Question

What is the main problem leading to Wow Sight and Sound bankrupt? Is planning style management function is needed to be improved? provide some recommendations for Wow Sight and Sound to cover its issues (write in a short paragraph)

Main issues:

- Customer satisfaction greatly decreased due to environmental conditions such as technology and online competition

- selling goods at a lower price and below market cost, there is a risk of diminishing profit margins

- the failure use of benchmarking and contingency plan

Answer 1

EXPLANATION:

Of the main issues listed, there appears to be no clear business strategy and planning for the Wow Sight and Sound company. A business wants a way to ensure that its goods fulfill its customers' demands. Management will ensure that the company, clients, contingencies, etc. have sufficient preparation in place to allow business smooth operation.

1.

If the product itself does not perform well, a proper project planning is required for the product's production life cycle. The software must be updated periodically, new technology compatibility, new features etc. Clients should also be integrated in order to ask for new functionality. This means that the product stays important and up-to-date on the market.If competitude can offer a better product or feature that is more customer-friendly, they can consider adapting or seeking new ways to attract consumers, such as other value-added services, back to their company. In case the product can not meet its rivals, the company should find other items it would like to provide – long warranty period, better customer service, delivery of doors, free shipping etc.Improving the quality of customer service will help maintain customers even though rivals deliver a superior product. If competitors give a six months warranty and make five claims in that period, the consumers may prefer a product by providing a year warranty on all parts.

2.

To ensure a good profit: cost ratio, a good price strategy is important. This is done by means of market analysis, company vocation (customer voice) and general polls / surveys. The business will figure out where its new approach takes them on the market and see if it is a competitive pricing approach. If it does not (as happens here), then it should reconsider its policy and see whether rates are forced to be held so small-because of competition or some other market factor, or because this is just a poor strategy which should be updated.When the price is kept low to counter market competition, the organization will consider how competition will sustain its low prices. Any other features / services, such as the customer support not provided after a couple of months, a 3-month warranty etc., may be omitted. There may also be other benefits of competition such as patents or copyrights that allow them to keep prices down when other businesses can not guarantee. Wow will also find other benefits which can either help the low price or raise the price enough to ensure the company's profitability.If the price of the product is not lowered for various reasons, the production and maintenance costs should be audited by the management to check whether they are lowered in any way. Automation, reduction of customer service hours The door shipping charges etc. may either minimize or offset the operational costs by the delivery of additional services to the customer.

3.

Failure due to the lack of benchmarking and contingency planning can be very detrimental to the survival of a business.Simple and reliable Benchmarking of all products (and initiatives that produce the products) helps to track consumer development and quality and ensures that consumers only benefit from good products. Where there are no adequate time / cost / quality / scope metrics, etc., then any or all of these areas could lead to cash losses. Benchmarking should be a method of ensuring that optimal results are obtained within the specified time and budget in all areas of project and product planning.To order to resolve threats that are predicted or unpredictable but have a kind of mitigation to be prepared for the company, emergency and disaster recuperation plans are required. There can be many known and unknown threats which may impact a organization and there is a need to ensure that the effect is cushioned with a buffer.