Introduction

Market trading is one of the most crucial parts, which includes buying and selling products and services. Many organizations continuously bring innovation for their continuous development and growth; it can be developed related to any product, development in the existing product, any innovation etc. (Kato, 2022).

In the present report, the product which is taken as the leading product in the market today Dyson called as V11 Cord-Free Vacuum Cleaner. In this report, the analysis is done on the chosen product while mentioning various challenges the organization faced in implementing the market strategy for the product. Further, the reason for choosing such a product will be evaluated with market analysis and defining various segments of the market where the product can be positioned. The needs and expectations of customers changes from time to time. Customers are the most valuable asset for the supplier and in the market. The report further includes customer profile and their needs, with some recommendations.

Main body

Description of chosen product

The product chosen in the present report is Dyson V11 Cord-Free Vacuum Cleaner. Dyson is one of the most known companies in the UK and continuously focuses on bringing new innovations and ideas to its products. The company focuses on providing the best quality products to its customers so that they can be satisfied by the product. The ultimate goal of the company is to maintain its quality and product in a way that consumers buy it once and demand it again (Asafa, et al. 2018).

The product is designed in a way that it captures the dust particles which are on the floor which are even of the size of 0.3 particles. The little dust particles are even captured by this vacuum cleaner which makes it special and leaves behind all the traditional cleaners in the market. This cleaner has multiple surfaces and is designed in a way that it can be used for the long term. This product is a one-time investment for the consumers and can be used for long-term purposes so that a consumer does not feel it is a costly one (Brand, 2022).

Every product has its own qualities, but this product is unique in the way that the hard work of the person is minimized as this cleaner does all the work of removing dust from the home or any place where it can be used. The product is known to capture almost 99.9 % of dust particles and clears all the allergens and bacteria from a particular place (Dyson, 2022).

Furthermore, it can be used for the cleanliness of cars as well, which is a task for many businessmen. Such vacuum cleaner makes it easy for them to clean the car on a daily basis or whenever people feel comfortable as they can be used at any time and increases efficiency in cleaning the house or the car. The features of the product make it unique and identifiable from all the other products in the market. This product is designed with technological advancement and made it easier for consumers (Kumar, & Singh, 2020).

The product has a feature to report all the dust particles and bacteria in real time. It reports on the LCD screen, which has been attached to the cleaner. The product further provides different cleaning modes as per the demand of customers, it can be for a home, car, mattress etc. it further cleans so powerfully that whole mat or carpet dust can be removed without leaving any bacteria on it. The product saves suction loss as it directly flings the dust into the bin by radiating cyclone as a feature.

Furthermore, the product has a battery which runs for a long time, and filtration is done in advance of different dust particles, bacteria, allergens etc. it has a very special feature which includes pointing to the bin and shooting all the dust in the bin directly, and this is a very hygienic way of throwing all the dust otherwise these days dust is harming the health of people in many ways. The product has wall mounted dock and stores so many tools which are unique in nature and making it one of the best trading products in the market globally (Dyson, 2022).

Challenges with formulating a market-driven strategy for the product

Today the main challenge for any organization is to formulate a strategy for their product or services. Various difficulties and challenges are faced by organizations in promoting their product in the market because of tough competition taking place in the market. The challenges can be related to consumer choices and preferences, digitalization, market rates and prices, lack of knowledge etc., even when various new strategies are formed by the top companies then. Also, such companies see a huge failure in promoting their product because of consumer needs and demands.

In this report, the challenges faced by Dyson in the formulation of a market-driven strategy for the product have been analyzed. The challenges faced by Dyson are as follow: the first and foremost challenge for any organization, and obviously for Dyson, is to understand the behaviour of consumer in the market (Kato, 2022). This is the biggest challenge as the choice and preferences of the consumer in the market keep on changing from time to time. It is further difficult to understand what a consumer is expecting in a product as a feature or in its quality.

The behaviour of the customer is the most challenging task to be understood for any supplier in the market, but it is an essential part of maintaining business continuity. So much challenge needs to be overcome but does not have any less risk of failure.

The next consecutive challenge faced by the organization is to continuously increase its budget for the growth of its functions and of the company. The investments need to be done continuously even if such investment goes to waste but cannot be stopped as otherwise; it is problematic for the business in the long run. Growth in the budget is very challenging for Dyson as it needs to bring new features in the product or new creations, which has no surety that consumers will like it or not as their preferences changes with time. Growth and development is a crucial parts of the organization and cannot be eliminated, and that is why increasing its budget from time to time is important, although challenging, but for increased productivity and profits, it is a must ( Bahrami, Haghighat, & Bahloul, 2022).

While increasing the budget and understanding the behavior of customers in the market, the other challenging thing for Dyson is to demonstrate its product for value in the market. Without demonstration, no consumer can understand the important features and qualities of the product which Dyson provides in the v11 Cord-Free Vacuum Cleaner. This product has so many different features that without demonstration, it will fail to be one of the most known products of the company.

The demonstration needs to be effective in that it creates an understanding for consumers about the product as; otherwise, it will lead to failure. Creating value in the product company faces so many challenges as just creating the product is not enough; it further needs demonstration to create its value in the market and give tough competition to various competitors of Dyson globally (Dyson, 2022).

Another challenge which the company faces is making the development of the product digitally by making various strategies as it lacks the idea and strategy which can create a customer attraction towards it. The knowledge of the market is another challenging task for Dyson as it is a must to sell the product in the market. The lack of knowledge of the market is very disturbing for the business operations to be successful. Therefore such challenges are faced by the company while performing its business operation and further formulating a market-driven strategy for the product.

Reason to select the product

While selecting the product in this report, the researcher was concerned about the fact of taking one of the most updated products having the best features and best quality. The reason to select a particular product can be explained as it has the quality of reusability. The cleaner can be used many times without any problem with cleanliness. The purpose of the product is also good, that is, the cleanliness of the home, car, mattress etc., which is related to every individual life. Such cleanliness of dust reduces various health problems of individuals such as asthma patients or allergic patients. Consumers have a point that when they spend money on any product, it should have the quality of re-usage, and that is why such product is chosen because it is worth investing money in and can be reused for a long term with a good purpose (Che Roslan, 2022).

The allure of the product is another reason to choose the product. The features of the product are so attractive and its outer body as well that it makes the product look good. The consumers get attracted towards the product, which looks good and has special qualities as well. Allure is another important feature to choosing this product as the consumer’s taste and preferences somehow depend on this too. Allure is the outer look of the product, and the cleaner is available in different colours having various features of a brush bar which cleans the floor, car, and mattress in various ways. While making the investment of money, the consumer definitely sees the allure of the product, and that is why it has been the reason to choose this product (Kato, 2022).

Familiarity with the product is a crucial element when choosing the product. The knowledge and understanding of the product are significant so that the product can be made familiar to people who don’t know about it. Being the researcher of the product in this report, this product is chosen because of its familiarity and special features, which makes the product special. Familiarity was taken into consideration while choosing this product and doing further analysis in this report. The quality and feature of the product is other important reason to select the product so that it could help various consumers for the purpose of cleanliness.

Trusting the brand and the company is another crucial reason while selecting the product of Dyson, which is the V11 Cord-Free Vacuum Cleaner. Brand trustworthiness is important while deciding on the product, as otherwise, no consumer gets ready to purchase that particular product. This product is further chosen because of its feature, like the variety of surfaces, and is made to be used for a long time. This product just requires one purchase from the user and can be kept for a long time, reducing the perception of cost. Every product has unique attributes, but this one stands out because it minimizes the amount of labour a person must put in to remove dust from their home or any other location where it may be used.

Market analysis

Dyson ltd focuses on innovation and contemporary designs of product that facilitates households and various workers with good products. Other companies in the market only focus on profits and earning a large amount to become one of the most financially earning companies. Dyson ltd. is a company known in the market because of its dynamic innovations. The company faced various challenges in regard to intellectual property cases but is one of the most successful organizations in the country of the UK today. The advantage of a product has been a key element for the success of the company since it launched its first vacuum cleaner in the country in 1992 (Giovanardi, et al. 2022).

The company has its own manufacturing unit and doe production at a large scale to serve consumers with the best quality products in the market. Fan heaters, air blades, various cleanliness brushes etc., are the most known products that the company manufactures in the market. The company has made its existence in the market in a way that it is widely in 45 countries worldwide, having its reputation internationally because of the quality of the product it provides to different countries involved in the trading system. The environment in the market of UK and the increase in the usage of vacuum cleaners have been analyzed as the continuous growth in the sale of the product. From 2012 to 2017, the sales of vacuum cleaners increased rapidly in the market of UK (Statista, 2022).

Dyson ltd. saw the growth in terms of value as well as volume. The robotic and stick vacuum has the highest number of sales as it has most of the consumer demand as they got attracted towards its feature. Dyson ltd. is one of the most known companies in the UK, but it cannot be eliminated from this report that it has various competitors too. They continuously try to compete with Dyson ltd. for their growth and development. The competitors in the market of Dyson ltd are the giant companies named Electrolux, Hoover etc. which continuously manufacture small and big appliances for its competitive advantage.

These companies focus on matching the features of the vacuum cleaner so that the consumers can get attracted towards their products too, and therefore, these are the companies who give tough competition to Dyson. Most of the consumers of Dyson are households, and further, it has been analyzed that they are majorly teenagers, so they can keep their house clean with this vacuum cleaner. However, the company works commercially as well and sells hand dryers to various industries and corporations for using it for commercial purposes. The competitors of Dyson has been shown in the graph below which depicts various brands of the vacuum cleaner and are ranked as per their profits in the UK (Statista, 2022).

Figure 1: brands of vacuum cleaners ranked in the UK

According to the analysis, Dyson is one of the most profit-oriented companies in the UK in terms of productivity. The company earns around 1.0 billion in annual sales of the year 2019. Furthermore, the sales of the company are continuously rising since 2007, when the usage of vacuum cleaners increased among various households and corporations in the UK. The annual report of Dyson from the year 2012 to the year 2021 is depicted in the graph below, which clearly shows its increase in sales (Statista, 2022). The company is continuously seeing its growth and development because of the quality of the product and various innovations and ideas brought by the company in its product.

Figure 2: annual revenue of Dyson

(Source: Statista, 2022)

Dyson Ltd is facing economic challenges and providing one of the best manufacturing products in the country in comparison to its various competitors. The company is known to be one of the most productive ones in the UK as well as the US, sharing 5% of economic growth and share in the US as well.

Furthermore, the competition in the market is very tough, and therefore in the chosen report, the Porter 5 factors are elaborated on for a better understanding of such competition. The threat of new market entrants is challenging because the existing companies in the UK have most of their market share. Dyson has one of the largest market shares in vacuum cleaners. This competition leads to rivalry and bargaining power among buyers, as depicted in the graph below. (Brainware University, 2022). Porter defines competition as one of the most difficult situations in the market.

Different market segments

Dyson portrays itself as a top seller with the capability of targeting particular segments using market segmentation since it develops its branding as a technologically oriented corporation. Marketplace segmentation is a fundamental way to advertise that divides people into groups, such as people, companies, and nations, and identifies the shared requirements, attitudes, and ambitions of every group. By using this segmentation method, Dyson is capable of creating new items and launching those in market segments which it targets specialized clientele (Westoby, et al. 2021)

The marketing segmentation is done by identifying different indicators in the market such as the consumers, population, demand and expectations of the consumers etc. the marketing strategy used by Dyson is that the information is collected about what is going on in the market, all the threats and opportunities are identified, and accordingly, segmentation is done. Dyson follows a pricing strategy, promotional strategy, branding and product strategy, supply and distribution strategy etc., for market segmentation. It has developed one of the best structures for its increased sales and productivity in the market.

The Dyson market size in 2019 is depicted in the graph below. It depicts the global market insights and also depicts its future. The segments are divided into offline sales channel segments and stick segments for which Dyson functions. 55% of consumers chose the offline sales channel segment, whereas 25% chose the stick segment.

It is further evaluated by the graph that the market of vacuum cleaners will see growth over 2020-2026 as a number of households will prefer such dynamic vacuum cleaners (Gminisights, 2022). The segmentation in the market is done systematically by Dyson so that it leads to efficiency and effectiveness of the performance of various functions of the organization. Dyson is one of the leading companies of vacuum cleaners and has launched the product with systematic market segmentation.

The robotic and stick vacuums have the most sales since they are in high demand from consumers who are drawn to their features. Although Dyson Ltd. is one of the best-known corporations in the UK, it is important to note that it also has a number of rivals. They consistently make an effort to outpace Dyson Ltd. in terms of development and expansion. Giant corporations like Electrolux, Hoover, and others that continuously produce small and large appliances for their competitive advantage are Dyson Ltd’s main rivals in the market.

These businesses concentrate on duplicating the vacuum cleaner attributes so that customers will be drawn to their goods as well, making them the ones who offer stiff competition. The corporation Dyson ltd. is well-known in the industry due to its innovative, dynamic products. Despite facing numerous obstacles in the intellectual property battle, the company is now among the UK’s most thriving businesses. Since the company introduced its first vacuum cleaner to the market in the nation in 1992, the product’s advantage has been a crucial factor in the company’s success (Prezelj, & Novaković, 2018). To provide customers with the highest quality products available on the market, the company has its own manufacturing facility and conducts extensive production. The company’s best-known items on the market are fan heaters, air blades, various cleaning brushes, etc.

Typical customer profile and their needs

Dyson has excellent products to serve the customers as their new V11 Cord-Free Vacuum Cleaner is versatile and also facilitates the customers with operating remotely as the battery power is great. It also gives efficiency to the customers as it has powerful suction as well as wired counterparts (Kato, 2022).

The need for Dyson’s new V11 Cord-Free Vacuum Cleaner is optimized as a groundbreaking product. The Vacuum Cleaner of Dyson has its independence, and it is the most reliant commodity as it has the presence of a power source and can be worked at any given location and time. Customers prefer Dyson as it serves them with versatility and compliance, which make their living a lot easier and capable of doing things in a much better way.

The company has made its existence within the market as the new commodities that they serve are more inclined towards mobility and has technological capacity. The typical customer profile, as well as the need, is excellent as Dyson serves the customers with distinctive features such as cleaning many of the surfaces that other Vacuum Cleaners cannot. In addition to this, it also helps the customers in picking up various types of material; therefore, this is by far one of the main elements which are related to the expectations of the customers from Dyson (Kim, Jeong & Kim, 2021). Furthermore, it is determined that the product is also designed with all interchangeable parts in mind, which often help the customers by giving users the option to switch out battery packs for prolonged use. Hence, the customer prefers this product as it has got swappable battery technology, as well as the new cordless, making it even more convenient for users to use and clean surfaces.

The vacuum cleaners that are served by Dyson basically help in seeking potential obstacles with the new cordless vacuums, which make it widely available for the users, and this is the tool which customers highly prefer as it is the tool to be used for commercial purposes as well as home. The Vacuum Cleaner is designed in a totally different way, and the features that it has make it even more convenience and offer reliability of the vacuum, which aims in fulfilling the expectations of the users as they have with the new Vacuum Cleaner clean any surface with fewer efforts and this so far make a stand upon needs of the customers with cordless Cleaner (Che Roslan, 2022).

It is seen that the users of the Vacuum Cleaner always want that they have convenience while using the cleaner and is not difficult while use it in difficult places. The new V11 Cord-Free Vacuum Cleaner is aesthetically pleasing as it lacks tangled cords and is highly powerful as well as long-lasting with combining suctions and is charged with the innovative technology of rechargeable batteries. However, it has a High price point, but it is determined that Dyson also addresses critical customer needs as it also configures brand identity in the highly competitive marketplace.

Conclusion

It has been determined from the data in this study that Dyson is among the most productive and leading companies in the UK in terms of annual sales. It consistently introduces new items and offers its customers the best services while carrying out its varied business operations.

The V11 Cord-Free Vacuum Cleaner, one of Dyson’s best-known products, was selected for the current study. It has a number of appealing qualities that are discussed in the paper. Its various market competitors have been assessed further in the study, and a thorough analysis has been conducted. In the current analysis, numerous Dyson market segments have been critically evaluated. The current study thoroughly examines the Dyson product and is shown by a number of graphs. It has been determined that the product is both very appealing and practical for a variety of households in 45 different nations throughout the world.

Recommendation

• It is being advised to organizations like Dyson that they can motivate their employees and can organize training and development programmes for developing leadership skills among employees. Motivation is the key which continuously encourages employees to work in an organization for efficiency in their work. Motivation can be of any type such as appreciation, bonus, increased pay or promotion but it is important so that the future of the company also gets secure in terms of employee retention in an organization. Leadership should be a quality among every individual working at Dyson so that the managers of the company would not be burdened by responsibilities in the organization in a larger amount. Delegation of responsibilities lessens the burden on the company (Kim, Jeong & Kim, 2021).
• It is being suggested that Dyson should pay the employees of the company as much as it is earning. The employees are the assets of the company, and therefore, their satisfaction should be the priority of the company (Che Roslan, 2022). When Dyson ltd. Will pay the employees in larger amounts, the employee’s efficiency will also get increased in terms of performing the function of the company. The higher pay among employees will increase the productivity of the company, which will lead to achieving the organizational goals. The company should pay the employees on a larger scale so that it will lead to motivation among them as well. Now a day’s, employee retention is one the major concern among organizations, and that is why Dyson should respect and value its employees with at most care and good pay.
• The company is suggested to use porter’s model for planning to fight competition in the market. It is important for a company standing in the market to give a tough fight to its competitors like Hoover, shark etc. the porters model suggest the best five ways to compete with various giant companies in the market. Dyson is already a leading company but can use porters’ model in the long run for its continuous existence (Minin, et al. 2019).
• It is being advised that the company should keep some confidentiality in its innovation and various other policies so that the competitors’ could not get an idea about its various new technologies and innovation. These days, competitor tries continuously to copy the most effective strategies of the organization so that they can implement the same. So it is suggested that Dyson ltd. should keep some confidentiality while performing its various functions (Kim, Jeong & Kim, 2021).
• It is being recommended that the company should further use promotional strategies like advertisements, bonus, offer, coupons etc. to attract more consumers for their product. Such promotion will lead to more growth and development of the company’s product. Furthermore, new products and innovation can be demonstrated by advertising in a more effective way, which will ultimately lead to an easy understanding of the product among consumers. Advertisements, bonuses, and offers have become part of every organization for increased sales and productivity, which is the ultimate goal of any company. Practising this promotional strategy will make Dyson more successful in reaching the public at large (Sami, et al. 2020)

 

 

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