Complete 9 page APA formatted essay: Budgeting and customer satisfaction.
There are some factors and approaches that Duma may need to focus on/adopt in order to maintain or even increase its market share in terms of attracting more customers. Discuss these factors and approaches and how they may be used by Duma corporation.
In order for Duma to expand on its market, Duma Corporation has to adopt strategic management in its operations. With strategic management, the company has to start with setting a mission, vision, and corporate objectives, and then crafting a strategy in order for the company to thrive in its chosen industry. Strategic management entails application of strategic marketing, strategic finance, strategic human resource management and other functions of the company’s operations. Strategic marketing will be the front-runner of the company’s efforts in order to attract more customers, and increase its market share in the process.
How does the company do this’ It has to assess the current level of the demand in the market, as well as the supply. Given the gap in the market, it can set a certain level of market share which it aims to capture as its marketing objective. This target market share is transformed into sales objectives.
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