Market size estimation
The estimation of market size we calculate based on our market area. Our estimation is based on the monthly ships that would be blasting and painting and thru our observation and survey there is around 13 ships or boat will need the blasting and painting services every month.
At this moment, our company is capability to handle 2 blasting and painting project a month which is 24 projects per year. Based on this, we decided to use this official estimate as our market size for the coming year.
Available Market size :
MARKET SIZE = an estimated of total potential project at the area per month x price per project
= (13) x (RM 73600)
= RM 956800 x 12 months
= RM 11,481,600 / year
Our market size:
MARKET SIZE = an estimated of total project that can be handled per month x price per project
= (2) x (RM 73600)
= 147200 x 12 months
= RM 1,766,400/ year
Target market
As far as we concern, target market is one of the most significant aspects that need to be considered in business. This will enable us to focus on certain groups in the community or customer that have potential in buying our product. Furthermore this will also determine the amount of profit and stability gained by this company in the future. Therefore the target market of the business need to be determine before executing further plan, in order to achieve proper and systematic management throughout the business.
Basically our target is to those who at least has a ship or a boat to be blasting and painting and has categorized them in several type of group.
Our target markets are:
- Ships Construction Company.
- Ship building and Maintenance Company.
- Ship and boat owner.
- Maritime agency.
Main Competitors
Competition is a contest between individuals, groups, nations, animals, etc. for territory, a niche, or a location of resources. It arises whenever two or more parties strive for a goal which cannot be share. Business is often associated with competition as most companies are in competition with at least one other firm over the same group of customers.
For our company, the main competitor that fights for painting and blasting project is TSK Marine Services Sdn.Bhd because they has better business networking to promotion the marketing of their business. Besides that, these companies have a good experience in marine coating because they were discovery this industry for 20 years and experience enough about the market need and global economy. Lastly, they have a regular client that convince with their works and quality of their product.
