Control Concepts
- 1. TEAM E (CASE PRESENTATION) NOVEMBER 30,2015
- 2. Control Concepts is an independent control system programming and engineering service company It designs control programs that provide solutions to complex audio visuals systems used in the education, business and entertainment sectors as well as engineering services to help clients gain the best outcome that satisfy their need Founded in 1997 by Steve Greenblatt and located at Fair Lawn, New Jersey The business recently expanded its scope of business from traditional audio visual control system solutions provider to include audio visual specialty services provider for projects
- 3. Company’s nature of business is majorly service oriented as a solution provider to design and supply control systems, but it continues to provide; Technical support to ensure ease of installation and usage Customer care services to help solve issues and provide better services. Its service offerings are: Traditional Programming Custom Development Audio DSP, System Design, Engineering and Commissioning Its clients and business associates are: End User Organizations e.g. School Classrooms, Business Boardrooms and Entertainment Viewing) Integrators: who provide ideas for programmer to design in control system for their clients Consultants: who give technical advice to programmers for control systems developed Manufacturers: who make control systems and other products for programmer Technology Managers: who consult programmers for IT style solutions on AV problems
- 4. Skilled Team with Expertise in Control Programming New Services: Audio DSP, System Design, Engineering Commission- ing Customized Software, Control System Module & DriverInvestment in Professional Software Developer and Design Engineer Extensive Experience More Client Oriented Products sold off the shelf have incentive of maintenance Uniqueness of New Services from Traditional Business Reputation for High Quality and Efficient Service Well Structured Website Specialty Services added to its Control Programming Business Uses Social Media to promote Business
- 5. Diminished Loyalty due to Past Poor Client Relationship No Non-social Media form of Advertising Employed; Newspaper, Television and Radio Not Targeting Markets Nationwide focuses only on North East regions Reliance on External Service causing ineffective communication with Clients No Clearly Defined Mission Statement Stagnant Income Level of $1.05 MM for the last two years Little or no Incentives given to existing Clients to Stimulate Demand Late Adoption of Specialty Services to meet clients needs
- 6. Offer Discount to existing Clients on New Products, Services & for Referrals Create exposure on Successful Relationships, Clients Testimonials & Projects done via Newspapers Generating Demand by Partnering with Business Associates Maintain Good Relationship with Clients and Business Colleagues Use Non- Social Media to promote Business Nationwide for more Clients Use less of External Service & Interact with Clients for Direct Feedback Constant Changing Client needs High Level of Competition & need to maintain Market Share & Position Communicate New Services to existing Clients via email Attend Industry Seminars and Events to stay updated and network for more business links Design a New Website that shows all the Services and a well defined Mission Statement Constant Changing Technology
- 7. Clients and skilled dedicated employees are what makes a business grow and survive, always maintain a good relationship with both parties as that would stimulate demand and innovations for new products and services. Communicate new services to existing clients through business correspondence like emails, text message, post mail and phone calls; emails are free and a detailed presentation can be attached, then follow up within a week with a phone call to explain significance of the new services on clients business. Employ less external service for delivery, wiring and installation of products so as to get timely feedback from clients on problems encountered from usage, provide a quick fix so as not to lose clients and internally strategize to eliminate such problems in the future. Clearly define mission statement and new services offered in adverts and on website using a captivating business slogan that would explain easily the nature of business. Maintain good relationship with business colleagues(Competition) and business associates(Integrators, Manufacturers & Technology Managers) to foster partnerships that would have a synergistic effect through collaborative exchange of idea’s on how to improve on services and a multiplier effect in generating more demand for all partners. TOWS: Strengths /OpportunitiesAdvertise its extensive experience and high quality products and services using local newspapers and television with testimonials of clients served to gain wider exposure and attract new clients nationwide. Get new business links by attending industry seminars and events, Also offer discount incentives to existing clients for upgrade to new products, services and referring others.
- 8. Stimulate demand by introducing more incentives to existing clientele via discount on product and service upgrades and for service referrals of company to other clients. Effective advertising to promote business involves using all communication mediums at periodic intervals depending on cost. Television and Newspaper though have high cost reach a wider audience and provides a better image for companies than social media does. Timely feedback is essential for a growth of a company, heavy reliance on a third party for feedback result in delayed or distorted information being communicated back to company and potential loss of client. Incorporate in website a well defined mission statement and captivating business slogan, it gives a corporate image to business and influences decisions to employ company services . Company had a stagnant income in the last two years, to ensure a steady rise in income continuously, there will be need to diversify its business portfolio and focus on nationwide servicing rather than just the regional servicing, thus offsetting low demand. TOWS: Strengths /OpportunitiesWorking closely with clients and paying great attention to their needs will close the gap on late introduction of new products and services. This gives a competitive edge and will help maintain current market share rather than loss unsatisfied clients to competitors.
- 9. Market is saturated with other highly skilled programmers, so company should never relax rather it needs to intensify on its best efforts employed over the last eighteen(18) years, to maintain its leadership position by adopting latest technological advancements that are cost efficient and provide higher quality than or is at par with technology employed by competitors. It is critical to maintain continuous research on clients changing needs, product limitations and ways to improve on quality of products and services offered to remain relevant in the industry. TOWS: Strengths /OpportunitiesContinue using team’s extensive experience to diversify into new product lines and services that provide superior quality than clients expect in order to maintain market share.
- 10. Advertise, Advertise, Advertise nationwide because without constantly advertising company and services offered to remind and create awareness of existence, is like winking in dark and no one sees you. Create a stickiness factor that would retain clients loyalty and attract more clients through providing the best services and more incentives in the industry as well as rebrand image with a good mission statement, business name or business slogan to have a better corporate image that will create a social class that businesses want to align with. Get timely client feedback to meet clients immediate needs and project future needs to always stay ahead of competition. TOWS: Strengths /Opportunities Closely monitor competitors to know new significant developments and strategies they are likely to embark on to penetrate the market and steal your clients; allowing enough time to for you to strategize on how to develop and introduce it to the market earlier or at the same time they introduce it. This helps to avoid late product introduction or strategy adoption, when competitors have penetrated the market fully and already working on the next big development.
- 12. • Inform existing clients of new services by using business correspondence like sending out emails and attaching a well detailed presentation, follow up by phone call or post mail. • Advertise using non social medium of exchange, emails, newspaper, television, flyers and trade journals to intended target market. • Direct Marketing via tradeshows and attending business conferences to further promote business •
- 13. Control Concept will succeed in penetrating the market and increasing its market share, if it adopts the fundamental Strategy provided.
- 14. •Introduce price incentives that are cost efficient e.g. discounts when existing clients upgrade to new products and services or on service referral of company to others, these incentives help generate word of mouth advertisement and most times stimulate demand because company’s services have been tested and vetted by a real client • Foster a good relationship with clients and service contractors on a continual basis to further enhance sales Partner with business associates to exchange creative ideas, promote and expand business through business links created from synergic collaboration Continuous research and development to improve quality of service to satisfy needs of clients better, attract new clients and develop proactive strategic measures against competitors to increase its market share
- 15. The company can also adopt the alternative strategies or combine it with the fundamental strategies to have an effective marketing mix to further increase its growth level and business continuity
- 16. Projected 15% New Services Contribution of 2015 Total Revenue estimate $202,500 Actual 15% Projected New Services Contribution to 2015 Revenue $10,125 Total New Service Contribution in 2016 $212,625 Likely Overall Revenue gain in 2016, if proposed marketing strategies are implemented $67,500 Total advertisement cost of proposed marketing strategies in 2016 $35,243 Interim Profit $32,257 We worked backwards with the revenues provided to us from 2011-2015 and the projected impact of 15% expected contribution of new services would increase revenue in 2016 by $67,500 from the 2015 $1.35MM to $1.4+ MM in 2016 provided the proposed strategies are employed to stimulate demand from existing clients and attract new clients