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Growth Strategies and Handling a Downsizing:
As a seasoned marketing veteran, Mr. Terry Wilson has decided to examine growth options for an importer of Italian furniture known as Tuscan Treasures. This imitative by Mr. Terry Wilson has largely been fueled by the recent decline in profits for the company. As part of his examination, Mr. Wilson seeks to identify the possible causes of the decline and whether downsizing or expansion could be the most suitable measure to improve the situation.
Possible Growth Strategies:
If Mr. Wilson and Tuscan Treasures choose to either downsize or expand the business, some of the possible growth strategies would include:
Evaluation of the Core Business:
As one of the customer-focused growth strategies, the evaluation of the overall performance of the core business involves analyzing and benchmarking profitability, revenue growth rate, and the company's reputation with the most important customers (Liabotis, 2007). The evaluation of the core business usually focuses...
The process would result in renewed commitment to operational efficiency and necessary changes to the core business.
Creating High-Impact Value Propositions:
This growth strategy is based on the company's existing customers with the view of customers through different perspectives as its main foundation. The strategy is initiated to help managers to obtain fresh insights into the needs and preferences of customers through identifying undeserved customer groups and unknown growth opportunities. It basically involves sub-segmenting the current customer groups depending on identified needs, developing innovative and high-impact value propositions, testing the propositions, and scaling-up.
Adjacent Businesses:
Since its strongly linked to the core business, adjacent businesses is normally attractive when core business functions effectively, approaches full potential, and generates surplus…
References:
Jennings, D.K. (2008, July 31). When Company Downsizing and Layoffs Become Necessary.
Retrieved January 16, 2012, from http://www.hrtools.com/benefits_and_compensation/insights/when_company_downsizing_and_layoffs_become_necessary.aspx
Liabotis, B. (2007, August). Three Strategies for Achieving and Sustaining Growth. Ivey Business Journal. Retrieved from http://www.iveybusinessjournal.com/topics/strategy/three-strategies-for-achieving-and-sustaining-growth
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Strategic Management The author of this response is asked to answer three major questions about growth strategies and profit gain/losses and the causes therein. The first question asks for three growth strategies that can be offered to Mr. Wilson. The second question asks for possible causes of the company's decline. The final question asks about recommendations to handle a downsizing. Growth Strategies There are several growth strategies that the author of this report