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Business Management - Essay Example

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The slow down of opportunity in housing market substantially affected the flooring and paint offerings. In this regard, review and strategic plan revision are necessary to be performed in a slower economy like…
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There are two factors that need to be considered in this case and these involve external and internal aspects in business. The first factor is external which primarily concerns the economy. The slow down of opportunity in housing market substantially affected the flooring and paint offerings. In this regard, review and strategic plan revision are necessary to be performed in a slower economy like this. It is important to consider that both flooring and paint products should reach potential revenue in order to maintain liquidity of the firm. It is stated in the case that flooring business is more profitable than paint business. Based on this information, it is important that the company should make use of this opportunity. In order to increase the volume for offerings in the business flooring, the company should consider exploration of possible efficient promotional activities.
Market leadership after all is concerned about creating a need for certain product and service offerings (Kotler et al., 1999; Boone and Kurtz, 2006).Considering that the mentioned company in the case is placing higher mark up with its paint business, it is good to start the promotional activity in here in order to create more demands for both flooring and paint offerings. In this specific situation, the company should initiate a strategy such as when the customers purchased higher volume of flooring materials, the prices of paint should be lowered utilizing its higher mark up. This would ensure that the sales of paints would increase and thus its profit while increasing the disposed volume for flooring materials. This is just a matter of creating a need for product or service offerings, which is a form of market leadership.
Another important factor is internal which primarily considers the human resource. Control of manpower is important because it ensures corporate success especially high value for customers at the bottom line (Moeller, 2010). As stated in the case, the management and installers usually have conflict when it comes to payment which ends up with customer delays and shoddy works. This is not going to be healthy for the said company in the long run, most especially in building customer relationship. This could not substantially provide them with effective output in providing high value for customers and in the long run this would further result to lower revenue and eventually a slow down of business. The issue in here is not just about financial control, but it substantially involves the right approach to be initiated with effective handling of human resource. The human resource needs to be substantially controlled because it affects how the corporate goals are actually implemented. It is the manpower which will initiate and execute the target corporate objectives. As mentioned in the case, the manpower involved in the concerned company needs to be motivated to function well in order to prevent customer delays and shoddy works. In line with this concern, the management should initiate effective approach that would be both beneficial to its customers and human resource. The focus should not only on target sales or profit, but most importantly with the employees who are integral parts of a successful organization.
References
Boone, Louis, and David Kurtz. Contemporary Marketing. 12th ed. Mason, Ohio: Thomson: South-Western, 2006.
Kotler, Philip, John Saunders, Gary Armstrong, and Veronica Wong. Principles of Marketing. 2nd European ed. Upper Saddle River, NJ: Prentice Hall, 1999.
Moller, Robert. IT Audit, Control, and Security. Hoboken, NJ: John Wiley and Sons, 2010. Read More
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