THE JMC SOUNDBOARD Case Solution
INTRODUCTION
The purpose of this case study is to propose the most appropriate and feasible future business strategies that serve in the best interests of the business for the management and the owners of the JMC Company. The management of the company is planning to introduce a new musical product “sound board” namely to the music instrument customers in the markets of regions where it operates however; there are several repercussions for the management of the organization to consider that are likely to cause a considerable damage to the company in terms of monetary losses if the strategy of the business fails. Therefore, it is necessary for the management of the company to consider all implications on the business and develop a strategy that addresses all the issues of the company.
FEASIBLE RECOMMENDED STRATEGIES FOR THE FUTURE
The following strategies that have been crafted would sufficiently help the company in increasing its market share and gaining a strong customer base for achieving its organizational goals and objectives for surviving in the long run.
MARKETING STRATEGY
The sound board product of the company is relatively a new product in the industry that exemplifies innovation and research of the subject however; as the product is relatively new in the market and the customer will have no awareness and knowledge of the product. It is essential that the management of the organization identifies the potential customer segments to which it wants to target to pursue the sales of the product. This will require a comprehensive and aggressive marketing campaign by the management of the organization in order to create brand awareness among the target market.
The most suitable market segments for the management of the organization to pursue for marketing and sales of the product will be the direct sales to music enthusiasts, musical instruments dealers and shops and interior decoration sales channels like hotels, offices and others. Although the company markets the product in the musical events and other social gatherings however; it only assists the company in direct sales to the customers. In order to target the other segments, the management will have to aggressively market and promote the brand through Radio and TV advertisements and social networking sites. The management should also hire marketing experts and individuals who pursue door to door campaigns for the product.
Sourcing Wood
The production activities of the organization are in-house and the owner himself supervises each and every step of the production process of the product. The wood can be selected according to the manufacturing needs of the company as it would significantly add up to the value of the finished product of the company. The company has the advantage of availability of the wood at very near location and it would adequately support the company in reducing down the transportation costs which will be required by the company to be incurred in the acquisition of the raw material. Decreased cost would sufficiently help the company in acquiring the finished goods in a much reduced cost for the market...............
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