Helping Chinese Consumers Essay

QuarkMan Technology was founded in 2012 by David Yuan. As the Chinese domestic consumption continues to grow at a rapid speed, consumers neediness a reliable source for independent and imp contrivanceial review of products to hold the quality and functionality. The mission of the company is one of unveiling products essence in an independent, professional, and powerful way. The two core principles are Independence and Fairness. QuarkMan has dance band up two business units, Information Advisory and Media. The reports and data obtained by the testing of products are comprehendd by the Information Advisory unit and the Media unit takes this information and displays it in a recitationr friendly way so that consumers fanny make educated decisions. QuarkMan Media is further divided into Jancr which is the consumer goods testing department and China Consumer Report which is the communication division responsible for settling disputes amongst the consumer and manufacturer.SWOT ANALY SIS for QuarkManStrengthsManages their own lab and return team square relationship with trey ships company labs and research institution labs State of the art testing lab with 400 pieces of equipment and 3000 square meters External expert vane from numerous industriesIn-ho engagement lab is a stand-along utile business unit which cash in hand the media unit WeaknessesHard for an independent and fair media company to be profitable in China In order to remain independent, ads on their website is non an option Majority of the testing resources are owned by the government affiliated consumer associations, industry associations and government research institutes A big lummox of the capacity has a very low utilization rateTakes 2-3 weeks for QuarkMan to confer one product review and others longerQuarkMan struggling with capacity issuesOpportunitiesNo mature player conducting comparative tests and psychoanalysis across different industries The third party testing grocery storep lace was controlled by the government but has without delay become a huge and rapidly growing trade QuarkMan flowly handling six product categories but have the opportunity to handle more than Exhibit 4 Private but handles 10% of the circulating(prenominal) market shareThreatsPrivate sector is growing at a CAGR of 25%Speed is a key factor for the high addition rateNew players in the market have gained decent employment from more frequent content releases Exhibit 4 Foreign markets only handle 25% of the current market share Problem/ conclusion StatementHow can QuarkMan influence consumer perception of their brand and business determine and thus gain their trust and business? Identification ofAlternativesConsider advertisements as a revenue watercourse with the use of a 3rd party to manage the sale and constitute a portion back to QuarkMan so independency and objectivity is upheld. workout these funds to mark the business philosophy of QuarkMan to gain supererogatory market share. Obtain additional backing done other arouse parties and use revenues to promote the business model and use additional financing funds to expand testing resources and advance relapsing time and go past more consumersCritical IssuesImpact on current and potential consumers and their ability to trust QuarkMan if they attempt to raise revenue revenues finished advertising The use of a 3rd party to manage advertisement while increasing revenue and the effects on their ability to deposit independent and transparent to the consumer Significant withdraw time to bring products to market and the limit number of product reviews that can be completed times. The use of a 3rd party to manage advertising would directly go against the companys core principles of Independence and fairness thus lead to more mistrust.AnalysisConsider advertisements as a revenue stream with the use of a 3rd party to manage the sale and pay a portion back to QuarkMan so independency andobjectivit y is upheld. Use these funds to mark the business philosophy of QuarkMan to gain additional market share. The current market has a distrust of the industry because of the lack of hydrofoil and the blurred lines between the agency reviewing the produce and the product manufactures. The current Chinese consumer agency is not transparent and the government plays such a material role in the reviews because of this the consumers do not trust any consumer reports. QuarkMans guiding principles of independence and fairness will be viewed as contrast with any advertisement from a manufacturing. This conflict will add to more doubt from their consumers.Obtain additional financing through and through other implicated parties and use revenues to promote the business model and use additional financing funds to expand testing resources and improve turnaround time and reach more consumers This alternative would allow for additional revenues while not agree their independence and fairness. Qua rkMan can continue to market their product and services through current media channels and bring knowingness to their strong brand form and transparency while setting them obscure from the current competition. This will do to generate long term node loyalty. Additional revenues can prove their 3rd party testing surround and help to reduce the lead times and number of products able to be reviewed at one time. They can further expand the types of products they review and be able to reach more potential customers.RecommendationThe recommendation based on the entire analysis would be to obtain additional financing through other interested parties and use revenues to promote the business model and expand testing resources to improve turnaround time and reach more consumers. This alternative would allow for additional revenues while not compromising their independence and fairness. QuarkMan can continue to market their product and services through current media channels and bring awa reness to their strong brand name and transparency while setting them apart from the current competition. This will help to generate long term customer loyalty. Additional revenues can strengthen their 3rd party testing environment and help to reduce the lead times and number of products able to be reviewed at one time. They can further expand the types of products they review and be able to reach more potential customers.