To be profitable, consumers have to be aware of new products and purchase the items; this is how companies increase revenue. Being able to effectively manage the four Ps of the marketing mix are crucial to the success of the new product or service being marketed. The four Ps consist of product or service, place, price, and promotion (Kotler, & Keller, 2013). By using the four Ps marketing mix, it assist in how your company decides to market a new product or service; and tests current marketing strategy. This concept works both domestic and internal markets; for international markets, various cultures will have to be researched and adjustments made to integrate the products or services successfully into the market (Kotler, & Keller,
As suggested, it is believed that implementing a targeted and focused expansion based on the current business model will accomplish the overall goal while managing the growth based on financial indicators and health of the business. It is through this approach that net income is estimated to increase 30+% annually as well as lead to new stores and further market share. The following pages will outline these statements further. Synopsis The owners of Sift, Andrea and Jeff’s background in sales have greatly added to their success in their small business venture. Sift has been able to identify and appeal to their specified target market of people between the ages of 25-44 years old and/or with an income of $80,000+.
This perspective is driven by revenue growth and cost efficiency. Within the financial objectives, Music, Movies, & More is committed to cost efficiency by improving cost structure, and increasing asset utilization. The company can focus on revenue growth by expanding revenue opportunities, and enhancing customer value. The financial goal of Music, Movies, & More is to become profitable and expand into several locations in three years. With financial plans to expand, the company must be prepared to employ more employees and invest in more equipment for the company.
Communication Plan Name MGT/311 – Organizational Development Date Professor Name Introduction This paper will help Riordan Manufacturing in creating a formal system for managing customer information, which will require all employees to use a single customer management system. The first part of the paper will require reviewing the intranet site of the company and checking information in various sections of the company. This will help in creating a change management plan which will include several important aspects including: recommendation of a strategy to implement changes over the next year and a description of the evaluation procedures after the change plan is implemented. The second part of the paper will refer to a communication plan for the proposed change, which will also cover various sections. Communication Plan When change is presented in the workplace it can also bring resistance from employees.
Crumpler believes that acquiring good staff is an essential aspect of the success of the business. It is the responsibility of the staff to design and sell the produce. Acquisition for Crumpler occurs through the traditional means of print media recruitment and, more recently, the use of online position advertising. One priority for Crumpler has been recruiting staff from different cultural backgrounds, to get a wide range of perspectives and viewpoints. Development involves preparing employees for future responsibilities within the organization due to a change in the businesses strategies or a growth in the size or market share.
The demand for more products puts demands on more employees which ultimately puts more demand on the HR department. Along with growth comes changes and that includes job descriptions and titles. Hiring an additional HR staff member was vital to help Paul maintain the growth of the company. Paul should begin to work on a job description and job specifications before he post about the new HR position. The job description will let prospective applicants know exactly what they need to do in this position (Mathis & Jackson, 2011).
FANTASTIC MANUFACTURING FACTS To continue the good business relationships with Fantastic’s’ SUPPLIERS (in Hong Kong and Taiwan) and CREDITORS (the bank via 60 day bank draft) we must develop longer range forecasts so that our suppliers can arrange way to produce more and so that our creditors are aware of our increasing need for capital as our sales volume increases. The Business • Manufacture and market ceiling fans • Rose and Turner went abroad to find exclusive suppliers in Hong Kong and Taiwan • Initial objective was to get product on the shelves and have the small retailers advertise heavily • Consumers began to realize that ceiling fans were energy-savings devices which created greater growth potential for the industry • 2 major competitors- Hinter and Casablanca both produced domestically by Emerson Electric • 2 customers accounted for 40% of sales although Fantastic served more than 100 customers annually The Product • Fantastic held a COST advantage over competition because of outsourcing • All Fantastic fans had a 7-year warranty Accounting Factors • Commission to salesmen were paid in the same month sales were made • Customers paid 60-90 days (2-3months) after Fantastic shipped finished products PAYMENT TO SUPPLIERS • Fantastic issued letters of credit to the suppliers once the order was submitted, in turn the suppliers submitted these letters of credit for payment when they had manufactured the goods and the goods were shipped (30 after the order was placed) • Fantastic did not keep cash on hand to pay for supplies • Once the letter of credit was submitted to the bank, Fantastic typically drew a 60-day draft on the amount of the needed funds to pay for supplies • The bank would accept the draft and extend the loan for a
Business Models and Systems Candis Fritts BUS/210: Foundations of Business February 16, 2014 Haven McCall The key components of the local business that I have selected (Family Dollar) are: * A new broader array of products to customers * More convenient shopping and check-out experience * More payment options at the register They wanted to broaden its merchandise assortment, to increase the types of tender and integrate its point of sale equipment with backend software. They not only wanted to complete their annually budget and forecasts quickly as well as accurately, also to analyze their 7,400 store portfolio and plan accordingly to meet their current as well as for future demands. The
Career Development Plan Summary Jessica Sickmeier HRM/531 – Human Capital Management Connie Ferguson-Rangel November 16, 2009 Career Development Plan Summary Due to a recent restructure, the Learning and Performance Solutions department at Citi has undergone a shift in strategy. The new strategy will require the Training Manager to work more closely with the business and engage the business partners in consultative dialogue. This new structure will require additional staff to support the changed organization. As the Training Manager’s responsibility has grown, we intend to supplement that with an additional Training Manager. As the Training Manager consults the business, we anticipate a growth in training delivery
Our system could also look into hiring more teachers with the added benefit of speaking multiple languages and creating more jobs in our area. As older teachers are joining our workforce in the pre-k systems it is helping our program grow in many different areas, including knowledge. We value our older workers because they bring knowledge of what has worked over the years, this is something several jobs do not look