BSS050-6 Strategic Management Assignment Sample
BSS050-6 Strategic Management Assignment Sample
1. Introduction
“Lumi Digital Design Limited” has been facing serious issues in its business operations due to a lack of effective marketing strategies, high market competition and a lack of product ranges based on innovations. These challenges have slowed down the growth of this organisation and this organisation has to recover its business growth by implementing some strategic tools such as Ansoff Matrix, BCG matrix, Mckinsey Matrix, Bowman strategy clock, Generic Strategy, Roger model and Safe model. By using these tools, external and internal threats and opportunities of this company will be revealed. Thus, having a handful of information, this company will become able to implement strategic solutions for the sustainable growth of its business
2. Main body
2.1 Ansoff Matrix
Market development
Market development is one of the main aspects, which are responsible for the growth of a company. It has been stated by Kurniawanet al. (2020) that market development involves introducing both new and existing products of a company to a new market. This suggests that “Lumi Digital Design Limited” must introduce its products to new markets. In this regard, it is important for this company to expand its business in the international market. As per the observation of Clarissia (2020), targeting the international market is one of the best strategic ways of business development because it helps to expand the market reach of a company. Therefore, it can be concluded here that “Lumi Digital Design Limited” will have to introduce its products through effective marketing in the international market and this way the market size of the company will be enhanced.
Market Penetration
It has been argued by Cleberg (2019) that market penetration of Ansoff Matrix refers to the process of increasing sales of a company in the existing market of the company. Considering, this statement, it has been realised here that this company will first focus on strengthening its roots in the marketplaces where it has already set up its business on a comparatively large scale. Market penetration is particularly helpful for this company because it will help the company to understand its existing market more clearly and at the same time, it this company will be able to sell large junks of its products in the existing markets. However, it is important for the company to develop new products so that customers of the existing market get plenty of options to choose from, and at the same time it is also important for the company to have strategic marketing plans, which will help to introduce new products in the market.
Diversification
As per the views of Sukmaet al. (2019), diversification according to Ansoff Matrix refers to the process where an organisation introduces new products and services in various new markets. In this context, it is important for every organisation to note that there is high competition in the market, people always look for uniqueness, and cost-effectiveness of products therefore entering a new market requires unique and quality products as well as creative marketing strategies. Thus, it can be concluded here that “Lumi Digital Design Limited” first needs to develop new products and the company has to ensure that all of its newly designed products are unique and of high quality. After developing new products, this company can finally target new markets to sell its products.
Product Development
It has been argued by Jeloneket al. (2022) that the idea of product development of this matrix refers to the attempts of organisations where they try to introduce new products in the existing market. This strategy can be particularly adopted and utilised by this company because it will help the company to observe the demand for its new products in its existing market. Furthermore, the existing market and customers of this company already have a brand-awareness regarding this company and its products. Thus, it would be easier for this company to promote its new products in the existing market first and after successful acceptance of its new products, Lumi can introduce the same products in new markets.
2.2 BCG matrix
Dogs
According to the observation of Janiah (2019), dogs refer to the products or services of an organisation that do have a comparatively low market share in a comparatively mature market. Thus, from this statement, it has been clearly revealed that there must be some underlying factors that lead to such unfortunate occurrences. In this regard, it has been stated by Sauqi (2021) that many products of a company can have low market share because of some major reasons like low quality, high pricing and lack of innovativeness and convenience. Thus, it can be concluded here, such dog products are not beneficial for the sustainable growth of any organisation. Therefore, it becomes necessary for Lumi to identify and categorise its services and then to distinguish the services, which has a low market share in a high-demand market. After this distinction, the company will have to work on modifying its dog products to such a level that they become best-suited for the consumers.
Cash cows
It has been opined by Nogalskiet al. (2022) that cash cow products of a company are those products, which have a “high market share in a mature market”. These products are the ones, which bring maximum revenue for a company because of their high sales rate. These products also provide some sort of competitive average to a company and eventually a company builds a good reputation in the market because of their cash cow market. Therefore, conclusively, it can be stated here that this company will have to focus on promoting its cash cow products because this will ensure the sustained growth of this company.
Stars
Star products of a company are the main assets of a company because these are the product that ensures rapid market growth of the company. It has been stated by Ye (2022) that it is important for every organisation to have some star products because the star products of a company are responsible for growing “market share and market growth”. Therefore, it can be acknowledged that at this point, Lumi has been able to attract an optimum level of attention for any of its services. Although this company has various cash cow products, it is important for the company to introduce some products which will help the company to grow rapidly.
Question mark
As per the views of Kader, and Hossain (2020), question marks, services or products of a company are the ones, which unreasonably have “a low market share in a rapidly growing market”. From this statement, it has been derived that such products can create serious obstacles for a company to grow sustainably. Thus, it can be concluded here that “Lumi Digital Design Limited” has to identify its “question marks products” so that it can work on amplifying those products according to the needs of the customers.
2.3 Mckinsey Matrix
| Low
Medium
High
High |
Protect position
● The company has to focus on its existing markets and its existing products ● Lumi needs to implement strong marketing strategies |
Invest to build strength
● This company need to amplify its products and also to build new products ● The company will have invested to make its products more sustainable |
Build selectively
● Lumi has to focus on expanding its market selectively in different religions ● The company must step back from areas where it cannot make profit |
| Protech position
● Lumi must invest to introduce new services ● Lumi needs to focus on internationasation |
Manage for returns
● Lumi will have to protect its existing market share ● Lumi needs to invent strong marketing ideas
|
Expand
● Lumi can focus on the areas of its strengths ● Lumi can invest for its expansion in international market |
|
| Refocus
● This company is bound to focus on its star services ● The company need to expand its areas of strengths |
Income management
● The company now needs to concentrate on reducing investment ● Now Lumi needs to increase its profitability |
Divest
● Lumi has to focus on cutting its operational costs short ● Lumi should increase its sales rate and revenue |
|
| Low Medium high | |||
Table 1: Mckinsey Matrix
2.4 Bowman’s strategy clock
Low Price and Low added value
It has been argued by Kharubet al. (2019) that “cost leadership” is a strategic way, which is followed by a company to offer different products at a comparatively low price than its competitors. This model is followed by organisations to attract the attention of customers. This provides a competitive advantage to a company because customers look forward to services, which are cost-effective. Thus, “cost leadership” can be a strategic tool for this company because it will help this company to provide services at a lower price and thus the company will be able to attract the attention of new customers as well.
Hybrid
“Hybrid” in Bowman’s strategy clock refers to a phenomenon when a company provides different products with unique and outstanding features and that too at a lower price. Thus, “hybrid” products of a company confer a strong competitive and strategic advantage to a company. Therefore, it is important for a company to have some “hybrid” because those products will attract a maximum number of customers to the company. The unique features of these products will help organisations to create and spread their brand image and brand awareness.
Focused differentiation
It has been argued by Hhary and Mboma (2020) that every organisation have to focus on creating some differentiation factors so that it can gain the attention of the customers and other stakeholders. In this context, it is important to note that the market competition of today is excessively high and there are too many companies, which are operating in the same industry. Thus, customers have plenty of options to choose and furthermore, customers have the agency to shift between their preferred brands. Thus, it has been clear that “Lumi Digital Design Limited” has to focus on creating some differentiation factors in its services so that it can gain a competitive advantage in the market and create a “unique selling proposition” for its services.
Monopoly
As per the argument of Itaman, and Wolf (2019) the word “monopoly” in regard to the “Bowman strategy clock” refers to a situation in which a company determine the pricing of some particular products. This situation is the result of a company’s dominance in the market. Companies, which have monopolistic powers, achieve it through the USP of their products. The products of such companies do not have much market competition and owners of such companies can reduce or increase their pricing because customers tend to buy their products anyway. Such monopolistic is ideal for market growth, especially for new companies. Therefore, it must be mentioned here that “Lumi Digital Design Limited” has to restrain itself from entering into a monopolistic market because it will hinder the growth of this organisation.
Low price
“Low price” refers to a situation where an organisation lowers the pricing of its services to attract the attention of clients and customers. However, it must be acknowledged here that lowering the prices of products is at times prove to be very dangerous for a company. It is because at times company lowers pricing and at the same time witnesses, a decrease in sales and this leads to a detrimental condition. It has been stated by Coşkun, and Yalçıner, (2021) that in case of “low selling price” a company needs to first ensure that it sells in high quantity, otherwise the company will face serious loss. Thus, from this discussion, it can be stated here that “Lumi Digital Design Limited” has to lower the prices of its products very strategically and meticulously to avoid serious loss.
Differentiation
As per the observation of Kalokerinoset al. (2019) differentiation is a thing for which every company strives because companies having “differentiated products or services” can acquire a competitive advantage and they are always one step higher than their competitors. The breadth of this strategy is widely expanded because it often includes diversification of all the products of a company. Thus, “Lumi Digital Design Limited”, can gain a competitive advantage by diverting its services strategically.
Risky High Margin
It has been observed by Abbas et al. (2019) that “high-risk margin” is the idea that refers to a company’s decision to increase the prices of its products without adding any new value to those products. This strategy is particularly followed by companies, which has a strong brand image in the market. Therefore, it is clear here that “Lumi Digital Design Limited” first has to focus on building its brand image and reputation in the market after that the company can think of implementing this strategy.
2.5 Generic Strategy
The generic strategy provides a proper path for positioning a company within a particular industry. As per the comment of Auger et al. (2021), a generic strategy helps executives to focus on core aspects of companies as well as avoid competing to create a better market. There are multiple Porter’s Generic Strategies such as Cost leadership, “cost focus strategy”, differentiation strategy and “differentiation focus strategy”. Lumi digital builds a multidisciplinary team, which has proper skills in design, marketing as well as architecture.
Cost leadership strategy
The particular strategy can give power to the respective company to “low cost of production” to provide quality products at affordable prices. The particular strategy allows Lumi digital to focus on buying power, as well as cost leaders, continuously concentrating on innovative new paths to mitigate costs. As per the comment of Eranzaet al. (2022), cost leadership gives the capability to firms to discover an effective process for competitors and cost reduction. The particular process helps to improve their service as well as expand their market share. The particular company gets the ability to concentrate on operating costs as well as execute “effective pricing” to compete with the particular competitors.
Raising product scale as well as executing different kinds of advanced technology drives the company to integrate a “cost leadership strategy”. Purchasing “raw materials” for manufacturing procedures is going to be expensive due to suppliers executing their pricing. As per the opinion of Bam et al. (2021), “sourcing raw materials” as well as mitigating “third-party products” is going to drive the business sector to get low operational costs. The particular strategy provides capability for the company to meet customer requirements as well as raise their profit scale. Enhancing efficiency guides the company to save operational costs as well as mitigate extra costs. Using software can allow companies to enhance work procedures as well as mitigate salary payments.
Differentiation Strategy
The respective strategy focuses on product differentiation to make a competitive benefit to create the particular company’s service superiors. As per the comment of Snelset al. (2020), a differentiation strategy provides a way for the company to compete against other companies. The respective strategy drives ethical practices as well as concentrates on high-quality services. This strategy allows a particular business sector to deliver unique services, which increases its brand image. Enhancing service quality is going to enable companies to increase their profit as well as gain loyal customers.
Differentiation strategy drives the company to concentrate on multiple aspects such as product differentiation, price differentiation, image differentiation, distribution differentiation as well as image differentiation. It has been stated by Hidayat and Nugroho(2020) that creating “service difference” can allow a company to create a unique strategy from online competitors. The respective strategy allows the company to create powerful marketing pushes as well as deliver a path to understand competitors’ marketing strategies. Executive genuine brand advocates can help the company to get positive experiences as well as achieve flexibility. It has been commented by Deseret al. (2020) that giving valuable customer feedback allows the service team to continually enhance business performance. The particular company needs to focus on multiple “distribution channels” to raise their sales as well as increase “customer base”.
2.6 Roger model
The specific model concentrates on communication channels, “attributes of innovations”, “innovation-decision type”, “nature of a social system” and “extent of change agents”. As per the argument of Schatz et al. (2022), innovations allow business compatibility, complexity, relative advantage, observability and trialability. The particular company needs to focus on change agents to get flexibility, prioritisation, and diversified knowledge as well as give accountability. Change agent concentrates on operational structure, and organisational structure as well as concentrating on internal procedures. The respective model explains the best process to meet customer needs by integrating new services or products.
Diffusion of subsequent adoption and innovation is affected by cultural, socio-economic, technological, cultural and legal factors. It is affected by specific determinants such as, demographics and psychological variables. As per the perspective of Rogers et al. (2019), relative benefits of innovative service delivering over existing service. The particular service gives advantages over existing products, restructures the product as well as executes an affordable pricing strategy. The innovative service compatibility focuses on customers’ backgrounds, lifestyle patterns as well as purchasing behaviour. Executing innovation models provide new practice and ideas to complete any kind of project as well as achieve success on a particular project.
Innovation procedures are one kind of communication channel, which shares information with the particular receiver. Innovation procedures focus on various aspects such as compatibility, relative advantage, complexity, observability and trialability. As per the argument of Hewing et al. (2020), execution of new behaviour, idea, as well as product, is a critical part of the social system. The particular theory helps the business sector to identify the specific business practices as well as product spread via a population.
2.7 Safe model
The specific model allows the business sector to enhance its business profitability as well as achieve potential customers. The particular model focuses on acceptability, suitability as well as feasibility criteria to enhance decision-making procedures.
| Recommendations | Acceptability | Suitability | Feasibility |
| Enhancing design practice | Executing coherent and comprehensive product realisation procedures | Creating a supporting atmosphere for design | Avoid “modern management system” can impact design practice
|
| Focus on “supply chain networks” | Executing digital equipment such as loT, AI and cloud Technology supports the company as well as enhances the supply chain’s performance. | Increasing the visibility of supply chain | Concentrating on potential risks, which occurred in supply chain |
| Executing “effective strategic management” | Progressing as well as analysing the document of a specific company | Identifying potential strategic problems as well as maintaining business functions. | Executing “decision-making” criteria is going to allow the company to increase business profit |
Table 2: Safe Model
Safe Matrix
| Safe Matrix | Strategic options | ||
| Option 1 | Option 2 | Option 3 | |
| Suitability | 3 | 4 | 5 |
| Acceptability | 2 | 4 | 1 |
| Feasibility | 4 | 6 | 2 |
| Total | 9 | 14 | 8 |
Table 3: Safe Matrix
The particular table illustrates that the specific recommendations play a crucial role to increase a company’s activities. The particular matrix has been integrated to give priorities to the particular recommendations, which explains the safe model. As per the argument of Cheng et al. (2019), “supply chain networks” are an essential factor in business growth of a specific company. Executing digital technologies can allow the company to improve supply chain activities as well as decrease any kind of business-related problems. The particular company is required to concentrate on digital technology to enhance the company’s performance. The particular company is required to focus on transportation as well as manufacturing costs using loT, which helps to improve the operation process.
Enhancing design practices allow the company to produce proper service to attract consumers as well as raise their profit. It has been stated by Fineganet al. (2021) that executing “design procedures” enhances team collaboration as well as raises the speed and quality of design work. Research is the main aspect of design procedures as well as allowing companies to identify insights and facts during the “research phase”. Effective design plays a crucial role in the business sector to inspire consumers to purchase products as well as create value. The particular procedure design new products as well as achieve an understanding of customer needs, which helps business sectors to increase revenue.
Integrating the “Strategic management process” allows business sectors to identify the current situations as well as drive the business sector to achieve success. It has been suggested by Kharazishviliet al. (2020) that the particular process executes proper direction for the company as well as its employees. Strategic management is an important procedure of long-period planning as well as a guide to focus on particular operations to gain an “end goal”. The respective procedures focus on multiple aspects such as prioritisation, identification and “exploration of opportunities”.
“Strategic management” depends on five aspects such as analysis, goal-setting, strategy implementation, strategy formation and strategy monitoring. It has been stated by Huang et al. (2021) that strategic management allows the business sector to focus on particular goals as well as guide employees to achieve the goal. Decision-makers get capability to maintain anticipating changes as well as guide the company to complete organisational activities. It provides a focused and clear strategy, which plays a crucial part in get success in business. Strategic management provides entire direction to the company to develop plans and policies to gain organisational goals as well as utilise proper resources to execute the plans.
3. Conclusion
The respective portion identifies the possible strategies for the respective company to identify the internal and external environment. The specific model explains various models such as, BCG matrix, Ansoff Matrix, Mckinsey Matrix, Generic Strategy, “Bowman Strategy clock”, safe model and Roger Model. The particular tool and model help to identify the challenges, which are confronted by the company. The respective models provide proper strategies to reduce the problems as well as give a path to get a competitive benefit. The specific models allow marketers to demonstrate opportunities to increase business revenue by integrating new services.
Reference
Abbas, F., Butt, S., Masood, O. and Javaria, K. (2019). The effect of bank capital buffer on bank risk and net interest margin: Evidence from the US. Global Journal of Social Sciences Studies, 5(2), pp.72-87.
Auger, D., de Montjoye, X.B. and Strozecki, Y. (2021). A generic strategy improvement method for simple stochastic games. arXiv preprint arXiv:2102.04922.
Aziri, B. and Nedelea, A. (2013). Business strategies in tourism. Ecoforum Journal, 2(1), p.1.
Bam, C., Wilke, D.N. and Kok, S. (2021). A generic strategy to obtain semi‐analytical mesh sensitivities/velocities for tetrahedral mesh generators. International Journal for Numerical Methods in Engineering, 122(18), pp.4944-4965.
Cheng, R., Orosz, G., Murray, R.M. and Burdick, J.W. (2019), July. End-to-end safe reinforcement learning through barrier functions for safety-critical continuous control tasks. In Proceedings of the AAAI conference on artificial intelligence (Vol. 33, No. 01, pp. 3387-3395).
Clarissia, S.M.S. (2020). A study on Ansoff Matrix Technique: As a growth strategy and an adaptive learning technique adopted in the leading brand of products. BIMS Journal of Management, p.18.
Cleberg, C. (2019). Strategic Success: The Ansoff Matrix vs. The Balanced Scorecard.
Coşkun, G.T. and Yalçıner, A.Y. (2021). Determining the best price with linear performance pricing and checking with fuzzy logic. Computers & Industrial Engineering, 154, p.107150.
Deser, C., Lehner, F., Rodgers, K.B., Ault, T., Delworth, T.L., DiNezio, P.N., Fiore, A., Frankignoul, C., Fyfe, J.C., Horton, D.E. and Kay, J.E. (2020). Insights from Earth system model initial-condition large ensembles and future prospects. Nature Climate Change, 10(4), pp.277-286.
Eranza, D.R.D., Hiung, A.L.C., Mapjabil, J., Tanalol, S.H. and Bahron, A. (2022), July. An Industry Analysis and Preferred Generic Strategies in Sabah Tourism Industry: Perception of HR-Knowledge Focus Group. In Impact of Artificial Intelligence, and the Fourth Industrial Revolution on Business Success: Proceedings of The International Conference on Business and Technology (ICBT 2021) (pp. 973-983). Cham: Springer International Publishing.
Finegan, D.P., Zhu, J., Feng, X., Keyser, M., Ulmefors, M., Li, W., Bazant, M.Z. and Cooper, S.J. (2021). The application of data-driven methods and physics-based learning for improving battery safety. Joule, 5(2), pp.316-329.
Gil-Gomez, H., Guerola-Navarro, V., Oltra-Badenes, R. and Lozano-Quilis, J.A. (2020). Customer relationship management: digital transformation and sustainable business model innovation. Economic research-Ekonomskaistraživanja, 33(1), pp.2733-2750.
Hewing, L., Wabersich, K.P., Menner, M. and Zeilinger, M.N. (2020). Learning-based model predictive control: Toward safe learning in control. Annual Review of Control, Robotics, and Autonomous Systems, 3, pp.269-296.
Hhary, E.J. and Mboma, L.M. (2020). The Effects of Cost Leadership Strategy on Performance of Pharmaceutical Industry: A Case of Zenufa Laboratories (T) Limited. International Journal of Research and Analytical Reviews, 7(3), pp.136-149.
Hidayat, M.S. and Nugroho, T.R. (2020). Market Generic Strategy pada Usaha WarkopAngkringanBerbasis Internet (WiFi) di KabMojokerto. Jurnal Nusantara AplikasiManajemenBisnis, 5(2), pp.192-199.
Huang, W., Feng, X., Han, X., Zhang, W. and Jiang, F. (2021). Questions and answers relating to lithium-ion battery safety issues. Cell Reports Physical Science, 2(1).
Itaman, R. and Wolf, C. (2019). Industrial policy and monopoly capitalism in Nigeria: lessons from the Dangote business conglomerate.
Janiah, S. (2019). STRATEGIC MANAGEMENT EFE-IFE MATRIX, SWOT ANALYSIS, COMPETITIVE PROFIL MATRIX (CPM) DAN BCG MATRIX PADA PT YAMAHA. JurnalEkonomiManajemenSistemInformasi, 1(2), pp.188-196.
Jelonek, D., Tien, N.H., Dao, M.T.H. and Minh, D.T. (2022). Comparative analysis of business strategy of Vietnamese real estate developers: the use of Hoffer matrix. International journal of multidisciplinary research and growth evaluation, 3(1), pp.197-204.
Kader, M.A. and Hossain, H. (2020). An analysis on BCG growth sharing matrix. International Journal of Economics, Business and Accounting Research (IJEBAR), 4(01).
Kalogiannidis, S. and Mavratzas, S. (2020). Impact of marketing mix strategies effective product development issues in MNCs/Retail. International Journal of Business Marketing and Management (IJBMM) Volume, 5, pp.118-125.
Kalokerinos, E.K., Erbas, Y., Ceulemans, E. and Kuppens, P. (2019). Differentiate to regulate: Low negative emotion differentiation is associated with ineffective use but not selection of emotion-regulation strategies. Psychological Science, 30(6), pp.863-879.
Kharazishvili, Y., Kwilinski, A., Grishnova, O. and Dzwigol, H. (2020). Social safety of society for developing countries to meet sustainable development standards: Indicators, level, strategic benchmarks (with calculations based on the case study of Ukraine). Sustainability, 12(21), p.8953.
Kharub, M., Mor, R.S. and Sharma, R. (2019). The relationship between cost leadership competitive strategy and firm performance: A mediating role of quality management. Journal of Manufacturing Technology Management, 30(6), pp.920-936.
Kurniawan, D., Iswahyudin, M.D. and Suciati, T.R. (2020). SWOT Analysis and Ansoff Matrix in Creative Food Industry Business Development: A Study on Creative Food Business “Komala”. Open Access Indonesia Journal of Social Sciences, 3(2), pp.128-136.
Lev, B. and Srivastava, A. (2019). Explaining the recent failure of value investing. NYU Stern School of Business.
Nogalski, B., Hiep, P.M., Dao, M.T.H. and Minh, D.T. (2022). Analysis of business strategy of real estate developers in Vietnam using BCG matrix: A case of Hung Thinh and Novaland groups.
Pundak, D., Dvir, Y. and Valley, J. (2014). Engineering college lecturers reluctance to adopt online courses. European Journal of Open, Distance and E-Learning, 17(1), pp.210-226.
Rogers, S.J., Estes, A., Vismara, L., Munson, J., Zierhut, C., Greenson, J., Dawson, G., Rocha, M., Sugar, C., Senturk, D. and Whelan, F. (2019). Enhancing low-intensity coaching in parent implemented Early Start Denver Model intervention for early autism: A randomized comparison treatment trial. Journal of autism and developmental disorders, 49, pp.632-646.
Sauqi, A. (2021). Marketing Strategy analysis based on the Boston Consulting Group (BCG) Matrix at the Bondowoso branch of the Kumon tutoring institute. E-Proceeding Stie Mandala, pp.112-118.
Schatz, M.C., Philippakis, A.A., Afgan, E., Banks, E., Carey, V.J., Carroll, R.J., Culotti, A., Ellrott, K., Goecks, J., Grossman, R.L. and Hall, I.M. (2022). Inverting the model of genomics data sharing with the NHGRI Genomic Data Science Analysis, Visualization, and Informatics Lab-space. Cell Genomics, 2(1).
Snels, J.C.M.A., Annevelink, E., Voogt, J.A. and Guo, X. (2020). Generic strategies for IBLC development: Deliverable D6. 4. AGROinLOG.
Sukma, D., Lubis, P.H. and Utami, S. (2019). Analysis of Marketing Strategy of MinyeukPret Using STP, Ansoff Matrix, and Marketing Mix.
Ye, J. (2022). Analysis of Menu Design in the Food and Beverage Industry using the BCG Matrix Method. Highlights in Business, Economics and Management, 2, pp.333-340.
Appendices
Appendix 1: Summary
This study describes the various tools like “The Ansoff Matrix, Mckinsey Matrix, and BCG matrix” and others to analyse the “external and internal business environment” of “Lumi Digital Design Limited”. This discussion has paved the way to bring forward different business strategies that can make this company grow in a sustainable way. Therefore,, to conclude this study it can be said that this company have to focus first on its existing services and it needs to earn the trust of its already-acquired clients. After strengthening its existing roots, this company must focus on innovating new products and expanding its reach in the international market.
Appendix 2: Recommendations
The tools used in this study have revealed the major areas in which this company is bound to work on. The followings are the recommendations that can be adopted by Lumi to strengthen its business growth –
Recommendation 1:
Keeping in mind, the findings of this study, the most striking recommendation for this company is that the company needs to focus on its marketing strategies. In this regard, this company must take the help of digital marketing. The company will have to post comprehensive and cohesivecontent on a regular basis so the company can enhance its customer engagement rate.
Recommendation 2:
The second and one of the most important recommendations for this company is that the company must create some USP for its services. The market in which Lumi operates requires high creativity and personalisation. Therefore, it is necessary for the company to have some degree of USP; otherwise, it would be difficult for this company to acquire mass recognition.
Recommendation 3:
It has already been mentioned here that this company has to create USP for their products. Therefore, it is also necessary for this company to hire a team of creative people without a creative team the company cannot cope in this highly competitive market. This company in this regard will also have to maintain its responsibilities towards its employees. This way the company will be able to retain its valued employees. The company will have to give high value to its employees and they will have to work collectively so that the company can grow rapidly.
Recommendation 4:
Investment is required for international expansion and therefore Lumi will have to seek high investments from angel investors. In this regard, it is important for the company to maintain a healthy relationship with all its stakeholders. Furthermore, the company will have to ensure that the company is making profits because investors are more likely to invest in profit-making companies and they do not prefer to take risks with their money.
Recommendation 5:
Finally, it is of utmost importance for this company to maintain strong CSR policies because without CSR policies Lumi cannot achieve sustainability in any form. Furthermore, by following CSRs Lumi can get community support and also the support of its stakeholders. Community support will help the company to grow sustainably and at the same time community support can enable this company to become profitable and to have a transparent brand image.
Know more about UniqueSubmission’s other writing services:
