The Strategic Plan of the Tekno Electricals Company. Essay Sample.

Date:  2021-04-01 18:48:55
4 pages  (993 words)
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Harvey Mudd College
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Essay
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This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

The Tekno Electricals Company is looking forward to launching a whole new line of products different from the products in the store. The company has recently come up with better quality light bulbs to release in the market. Tekno Electricals mainly focused on electrical gadgets such as phones, television sets, laptops and sound systems in the past and is enthusiastic in venturing in this new line of product. The product will be launched in a strategical manner to maximize the total profits from the sales.

The strategy name for the new product will be Save more money by buying a better energy saver bulb. The companys marketing slogan is to reach out more to the public with the public so as to make it known. The first step in creating a good market for the product is critically analyzing the current situation of the company (Strand & Freeman, 2015). This includes analyzing the weaknesses and strengths of the company thus knowing the internal capability of the company before exploring the external factors affecting the company which involves analysis of the competitors in the same field. Next, the company needs to define the target audience.

In this case, the company's target audience will be mainly households, although people with small businesses may also be a target due to the size of the bulbs.

The company also needs to set goals and work hard to achieve them. Setting target goals especially in the marketing department is important since it leads to an increase in the sales. As the CEO, I would prefer if the company sales increased by 20% since it is a new and positive product. Since the company is self financed, the marketing budget needs to be much lower than the expected sales increase in order to avoid incurring unexpected costs (Darkow, 2015). Hence the marketing team has to be very efficient to maximize on the profits and this will be achieved by analyzing the weekly progress of the sales persons and appreciating those contributing to the vision and getting rid of those who are not good in selling the product by transferring them to other departments.

The strategic plan works to attain the mission and vision statements of the company. Therefore, in order for the company to attain its mission and vision statements, the employees need to work within the values of the company which mainly emphasizes on having good relations with the customers and conducting themselves appropriately at all times when at work (Grant, 2016). The company should also focus on attaining its objectives as part of the strategic plan. In this case, the companys main objective is to increase the number of sales. I have come up with various marketing strategies that will help the company achieve its objectives.

The first marketing strategy is to market the product as wildly as possible by advertising the product in television and radio stations and finally in the social media platforms (Mok & Yang, 2015). This will make the product known and people will be more open to the idea of the new improved light bulbs.

Applying the cost reduction technique will also help a lot in increasing the sales. Slightly reducing the cost of a bulb compared to the competitors price increases the chances of the bulb being bought (Mok & Yang, 2015). After a large amount of sale, the company can re-prize the product to the original cost of the product because when the customers are satisfied with the product; there will be a continuous sale of the product.

Another way to maintain the companys status quo in the market is to continuously come up with new ideas and also continuously rebranding the products that are in the store. This may be achieved by involving the young minds in the company in the decision-making process in the company (Dobele, Steel & Flowers, 2014). Another way for the company to achieve its mission is frequently involving the stakeholders in the activities of the company. Engaging them in the important strategic decisions is likely to increase the success rate dramatically (Grant, 2016). For this marketing strategy to work, it is important to involve the stakeholders because they have the ability to secure the resources needed for the new product to be successfully introduced in the market.

While laying out the project to the stakeholders, I will make sure to involve those stakeholders who have shown interest in the project and have been attending meetings involving the new product because they will be more open minded to the idea (Eden & Ackermann, 2013). I will set clear timeframes for the project to avoid injecting more unnecessary financial input into the project and using convincing words that portray the final outcome as a success (Dobele, Westberg, Steel & Flowers, 2014). It is important for the stakeholders to agree to this strategic marketing plan because it becomes successful then it will produce a maximum amount of profits for the company which means that they will also have the maximum share of the success.

References

Darkow, I. L. (2015). The involvement of middle management in strategy development. Development and implementation of a foresight-based approach. Technological Forecasting and Social Change, 101, 10-24.

Dobele, A. R., Westberg, K., Steel, M., & Flowers, K. (2014). An examination of corporate social responsibility implementation and stakeholder engagement: A case study in the Australian mining industry. Business Strategy and the Environment, 23(3), 145-159.

Eden, C., & Ackermann, F. (2013). Making strategy: The journey of strategic management. Sage.

Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Mok, K. Y., Shen, G. Q., & Yang, J. (2015). Stakeholder management studies in mega construction projects: A review and future directions. International Journal of Project Management, 33(2), 446-457.

Mok, K. Y., Shen, G. Q., & Yang, J. (2015). Stakeholder management studies in mega construction projects: A review and future directions. International Journal of Project Management, 33(2), 446-457.

Strand, R., & Freeman, R. E. (2015). Scandinavian cooperative advantage: The theory and practice of stakeholder engagement in Scandinavia. Journal of business ethics, 127(1), 65-85.

 

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