The procedure of recognizing beneficial growth opportunities frequently starts with core business such as customers, the products, channels, geographic areas and services that produce the profits and greatest portion of revenue. The next customer-focused growth strategy supported on the industries to be had with customers. The strategy entails building great impact value suggestions for the new customers. Reinforcing this strategy is the readiness to outlook customers by distinct set of lenses (Schank, Smith, Birkler, Alkire, Boito, Lee, Raman, United States, 2006). A procedure can be build to help the managers and consultant at the customer interface achieve new insights into the customer’s requirements and favorites.
Market research should be done on a continual basis to keep up with trends in the market and keep a competitive edge against competitors. It can be used to identify potential customers which can answer who are going to use their product/service? Are they male or female? Etc. It’ll allow the company to understanding existing customers.
2. Explain the difference between market oriented routes and the product oriented routes in Ansoft’s matrix. In the product oriented, its include product development and product diversification. Product development is a strategy for company growth by offering modified or new products to current market segments. In the product development, the companies try to sell more product to the same people.
Market size: When the market size for the product category is quite large, a company can follow a product branding strategy provided the sales generated could fund the investment in the brand. Competitive situation: If the competition is low, there may not be a need to create separate brands for each offering. Company resources: It need cost a large number of money to building a brand. Product newness: Companies needs to provide new products. Innovativeness and technology: Innovation such as a new technology has been applied.
They need to make sure the profit obtained from this investment is enough to justified it. It is possible that additional research would have to be conducted which will involve a delay on the project but the possible fail on the investment is worth the wait. WEEK 4 ISSUE #1 - CanGo is looking at becoming more productive within their specific demographic. Before doing so they have to make the appropriate actions to encourage the customers to follow through with their orders and expanding to different demographics. Aspire Business Consultants has become aware of six key issues with recommendations that will help provide a solid foundation for future endeavors.
In addition, the CA market is very broad and fragmented, which creates more potential for market penetration strategy. Therefore, Loctite should leverage its major industrial player role (75% market share with other two players) to achieve further penetration in the current market with CA products. However, the product development strategy to launch BAM will potentially bring negative impact on the company’s focus on market penetration. As company resources are limited, BAM launch will inevitably diversify the management and financial resources that should be used on market penetration. In addition, BAM will also generate additional costs such as product development and sales force training and lead the company to additional competition with similar products.
Case 2 Woodmere Products: Time Based Logistics at Work Overview From Woodmere’s perspective, the HomeHelp partnership offers substantial rewards, but at a price. This case demonstrates the all-encompassing change that is sometimes required for a firm to maintain long-term competitive success. Change is very difficult to achieve in organizations large and small. Laborers, managers and executives alike establish “comfort zones” that are difficult to break. The case follows John Smith as he first studies the potential benefits of refocusing production and logistics strategies before promoting the idea to top management.
There are several changes a business has to make in order to improve the TQM, the following are some of them: • The employees and the management should have good communication between each other. • Better trained employees. • The management should be committed to the TQM process. TQM always involve capital cost, however, the made investment does not go to waste if the changes are successfully implemented. The following are my recommendations for Premier Group Recruitment to overcome their weaknesses: • Services to limited sectors If Premier Group wants to become a bigger company, they should expand their services in more sectors, of course a business doesn’t become bigger overnight and expansion requires time and money but investing on expansion is essential in order to become larger firm.
Economically, iTeam will be affected by the supply and demand of both their products and of the materials needed to create their products. iTeam will also be affected by advances in technology and how well they are able to keep up with those advancements. Finally, iTeam can be affected by social factors like the ever-changing cultural norms, varying demographics globally, and along those lines there will also be obstacles with language barriers. 2. What aspects of the internal (organizational) environment at iTeam are most likely to affect its future planning, and what impact might each factor have?
Market Penetration Market penetration means trying to increase sales of an organization's existing products or services in its existing markets. This can be accomplished by strengthening current customer relationships to increase their rate of product/service utilization or trying to attract competitor customers or current non-users. Relevant market research activities for this strategy might include: Competitive intelligence studies Corporate positioning studies Segmentation studies 2. Market Development Market development means trying to increase sales of an organization's current products or services in new markets. Market development may also involve identifying new uses for an existing product or service.