IKEAs Marketing and Expansion Strategy Analysis

IKEAs Marketing and Expansion Strategy Analysis This report is a follow on from the in class IKEA presentation based on the IKEA case study IKEA-Managing global expansion. Being a multinational successful organisation there would be various corners to look at in order to analyse IKEA however this report will focus on the analysis of IKEAs globalization and internationalization models, as well as key opportunities and threats faced by IKEA and their cultural web and how it supports their current strategies. Overview of the furniture market Based on Mintel research database, the sales of furnishings and houseware in the top 25 global economies generate annual revenues of more than $270 billion. However the sales of furniture were hit hard in 2008 and 2009 by a combination of fewer housing transactions and the recession. With the exception of IKEA, US companies (Furniture Village, Homebase, DFS etc) dominate the global home furnishings landscape, yet the worlds most lucrative regional market is still Europe. Buying furniture nowadays is not as simply organised as in the past where you just had to take what was available from the few retailers and wait weeks before it was delivered. Today competition is all about offering the right product, for the right money, in the right way. Just under half of adults (25 million) look for lasting quality when buying furniture. Retailers need to prove their quality with customer reviews and demonstrating how items can stand up to heavy usage especially in households with kids. Service is important and four in ten adults are influenced by the presence of knowledgeable and helpful staff when choosing between stores. The role of staff has shifted from one of a sales person to be one of consultant. Further visiting showrooms is a key part of the buying process for furniture as it gives the customer an idea about their wanted environment however focus remains on price. Overview of the company IKEA Group is a global and privately-held retailer of Scandinavian (Swedish) designed home furniture and accessories and now retailer of its own food label. Their products range focuses on good design, good quality and function at a low price. In the mid-2000s the company was leader in the flat-pack furniture business generating annual sales of 21.5 billion euros. The company has the biggest market share in the UK. It operates about 301 stores overall in 36 countries most of them in Europe, North America, Asia and Australia. The company was founded by Mr. Ingvar Kamprad in 1943 and although partly controlled by the Kamprad family, it is under the ownership of the Stichting INKGA group, a charitable foundation registered in the Netherlands. IKEAs main UK competitors include Asda, Argos, Debenhams, Next, Tesco, John Lewis etc. The Difference between Internationalisation and globalization Globalisation entails all the operations undertaken by an organisation that envisions itself present in many countries worldwide. IKEAs past globalisation strategy was based on one design fits all which meant that initially they did not adapt to the local markets. However as they expanded in Japan and the US they soon realised that they had to tailor made their products to fit the countrys specifications and requirements if they wanted to succeed. For instance, the US customer preferred big and ample furniture and houseware while in Japan they looked for small and simple items to fit their small living environments. In opposition internationalization is at the other end of the globalization as it takes into consideration what each particular market has to offer and not what the company has to offer to the market. IKEAs strategy has adapted over the years in a way that they think globally and act locally. IKEAS INTERNATIONALIZATION STRATEGY Key Opportunities IKEAs main strength is its international brand recognition built up on low product prices and design. Its product portfolio caters for most lifestyles and budgets. The implementation of cost leadership strategy in order to penetrate new markets is a definite strength and opportunity IKEAs costs were/are approximately 30%-50% below competition prices. The costs of transportation were cut by 80% by providing furniture in flat packs. By offering simple and modern designs and by introducing cash and carry and self service concepts, IKEAs stores were guaranteed a success. After investigating the German market IKEA took advantage of the poor organisational strategy of the existing furniture dealers in the country and changed its operations by providing customers immediate delivery of quality goods at low prices when they opened their Munich store. Their West German market has expanded through aggressive advertising despite the challenges encountered by the law suits initiated by its competitors and trade associations. In the UK, IKEA provided unique products, low prices and cashcarry service. In this way the firm achieved competitive advantage over its existing competitors that were taking as long as 3 months to deliver the goods. Opposed to their competition, IKEA demonstrated efficiency and skill. As mentioned previously, in their US placement IKEA had to adapt their product range to suit the requirements of the American market. They redesigned the store layout to provide more directions and shortcuts for customers who opposed to the idea of wandering through the store. They also increased the size of their beds, bed linens, sofas, armchairs etc., as the European sizes were too small for the American customer. In addition they also offered a customization of their products. Further their US expansion IKEA made a bold move by opening a mega store in Chicago with a new layout (double the size of a normal IKEA store). It had 3 levels that included a self service warehouse, customer service and cafe on the first floor as well as a showroom and a market place on the other floors. From there on the stored were designed to improve the direction and flow of customers. IKEA also offered home delivery and assembly for an extra charge. The US expansion was a success due to these measures and strategy adaptation despite their competition continuously replicating IKEAs products. Threats The organisations main weakness is that they are very much reliant on the European market where 82% of its stores are located. The threat here is represented by the competition as IKEAs methods have been copied by other retailers that have introduced similar product ranges at low prices. Market saturation is another threat as with the development of e-commerce in each European country customers can compare prices, reviews and switch to alternative suppliers if necessary. Further threats are represented by the recession in Europe as well as the adverse effect of a weak dollar on sales in the US. Political and economical instability of the Chinese and Russian markets are also a potential threat since IKEA is planning on expanding in these two markets. However IKEA is successfully counteracting its main weakness (over reliance in Europe) with its key opportunity expansion in the emerging markets in Asia and Eastern Europe. The Cultural Web and the Organisational Culture The organizational culture describes the psychology, attitudes, experiences, beliefs and values (personal and cultural values) of an organization which define its environment or it can simply describehow things are done around here To analyse IKEAs cultural web we need to use the Cultural Web model. The Cultural Web identifies six elements that help to make up the paradigm the pattern or model of the work environment. By analyzing the factors in each, we can see: what is working, what isnt working, and what needs to be changed. Stories The hero in the company is Ingvar Kamprad seen by the employees as a visionary who worked hard, lived simply and gave an example to all. In fact IKEA is all about the Swedishness a simple culture with simple values such as humbleness, simplicity, teamwork etc. The brand image varies in different countries depending on the countrys culture. eg: in Sweden (low priced, low quality brand), UK (poor service) etc. Rituals and Routines The Company strongly believes in staying close to its customers. In fact every store is a parent-friendly environment people come first. However IKEA is also focused on its people and their working way. Employees dress informally and work in a relaxed office environment with open plan floors. On their website IKEA remarks that A career in IKEA is not a ladder, is what and where you make it. They expect teamwork and mistakes as long as the employee learns from them. However IKEA is also about making the impossible in cost cutting. In fact, staff travelled economy and took buses or stayed in hostels. There are wall stickers to turn off lights, taps and computers after each use. Stores that cut costs the most receive a reward from the management. Symbols It is normal to find the same features in every IKEA store. For instance, all shop floor staff dress in uniform (yellow blue) for the Swedish flag colours. There is a restaurant, a food hall a childrens corner as well as little shopping helps such as pencil, paper, shopping bag, and tape measure. As mentioned previously, IKEA is all about Swedishness and focus on a minimalistic and simple design delivered in their custom flat packs. Their main symbol is the brand name and the brand colours all significative of Sweden and their Swedish founder Kamprad. Organisational Structure Typical of IKEAs organisation is their informal management which is presented in a non-hierarchical and caring manner. There is typically only 3 hierarchical levels of responsibility between the store manager and the employee. Every month there is the so called Anti-bureaucrat week where management spend a whole week in the warehouses and stockrooms. Appropriate training programmes are given to all company management. However as always on IKEA s organisational structure is their focus on cost cutting and as such they incite all designers and material buyers on cost reductions. Control Systems At the centre of the IKEAs control systems is quality control. Emphasis is put on delivering good quality, sturdy furniture that passes their standards. Further way to control their operations is by making sure that the management works closely with the staff making also sure that their warehouses are correctly labelled in their products. Rewards are given to the stores that generate more profit and that cut more costs considering that one of the principles of IKEAs strategy is cost cutting. Power Structures Senior management was predominantly Scandinavian and only in the last 5 years the strategy of only forwarding employees who were Scandinavian or Swedish speaking into management has changed. However all employees are involved the individual store operations and encouraged in their work thanks to their friendly management strategy. Employees are in fact egged on to take responsibilities in order to assess their performance; their ideal is that every employee is important to IKEAs success. The Paradigm IKEAs cultural web supports its current strategy. In the past IKEA favoured the Sweds for managerial programmes but in the last 5 years international career management is now seen essential to sustaining international growth but more steps and measures need to be taken to ensure that other backgrounds are fitted into the managerial programmes. The organizational career culture supports the corporate strategy with suitable structure and rewards. IKEAs cultural values are things like informality, cost consciousness and a very humble and down to earth approach as passed down by Kamprad along with responsibility and teamwork and ensuring that their employees are highly motivated and committed. Cultural and Corporate Strategy Changes Put more emphasis and work on employees of other nationalities/backgrounds in order to create a multicultural environment by having a diverse management and strengthen IKEAs corporate view being a multinational group. Since all IKEAs stores are out of the city centres many customers in the big metropolis do now own a car or have suitable transportation in order to be able to shop in IKEA therefore a possible strategy change could entail IKEA to have smaller retail outlets near city centres perhaps selling furniture on catalogue but definitely having stock in-store for houseware and smaller items. Many IKEA competitors offer free delivery on orders above a certain amount; as we have previously shown competition is fierce in Europe therefore this measure could ensure that the profit is taken by putting a minimum spending limit in order to qualify for free delivery (e.g. free delivery on orders above 150 GBP or more) and would therefore open IKEA to more budget oriented customers. Another suggestion to attract more customers would be to have quick assembly tips/class in store for the non-diy oriented customers. IKEA is all about self service but not many customers are skilled to deal with DIY and assembly. This measure would make sure that their products are opened to every type of customer. Self service warehouse and furniture pick up places all contain some long numbers in regards to the desired item. Perhaps IKEA could implement a new system where warehouses havelabels, not numbers making it easier on customers. (e.g. Section: Chairs. Aisle-3, Type: Victa) Conclusions IKEAs main strategies remain the same; success is ensured by adopting aggressive price strategies and aggressive advertising as well as a wide product range unlike any competitor at the moment. Service however needs to come to focus to improve customer purchasing and still maintain their market position as other cheaper players are entering the market such as the supermarkets. Is getting any bigger better?

Psychological Testing Essay

This paper is all about the uses and varieties of personality and projective tests. It aims to determine which tool is more reliable and valid to use in measuring and predicting the behavior of an individual. Furthermore, this paper discusses the uniformity of two different texts used containing the same stance that personality tests exceed the projective terms in terms of convenience to use, reliability, and validity. Personality and Projective Tests Introduction Personality and projective tests are psychological tests used to measure and evaluate the behavior of individuals in the school, community, and even workplace setting. The tests function to determine the difference of personalities among different individuals (examinees) taking the same test. Upon taking the test, interpretation of examinees’ scores would depend on their respective test results. However, in this paper, researchers of different psychological tests suggest that personality tests are more reliable and valid compared to projective tests. Personality and Projective Tests Albert Hood & Richard Johnson (2008), a member of the American Counseling Association, collaborated to come up with Assessment in Counseling (2008), a book which discusses the different types of personality and projective tests. In the text, samples of personality tests include the following: the Minnesota Multiphasic Personality Inventory/MMPI2, Jackson’s Personality Research Form (PRF), Myers-Briggs Type Indicator (MBTI), California Psychological Inventory (CPI), and the NEO Personality Inventory-Revised (NEO PI-R). Further, CPI scale where 16 PF is adapted is recommended to be used for marriage and career counseling, job performance appraisals, and evaluation of management skills in the workplace. On the other hand, the different projective tests include the following: the Rorschach Ink Blot Test, Thematic Apperception Test (TAT), House-Tree-Person (HTP), Roter Incomplete Sentences Blank, and Early Recollection. However, the Rorschach Inkblot Test was found to be the most commonly used projective technique to make inference of an individual’s behavior. In addition, Anne Anastasi (Dept. of Psychology in Fodrham University) and Susana Urbina (Dept. of Psychology in University of Florida) (2002), in their book Psychological Testing, suggest that personality tests are far better to use than projective tests since the latter is more complicated to execute and is more prone to erroneous interpretation regardless of the examiner’s years of experience in handling the test. Scope of the Literature Problem and Significance of the Problem The significance of the problem is to answer the question: â€Å"Which is a better tool to predict the behavior of an individual, is it the personality or the projective tests? † Research problem(s) Explored in the Study The two articles reviewed focus on the problem whether personality tests, observation, and inventories are more reliable, predictive tool in measuring the behavior of an individual rather than the projective tests. Hypothesis in the study Hypothesis of this study suggests that using personality inventories or psychological tests are better than using projective tests to assess a person’s behavior. Research Design and Methodology Research design to be used is descriptive correlational. The approach or tool to be used is the Pearson (r) correlation to determine the relationship between the two variables. Conclusion Psychological tests are tools to measure and predict the behavior of an individual. Depending on its purpose, personality tests and projective tests aim to assess personalities in different settings such as school, workplace, and community. In school, the tests serve the college students’ need to be counseled for the career that suits their personality; at work, the tests are used to evaluate which candidate is more fit for the job; and in the community, the tests determine who are mentally healthy and who are not for providing welfare. References Anastasi, A. & Urbina S. (2002). Psychological Testing. New Jersey: Prentice-Hall, Inc. Hood, A. B. & Johnson R. (2008). Assessment in Counseling: A Guide to Psychological Assessment Procedures. Stevenson Avenue, Alexandria: American Counseling Association.

Exercise 8: Chemical and Physical Processes of Digestion

Lab Report 8 April 15th Exercise 8: Chemical and Physical Processes of Digestion Lab Report Questions Activity 1 What is the difference between the IKI assay and Benedict’s assay? IKI assay detects the presence of starch, and the Benedict assay tests for the presence of reducing sugars as well as IKI turns blue black whereas Benedict is a bright blue that changes to green to orange to reddish brown with increasing levels of maltose What was the purpose of tubes #1 and #2? Why are they important?Because they are the controls and the controls must be prepared to provide a known standard against which all comparisons must be made. Positive controls all of the required substances are included and negative a negative result is expected validating the experiment. What effect did pH level have on the enzyme? It partially allowed the enzyme to do its job because there were positive signs of both starch and its reducing sugars. What effect did boiling and freezing have on the activity of amylase?Boiling did not allow the breakdown of starch because the reduced sugars were not present and the starch was where the freezing showed a ++ for the reducing sugars and a negative result in the starch showing that it reduced the starch. Activity 2 What was the effect of the enzyme peptidase? Why? The enzyme peptidase could not break down the starch by showing that there is positive IKI test for starch and a negative Benedict test for its reduced sugars. What is cellulose? According to your results, does salivary amylase digest cellulose?Cellulose is a polysaccharide found in plants to provide rigidity to their cell walls and salivary amylase is not able to digest it because there were no positive signs of the Benedict test which should have been positive if a breakdown did occur. What happened to the cellulose in tube #6? It was digested by the bacteria showing a very positive sign for the Benedict test. Activity 3 What is the optimal pH level for pepsin? Why do you think that is? The optimal pH for pepsin is around 2. 0 because it showed a higher optimal density showing that more BPNA has been hydrolyzed.Also the stomach is very acidic adding to the reasoning that pepsin will work well in acidic environments. How was optical density measured? What is the significance of this measurement? A spectrometer shine light through the sample and then measures how much light is absorbed. The fraction of light absorbed is expressed as the sample of optical density. The higher the optical density is greater than zero the more hydrolysis has occurred. Activity 4 Why do lipids pose special problems for digestion?Because the insolubility of the triglycerides presents a challenge because they tend to clump together leaving surface molecules exposed to lipase enzymes. How do bile salts effect lipid digestion? Bile salts are secreted into the small intestine during digestion to physically emulsify lipids. They act as a detergent separating the lipid clumps and increa se the surface area accessible to the lipase enzymes. What factors affect digestive enzymes? Some factors that affect digestive enzymes are pH and the amount of lipase and bile salts in a solution.

Types of Information and Main Purposes of an Organisation - Free Essay Example

Sample details Pages: 7 Words: 2184 Downloads: 4 Date added: 2017/06/26 Category Marketing Essay Type Narrative essay Did you like this example? Report on Types of information and main purposes of an organization. Acknowledgwment My grateful thanks go to my subject teacher Ismat Jahan, Teacher Of Business Communication at BAC. A big contribution and hard worked from you during the twelve week is very great indeed. Don’t waste time! Our writers will create an original "Types of Information and Main Purposes of an Organisation" essay for you Create order All projects and assingments during the program would be nothing without the enthusiasm and imagination from you. Besides, this internship program makes me realized the value of working together as a team and as a new experience in working at a corporate environment, which challenges me every minute. Not to forget, great appreciation goes to the rest of ACI Foods and ESP guitar Staff that helped me from time to time during the project. The whole program really brought us together to appreciate the true value of friendship and respect of each other and it was a great pleasure to working with the team. I would also like to thanks my friends especially those who helped me to collect the informations of ESP guitar Limited. Corporate Information In 1975, the UK based multinational musical company, Established a subsidiary in Dhaka, known as ESP Bangladesh Manufactures Limited. It was listed public limited company under Dhaka stock Exchange. In 1993, ESP is the first company in Ba ngladesh to obtain certification of ISO 9001 Quality Management System in 1995. In 1996 the LTD series was created to produce ESP at a moe affordable price .In 2002 ESP was ranked among the music industry fastest growing companies. This is largely due to the fender buyout . The custom shop and original series ESP are handcrafted in japan while the standard series ESP are factory made in Objectives of the study Broad Objective: Understand different types of business information; Be able to present business information effectively; Understand the issues and constraints in relation to the use of business information in organizations. Specific Objective: Types of information, purpose of information, source of information; Presentation methods to meet the needs of the users, output requirements, presenting corporate communication; Legal Issues of business information in organization, operational Issues in organization. Methodology Secondary method Information is being taken from both Internet and Book, but mostly Internet. Limitations of the study It was quite hard to collect the information .Because it was needed to check whether the information is authentic or not, checking books, studying the biography of the organization and a lot many things. Corporate Information In 1975, the UK based multinational musical company, Established a subsidiary in Dhaka, known as ESP Bangladesh Manufactures Limited. It was listed public limited company under Dhaka stock Exchange. In 1993, ESP is the first company in Bangladesh to obtain certification of ISO 9001 Quality Management System in 1995. In 1996 the LTD series was created to produce ESP at a moe affordable price .In 2002 ESP was ranked among the music industry fastest growing companies. This is largely due to the fender buyout . The custom shop and original series ESP are handcrafted in japan while the standard series ESP are factory made in japan. P1: Complete the t able like the one below to show the types, sources and purposes of information used within your selected organization. Try to include at least two examples of each type of information. Organization : ESP guitar Limited Type of information Example Description Purpose Source Verbal Meeting Interview It helps to discuss and taking decisions with all the members of department at a time , at a place. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s face to face communication , where the interviewer describes him/herself. It will help to know the current flow of customers thinking about the product and quality they are providing , so , that they can take the upcoming decisions gently. To know the background of the interviewer , instant feedback Customer services department Human Resource department Written Letter Report It is paper where all the things are written in words and numerical giving details about the topic. It is the paper where all the details are provided completely. It helps to get the complete information of the topic. Giving complete details of the records and customers feedback, so it can be easy to catch the problems and understand instantly. Market research Sales department On-screen Advertising Bill boards It is mainly displayed on television even by leaflets too. It provides the new images of a new product giving details about that. It helps the people to know about product provided by the organization. It helps to attract people to buy or think about the product. Customer service Production cost Multimedia Video Audio This helps to show any project arranging it properly and also. Helps to catch it instantly and nicely. Instant feedback by members or employees in the company. Helps to make remember and clear information. Market research Customer service Web-based E-mail Video conferencing This is the way to communicate with the members or employees safely. Instant communicate and immediate feedback . Helps the people to get details by hand authentic information. Helps to collect information authentically. Human resource Government source P2 Data Protection Act : As the world has become more reliant on technology,high-tech secrets,payment card data,employee and customer information,and other personal information.The data should be accurate where necessary and kept up to data. Other relevant legislation computer misuse: Using computer illegally is against the law,employees must not make change in any things regarding computer system.Using softwares inproperly and helping others to collect information outside the organization can pour the company to hot water,changing any part strictly restricted. Freedom of Information: They must provide this information when requested but also keep this information up to date and regulated so that it is accurate. What are ethical issues ? Email and internet: Email and internet are integral parts of typical workers daily routine,many employees are using email and the internet for just business however the problem arise.when employees use business resources for non business related taks,therefore business responding to legal risks by proactively combating problems more employees with internet access and email at work,which gives them a new way to cause potentionl problem for their employees. Organisational policies: Organisational must have the practices of doing work more ethically which leads them to do the business fair.Its just a ensuring the current news of market,collecting information which helps the organization what to do next for the company. Information Ownership: This states that,the information which has been given or the data by whom it is made must be responsible.Suppose if he/she makes a report that must be legal and valid company wont take the risk of fraudness if then he/she will face the penalties. HOW HAS IT BEEN MARKETED : Guitars are our passion. Since 1975 has created numerous iconic inistruments for legendary players. Spanning every genre of music. Our decades of experience in the design and manufacture guitars and basses has allowed us to provide the best options for us as a player. Bangladesh is now rich in music. ESP one of the best quality full guitar Bangladesh.now so many legend are using ESP guitar and buying from Bangladesh. In 1990 ESP guitar 1st time entered in Bangladeshi musical market.And day by day ESP guitar popular to the Bangladeshi musician just because good quality and good sound. HOW EFFECTIVE WAS THE MARKET: Esp guitar give us best quality guitar sound in low prices. Day by day Bangladeshi musician buying ESP guitar from Bangladeshi musical market. ESP guitar provide highest quality attractive look impressive performance. And they made best guitars thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why ESP guitars to much effective to the customers and the market.The ESP guitar features a basswood body. And a bolt on naple neek with roseswood fretboard providing comfort and speed. Sawtooth inbyes and black hardware complement the rest of the ESP guitar look perfectly. A double locking.ESP guitars tuners ensure that spot on on im tune every key. ESP guitar so much effective in market because ensure the snakeebyte was ready for wild and aggressive players. HOW DOSE THE BUSINESS MEASURE THE EFFECTIVENESS OF ITS MARKETING : Esp guitars provide best guitars comparing to others. ESP guitars give us better customer services to comparing others guitars company. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why ESP guitar calculating profit.And other guitar company calculating lose. Day by day customers demand getting higher popularty getting incrassed gradually. Customers thinking more about ESP and buying ESP.Because ESP guitar full fill customers choice customers demand and making good product for customers. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why day by day ESP guitar market getting higher. And customars also happy with buying ESP guitars. P6 Explain the operational issues in relation to the use information : Business have to mange,store and collect lots of information. Information system have two principals issues of ensuring that one is that organization recive information.A number of of policies and procedures have to be put in place. Concerning security of information.Health and safety,backup,business continuance plan,cost and increasing sophistication. Health and safety: The health and safety(Display screen equipment)Regulations 1992 this is the minimum requipment laid down in this schedules.The equipment and the interface between the computer and oparetor. Another is the mangment of health and safety at work regulations.Every employer shall provide his employees with his comprehensible. Backups: Which can be then easily backed up later.these are the operational issuses which are stores on separate hardware from live versions of the information. Cost: Company always think about their profit.Many aspects of information mangment can cost money,which cannot be bear by all, therefore, a question will there be any profit expening on the things like small , copies of electronic information on a remote server.Thats why the business main two consideration. Cost of development : Company think about the product.And company need to improve themselves or not. Additional resourse needed: Makes the company think about any new staff or employee need or not. Business continuance plan: Company always thinking about the product existence. It is also considering about the problem risks to the company to hot water about the personal data. And they are always storing in their Recommendations ESP first should justify about the potential customers. Though, the brand is mainly targeted the heavy metal, black metal ,trash metal . But they must be very careful about maintaining the customers. ESP should develop the product quality according to the difference from the competitors. And if there no strong solid pints then the customers wonà ¢Ã¢â€š ¬Ã¢â€ž ¢t choose the product and the sales will not be up to the expectations. On TV it has been well advertised but they should highlight the information on the newspaper, radio and billboard advertising which is not up to the satisfactory. They should change the distribution system of the brand. And they should create a hope in the peopleà ¢Ã¢â€š ¬Ã¢â€ž ¢s mind that they can distribute the product at any time any where. They should also fulfill the lacking in the organization. Conclusion ESP is operating its Alexi and Ltd brand in a very competitive saturated market. IN this market consumers are not well aware of the brands operating and only two or three brands have top of the mind positioning. This is very tough to make a separate positioning in the market and create certain points of differences. ESP brand has positioned well in the market. Still, Alexi brand could positioned in a better way since ESP has a good corporate image and financial backup as well. They should also focus on the competitors are doing. In this respect price is the most important issue. ESP should try to minimize its production cost of Alexi and try to sell it at lowest it at lowest possible price as the entire competing brand selling the product of almost same benefit. Consumers are likely to consider price as the decision making tool when they buy. So, price should get highest priority when it is set. References Anon, (2014). https://www.espguitars.com/. Anon, (2014). . https://www.espguitars.com/ SN Topic Pages 1. Chapter 1: Introduction 1 i. Introduction 2. Chapter 2: Background of the Study 2 i. Objectives of the Study ii. Methodology iii. Limitation of the Study 3. Chapter 3: Organization Overview 3-5 i. Corporate Information ii. Organization Structure iii. Objective of à ¢Ã¢â€š ¬Ã‹Å"Xà ¢Ã¢â€š ¬Ã¢â€ž ¢ iv. Missions v. Vision vi. Products and Services 4. Chapter 4: Analysis and Findings 6-13 i. P1 ii. P2 iii. P5 iv. P6 5. Chapter 5: Recommendation 14 6. Chapter 6: Conclusion 15 7. Chapter 7: References Bibliography 16 Introduction Business communication is the sharing of information between people within an organization that is performed for the commercial benefit of an organistaion which relays information within a business or a function as an official statement from a company. It can also be refer as internal communication that takes place within the organization. There are two types of business communication in an organization. Internal communication. External communication. Internal Communication The communication that is being within the organization is called à ¢Ã¢â€š ¬Ã…“Internal communicationà ¢Ã¢â€š ¬Ã‚ . It can be any type informal, formal function, or department providing communication in various forms to employees. External Communication The communication which is related outside the organization is called à ¢Ã¢â€š ¬Ã…“External Organizationà ¢Ã¢â€š ¬Ã‚ . Supervisors communicate with sources outside the organization, such as customers. It leads to both sales volume and company profits.