The market strategy for expansion of Top to Toe is the following:
Expansion of its market to a large geographical area using franchising options so that local management is kept knowledgeable to its happenings and the product is able to market of its own. Knowledge to its management of the products in other geographical areas would make their knowledge base strong and create a sense of organizational critical thinking process and its successful enrichment.
The commitment towards the selling of the product for its expansion and commitment from management would be the criteria for its expansion.
Another most crucial reason is the overcoming of the previous strategy where expansion was a keyword once the other strategies have failed or saturated. This concept was quite poor as no efforts from the management were made until they thought that the enterprise is on the danger track to pull the strings together and formulating a fresh strategy for its expansion. It was quite a poor approach as periodic efforts must be made by the management to keep in synchronization with the plans for growth so that the prosperity curve remains stable if not rise.
The SMART growth strategy would be quite relevant to Top to Toe but the management can be devised to use such a strategy for its prosperity. The following points can be attributed to it:
The specific objectives would be to market its products and create chain market for its sale and distribution. Marketing must be the key element in the context of the organization and they must evaluate the correct methods to achieve it.
The measurable objectives would be to increase the growth rate of the company to 20% next year and to evaluate the calculation of sales increase.
With the current increase in geographical base, the capture of consumers would be greater and must comprehend the demands of the consumers this increasing profits in short run.
Increasing brand awareness must be the primary focus as consumers are drive by it.
Capture 30% of the market share in a year’s time.
Formulating the staff level objective to achieve the above mentioned objectives at the company level can be compounded as follows:
· Increase or improve communication skills of the selling staff’s front so that they are able to network better and provide a better presentation to the consumers.
· Knowledge delivery and knowledge transitions must be done when necessary as that would go a long way to educate the sales staff to get upgraded with the newer products and services the company has come up with. It has to be top to bottom approach.
· Better presentation ideas and selling techniques must be enforced to get a larger share in the market.
· Share of profits with the staff as performance benefits and appraisals.
· Take feedback from the staff as they are the ground level human resources to get the job done and would precisely be able to ascertain the situation better.
· Capitalize on the feedback by the clients so that better service can be provided.
The strengths of the Top to Toe organization can be attributed as follows:
Identification of the correct marketing strategy that forms a crucial portion of the entire business, the concept of home selling.
The correct valuation of human resources to be a part of the organization and not just profit making instruments, they believe in talking them as greatest assets in business.
It is more towards community driven which places them in an advantageous position to give a notion to its staff and community that along with profits they would take care of the utilization of natural resources.
Believes that motivation is the key to increase its brand image and thereby sales as that would promote growth of the employees and the enterprise at the same time.
The weaknesses of the Top to Toe organization can be attributed as under:
It is focused towards profit as it moves to the financial institutions for their short term gains and promising higher returns which is quite risky in nature.
Non-identification of the value of time which the company requires to reflect and reinvent and focusing on quicker methods to earn profits in shortest possible time. It is erosion to its brand and consistency of its growth in the market.
Concentration on the strategy that bringing joy in the workplace would foster growth, however it can be attributed that customer understanding and evaluation and finally care would make sure that their products sell better and occupy a market share.
Taking large loans from investors would prove greater risk in case of non-procurement of enough profits for paying them off.
The opportunity that Top to Toe is facing can be put as under:
· It’s entering other geographical markets to spread its sale of products and for expansion reasons.
· Creating distribution channels for its entire sales staff so that better sale can result from it.
· Procurement of financial help for making larger profits in the short run.
The threat for Top to Toe is that the lack of training and staff development programs would create greater opportunity for the competitors to market its products and occupy their market share slowly.
The social responsibilities towards the consumers followed by Top to Toe would be as follows:
They believe in utilizing the natural resources or raw materials to their limited capacity and make sure that there is no profit motive in exploiting the natural resources.
Carry a neat desire to create environmental friendly products.
View the staff personnel as assets to an organization and not as profit making tools.
To achieve short term profits keeping in synchronization with taking care of natural resources would be to understand the customer base and accordingly groom their sales representatives to arm themselves with right marketing and selling strategies.
The CEO can be guided as follows:
To provide staff development programs to impart the product knowledge and presentation skills so that they are able to convince the customers in a better fashion.
Valuate the sales personnel as employees and not their own brothers and sisters. This would provide them with enough opportunity to create a business environment to make profits and foster employee growth with appraisals and perks for better sales performance.
Formulate risk assessment and management strategies to create a consistent environment to check against unnecessary rendering of resources towards wrong direction.
After sales strategies must be prepared for better customer communication and catering in future.
Assess profits and performance of the company periodically so that corrective actions can be undertaken for making better utilization of resources and making better profits in future.
Planning and organizing must be done in an industrious manner to generate profits to remain alive in the market.
Top to Toe case study. Welcome to the party: home selling with Top to Toe.