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Annual Report for Firm F - Assignment Example

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Running Head: Annual Report for Firm F Annual Report for Firm F Name Institution Date Annual Report for Firm F Business Definition The customer segment for Firm F includes families, singles, value seekers, high income people and enterprises. The customer segment has different customers with different needs most of which were satisfied…
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Annual Report for Firm F
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Download file to see previous pages There are a lot unmet vehicle needs in the market and Firm F aims at filling this market gaps in accordance to its available resources. Pricing strategy The company did not have a specific product strategy. However, customer based pricing and competition based pricing have been used for the past 5 years. Using the customer based pricing; Firm F has had the flexibility of charging different prices to its different customers which either fell or rose depending on the size of the customer’s wallet. The customer target for Firm F includes people of different sizes of wallet though they have a common need. Therefore, exceptionally high sticker price was tagged on each car after which information about a prospective buyer was collected to gauge how the buyer is price sensitive. If the prospective buyer as found to be price sensitive, a negation on the price was done otherwise, the car was sold at the price given on the sticker. High price for cars leads to high demand and high sales for these target groups. The vehicle industry is highly competitive and so Firm F had to use competition based pricing as its pricing strategy. In this strategy, the firm checked out on the competitor’s prices and then set the price of its cars about the same level or lower with the main of attracting more customers hence increased sales. The idea behind the use of this strategy is that when the price of the cars is set close to the price of the rivals, the firm does not risk losing its market share to its competitors. In future, the firm plans to use customer based pricing strategy as it is more profitable than the competition based strategy. Products strategy The firm did not have any specific product strategy. However, when the company started in the first period, it preferred to work on the up grading of its existing cars after which it launched another car named Falier in the second period. The firm has also three new cars during the last 2 to three periods and in between the periods, the firm was busy trying to do minor and significant upgrades on its cars. Upgrading of the cars was a product strategy used by the company to improve the features of its cars in comparison with those of its competitors, and this mainly to avoid losing its market share to its rivals. In the beginning, Firm F had some cars like Fantasy, Fish and Fast which existed and later produced other cars like Flop, Farce, Fizzle and Falier. This product strategy was also aimed at meeting the tailored needs of its potential customers. The firm plans to continue producing new products in future to enhance its performance. The organization’s outlook and plan for the next 5 years Given its current customer segment, Firm F has a potential for growth. For example, it has a large customer base when it comes to enterprises. Enterprises have different needs when it comes to the variety of cars needs for its business operation. This is an opportunity for Firm F to design new products which will suit the changing needs of its customers. Firm F has a capacity of increasing its production to meet the increasing needs of its products. When it comes to pricing, the competition based pricing may be a business threat. This is because other competitors may be using the same strategy hence reducing the price of their products below the new price set by the firm. At the end of the day, the firm may end up making losses. The fact that ...Download file to see next pagesRead More
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