Good Business Strategy Against Competition?
In school, I’m participating business game. I have a group who are owners of a cell phone manufacturing company. My group is competiting with 7 other groups. This game is a simulation game with income statements, balance sheets, and liabilties, net loss, net gain, gross margin, etc. Its basically like real life.
My group and I have to make some business decisions. We are in the 5th year (in game time) of our business. We started off loaning from the bank and launching advertisements. So we had little to no net profit for the first three years. Then everything picked up in year 4 and 5 because we started making money and paid off our liabilities. We then lowered our advertisements because we think we have some faithful customers now.
I dont really know what to do next. Should I improve the quality of my cell phone? What should I do next?
My group tries to think “what would customers like out of cell phones?” but its not easy competing with the other group
Up sell to your current client base extra premium services for your cell phone company. Add to your budget brand reinforcing through customer marketing communications. Product development should go ahead and advance. First stage is create a SWOT then work on improving or creating new products for your market. Create in house surveys for your clients to learn more about their use patterns with your product, this will help in product development greatly.
Now that the company is has good growth, time to reach new economic geographies for expansion. Time for International growth.