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Business - Essay Example

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Summary
Chris Mendez, the owner of a chain of dry cleaner stores in central Florida is faced with the dilemma of improving financial performance given symptoms of distress. With a recently purchased dry cleaning business from Lake Mary concurrent with quality problems, increasing…
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Download file to see previous pages... e symptoms that Mendez is experiencing: tight financial position, increasing expenses, high employee turnover, and requests to increase salary are all manifestations of a deeper problem: the lack of appropriate promotions and advertising strategies for his chain of dry cleaner stores. There was no mention of any efforts placed by Mendez on promotions, which is one of the 4Ps in marketing.
1. Status Quo. Mendez could do nothing and wait for hell to break lose. By doing nothing the following advantages would be derived: no additional costs to be incurred. However, the disadvantages are: continued losses, high employee turnover, possibility of closing more stores, demotivated employees, and high overhead costs.
2. Promote the Chain of Dry Cleaner Stores. This option could still be subdivided into two categories: (1) traditional and conservative promotion and advertisement in mediums which would cater to the local community; or (2) invest on technological improvements such as going web-based in promoting and advertising their services.
Traditional or Conservative Promotional Efforts would entail lesser costs since the promotional activities and advertising efforts would be tailored to the local community only. Mendez could initially run promotion through giving discounts for bulk laundry and giving coupons for frequent customers. He can also advertise in local radio, newspapers or magazines of the services they offer and the promotional campaign being instigated.
This option could initially be implemented by Mendez coupled with developing training and maintenance of employees. In doing so, employees would feel more secure and would have something to look forward to in terms of development of skills and future prospects.
Investing in Web-based Technology is an attractive option if Mendez financial position can support and sustain the growth. It would promote his services on a wider scale and thereby increase clientele and market share. However, this alternative is ...Download file to see next pagesRead More
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