MGT101 Principles Of Management

MGT101 Principles Of Management

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MGT101 Principles Of Management

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MGT101 Principles Of Management

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Course Code: MGT101
University: Saudi Electronic University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Saudi Arabia

Question: 

1. What different strategies are available to this firm?
2. What are the problems and benefits associated with each strategy?
3. What would be the best choice of action?

Answer: 

1. What different strategies are available to this firm?
Proper strategies are the tools required by different companies to ensure positive growth. In our case, the firm needs firstly to increase the manufacture and production of the rent to own goods and during the same part of the supply chain. This will lead to more sales and create a regional monopoly. Secondly is have market penetration. The firm can achieve this by increasing its market share and lowering the prices of its goods. Thirdly the firm can implement the product expansion strategy. This is where the firm will add new features to its merchandise a factor that will lead to a gain of profit. The firm can also add new merchandise to the old rent to own that has become outdated.
2. What are the problems and benefits associated with each strategy?
One of the major problems with increasing the production of goods and services is that the firm may experience regulations. These regulation sanctions may be those of health and safety and may affect the production negatively leading to low sales. The benefit of this strategy is that it fits the demands of consumers and leads to more sales. Secondly, the major problem of market penetration is that it forces the company to low the prices set for commodities (Mackelprang, Bernardes, Burke, & Welter, 2018). This leads to the formation of minimal profits for the company. The advantage of this strategy is that it leads to a large consumer base and increase in market shares. Thirdly, the problem with product expansion strategy is that it may lead to product failure when the competition can release products that outdo the firm’s first release. This leads to loss of trust in the services or products. The advantage of this strategy is that it leads to a loyal client base (Visnjic, Neely & Jovanovic, 2018)
3. What would be the best choice of action?
The best choice of action would be implementing the market penetration strategy in the firm. This will lead to more sales through the attraction of more customers and outdoing competitors.
References:
Mackelprang, A. W., Bernardes, E., Burke, G. J., & Welter, C. (2018). Supplier Innovation Strategy and Performance: A Matter of Supply Chain Market Positioning. Decision Sciences, 49(4), 660-689.
Visnjic, I., Neely, A., & Jovanovic, M. (2018). The path to outcome delivery: Interplay of service market strategy and open business models. Technovation, 72, 46-59.

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