Tools and Rules
Subject: What are the decisions and courses of action that Dennis Gaines can implement to achieve a competitive edge and maximize on profits?
Recommendations: Tools and Rules should consider product diversification, the use of the internet as a marketing tool, recruiting skilled personnel, expansion to other markets, branding, and joint ventures, monitor sales and control feedback in order to acquire a competitive advantage.
Short Term – instantaneously to six months
Market through promotional campaigns in order to create public awareness and acquire and retain a wider customer base.
Market through the internet, which will enhance brand awareness and help customers to associate better with products that they can relate to.
Medium Term – six months to one year
Recruiting skilled personnel across departments will help in capturing a wider clientele and promoting quality to customers.
Long Term- two years to onwards
Variation of products and joint ventures will help in spreading the risks in case the sales of one product stagnate or decline, helps to avoid borrowing funds and promote growth ultimately.
Control and feedback
Monitor the sales and acquire feedback through online questionnaires to promote an analysis of the effects of the new marketing strategies and change implementation.
Branding and the overall packaging of the products to appeal to the consumers.
Tools and Rules
Dennis Gaines, the sole proprietor of Tools and Rules, faced challenges in re-establishing his latest invention, Gaines Maxi Brick Rule in June 2012. Though he set strategies to increase sales, achieve a competitive edge and customer satisfaction, his efforts proved futile. His marketing strategies and decisions deprived him profitability and success hence called for a change of courses of action. His trials to create awareness to the public and diversify the products bore no fruits and left him frustrated and in dire need of a change of marketing strategies and decisions.
Problem Statement: What are the decisions and courses of action that Dennis Gaines can implement to achieve a competitive edge and maximize on profits?
Short Term– Instantaneously to Six Months
Dennis Gaines ought to take into account marketing through promotional campaigns. This will play a significant role in creating public awareness in the target markets. Displaying the products in frequented places will yield more sales as more and more customers will be informed of the products. In light to this, offering free samples will capture the attention of the clientele hence increasing the chances of acquiring and retaining a wider customer base. It is also of great importance that Dennis Gaines focuses on only one chain of a product.
The internet is a powerful tool in the modern era. Dennis Gaines can have skilled personnel work on the face of the company through a website, blog and social media. This will enhance brand awareness and take his company a notch higher as compared to his competitors. Customers relate better with products they have an idea of in terms of packaging, size, use, and quality. In light to these, customers look for form as well as function when it comes to purchasing of products…