Elegance
‘A Touch of CLASS!’
A Company Report
MSc Management- Business Simulation Project
Contents Page
1.0 Executive Summary
2.0 Objectives
3.0 Vision
4.0 Strategy
5.0 Short term plans
6.0 Long term plans
7.0 Analysis
8.0 Marketing Strategy
9.0 S.W.O.T Analysis
10.0 Product Strategy
11.0 Product Life Cycle
12.0 P.E.S.T
13.0 Research and Development
14.0 Operations
15.0 Human Resources
16.0 Finance
17.0 Learning Messages
18.0 Recommendations
19.0 References
Elegance – Team 3 Group Report
1.0 Executive summary
It was instructed to form a new company within the car market industry and perform operations for a 10 year period. Changes were to be made over the years taking into account; prices, models, competition and customer expectations.
‘Elegance’ created 4 models over the 10 years, doing this the company encountered many lows. Premature launching of certain models caused problems leading to loss in profit.
As business continued changes were made to help benefit the company and facilitate improvement in profit, in order to return shareholders capital.
Each year the company reports were analysed in order to stay in the running to be a successful business. The market perception report, market research data, and data on competition were strong factors which enabled ‘Elegance’ to see where they needed to improve and what they needed to change in order to recover from losses incurred.
Recommendations will be made to show where improvements could be made and what would be done differently if the business were to operate again.
2.0 Objectives
‘Elegance’ aimed to be in a league of their own and wanted to be the most successful company amongst its competitors. Objectives were set in order to try to achieve those aims:
- To create a company with a difference
- To have a strong competitive advantage
- To be a company customers choose
- Build brand loyalty
- To have a large market share
- To create brand awareness
- Be a unique, reliable brand
- Increase sales every year
- To ensure all departments work together in order to be successful
3.0 Vision
‘Elegance’ changed their vision through the years of operation as the initial one was not successful and did not help with making it a profitable company. The vision the company began with is not the one it ended with.
Based on data and results after year one, ‘Elegance’ decided to change their vision in order to keep up with competitors.
3.1 Initial vision
‘Elegance’s’ initial vision:
‘We at Elegance want to create an attractive brand of ‘green cars’ in the medium and large segment.’
This vision was to provide cars that looked good so people would buy them, but with a difference. The added benefit was in providing these attractive cars that would help the environment.
Green cars have many benefits which ‘Elegance’ wanted to promote:
- Green cars are eco-friendly
- Use less mileage than gasoline
- Have a low impact on the environment
- Are approx 30% cheaper than gasoline
‘Elegance’ were certain these benefits would bring in trade and that customers would be more than happy to purchase these vehicles.
The results after year one showed otherwise and ‘Elegance’ had to re-think their vision and strategy in order to pick up sales for the following year. Green cars were not appealing to customers and it is not what they wanted. Giving the customer what they want is what the company need in order to boost sales and be a success.
3.2 New Vision
‘We at ‘Elegance’ want to create an attractive brand of cars in the medium and large segment. We want the customer to benefit from the cars they purchase so having diesel engines will save customers money in the long run; there are also environmental benefits to promote.’
Diesel engines have:
- Better fuel economy
- Cleaner emissions
- Cheaper road tax
- Simple engine maintenance
- More pulling power
- Safer fuel & reduced fire risk
‘We want to be a unique, reliable and efficient brand. A company people continually come back to.’
After changing the vision and making amendments better results began.
4.0 Strategy
‘Elegance’ created their strategy:
- So environmental changes will not affect the business
- To co-ordinate their activities
- To give details of how they will enter the new market and increase market share
- To improve organisational efficiency and implement changes
4.1 Initial strategy
‘Elegance’ aimed to have a differentiation strategy providing a product that offered benefits different from their competitors.
The aim was to create a brand that is similar to our competitors but at a slightly cheaper price.
According to Michael Porters ‘Generic strategy model’ above, ‘Elegance’s’ strategy was associated in the top right corner.
As this strategy did not work a new strategy was formed.
4.2 New Strategy
After year 2 when sales and profit was low ‘Elegance’ decided not to take any risks and have an EMERGENT strategy. It was developed over time without having a rigid plan to follow.
This made it flexible and allowed changes based on threats and opportunities of results.
Although this was risky not having a planned strategy, it did work.
5.0 Short term plans
Upon starting up the business ‘Elegance’ came up with some short term plans that would take effect in the first 1-3 years. These plans were to help with starting up and assist with making the first few years run smoothly.
- Marketing plans
- Manufacturing plans
- R & D plans
- Financial plans
- HR Plans
6.0 Long term plans
The long term plans for elegance were to help with years 3-10 to overcome hurdles, make changes, develop and help with becoming a successful business.
- Diversification plans
- Profit investment plans
- Product range extension/’make-over’
- Entry to a new market
7.0 Analysis
Where they are now?
- ‘Elegance’ entered into a new market and to be able to analyse the organisation and the environment an internal and external analysis must take place.
- Internal features- evaluating different departments within the company
- External features- influences that can affect the organization that are usual beyond the company’s control (E.g. competition, threats)
- The industry and the competitive environment affect the business; changes after each year enabled changes for the future.
8.0 Marketing Strategy
In this section there are theories relating to marketing. After each theory authors have explained their actions which can be related to ‘Elegance’.
According to Bennett (1999) marketing is more than just selling products, however the main aim is still to make higher sales. Marketing is a collection of activities such as: advertising, selling, sales promotion, market research, pricing, packaging and distribution.
According to Gilligan and Wilson (2003) marketing is a process of planning and fulfillment; the conception, pricing promotion, distribution of ideas, services and goods in order to create exchanges that would satisfy organizational and individual objectives.
According to Hooley et all (2008) when the company has been defined its purpose the marketing strategy can appear in order to help achieve that purpose. To have effective marketing strategies the company should start with the detailed and creative assessment on both company’s capabilities- its strengths and weaknesses related to the competition and the opportunities and treats that the environment poses.
After the SWOT analysis made by the company, the core strategy is made to be selected, also identifying marketing objectives and focus on achieving them. The next step is to target markets in both ways- competitors and customers. Moreover at that time the company’s differential advantage, where it serves better than competition should be defined (Hooley et all, 2008).
The next stage is positioning of the company, it reflects on what customers think about the company and where is it placed in the market (Hooley et all, 2008). Implementation is the next stage of the marketing strategy process; it is the level of the company showing if it is capable of putting the strategy into practice. The authors of the report had noticed from research made on the literature that most of the writers had described that stage as the most complicated one.
According to Hooley et all (2008) the design of marketing in a company plays a crucial role in relation to company’s success. Researchers connected the implementation stage with the marketing mix- product, price, promotion, and distribution.
According to Gilligan and Wilson (2003) there are five stages in the marketing management process. Before starting the managers should take into consideration the decision making process, what type of decisions should be made and how they should be made.
Stage one is where an answer to the question where the company is now in terms of competitive position, product range, market share, finance and overall levels of capability and effectiveness. Stage two is more into consideration where the company would be in the future, which requires objectives to be achieved. Stage three is about alternative desired ends of the company. Stage four is focusing on the evaluation of those alternatives mentioned above. The most preferred one is selected. Stage five is the actual implementation of the strategy and monitoring of its performance in order that any corrective action might be needed to ensure that the desired results are accomplished. At this stage it is necessary to take into consideration both the company and environment are not stable, therefore it might be necessary to adapt to changes needed (Gilligan and Wilson, 2003).
From the graphs and tables in the marketing section it is obvious the company had faced difficulties all through the years of work. The graphs illustrate ‘Elegance’ is not a company that stays on the top level in car manufacturing business, however the company had achieved success in a way which is deeply explained further in the report.
From a marketing perspective the company overcame doubts and loans during the last year of its function but could not invest more in relation to marketing. The company started with understanding customers well, which lead to customer orientation. During the first year the company had produced a car that customers had no interest in. The following year customer preferences were analysed and the products were amended.
‘Elegance’ found customer preference changed every year. Customer perceptions through the years did not play a significant role in our marketing and product decisions. Customers might like or dislike something but does not mean they would purchase accordingly.
The authors of the report are going through all the marketing stages that Elegance has been through explaining and outlining each one in the following text below. First one is the analysis of the company.
9.0 S.W.O.T Analysis
According to Hooley et all (2008) the SWOT (strengths, weaknesses, opportunities and treats) analysis has a double meaning. It seeks to identify significant factors, both external and internal, that affect the company and its markets. It gives an overview of key issues. The second meaning is that by looking at the strengths and weaknesses aligned with the opportunities and treats it can help to form a strategy.
‘Elegance’ strengths were related to the staff and the product itself. Employees were trained each year. The company had invested in training each year. Also one of the products, a specific car model was produced with special features which differentiated the product from competitors.
As many researchers have mentioned in their studies, it is important to understand and try to turn company’s weaknesses into company’s strengths and company’s treats into opportunities, after that the company will be a leader in its industry as the success will come right after changes.
‘Elegance’ weaknesses are as follows: from financial point, the company had spent its capital in a wrong direction first two years. The accounting system was inefficient and there were limited resources. Another important factor to be mentioned is the company had established a low reputation among competitors and customers in the first two years. The profitability was weak. ‘Elegance’ had the best opportunity to develop in one specific sector; however, the company missed it.
Penetrate into one market sector could be done, but most of the management wanted to develop the company into different sectors. Therefore the company started to swop sectors. The production management and the financial management were choosing according to market share percentage and car features costs, where to place the product and who would be customers. A big threat was direct competitors who lower prices. To keep up, looking at competitors prices had to be done even though ‘Elegance’ was not able to put lower prices than initially offered as models had more features than competitor’s products.
The core strategy of the company stands for how it intends to achieve its objectives (Hooley et all, 2008). An example could be a company that wants to be market leader in market X, with share of market at least twice that of the closest competitors, the core strategy might be to use technology or be a centre of low prices, or better service or quality (Hooley et all, 2008). Improving profitability with existing levels or reduced levels of sales could be improved by improving margins. That includes increasing price, reducing costs, or both (Hooley et all, 2008).
‘Elegance’ went through significant difficulties in the first years. Nevertheless, the company made decisions based on the Product Life Cycle. The company had increased prices of some products and reduced costs in order to make profit. The strategy was successful and after year 4 the company had made profit. It continued with small steps to improve profit through the years up to year 9.
Differential advantage can be create from any of the company’s strengths (Hooley et all, 2008). According to Porter (1980 cited in Hooley et all, 2008) competitive advantage can be created in two ways: Cost leadership (cost structure that is significantly below the competitors, while the products offered are closely the same to the competitors) and differentiation (creating something unique in the market). The last way could be achieved based on price, image, style, design and product features.
Elegance in the beginning of its operation had a mission to be different in the market by offering green cars. On the later stage when the products were almost the same as competitors again the company had focused on making its products different from competitors. As there were four models cars produced each one has been focused on something. One was with low price than competitors. Another was with better design and for the common selling price as competitors’, product features of one model where changed in order to be different from competitors.
The company had direct competitors in each car model produced. The first model has the most four competitors. The second model had two, the third one had two and the last model had one.
10.0 Product strategy
According to Bennett (1999) a product is anything that the company can sell, it could be physical good or service. Company can produce a new product which to give something different innovative or multifunctional. On the other hand the company can produce exactly the same copy as the previous product (Bennett, 1999). In order to develop the product there are two aspects to look at: to extend the market for existing products through improving their attractiveness and changing the range of the product to reach completely new markets (Bennett, 1999).
‘Elegance’ started with looking into covering as many markets as possible; developing different car models for different markets. In the last few years ‘Elegance’ went for a strategy to stay in a market but make the product more attractive with the years. Calculations were even made that this strategy would even help save money. One simple example is advertising, a lot would not be invested in advertisement when product is well known, just improved. If a new product in a new market is launched the advertising costs were higher.
The brand of a product is a way giving a logo and trade name, finding the best way to associate the brand name with characters in an advertisement (Bennett, 1999). If the company is serving foreign markets, it is common to choose whether to have a separate brand name to individual products or establish one generic name which will cover all the versions of the outputs (Bennett, 1999).
Once branding is done customers recognise the product. However, from time to time it is preferable to remind them about the brand of the product they buy.
‘Elegance’ invested in its brand for advertising and promotions each year. More specifically the company was making separate investments for the brands name. Crucial mistakes were made in the beginning regarding promotions budgets, not only by ‘Elegance’ but other companies within the industry. After the first years report the opportunity to look at competitor’s promotional budgets allowed insight to see ‘Elegance’ were not alone in that failure.
See Appendix for Graphical illustrations.
Appendix 1 illustrates the promotional strategy showing overall promotional budgets of all companies.
It is clearly shows that the promotional budget for all companies has increased with the years; Elegance’s promotional budget was stable for a majority of the time.
Appendix 2. shows the pricing of each car model for ‘Elegance. The company launched 4 models for the 9 years period; however competitors had launched 5 models. As the company started with looses it was difficult to launch a new model in the time of operation. When it reached its “success” and made some profit, the management did not want to invest in a new model as it was too late and the company would have been at risk if this was done at such a late stage. Due to initial financial difficulties further problems would have been caused if more loans were taken. The focus at this point was only in gaining profit without any risks.
Appendix 3 shows the relations between the sales and promotion. It is clear that the sales increased rapidly and the promotions were moving “slowly” on the graph. The best way of promoting products was by digressing expenses.
11.0 Product Life Cycle (PLC)
According to Bennett (1999) products are like living organisms, they are born, mature and decline. Marketing strategy should follow the products and try to suit each phase of it. The introductory phase is characterized by high expenditure for marketing research, launch costs and possibility to face financial losses at that stage. The customers will be attracted as the product is new, but some technical factors may cause a delay of purchasing the product.
‘Elegance’ at that stage faced problems and made a crucial looses. The company offered a product that was not popular among the young and educated customers. Later when the product was changed another problem rose. The product was well featured and at a good price compared to competitors but the company did not make customers aware of it. The promotional budget was not estimated and was not enough to inform customers about the new model.
Advertising is the most important part of the marketing mix during the introduction phase (Bennett, 1999). The period of growth is the second phase of the PLC (Bennett, 1999). Competition appears therefore the advertisement should be taken at the first place. The mature phase is more stable where the product should become more attractive through design improvement or presentation. Extra features might be added to the product (Bennett, 1999).
‘Elegance’ tried to follow the theory and during that stage was improving its first models by adding more features. The company also tried to cut the selling price of one model in order to sell more than competitors. During the stage of decline the product’s life should be terminated, otherwise the effort and the resources put into that product and its maintenance will be devoted (Bennett, 1999). At that stage ‘Elegance’ had launched a new car model; this may have been the cause of the product not being desired by customers.
12.0 P.E.S.T Analysis
Political, Economical, Social and Technological (Hooley et all, 2008).
Many important changes are taking place in the environment in which marketing operates, for example change in the economy or technology.
During ‘Elegance’s’ period of operation economic growth did not experience any turndowns. The markets were perfect for growth and for business. There were no features such as globalization and internalization. The only concern was unstable inflation rates.
From a social perspective the company wanted to serve customers with a unique product, a green car. That was placing the company among the environmental friendly companies. After changing the product the focus was on trend and providing comfort and style by producing cars with quality features.
From a technological point the automation used by the company could be stated under that title and also the sound systems used as an extra feature to the cars.
13.0 Research and Development (R &D)
This can be described as a process of leading to the development of new products or procedures or improving existing products or procedures. Industry is changing rapidly and all organisations must to follow changes or innovate new products otherwise it is not feasible to continues business meanwhile R&D is more reasonable than other investment options such as launching new car, buying new factory as well as promotion.
From the beginning until year three the R&D performance was significantly low due to the organisation’s economic difficulties such as lack of liquidity as well as high level of stock. However; it can be seen as an increase in the number of online R&D projects from 0 to 45 between year two and year eight. The same pattern continues for a number of under developed R&D projects.
14.0 Operations
Production reports of ‘Elegance’ present the purpose of production, stock, backlog levels through the process of operation in addition to this automation and what its effects were.
Production Management could be described as Operations management, and is about how organisations produce goods and services (Slack, et al., 2004). There is no organisation that can manage their actions in detail due to the fact that organisation must follow some strategy otherwise it is not feasible to achieve goals.
When the products were introduced, ‘Elegance’s’ sales expectation was lower than what was actually sold due to the introduction of new products. During this stage, the target was to establish a market as well as build demand for a product. The consideration for the growth stage was to receive rapid revenue from sales however; it could not be achieved satisfying profit during the growth stages except last three years. It can be described as the beginning of the mature stage that sales were roughly the same; moreover the organisation had to achieve a build up to the customer structure.
This graph illustrates the life cycle of sales through the years.
14.1 Stock and Backlog level
35000 cars were produced in first year of operation and as a result all cars were sold leaving 0 stock. It has been envisaged 7.5 % of stock. A striking point is that although Pegasus (competitor) in the medium segments car price was £1300 higher than ‘Elegances, their sales were 33000 more. Pioner’s, another competitor sold more than 24000 cars; however their price was £800 lower than ‘Elegance’s’. Comparing the results with competitors, it is predicted that ‘Elegance approximately lost out on sales of 28000 cars.
It can be seen on the production and stock graph which follows (Page 24- Figure 1), that the stock level is zero in the sixth and seventh year. Looking at competitors’ sales in sixth year, approximately 30000 car sales were lost and approximately 11000 cars lost in the seventh year.
Apart from the ninth year, ‘Elegance’ envisaged between 7.5 % and 10 % stock as the market decreased that year. The stock expectation was 5 % and it was achieved.
Overall production and stock management was successful and approximate calculations were met.
Figure 1
14.2 Automation and productivity
Automation can offer many advantages, mainly by improving processes and decreasing costs. Production efficiency will provide a quick return on investment, in addition to this automation will increase accuracy, speed as well as product quality. Moreover, automation provides safer operation systems and continuously repeatability. It has been achieved to balance between automation and manual operations. At first, high levels of investment for automation took place, however investment levels could not continue due to economic issues such as reducing costs as well as abating stock. In the fifth year the automation budget increased steadily. Investment could not be seen in the seventh year. Also in this year it is assumed £50 million investment on automation is spent. However, due to negligence failure to enter this into the process occurred.
Figure 2. This graph illustrates the trend in investment in automation over the years of operation.
The Productivity graph could be seen as a picture of the automation investment results. The investment of automation directly influences productivity performance. There were problems between year one and year two due to stock and cash issues. Therefore, investment on automation was not sufficient as a result productivity decreased. It can be seen there is an obvious increase between years four and seven on the productivity graph however; it could be managed to make the automation trend stable at the end of the production period.
When a luxury car is launched the market average productivity decreased due to luxury production needs lots of work forces such as in medium segment whilst one hundred employees produce 3900 cars, in luxury segment the same amount of employee can produce just 850 cars. Luxury car productivity declined our average productivity however; the productivity is increased by investment on R&D.
Figure 3 illustrates the levels of productive over the years
15.0 Human Resources
When it came to staff and wages it was difficult to measure the correct amount to pay to satisfy staff and reduce strike days. ‘Elegance’ wanted to make staff happy, but also manage costs and also take into account minimum wage and amounts competitors were paying.
‘Elegance’ always paid more than the minimum wage as they wanted production that was effective and wanted to try to ensure staff stayed on.
figure 4 shows the wage comparison between minimum wage, ‘Elegance’ wages along with what competitors paid staff.
Figure 5 illustrates ‘Elegance’s’ wages in comparison to the minimum wage. The line above shows ‘Elegance’s’ amounts, as it shows here the company paid slightly more than the minimum. This helped reduced strike days ensuring staff were happy with what they were being paid.
The lowest line shows the amount of strike days. The two peak points were at a period where the company had to make some redundancies which lead to unhappy staff as the work load increased for existing workers.
16.0 Finance
Elegance initially started with £500m (£100m per share), a loan of £357m was also given. The year was tough due to losses of £90 m incurred.
In the first year, financial stock values were zero, meaning under production of cars, hence retained losses were £90m. The company also had an overdraft of £87.10m from the bank which had higher interest rates. During this period the loans interest was £29.73m.
On the other hand if sufficient loans were issued, there would have been no need for an overdraft
Year 2, Elegance again incurred losses, which was £257 m and due to not being able to take a loan the company had an overdraft of £568 m.
Reasons for this is that during second year a new model was prematurely launched which had stressful moments under financial aspects. To add up on the misfortune, the inflation rates were higher than the previous year and the interest on loans were £38.26 m. The return on Shareholders funds dropped to -68.86%
On the other hand, the new model was a success and the company was expecting profits of £600 m which would have made it easier to reach the share holders expectations and at the same time clear off all the outstanding debts.
Year 3, Elegance was still in the down run incurring the losses of £363m over which it also had an overdraft of £904m. Interest rates on loans were £61.10m. The company was suffering huge losses and did not have any financial back up.
Cars were still under produced, meaning the company was not reaping full profits as stock levels were still zero.
Year 4, Losses continued to mount with £528m in the fourth year. An overdraft of £438 m was still outstanding. The inflation rates were high which made it worse for ‘Elegance’ to rise up. The interest rates on the loans were £63.17m and Interests on current accounts were £152m. The fixed overheads costs were also increasing due to inflation.
If a new model had been launched at this stage, it would have been very productive, as the product life cycle of the luxury cars was nearing its peak of the life cycle.
Year 5, Although losses still persisted during the fifth year, a gradual improvement was seen in the retained profits. The company had sales figures of £3.3b. The interests paid on the loans were £53.26m. The net debt at the end of fifth year was £625.85 m.
Year 6, Elegance was gradually improving. During this year losses of £413.26m were recorded. The sales made during this year were £4.2b. Company had a Net worth of £543.64m.
On the other hand, an overdraft of £91.44m was still outstanding and the Loan of £457 m was yet to be paid.
Year 7, With strategies being worked on. The company did well on the sales figures which were £5.3b.
Year 8, ‘Elegance’ for the first time reaped profits. Opening bank balance for the 8th year was £283.44 m. These profits were further invested in gilts. An estimated £200 m were invested in Gilts.
Year 9, During this year ‘Elegance’ made profits like never before. An estimated £1.5b profits were generated. The interests earned by the gilts were £39.19 m. The car sales of £6.7 b were made.
All the debt owed by the company were paid off. ‘Elegance’ at the end of the 8th year had total assets of £2.5 b. Return of shareholders returns were approximately 49%.
It is predicted that by the end of 14th year, ‘Elegance’ would be the market leader. With sound economical back up.
Gross profit and total overheads
Figure 6
This shows the variation of the total overheads over the period of 9 years which is indicated by the lower line. The trend line above is the gross profit made by the company for the 9 year period. It is seen that the total overhead cost has been varying over the years; this is due to the changing inflation rates. However, the overheads remain constant due to the consistency in the inflation rates. The gross profits gradually increased over the years. At the end of the 9th year an estimated £2.3b profits were generated. The gross profit in the graph indicates the slow but gradual improvement of the company.
Return on Shareholders returns:
Figure 7
The graph depicts the performance of the different companies on return on Shareholders expectations. The line with triangular pointers indicates ‘Elegance’. Due to the losses incurred by the company for several years the returns on the Shareholders has been negative. It is from the fourth year where the share value meets its original prices. In the year 5th to the 7th year the returns were well generated, and remains quiet consistent for the rest of the years. Reasons for the sudden growth in the returns during the 5th and 7th year were due to the profits generated from the segment of luxury car produced.
17.0 Learning Messages
- We have learnt the ins and outs of how a car manufacturing company operates
- We have been able to see the most important departments involved in the process
- It gave us a chance to see that it is not easy just changing figures hoping for a successful outcome
- It is easy to make small mistakes that can affect the whole process
- It takes a lot of hard work and consideration of all departments to be able to make changes to the company
- Everybody has to work together in order to achieve a successful business
- We have learnt from a marketing perspective that promotion is closely related to sales.
- When we increased the promotion costs, our sales increased.
- We had opportunity to try different theories and see whether they were successful for us
- When things are bad for the company- DO NOT GIVE UP, keep your head up – the FUTURE IS BRIGHTER THAN WE KNOW!
- AFTER ALL WE WENT FROM A FAILING COMPANY TO FINISHING THIRD!!
18.0 Recommendations
- Think carefully regarding times to launch new models
- Research into areas that need more attention
- Plan efficiently for the future
- Work out amounts needed for each section
- Plan work force and production to avoid losses
- Advertise efficiently
- Do not waste money
19.0 References
- Bennett, R. (1999) Corporate Strategy. Frameworks. 2nd, London, Pitman Publishing
- Gilligan, C. and Wilson, R. (2003) Strategic Marketing Planning. Oxford, Butterworth-Heinemann Ltd
- Hooley, G., Piercy, N. and Nicoulaud, B. (2008) Marketing Strategy and Competitive Positioning. 4th, England, Prentice Hall
- J & Wilson.J (2004) The Economics of Business Strategy, 1st Edition, Prentice Hall, Financial Times, Pearson Education
- Michael Porters Generic Strategy Model
- Slack, N. Chambers, S. & Johnston, R . 2004 Operations Management. 4th England: Pearson Education Limited
APPENDIX
APPENDICIES:
Appendix 1. PROMOTIONAL STRATEGY
APPENDIX 2. PRICING
APPENDIX 3. SALES VS PROMOTION