MGT603 GDB No. 01 Solution & Discussion Due Date Nov 13, 2015

MGT603 - Strategic Management GDB No. 01 Solution Fall 2015 Due Date Nov 13, 2015

Graded Discussion Board

Strategic Management (MGT-603)

 

Dear Students!

This is to inform that Graded Discussion Board (GDB) No. 01 will be opened on Nov 12, 2015 for discussion and last date for posting your discussion will be Nov 13, 2015.

 

Topic/Area for Discussion

 “Strategies”

 

This Graded Discussion Board will cover Audio/Video lessons # 1- 3.

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Replies to This Discussion

Please all students related this subject Share your online Quizzes here to help each other.thanks

Please share the question and their answers of this quiz if anyone has done.
Thanks.

I think marketing manager should suggest that Mr. Abbass should offer low price, no compromise on quality, betterment in taste, commercialization etc.

share your own opinion please today is last date

So , all above characteristics fall under the Market Penetration Strategy

Market Penetration

Dear Students Don’t wait for solution post your problems here and discuss ... after discussion a perfect solution will come in a result. So, Start it now, replies here give your comments according to your knowledge and understandings....

solution 1 
I think marketing manager should suggest that Mr. Abbass should offer low price, no compromise on quality, betterment in taste, commercialization etc.

solution 2
THE CASE:Mr. Abbas started a local business in fast food industry to cater the needs of the customers that are mostly located in rural areas. Initially, he got success by targeting the rural customers’ needs, wants and desire by offering them tasty foods. He has a special focus on the culture and food items that are desirable to the rural people. Therefore, he started offering the food items that are mostly likeable to the urban residential in his same business portfolio with low price and maximum promotion in rural areas. In the beginning, he has got attention of many customers to taste the new food items but with the passage of time it failed to maintain the same level of attention from the customers. The major reason was; customers were often in a view that it did not fulfill their needs and taste, and they prefer their own cultural food items that were offered previously. Due to the introduction of new food items; the demand of previous food items were also decreased as quality was compromised.
After this, the marketing manager called a meeting of all line managers to formulate a new strategy in order to ensure the success of his business.
Discussion Question:
Being a marketing manager, which strategy you would suggest to Mr. Abbas (The Owner) to save the business and ensure its success. Provide reasons/suggestions to support your answer (any five).

haracteristics of an Effective Mission Statem
Every business comes into existence to serve a purpose. Some businesses seek to fill an essential gap in local services while others aim to replace or cut into the market share of existing businesses. In every case, an overriding mission drives the business. The purpose of a mission statement is to give a concise explanation of the business's reason for existing and its long-term goals. The exact form of a mission statement can vary, but effective mission statements typically include nine element
Function
The mission statement needs to include some description of the function of the business. For example, "to promote industrial excellence," tells customers and employees nothing. A more effective description would be "To provide management consulting services."
Target Consumers
An effective mission statement sets out, in broad terms, the target market. A manufacturer that makes nuts and bolts might set its target market as retail hardware stores, machine manufacturers, or both.
Target Region
The business must determine what region it serves best and relay that information by way of the mission statement. A garage, for example, might limit its target region to the community while a magazine company might target an entire country.
Values
Mission statements typically include a statement of company values. Values such as customer service, efficiency and eco-consciousness often appear on lists of company values. At their best, company values should express principles the company explicitly tries to affirm in day-to-day operations.
Technology
For businesses that rely heavily on technology, the mission statement should include a description of the essential technology the company does or plans to employ. If nothing else, this directs purchasing agents toward the appropriate vendors for goods and services.
Employees
Every company has a policy regarding its relationship with employees. A mission statement provides an opportunity to describe that policy in brief so employees know the essentials of where they stand.

There are few suggestions to get back the lost customers
1. Keep work according to culture
Culture is one of the important factors that affect the business strategies as we have seen as the owner try to change this customers left him.
2. Find out the reason 
In this case there were two problems of being losing the customer 
a. cultural issue
b. quality issue
So, he should focus on these issues to get back the customers.
3. Discounts
When a business losing the customer a win back strategy using the promotion works.
4. Deal incentives
To attract the customer deal incentive strategy is highly effective.
5. Contact the customers
Identify the customers and contact them through online surveys, evaluation forms and telephone calls.

This could be Retrenchment Strategy (Defensive Strategy)

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