Essay about Ted 's Business Should Pursue A Market Penetration Strategy

Essay about Ted 's Business Should Pursue A Market Penetration Strategy

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Market penetration
Ted’s business should pursue a market penetration strategy. The company should grow its current products (bikes), and services (bicycle repairs) in its current markets. For example, he should strategize to increase his market share by at least 4% by end of year one, and 14% by end of year 5. He should focus on selling more to the existing, and new customers such as tourists and students
Market development
The company should expand into new markets. For example, during the low seasons, he can expand into new locations, countries with its current product, and service offerings
Product development
With its current customer base, the company can create a new product line that will be attractive to existing customers and also appeal to new customers.

2). Identify 5 specific types or categories of information that Ted needs to run his business and explain why they are important to him.
Financial information - The financial capacity of the company should be analyzed. The company needs to make sure they have the funds to pay rent, buy their inventory, pay staff, etc.
Internal- The staff and the ability of the company to perform in the market. He also needs to make sure that the company has adequate human resources and make sure they are capable.
Industry Information- Industry information is important. For example, the market potentials, trends and bets practices should be clearly outlined.
Competitive Information- the nature of competition should be understood because it will determine the success of the company. He needs to be aware of his competitors and what they offer to customers so that he can advertise similar or better deals.
Government Regulation- He should understand the law and regulations that are likely...

... middle of paper ...

... Positive and or negative performance should be analyzed
10). Since neither Ted nor anyone on his staff has any experience with information technology, list and explain five things he should consider or address as he proceeds with his IT projects.
Costs- the cost associated with the project is significant to the projects success. The management should ensure that that the costs are manageable.
People- he should analyze if the company has staff knowledgeable enough to manage or use the technology
Risks- the company should understand the risk associated with the technology.
Communication- the management should ensure that that there is transparency in communication amongst the staff. Clear communication lines are important to avoid confusion
Workflow- the IT should not interfere with the commands workflow. There should not be duplication of duty, insubordination etc.

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