Free Essay On Strategic Plan: Market Masters

Type of paper: Essay

Topic: Market, Business, Organization, Customers, Management, Goals, Finance, Evidence

Pages: 4

Words: 1100

Published: 2020/11/18

Business operations are highly reliant on the strategies that are set forth by the management for successful and profitable outcomes. Through the inculcation of diverse business strategies, the performance mandate of the organization is set towards holistic growth and performance. Thus, from the analysis of Market Masters simulation, there are diverse aspects of operational performance that require in-depth analysis. Thus, this paper will examine an effective strategic plan for Market Masters.

Mission statement

Market masters are a customer centric organization that focuses on ensuring effective product and service delivery. As such, from the examination of the market masters, the mission statement is highly dependent on the goals and evident objectives within the organization. The operational facet of Market masters is based on the evident goals, objectives and core competencies that play a pivotal role towards accomplishment of the mission and vision. From the analysis of Market masters, its mission and vision is to ensure that the needs of its clienteles are met effectively through provision of most plausible and quality centric products and services. Coupled with provision of quality goods and services, Market masters aims towards provision of sustainable returns to its stakeholders within the environment of operation. Through an analysis of the mission and vision statement, an in-depth evaluation of goals, objectives and core competencies is as follows:

Goals

First and foremost, goals entail a clear description of the diverse issues that must or ought to be accomplished within the organization. Thus, the various set goals should be aligned to the mission and vision statement at Market masters. Goals set at Market masters should entail conformity to the customer needs, tastes and preferences within a non-numerically set target mandate.

Core competencies

Core competencies entail the distinctive aspect that ensures profitability and extensive performance at Market masters. As such core competency differentiates on organization from the other in regards to the distinctive facet that ensures growth and revenue yield within Market masters. Thus, from the analysis of Market masters, penetrative pricing approach in regards the goods and services forms the operational stronghold within the business.

Objectives

Objectives entail a vivid manifestation of the organizational performance targets that need to be met. Thus, from the analysis of Market masters, the functional and performance aspects that should be met are within a measurable mandate. As a clear example, Market masters objective is to ensure a holistic beneficial environment for the customers and the evident shareholders. The sustenance of a mutually construed beneficial environment is bound to ensure a highly profitable organization.

Market share and profits

The operational environment at Market masters is based on the evident information pertaining to its daily activities. Thus, through a clear evaluation of the market share and profits within the organization, proper policy statement is bound to prevail. Thus, a clear examination of the market share and profits at Market masters is as follows:
Within an overall mandate, the company has a market share of 10%. On the other hand, in regards to sales volume, the company has a market share of 13%. The minimal market share requires proper investment into plausible strategies to ensure higher market dominance within the industry of operation. Additionally, on the other hand, from the examination of the organization, it exudes an increase in profitability within the 8 periods in their financial statement. However, it is imperative to acknowledge that Market masters have been stagnating in their profit levels in the seventh and eight period of operation. The stagnation in their operational mandate requires the inculcation of proper strategies to ensure improvements.

Strategic steps

Intensive investment into online business
Competitors to Market Masters have maintained a leadership role within the online business mandate. The online business approach at the diverse competitors has been the business to consumer (B2C) approach towards sale of goods and services to its customers via the internet. Thus, from the evaluation of Market Masters, it is highly advisable that the organization invests into the online approach to catapult its market share in US as per the simulation. The inculcation of the B2C strategy at Market Masters is bound to ensure an easier environment for the convenient loyal customers at Market Masters towards accessing the goods and services sold.

Customer relationship management

Customer relationship management describes the various approaches towards enhancement of the organizational-customer relationship. Thus, from the analysis of Market Masters, it is imperative that it maintains a close knit relationship with its customers to ensure comprehension of their tastes and preferences. Therefore, from the evaluation of Market Masters, the various approaches that it can inculcate to enhance its relationship with its clients include:

Inculcation of open communication

Investment into various ICT approaches such as emailing, video conferencing and so forth to ensure communication with its customers
Internationalization
Internationalization entails market venture through the inculcation of various approaches into new markets. Thus, from the analysis of Market Masters, its concentration in US forms a fundamental weakness considering the evident competition. Venturing into the emerging economies such as China, India and Brazil is a notable option. Through venturing into the new markets, market share and profitable outcomes are bound to prevail.

Accomplishments

A major accomplishment from the examination of Market Masters is its diversification in regards to its operational mandate. The organization has successfully divided its operational structure to capture the diverse markets available. As such, from the examination of Market Masters, there is evident division of the potential consumer market into mass, specialty and online users. The evident division of the market denotes an extensively performance oriented organization that can sustain profitability through the diverse potential revenue streams. Thus, for the business to further catapult its profitability, it should continue investing into innovative products to suit the customer needs.

Errors

The main error within Market Masters has been the non-investment into plausible debt financial sources. As such, debt financing within the organization is critical towards ensuring that proper investment into research and development prevails. Additionally, the availability of finances within Market Masters is bound to ensure that the organization can compete effectively with its rivals. Financial strength is critical since it ensures that business can market its products effectively through the available media. Increased sustenance of effective marketing boosts customer awareness, which in turn heightens the level of profitability.

Stay pay or go away

Thus, as the manager within Market Masters it is imperative that I stay as the manager and receive merit pay. Admittedly, the reason for staying is the evident level of profitability and revenue stream that has been on the increase within the organization. Despite the level of stagnation in revenue and profit streams, it is imperative that heightened financial investment prevails towards sustenance of greater profit streams in the future.

Conclusion

Business operations are dependent on the strategies implemented or formulated. As such, from the evaluation of Market Masters, it is advisable that it invests highly into the online approach to ensure profitability and enhance its market presence in US and other markets. The online business approach is bound to mitigate the various shortfalls of the business and increase the organizational profitability.

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WePapers. (2020, November, 18) Free Essay On Strategic Plan: Market Masters. Retrieved January 15, 2021, from https://www.wepapers.com/samples/free-essay-on-strategic-plan-market-masters/
"Free Essay On Strategic Plan: Market Masters." WePapers, 18 Nov. 2020, https://www.wepapers.com/samples/free-essay-on-strategic-plan-market-masters/. Accessed 15 January 2021.
WePapers. 2020. Free Essay On Strategic Plan: Market Masters., viewed January 15 2021, <https://www.wepapers.com/samples/free-essay-on-strategic-plan-market-masters/>
WePapers. Free Essay On Strategic Plan: Market Masters. [Internet]. November 2020. [Accessed January 15, 2021]. Available from: https://www.wepapers.com/samples/free-essay-on-strategic-plan-market-masters/
"Free Essay On Strategic Plan: Market Masters." WePapers, Nov 18, 2020. Accessed January 15, 2021. https://www.wepapers.com/samples/free-essay-on-strategic-plan-market-masters/
WePapers. 2020. "Free Essay On Strategic Plan: Market Masters." Free Essay Examples - WePapers.com. Retrieved January 15, 2021. (https://www.wepapers.com/samples/free-essay-on-strategic-plan-market-masters/).
"Free Essay On Strategic Plan: Market Masters," Free Essay Examples - WePapers.com, 18-Nov-2020. [Online]. Available: https://www.wepapers.com/samples/free-essay-on-strategic-plan-market-masters/. [Accessed: 15-Jan-2021].
Free Essay On Strategic Plan: Market Masters. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/free-essay-on-strategic-plan-market-masters/. Published Nov 18, 2020. Accessed January 15, 2021.
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