Mild Steel Electrode Company

Introduction

Company Analysis

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Management is one of the core competences that facilitate us to diversify the entire business portfolio that we have. In every business entity there are key fundamental areas that should always be reviewed to ensure that the business is functioning as it had been planned. For instance for a business to prosper various policies such as pricing, promotion, distribution and other imperative one should always be reviewed in accordance  to the role the business plays in the articulated market niche. For instance analysis of Mild Steel Electrode Company will be focused in this paper in terms of all the policies that are important in one way or the other to the business approach.

Product Policies

Product definition & Product features

Mild Steel Electrode company management has done imperative work by diversifying the entire business portfolio in a manner that will facilitate the organization to maximize its profitability margin. The management needs to look into all its raw materials and determine the manner through which substantial goals and targets will be realized upon purchasing or obtaining all the raw materials. The organization main raw materials are Steel wire rod, Brass wire rod, Compound of chemicals (Flux) and coating agents and Potassium and soda silicates. Product is one of the integral aspects within any organization that has motive of maximizing profitability margin (Bruce & Cooper, 2000).

Mild steel electrode company should tap in ideas to articulate on ways and approaches through which it will be in capacity to accomplish all goals and targets within the shortest time possible. For instance product policy in any business set up is always concerned with issues relating to design and how marketing performance can be diversified. The organization should be thus in capacity to product policy complies with design, branding aspects and quality. This approach would be of much importance given the fact that the company has been venturing in production of many products that conforms to international standards. In many world electronics markets, many issues and aspect required to determine the manner through which market diversification will be arranged or equipped. In every market product features forms the basis through which an organization is able to continue maximizing all its returns. It is through the same approach that Mild Steel Electrode Company will be able to maximize its customer’s base through ensuring that all planned policies that relates with the product have been realized within the appropriate time frame (Bruce & Cooper, 2000).

Pricing policies

Pricing principles- competition, cost, value

Mild Steel Electrode Company has also perfected in the realms of pricing policies. The management has been in capacity to look into obstacles that have been limiting the organization towards realizing all its goals to a parameter whereby it maximizes profitability level. There are three key and integral approaches within pricing that Mild Steel Electrode Company should always regulate and maintain in an effective area. These are the value, cost and completion that are being witnessed in the product realms. The organization management should be in sound capacity to ensure that all set goals and targets are compatible with all the market plans. This is the guiding principle through which the organization will be in capacity to foster considerable completion to all its fierce market rivals. Many of these measures are wholly concerned with the manner through which the organization will be in reasonable capacity to continue maximizing its market approaches.

Mild Steel Electrode Company should also ensure that its entire workforce is in capacity of producing quality electrodes that comply with the value which is all acceptable in the entire market. The organization should thus target all potential markets whereby it has a tendency of encountering imperative competitive position of its products. For instance the organization Arc welding Electrodes have been an imperative to manufacture products which have been used in all areas of engineering. Its steel fabrication has been used to structure fences and grills. It is also through the organization diversification of producing the products that has led the organization into promoting the growth of Auto industry in Pakistan (Gummesson,2002).

Promotion policies

Corporate communication, Advertising, sales promotion

Mild Steel Electrode company management should also be in imperative capacity to ensure that it is able to maximize all the plans in the right approach. In fact it is through this approach that the organization has been in capacity to facilitate export potential all over the market place. Most of the markets that the organization has tapped are concentrated in Central Asia, European countries, Middle East and Africa. This has been one of the most implemental areas whereby promotion policy of the organization has been witnessed as fruitful in both short and long term.

All Mild Steel Electrode company promotion policies should be strategized in a manner which enhances business continuity to unenforceable future. For instance the recent entry of new plants in the market is a wakeup call for the organization management to expand its promotion tactics. Mild Steel Electrode organization management should also be in capacity to review the three companies which are New light House, Sana Welding and Diamond Weld Electrodes on how they are carrying their businesses. It is through this approach that the management will be able to choose the best strategies of improving its promotion mechanism (Gummesson, 2002).

Distribution channel policies (Channels to be used for distribution)

Mild Steel Electrode Company has been performing well within the parameters of production since its launch in Pakistan. One of the key factors that have enabled the organization to continue maximizing its goals and targets is the fact that it has been able to coin imperative distribution channels in its entire occupied market approach. The products that have continued to facilitate its expansion are General purpose Mild Steel (GPMS), Special Electrodes (Maintenance, Stainless steel ,Cast Iron and Bronze) and  Special purpose mild steel (SPMS).

The management should plan and also hypothesize effectively on the cost of its three basic materials which are the Bonding glue, Flux and Wire. This will enable the promotion team to apply the best policy that will be in situation of maximizing the profitability margin in the market. Promotion is one of the effective policies within any management of an organization. It is through it that the organization is able to rationalize all its goals and targets in a manner that is imperative. The management should also look into the various aspects that facilitate its diversification in the market place. According to statistics the largest operating cost within the entire industry is the raw materials which have been proven to be at a level of 70%.Thus In distribution of products the team or department responsible with this entire role should check in ways through which all intended objectives will be achieved( Brouwer,2002).

Human resources policies

Human resource policies are under another area which is hugely important especially in parameters of realizing all inclusive goals of Mild Steel Electrode Company. It is through this approach that all imperative goals and targets will be realized. The organization should forge a powerful human resource department which will be in capacity to ensure that recruitment, Promotion, Training, Empowerment and Performance appraisal are all well put under consideration.

Mild Steel Electrode Company should come out clear as an equal opportunity employer. It is through this channel that the management will be in capacity to carry out imperative recruitment, training and promotion strategies. This is one of the key and fundamental approaches which will position the organization in a position to realize all its articulated goals and targets in the right parameter.

Financing policies (Sources & Uses of funds)

For every organization to prosper in all levels of its operation, long lasting imperative plan should be stressed within the areas of financing. In this area Mild Steel Electrode should be able to locate all the necessary ways of financing its business portfolio. In circumstances where there is insufficient of sources of funds all business operations cannot be accomplished as planned. Thus it is through this approach that the organization is able to perfect in all the parameters. The management of the company should review all the methods that are important in the areas of achieving goals and targets in the right approach through ensuring that financial parameters have been consolidated. This is important in this area where competition in the market has increased. It can source its funds from leading banks .This will enable the organization to foster imperative diversification in all areas concerned (Belkaoui, 1998).

Quality management policies (Quality system Principles & Management)

Quality management policies are key towards ensuring that Mild Steel Electrode has built a considerable name in the entire market. It is through this approach that the organization will be able to maximize and at the same time comply with all the demands of the markets. Quality system and Management facilitates an organization to coin a sound and solid name with its customers. This is because all issues and concerns of the clients are always looked into and solved accordingly.

Environmental policies

Mild Steel Electrode management should also focus on ways and approaches that will steer the organization forward towards realization of all solid and quality goals in the market place. Environmental policies are integral to this organization given the fact it experiences massive emissions of byproduct substances in the environment. Thus the management should look into ways on ho w to mitigate the problems and in result comply with all the market factors that are within the environmental perspective.

Social responsibility policies and code of ethics

An organization such as Mild Steel Electrode which deals with large production of products should always look on ways through which it will be able to maximize its entire profitability margin. Due to its high level of pollution the organization should also b4e much vigilant on issues pertaining to social responsibilities policies. In social responsibility Mild Steel Electrode should focus on how   to fund various kinds of projects in the society. In this approach or initiative it will have been able to handle all the issues within the parameters of the customers, suppliers, employees, society and all other areas that touch social responsibility policies. This approach will have enabled the organization to coin a reputable name with all its stakeholders in the market (Pryor, Humphreys, Taneja & Toombs, 2011).

Customer relationship management policies

Customer management policies are important in the organization accomplishment of its core market objectives. It is through customers that the organization is able to sustain itself in the market.  In times like now that there is an entry of three other organizations in the market Mild Steel Electrode should find the ways out on how it can be in capacity to relate well with its entire customers (Yelpaala,1994).

 

Reference:

Belkaoui, A (1998).Financial analysis and the predictability of important economic events. New York, US, Quorum books.

Brouwer, G (2002).Financial markets and policies in East Asia.New York, US, Routledge.

Bruce, M & Cooper, R (2000).Creative product design: A practical guide to requirements capture management. New York, US, John Wiley &Sons.

Gummesson, E (2002).Total relationship marketing: Marketing strategy moving from 4ps. Butterworth-Heinemann.

Yelpaala, K (1994).Strategy and planning in Global product distribution-beyond the distribution contract. Law and policy in International Business, 25 (1), 35-37.

Pryor, M, Humphreys, J, Taneja, S & Toombs, L (2011). Where are the new organization theories? Evolution, development and theoretical debate .International Journal of management 28(1), 23-29.

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