Good Example Of 3* 10 Business Plan

Published: 2021-06-21 23:42:01
essay essay

Category: Planning, Challenges

Type of paper: Essay

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Super Strength Adhesives is the leading brand name in adhesives in United States of America in respect to the share market and estimated revenue. The success of the organization is attributed to the competency and professionalism of the management. In efforts to boast its growth rate, Dr. John Raymond, the organization CEO, has 3*10 plan that entails a “three-fold growth in 10 years” (Case-Study, p3). This is to be achieved through alliances, strategic takeovers, and acquisitions. It is critical to evaluate the challenges and strategies to overcome these limitations to guarantee the firm achieves its growth plan. The main challenges facing Super Strength Adhesives include:
- Fierce competition from unorganized sector in the local market
- slow market growth rate of its merchandise,
- Competition from international competitors.
As the SVP strategy, several approaches must me employed to address these challenges while acknowledging that United States adhesive industry is not protected, hence there is free entry and exit by foreign players. Taking into consideration that the overall market share is likely to shift towards the industrial segment, the challenges will be addressed through:
- Paying critical attention towards enhancing its quality while employing the ERP to plan its marketing and promotions strategies.
- The firm must employ aggressive marketing strategies to ensure that it increases its market share through the use all media in the marketing programs.
- The 3*10 will enhance the firm’s ability to beat the international competitors because it focuses on alliances, strategic takeovers, and acquisitions.
- The aggressive marketing strategy should be employed to win the clients in rural areas.
- Consider adding increasing the distribution channels in the rural areas to tap the anticipated household demand growth.
- Although price wars cannot be effective to beat the small scale producers who account for 40% of the market share, Super Strength Adhesives should be differentiate its prices in respect to income, geographical location while upholding the quality standards.
- The firm can win targeted rural clients by initiating programs that incorporate the rural residents, through that, they will become attached to the firm and become loyal clients. Through that, the targeted rural clients will become loyal clients because they will get value for their money.
The principal challenges facing this firm can be overcome through effective marketing strategies, upholding it international market approach, while maintaining the quality standards. Through that the plan will succeed.
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