Conclusions and Recommendations for Action
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Conclusions and Recommendations for Action.
In conclusion, Maruti Suzuki India Limited decision to conduct market research on how to create a competitive advantage over its competitors was a sound decision. Over the decades, the sales of MSIL have been decreasing as the completion in the market intensifies. Currently, MSIL understands the changing consumer preferences and tastes, and it has to come up with better ways of satisfying consumer needs and wants.
The company has to create new automobiles that suit the three classes of the people in society to maximize sales and revenues. The new company’s automobiles should be of high quality than those of their competitors for the three classes of their targeted consumers (Bhatia and Thakur, 2017). Understanding the behavior of its targeted customers will boost sales and revenues as the company will develop better strategies for maintaining good customer relationships.
Identifying new cities where the competitors have not reached was a brilliant strategy as it will expand the customer’s base (Verhoef et al., 2007). The company should then develop the plan of entering those markets. Right entering methods will make the targeted people perceive the product well. The company should also recruit competent salespersons and develop better advertisement and promotion strategies.
The company should develop a fair pricing model of its product in the different cities to entice the customers to purchase its products than that of the competitors. Further, the company should sell its products on credits to the customers. The action will make customers do repeated purchases of their products. The company’s idea of introducing the premium-hatch to cater to its customers’ different tastes and preferences is a good strategy.
In the future, the company should conduct a SWOT analysis to identify its strength and weaknesses. The company should then make a hurry and better decisions to eliminate its defects to gain a competitive advantage. Moreover, the company should identify the opportunities in the market and develop strategies to utilize the opportunities to boost its sales properly. Lastly, from the SWOT analysis, MSIL should know the threats in the market and work on avoiding risks for the business’s success. Besides, the company should conduct a PESTLE analysis to identify the factors affecting its performance in the market and develop good policies and strategies for the success of the company.
References
Bhatia, A., & Thakur, A. (2017). Choice of diversification strategies in an emerging market: Evidence from Indian manufacturing industries. Journal of Asia-Pacific Business, 18(1), 21-45.
Verhoef, P. C., Van Doorn, J., & Dorotic, M. (2007). Customer value management: an overview and research agenda. Marketing ZFP, 29(JRM 2), 105-122.