Human Resource Management
Competition is a key factor in markets. Some of the major competitors in the U.S. market are Anees Upholstery and Pacific Hospitality Design as they are in the same line of hotel hospitality and service delivery offering the same service and products to customers. The two companies have attained a significant positon in the market. For instance, the most recognized market player in décor and furniture manufacturing is the Pacific Hospitality Design Company. The company designs and manufactures a range of high quality residential and hospitality custom décor and furniture. On the other hand, Anees Upholstery Company is recognized for designing authentic, high-end furniture. To compete favorably with these companies, there is a need to perform a SWOT analysis.
The company has a number of strengths that will be used to enhance its competiveness in the market. First, the firm has perfect industry segmentation since the company produces personalized furnishings. Additionally, because of the distinctness of the industry, the firm will focus on various sections of the industry hence expanding its sources of income (Shaw, 2009). The industry comprises of grand companies, home offices, and medium firms. The variety is advantageous to the firm because it is difficult for the big companies to shift and start producing quality products. On the weaknesses part, the materials to make furniture are high. The high cost may limit the ability to produce sufficient quantities to serve the market. Additionally, the company may encounter technological challenges since, currently, technology is essential for businesses to thrive. Finally, the firm has not analyzed the new methodologies of promoting and distributing online, which limits its market base further making it challenging to forming a joint corporative strategy with any of them. This is because the strategy may derail future market penetration in addition to attracting and retaining new customer. The joint corporate strategy may thus not work with any of the competitors.
The firm has the opportunity to discover new channels of distribution. It has the chance to develop itself by applying social media marketing, as it has become a major marketing tool. Additionally, the market provides an opportunity for identifying new sub-markets (Shaw, 2009). The company can also put place measures to enable it expand to cater to the needs of the growing middle-class and entrepreneurs who appreciate personalized products. However, the capacity of established companies to produce products at a low cost and selling them at affordable prices is a huge threat to this company. It is a threat because low cost products attract a huge part of the market. Also because of lucrative opportunities in the high-end market, many companies are entering this market, and this may lead to the flooding of the market. Another threat is the convenient advertisement models enabled by technological advancement, which allow new entrants to access the national market easily.
The personalized furniture production industry is experiencing a steady growth. As a new entrant, the firm will be able to lay down a strategic entry plan to tap into the untapped markets and potential customers. The company will also have a competitive advantage because other bigger companies involved in mass production are hindered to enter into this market. The business will consider forming a joint venture with Anees Upholstery. The joint venture exposes the company to a wider market due to increased resources. Anees Upholstery is a reputable company; hence, an association with it will be of high advantage to the firm’s brand. Through the association, the company will also be able to develop a strategic marketing plan that defines its target customers and its offered products to form the company’s profile market. Additionally, to build a strategic competitive market, it is important to reposition the company in the market and create a unique market profile that would open up and reveal exclusive characteristics of the targeted customers or groups.
The Balanced Scorecard
The balanced score card is a significant planning and control program that will be used by the organization to link its key activities with its objectives. The company will ensure that each employees is evaluated in relation to their activities. This will be done by focusing on their main tasks, performance, and conduct. The evaluation will be used to determine if the set objectives are achieved.
Pacific Hospitality. (2012). Pacific Hospitality Design pdf. Retrieved from www.phdesign.com: http://www.phdesign.com/news/pacific-hospitality-design-pdf/
Shaw, E. H. (2009). Segmenting and Targeting Your Market: Strategies and Limitations. Journal of Historical Research in Marketing, 30-55