Summarizing the Meeting Memo - Essay Example

It has gained sufficient net profits to attract new investors. However, the analysts argued some points that were vital to the good progress of the company shortly. The chief analyst raised three main issues in the company’s management. A summary is given below:

He said that the company is facing tough competition and the main issue is that the competitors are using an advanced technology now available in the market. This advanced technology enables other companies to increase their sales through immediate advertisements and the technology and receive instant feedback enabling them to take prompt measures to enhance product quality and policy-making of their companies.

This advanced technology also ensures production at a comparatively low cost which results in their ability to introduce their products at fairly low prices in the market. This comparatively reduces the sales of the company as customers are always attracted to low prices for the same products in the market.

Secondly, the competitors have employed some extra labor skilled in the proper use of the company’s software and websites. These are IT experts properly trained in making quick decisions to meet demand in software changes and also quick production of its products. The company needs to ensure that the company makes sufficient advancements in its software to cope with the demands and requirements of the customers.  It is always very important for a company to meet the orders placed by customers in time as it is quite obvious that sales orders if maintained poorly and not responded to properly will make the company lose existing customers looking as well as new customers attracted by the quality of our products (Anthony Tarantino, 2006, p. 248).

These are some key factors that hinder the performance of the company as it faces high competition now.

After the chief analysts’ report, the CEO decided to take some measures to overcome the problems that may be faced by the company in the future. He assigned the CFO of the company to determine the total costs of introducing new technology to the production sector of the company as well as the costs to hire skilled labor to operate that machinery. The decision to offer discounts and free-of-cost gifts was to be made after the successful change in technology and increase in production.

The manager was assigned by the CEO to enhance the performance of the existing staff through brainstorming sessions, quality circles, and some other important steps.

This was a summary of the meeting held as I was asked for. You will be glad to have my further assistance whenever required.