Mahindra First Choice Services: Creating a Value Proposition Case Study Help
Value proposition
Under this position challenge, the customers can be retained through various innovations in the aftermarket field. This strategy can be highly effective if the innovation could result in the reduction of unreasonable prices for those customers who are reluctant to spend in car services. As the company is expected to be in the top list of India’s multi-brand car service chains. The positioning of the company also includes the turnover of 10 billion in 2018 for building sustainable brand positioning in the intense competition.
Fast Assured Services in Time
As the company wantsa better position for its brand in the aftermarket space, it has decided to implement a new concept of Fast Assured Services in Time (FAST). This concept will lead to position the product of the company that is sustainable. The marketing strategy for positioning the brand is three focus groups that are being focused by the company in Mumbai and Nasik and from the feedback of focus groups, there will be possible segmentation in four regions including Mumbai, Pune, Yapi, and Nasik.
Success Measurement Method
The measurement of the business success of the business includes the performance of the company and for doing so, there are some methods.
Financial Measures
The company’s success can also be measure through the financial condition of the company. These are revenue generation, sales, operating profit, gross profit, and operating profit of the company. The performance will be measured on the basis that how much money is generating by the company. The business of the company can also grow and continue through financial analysis.As the industry is growing and customers were holding cars for a longer time and because of this, the profit margins on new cars selling were decreasing. The return on capital was also declining because of the low margins, high inventory, and intense competition in spare parts. But the company’s expected gross profit margin is 35% and the net profit margin is 10% by the end of 2018.
Customer Satisfaction Measure
It is an important measure method for the success and performance of the company. The satisfaction of customers is the objective of the businesses whether it is a small or large business. The products or service the company produce aims to target the customer and attracting them through the services offering to satisfy the needs, wants, and expectations of customers. If the customers are not satisfied with the product or services that will probably not come back again. Measuring the consumers can be through two different ways including:reviews, questioning, surveys, interviews and other methods.
Making sure that the customer is satisfied with the product offering will provide the information regarding what needs to be done in the future. Different segments of the company show whether the customers are satisfied or not. The customers satisfied with OEM are around 9.6%, customers satisfied with IG are 7.3%, customers satisfied with OEM are 6.1%, and customers satisfied with OEM.
Mumbai shows that customers satisfied with OEM are 16% and customers satisfied with IG are 18%. Pune provides the results that the customers satisfied with OEM are 33% and customers satisfied with IG are 9%. Raipur shows the results that the customers satisfied with OEM are 29% and customers satisfied with IG are 15%. These results from different cities help the company in building its growth strategy as dissatisfaction percentages also guide what should not be done in the future to retain customers.
Attracting New Customers
Getting new customers for the growth of the business is important. The company needs to know that new customers will create value and position the brand. The growth prediction can also measure growth. If the company is not attracting new customers then the company needs to implement marketing and promotional strategy. Developing the list of targeted customers will make it easierso the company could count the number of customers buying their services or products per month or on annual basis.
Mahindra's first choice is in the position where it can take the opportunity to entre automotive aftermarket business but this requires a huge initial capital investment and this will be a problem for the company to implement. The retailers of spare parts can also demand additional quantity to better profit margins from a new range of products. But the company needs to attract new customers with better services and new product introduction.
Employees Performance Reviews
The performance of the company’s products can also be conductedbyits employees. Employees are an essential part of the company because, without them, none of the operations could be carried out by the company. It is another way of measuring the performance of the company. Conducting reviews about the performance will result in how employees are doing. The efficiency and effectiveness of the offerings can also be helpful for growth measurement. Where the improvement is needed in the case of employees and company, can be identified from the performance reviews. The performance reviews will provide details that were the workers are working under pressure and others have extra time. This will lead towards balancing the workload by dividing the task as the performance can be better when you have more time. You can then delegate tasks to the employees expecting better performance, which will increase the productivity.
The total employees of the company are more than 180,000. This rate can also increase by measuring the performance of the company and through employee retention rates. These employees are from 100 countries, including: 18 industries such as: aerospace, equipment, energy, information technology, automotive, insurance, and finance. The Mahindra Group listed in the top 200 reputable companies of the world and the top 10 reputable companies in India and also won the ‘’financial times’’ award in 2012. This shows that the company is growing and its employees are also satisfied.
Current Market
The success measures include measuring the performance of the company through its current market. Some of the time, you have to know how the market is getting along to quantify the accomplishment of your own business. On the off chance that you and your rivals aren't progressing nicely; it might be because there is a break in the market. Try not to be down if your business' profit diminishes. It might be an aftereffect of the national market and out of your control. Reduced productivity could be a decent an ideal opportunity to present new items of interest for your present item or administration is required to be postponed. Mahindra Frist Choice should consider the current market as accurate information will be available.
Quality of product and service
The features and characteristics of the products and services is also a tool to measure the performance of the company in the long run. It is important to measure the performance of the product and service to see the feedback and views of customers. Quality assurance is important for the high quality of the offerings. The company needs to evaluate that the product is hitting the target market or not. The company also targets where there is a need for cars with better services. The company also wants to create a unique customer value and tries to motivate the customer through brand building, which is possible if the company focuses on its product and service quality. For this purpose, the company is also trying to offer those services that are required by the customers from service workshops but this is not an easy task and requires an in-depth research and then its results.....................................
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