Terry Wilson, a seasoned marketing veteran, has recently decided to explore growth options for Tuscan Treasures, an importer of Italian furniture. Profits are declining and Mr. Wilson must decide whether to downsize or expand to improve the situation. You have been asked to advise Mr. Wilson on which growth strategy would best aid Tuscan Treasures should he chose that route. You have also been asked to provide Mr. Wilson with a better understanding of why profits have been down recently, including possible causes of the decline. He also wants to know what he would need to do if he decides to downsize he operation.
Part A: Provide Mr. Wilson with three possible growth strategies.
Part B: What are the possible causes of his company's decline?
Part C: What are some recommendations for handling a downsizing?
Provide Mr. Wilson with three possible growth strategies
Here are three possible growth strategies for Mr. Wilson's business. First, he can make the furniture himself, instead of relying on Italian furniture to do it all for him. This will give him the opportunity needed to grow internally. Second, Mr. Wilson can do extensive marketing by means of doing commercials, billboards, or anything that a person would easily notice on a daily basis. With this in mind, he has the capability of reaching out to the public, and bringing in more customers to his store. Last, he can encourage each of his workers to do marketing within their position when they are not selling a product to a consumer. In the end, this will become a team effort ...
This solution was based off a scenario, which provided Mr. Wilson with three growth strategies, causes for company decline, and recoommendations for handling a downsizing.