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Business Proposal - Research Paper Example

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Business Proposal Name: Institution: The introduction of the new flavor yogurt by ramptons milk industries has made the company to position the product in the market. The product was developed to meet the high demand of yogurt in the market. Revenue maximization being one of the goals for any given company, ramton’s company has made a broad step to increase revenue…
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Business Proposal The introduction of the new flavor yogurt by ramptons milk industries has made the company to position the product in the market. The product was developed to meet the high demand of yogurt in the market. Revenue maximization being one of the goals for any given company, ramton’s company has made a broad step to increase revenue. This has been achieved through strategies that were formulated to increase the revenue earned by the company. These strategies were; to increase on the quantity sold, through increasing the expenditure of the customers. The managerial department has ensured quality design, employment of quality and qualified labor in order to make the production process efficient and successful. Profit maximization is another essential aspect of any business setup. To maximize the profit earned by the company, there are strategies which have been set up. To formulate a more successful way to maximize profits, comparing marginal cost and marginal revenue is essential to the decision. This determines the effect of supplying more to the market. If by doing so, the demand rises, then maximization of the profit made by the company relies on the quantity produced. These strategies are aimed at increasing the quantity sold by the company and amount of customers the product is gaining in the market each and every day. This also can be achieved by increasing the marginal revenue and decreasing the marginal cost. This can be achieved ones the company increases its total revenue (money earned through its product sales) and reducing the cost revenue (money that is used to produce the products the company sells in the market). Reduction of the cost revenue in the company is the basic in ensuring profit maximization. This is done by adding overtimes in the production level rather than employing added labor into the company. This saves time since the workforce is experienced unlike the new task force which will need time to learn the production process. By maintaining quality standards of its product the company can increase chances of monopolizing the market hence increasing chances of earning higher total revenue and in return have a greater chance of maximizing its profit in the market. Without this information, decisions concerning maximization of profit can be entirely relied on the consumers taste. If they consider a particular brand over the other, the company may opt to produce more of the brand to the other to reduce production cost hence maximize its profit (Burrow & Bosiljevac 2012). Mixing of prices and non-pricing strategies depends on the kind of consumers targeted by the company in the market. If pricing is taken into consideration by the company there are two things the company might expect from the market it serves. The first one being; customers consider buying its products over the competitors’ due to its lower prices or customers consider buying the product’s substitutes due to their high prices. Though the product will sell much in the first scenario, to maximize its profits may be a challenge. This is because the marginal revenue will be less hence making little profit. For the companies that consider the nonpricing strategy of competition; their prices are determined by the uniqueness of the products it offers in the market. If the products are considered to be a necessity by the consumer, then the consumer will not hesisitate to purchase the product at all costs. In the case of Ramtons Company, consideration of pricing in the market is essential due to the competitors who offer similar products in the market. On the other hand it tries to make its products unique in order to gain a high segment of target customers in the market. This has given room to the introduction of a nonpricing strategy in the market since the customers always term the products to be up to standards and always deliver to their satisfaction (Hillestad, Berkowitz & Hillestad 2004). Differentiating a product from other products offered by competitors is a virtual that every company tries to capitalize on to make its products unique in the market. This is done through branding. The packing pattern that a company strategizes and implements, determines how the product will represent its self in the market. Quality packing always wins the competition in the market. Naming a product is another factor that is taken into consideration in this field. This assumes the consumers in the market to be asymmetric meaning they consider the products that have their names close to the product that they believe have the ideal satisfaction (Mankiw & Taylor 2006). The market sales future depends on the quality of the product offered. In order a company to achieve customer loyalty, it has to research on the customers it wishes to target in the market. This helps in the decision making concerning the brand to withhold as their income earner. Although the research is done, it only gives the geographical space the company wishes to have within the market dimension. For this particular product to get a bigger market share than its competitors, customers’ tastes and preferences must be the key factor to be considered. This is because the company will be well informed what the customers’ wishes to consume and hence produce a product that will have if not all most of what customers’ wishes to be in the product (Taylor & Weerapana 2012). There are other ways of minimizing cost associated with production. These are; narrowing the production process to a particular brand that is doing well in the market and identifying the potential customers in the market. These two works hand in hand to minimize production cost and maximize the total revenue (Beath 2011). In conclusion, if the company identifies the tastes of consumers that it targets in the market, then narrow its production process to the brands that the consumers considers satisfactory, maximizing its profit will always be achieved in the market. This is what we are planning to implement. References Beath, J., & Katsoulacos, Y. S. (2011). The economic theory of product differentiation. Cambridge [England: Cambridge University Press. Burrow, J., & Bosiljevac, J. (2012). Marketing. Mason, Ohio: South-Western Cengage Learning. Hillestad, S. G., Berkowitz, E. N., & Hillestad, S. G. (2004). Health care market strategy: From planning to action. Sudbury, Mass: Jones and Bartlett Publishers. Mankiw, N. G., & Taylor, M. P. (2006). Microeconomics. London: Thomson. Taylor, J. B., & Weerapana, A. (2012). Principles of microeconomics. Mason, OH: South-Western Cengage Learning. Read More
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