Business Improvement MethodologyIntroductionMartemis Pty Company is a family business dealing with electronics and is managed solely by an individual. The company has been in the market for a longer period of time though the company’s sales seem not to be rising as it is expected in any other profit making organization. The company has however been able to maintain and meet their variable and fixed cost expenses all this time. As a strategic consultant, after carefully studying the books of accounts in the company, I have realized that the working capital of the company has been maintained within the required standards i. e.
the accounting ratios are within the range as per the International Financial Reporting Standards (IFRSs). DiscussionMarketing is very important since it will help the company to overcome the problems of low sales. They will further overcome this problem by serving many customers appropriately and reaching new customers in the market. Remember that the most important person in the market is the customer because without the customer there will be no business going on in the market and consequently the sales of the company will be down.
According to Gretzel, the company should do anything possible to ensure that market research is carried out so that they can discover the exact needs and wants of the customers in the market. There are several strategies which can be used to improve the performance of the company. Monitor your inventoryTo address the problem of delays in supplying the customers with the products they need and on a timely manner, the company needs to research on the needs of the customers in the market.
They have to know the purchasing process and behaviours of the customers in the market and develop advertisements which will emphasise on these issues. For example, one of the most important things which the customers want in the product is “benefit seeking. ” This is a case where the customer is interested to know the benefit which can be obtained by using the products (Worley & Cummings, 2008). Develop a “Preferred Customer” ListKeeping customers in the business is easier than looking for new ones. Besides, the only way to survive in this highly competitive market is to keep the customers in the business.
This is because they will act as the company’s advertising tool. Researchers have indicated that satisfied customers will be off referrals. This means that the customers will bring other customers whenever they are satisfied with the services of the company, thus increasing the sales of the company (Lee, et. Al., 2009) Develop a NewsletterA newsletter is an important tool which reduces the gap between the customers and the business. The management of this company should introduce newsletter especially to the regular customers.
This newsletter is useful as it will personalise the company’s advertisement and an above all, it makes things more professional. This newsletter should contain some important issues such as frequently asked questions. They should also be printed in a way to attract the customers’ attention thereby creating the desire of wanting to know more about the information contained in the newsletter (Cateora, 2009).