choose from.
- The production of accessories and garment such as helmets, t-shirts and sweatpants was a way to increase revenue.
- The company having over three thousand dealerships and operating in more than 100 countries worldwide.
- The company always employed people with good background history in company undertakings and the company therefore always had the right people to run it.
- Becoming a publicly traded company in 1987.
- The company often researched on prospective acquisitions or expansions to make sure that progress was being made,
- As a result of its diversification strategy, Polaris became able to produce all year round compared to the previous six month production.
- The fact that the company was all American.
- Polaris was experienced in producing recreational vehicles for a full 44 years and the experience often paid off when innovating new products.
- The engineering talent and ability to design and produce a distinct variety of vehicles was their added advantage.
- The ability to produce their own engines for most of their vehicles.
- Victory bikes always delivered outstanding handling and power.
- The Victory team always delivered on the customer feedback and made adjustments which were met with approval by the consumers.
- The Victory V92C had 50% more horsepower than any of its other competitors.
- The Victory bike was voted ‘Best Cruiser of 1998’ even before it was rolled out by the biggest motorcycle magazine then, the Cycle World. Today, Victory bikes are lighter, have more torque, storage and better engines and a lower centre of gravity compared to their biggest competitors.
- A 95% owner satisfaction rate in 2010.
- A strict selection of dealers always ensured that Victory bikes always were handled by the biggest and the best dealers and distributers like the Polaris Dealer Network.
- Polaris always assessed the market to know the best entry point for the company products.
- They provided Preferred Registered Owners (PRO) members with eligibility for exclusive merchandise, competitive insurance rates, special group rides and package tours which maintained their customer loyalty.
- Polaris did a good job at marketing the Victory bikes through various avenues to ensure that target sales were met.
- The win of Victory semi-trailer trucks in 1998 as Fleet Owner Vehicle Graphic Award.
- The introduction of the Slingshot in their 60th
- The partnership between Polaris and Victory produced its first ever product, the Victory Charger.
Weaknesses-essay on SWOT Analysis
- Corporate restructuring and companywide layoffs during the recession.
- The company employees were not represented by any union since 1982, thus were not assured of job security and could be laid off at any time.
- Despite the bikes being an instant success, the company did not effectively know how to develop quality manufacturing, distribution and marketing to meet the growing demand and therefore needed to benchmark in other companies.
- The company despite its success was still outsourcing most of its components from other companies and counties for the Victory bikes.
- The new trend by some dealers to up the price of rare models was not a smart move.
Identification of Strategic Intent and mission-essay on SWOT Analysis
- We intend to continuously win and to take our business to a higher level.
Mission-essay on SWOT Analysis
- To rely on hard work and innovation and satisfy our customers through efficient products and to grow our business to the best one in the country and beyond.
- Polaris and Victory is a company that produces motor vehicles and motorcycles of all types and especially the heavyweight sector. We produce all-terrain vehicles, snowmobiles, recreational bikes, functional bikes and personal watercrafts. We always strive to meet consumer demand and attain customer satisfaction as well as listen to them on how to make their experiences more memorable through our products. Our target audience is the young consumer that requires function and the older clients who need recreational facilities and are looking to make a quality purchase. We are always on the road for new technology to improve on the ones we already have. Our corporate restructuring has been for the best and we always acquire the most experienced corporate individuals to add on to our already experienced team. The company is led by a qualified and able Chief Executive Officer, Scott Wine and over the years the company has been able to acquire and maintain a diverse team consisting of Matt Parks, district sales manager for California and general manager for new products. Bob Nygaard General Manager of the Snowmobile Division. Jerry Stahl, advertising executive, among others.
Business Model Essay on SWOT Analysis
- Our sources of income have always been from within the company sales as we have always made enough profit to sustain our operations. Our desired customer base is everyone who is an all-terrain vehicle, snow rider, any motorcycle and watercrafts fan. We always provide our financing information and keep our shareholders updated in the investments that we make and the resulting profits.
Goals and Objectives
- To change the game of the motorcycle world and continue to win.
- To develop luxury touring bikes.
- Continuously innovate new vehicle depending on the market and customer demand.
- Diversify into heavyweight motorcycles.
- To capture market share in all fronts of the motorcycle world.
- To produce garments and accessories that will help to take the brand level to new heights.
- To overcome all our competitors and lead in the motorcycle business.
- To invest heavily in the motorcycle business and make profits while at it.
- To have good and numerous dealerships and operate in as many countries as we can.
- To hold the flag high on the American dream and continue being an American company.
- To always research on partnerships that promise to take the company steps ahead.
- To employ the most qualified corporate leaders at every leadership position and ensure that the company does not lack for expertise.
- To benchmark in other companies on our weaknesses and change them to strengths.
- To constantly have a new invention to stay relevant in the industry.
- To maximise on customer response and improve on the imperfect.
- To market our products well and ensure visibility through television, magazine and advertisement.
- To consolidate our customer fan base by providing incentives in rider clubs.
- To be consistent in quality products and make our company the go-to company for the American experience.
- Research on the markets to identify the best entry points for our products.
- Strictly select dealers who are highly trained to push product sales.
- To produce most of the engines ourselves and stop outsourcing them.
- To deliver outstanding handling and horse power for our bikes.
- To be the best recreational vehicle provider in the market.
- To manufacture all year round, catering for different products
- To always have the best engineering team in the market.
- To compete with and overcome Harley-Davidson in the US market.
- To produce all-terrain vehicles for the market.
- To achieve 100% customer satisfaction.
- To have more manufacturing stations and research centres.
- Be the world leader in snow mobiles, personal water crafts and all-terrain vehicles.
- To be outstanding in the sector and win excellence awards.
- To provide meaningful employment to the American population.
- Always produce products within the target price to maximise on profits.
- To always seek out ways to improve all our inventions.
- To be able to meet consumer demand at every opportunity.
Essay on SWOT Analysis
Strategy Formulation and Implementation (Recommendations)Essay on SWOT Analysis
- The company partnership should remain strong so that corporate restructuring and layoffs experienced in their beginner years do not reoccur ever again.
- The company should continue working hard on their brand and expand the business more from the 60th anniversary to a hundred and beyond.
- The company needs to benchmark in the Japanese sector which is its biggest competitor to know where their weakness lies and learn from them.
- The Japanese have mastered the art to be self-reliant and mass produce all their products so that they save on importing parts, the company should consider this and make effort to produce all its engines and spare parts independently and even supply to other companies.
- I strongly recommend that the company employees are represented by a union which will come in handy when important issues are raised.
- The company needs to continuously invest in research and new technology to ensure that they remain at the top.
- More customer related surveys should be taken with each product launch to ensure that customers are satisfied and know more about the brand they are buying.
- The company has not yet began to outsource advertisements and they should consider hiring new PR systems and companies that deal with publicizing products in order to establish new markets for people who have not keenly been able to follow its growth over the years.
- The company should also consider expanding its business to Africa which is a growing market for transport motorcycles and it’s a good market because it relies on motorcycles to get from one place to another because they are energy efficient and therefore low cost compared to other motor vehicles.
- The company is now of age and should stop outsourcing more of its components from outside and instead design and develop them themselves as this will help them save up on cost.
- Young riders that cannot afford the expensive bikes need to be considered and a market created for their needs.
- The company is big on transportation and it’s yet to be tapped market is of the oldest generation. They have problematic limbs and hip problems so developing something comfortable for them that does not make their conditions worse and improves their mobility from one place to another will be an advantage and this will be brilliant because the US older generation is expected to double by the year 2030.
- The two companies need to invest more on rider groups especially for the younger group and boost their sales. Rider groups are the soldiers that make sure that newcomers and new bike lovers make a product more desirable and purchase it.
- Victory has been investing on outside talent for a long time and it is about time it grows the talent within as promoting from within saves more than outside talent acquisitions.
- Polaris which is responsible sales should always make sure that their dealers are not overpricing products and good sale returns are made.
- If ever another recession is to occur in the future, the company should be prepared to deal better with the shortcomings over a shorter period of time if it is to stay afloat.
- The two companies need to have better pricing strategies if they are to keep the Japanese away from the US market. The Japanese almost always win because of mass production, diversity and low pricing of products.
- Victory bikes need to diversify their brand further and beat the Japanese market by providing products for both the old and the young.
- Victory and Polaris also have to learn to strike a balance between the social classes by producing expensive products for those that do not care about cost and affordable products for those that are only looking for functional bikes.
- Victory also has to consider aspects such as comfort and style to compete with style companies like BMW.
- Victory has to ensure that it develops an engineering competitive advantage of handling to compete with BMW which may be the best in the current company.
- Victory also needs to expand its capacity to fit in customers that need custom made products because not everyone will be satisfied with all the components of the already designed bikes. Employing custom pros may be a good place to start.
- The company can also learn from Lifan and extend operations in other more diverse countries where the competition is not yet as stiff and tap new markets.
- The partnership has been synonymous with producing high end bikes and diversifying to small energy efficient bikes may be a good way to start in poor countries.Essay on SWOT Analysis
- The company should be keen to provide vehicles in all form, electric driven, gas fuelled and petroleum fuelled ones to ensure that they win consumers who are different in all markets.
- Polaris should keep up with the market and consumer research on a yearly basis because customers are fickle is never of one opinion for too long.
- Polaris has done a good job and should continue to invest in the Victory bikes because they are co-dependent and need each other to survive. Investing financially in each other helps the two companies to remain relevant in the market.
- The acquisitions so far have always been well thought and the company should continue the trend to acquire more companies to improve on its brand.
- The company should continue to be the American market and producer because American companies are slowly being faced out in favour of foreign markets that may not produce quality products. Holding the tradition as an American player will ensure that it continues to be on the map as an American brand.
- The heavyweight motorcycles will always be a big deal in the market and Victory bikes can ensure to always be at the forefront as the dealers that are always innovating the biggest and the best bikes and fulfilling the market need as it changes.
- Branding products is now the big thing and Victorious and Polaris need to see if they can do better on the accessories side with products that market them such as custom made bracelets and jewellery and masculine products such as lotions because their biggest clientele is male. Then people will be buying into the brand image for almost all their personal needs and the brand name will grow.
- Finally, a company I how it relates with its employees too. Paying them well and giving them better incentives will ensure a continued motivated group of workers.