Turning a company from losing market share to a profitable entity is hard work. There is a lot involved, including they way the company is structured and the product it is selling. There will be some changes in the way we do business. First I want to set some goals. Our first goal is to have an up to date product with in the next three months. The next will be to have a raise in market share by the end of the year.
The strategies to achieve these goals are as follows: We will first have a meeting with all the employees that make the old product and brainstorm how to make it better. Then we will meet with research and development to get their opinion on the improved product and have them find a way to produce it cost effectively. While they are working on that we will have a meeting with the board of directors, marketing, and finance. We will show a prototype of the improved product and request funding and suggest marketing start getting the product out there so when the first ones come of the assembly line they don’t sit on the shelves.
Once the new product is out there we will start asking our customers what we can do better. Take there suggestions seriously, change the product to keep our customers happy. We will keep making adjustments to accomplish the goals. Then we will analyze some more and adjust again.
Reference:
Robbins, S. P. & Coulter, M. (2007). Management
(9th ed.). Upper Saddle River, NJ: Prentice Hall...