Current Market Conditions Competitive Analysis
Instructions:
You have been given the responsibility of working with your organization’s CEO to do a competitive market analysis of the potential success of one of their existing products.
Select your organization and a product produced by that organization from IndustryWeek. http://www.industryweek.com/resources/iw50best/2015/Mettler-Toledo-International
The organization is:
Mettler-Toledo International Inc. #21 from industryweek
•Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.
Solution.
Current Market Conditions Competitive Analysis
Current Market Conditions Competitive Analysis of Mettler- Toledo International
Mettler-Toledo International produces weighing and balancing instruments. The market for these instruments includes industries, college laboratories, food retail shops manufacturing industries, waste and recycle industries and mining. Their products are pipettes, scales, transportation data capture instruments and laboratory balances. The products also include data management software, scanner scales and check out scales. Although Mettler-Toledo is an international company that has diverse market Europe, Americas and Asia, it has tough competitors and has to meet the market demands in order to own a big market share.
Some of Mettler-Toledo’s competitors include Beckman Coulter Inc whose products such as pipettes, rotors and centrifuges are of high quality, are reproducible and reliable. Another competitor is Siemens AG which produces weighing electronics which include stand alone integrators and PLC based weighing modules (Morrissey,2012).. The type of market for Mettler-Toledo,s weighing instruments is an oligopoly market because the industry is dominated by only few companies. Customers for these products are found in different countries and every country has rules and regulations.
However, there is one trend that has been noted in most customers. This is the requirement for hazardous approval. Customers want a product that meets all different hazardous approvals. Mettle-Toledo’s competitor Siemens AG has come up with different ways of meeting these requirements when producing their products. Siemens has proved to be the toughest competitor of Mettler-Toledo because it provides most of the approvals and its products have configurations that enable them meet customer’s demands (Morrissey, 2012). Mettle-Toledo should therefore try to maximize profit by responding to changes in their markets. It should focus on the needs of customers in order to make more sales in more countries, make more profit and compete better in the market (Mankiw, 2014).
Mettler-Toledo is a company that
sells weighing instruments and has markets in many continents including Asia,
Europe, Africa and America. Siemens and Beckman Coulter are some of the
competitors in this industry. Since different countries have different regulations
on products, the markets trends are that customers want hazardous approvals
before they can purchase products. Mettler has to ensure that the quality of
its products is high and that it provides the approvals in order to attract
more customers.
References
Mankiw, N.,G., (2014 ). Principles of Microeconomics 7th Edition. South-Western College Pub. Retrieved December 18, 2016 from http://www.aazea.com/book/principles-of-microeconomics-7th-edition/
Morrissey, M.,(2012).Complexity Made Simple: Trends in Weighing Technology. Retrieved December 18, 2016 from https://w3.siemens.com/mcms/sensor-systems/CaseStudies/complexity_made_simple_en.pdf