cogent a multidimensional business solution strategy
TRANSCRIPT
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I.
MANAGEMENT
SUMMARY
The main objective and goal of COGENT BUSINESS SOLUTION will be to provide high-
class consulting and advising service to organizations and firms. By giving better consulting
service, the company intends to increases its share in the market in providing such form of
service. Besides this, the institution shall have a better organizational structure. All the
promoters are well-established people and possess in depth business knowledge and
d i i t ti i O i i t f h t l d l l
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administrative experience Our service consists of short range plans and long range plans
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II.
ECONOMIC
PROJECTIONS
While designing the marketing plan for Cogent Business Solution, we have identified all of
the actors operating in the larger macro environmental forces that shape the opportunities as
well as pose threats to the company. These external and internal factors are those which are
factors in the overall economy that can affect the marketing of our service. There are six
major forces in the companys macro environment. The affect and forces of macro
i t d ib d b l
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Employment
This is one of the major factors that can hamper the sustainability of our business. Since
employment rates in Dhaka have remained consistent in the past few years, it should not be
much of a headache for the company. Besides, one of the most popular entry-level careers
among college graduates is consulting. The emergence of standardized private universities
has meant more bright, talented new skilled graduates will enter the market attracted to the
excellent pay, challenging work and steep learning curve. Many view management, health
care or educational consulting jobs as a stepping-stone to business school. But consulting
isnt easymost entry-level positions involve long hours and frequent travel. Nevertheless, it
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Business Expectations
As a result of the global financial crisis, some businesses suffered contraction as they
dramatically reduced prices and cut costs. But there were small, hopeful signs in with the
slump in business expectations and new orders slowing.
Input costs for the consultation sector, which surged last year due to reduction in productions,
rose at their slowest pace since 2001 driven by Taka's fall accounted for any remaining price
inflation.
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As we know, inflation is measured in terms of an index number. It is a single number, which
gives the average value of a set of related items, expressed as a percentage of their average
value at some basic period. There is no doubt that a little bit inflation is a must for a
sustainable growth, but it should not so high that it becomes a discomfort for any business.
Inflation may also lead to undesirable redistribution of income. For example, those whose
money income rises at a slower rate than the rate of inflation lose, and those whose money
income rises at a higher rate than the rate of inflation gain, and those whose money income
change infrequently (like those of pensioners) may become very badly off. This may act
adversely for Cogent.
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III. THEQUALITATIVEMARKETBY SEGMENTATIONBY FOCUSON DIRECT COMMUNICATION
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IT
Departm
ent
Finance
Departm
ent
HR
Departm
ent
Operatio
ns
Departm
ent
Marketin
g
Departm
ent
High
Mediu
m
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In case of communicating directly to the right target segment, COGENT will mostly eye on
the Finance, HR and Marketing departments. The executives working in these segments
would be the highest priorities. On certain circumstances, reference from the executives of
these departments will ensure us more revenue.
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MARKET SEGMENTATION
BY LOCALORMULTINATIONAL FOCUS
Telecom
Operato
r
Mineral
Water
&
Bevera
ge
Cosmetic
s
&
Toiletries
Tobacco
Industry
Ad
Agencie
s
Educationa
l Institutes
Lightin
g
Industr
y
Pharmac
y
Other
FMCG
Local
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MARKET SEGMENTATION
BY MARKET STRATEGY TYPOLOGY
Prospector Analyzer Defender Reactor
Important Very Important Less Important Least Important
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.
Analyzers need the most frequent concentration. The revenue from this source wont be
constant for any season rather tends to change depending on the need of new strategy
adaptation. In case of hiring Market Intelligence Executive or employing spy on competitors
firm, COGENT can play an effective role. In fact, job switching would probably be the
busiest job in this sector.
Ex: Banglalink, Akij, RC
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.
Reactors dont have any particular market strategy. The need for consultancy service varies
on their tactical measures over the time. To meet their need, COGENT will have to keep an
eye on the just-in-time service approach.
MARKET SEGMENTATIONBY Y&R PSYCHOGRAPHIC SEGMENTATION
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IV. The Quantitative Market
The potential market is largely untapped, and it offers great prospects to the multipurpose
consulting firms that exclusively provide these kinds of quality services. It is growing at a
rate more than 50%, as the need and importance of good quality services are on the rise. So
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Though the number of suppliers is low, the demand for these kinds of consulting firms is on
the rise. This is mainly because more and more businesses are looking for efficient services
and effective managers and people are starting to take it seriously. There is a huge gap in the
demand and supply of this service, and it promises a very good potential in future if operated
properly. The almost untapped market provides a good example of our effect of globalization
as well as changing attitudes towards work and management.
The potential market is mainly the organizations who are already operating in our country
and also the executives who are running the organization and finding difficulties in some
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Personal Management and HR related issue: Many of the MNCs and other
organization are too much concerned in the welfare and commitment of the employee.
Therefore to design the task the company often seeks help from the experts. Our
company includes those experts who are well aware of drawing the tasks like stuffing,
operation policies and procedures, requirements for employment, commendation and
disciplinary procedures, guidelines for dismissals and promotions etc. and since many
of the organizations doesnt have any reformed HR department these company should
defiantly go for outsourcing and can be treated as one of our prime customer.
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that stuff. Since our company will be having the experts on production management
we can easily grab that customer segment.
Production management: The production management procedures are still unknown
to many of the organizations so out sourcing or seeking help from other experts is the
only options. And take a hold of this segment and make them one of our main
customers through our expert would not be a big deal.
Computer & Engineering consultancy issue: Though this is very established form
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V.
TREND
ANALYSIS
In recent times an increasing trend towards the demand for qualified consultants can be
observed. This means less emphasis on degree achievements and more on skills like
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have consultants in the industrial sector, for airport maintenance, IT sector and of course the
business management. We also have consultants in the various areas of marketing, finance
and so on.
The industry of Multipurpose Consulting is not very well established in our country. In fact, it
is not even introduced in Bangladesh in the last few years and the number of institutions
providing these kinds of multipurpose consulting firm is very non-existing. Some consulting
firms are there who provide business related services such as MRC Mode. Sirius provide
services only in the area of marketing research. Yet there are very few industries that provide
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VI. COMPETITORS
The competitive analysis is a statement of the business strategy and how it relates to the
competition. The purpose of the competitive analysis is to work out strategies that will
provide you with a distinct advantage. There are not many competitors in this industry. But
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The competitive analysis process presents an opportunity to describe the major competitors in
terms of the factors that most influence revenues. This may include the following
competitors information:
Organization size
Market share
Comparative product quality
Growth
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Industry associations, industry publications, media coverage, information from the financial
community, and their own marketing materials and websites are good resources to identify
these factors and rate the performance of each competitor. Our access to competitive
information will vary. Competitors that are publicly traded may have a significant amount of
information available. Competitive information may be limited in situations where our
competitors are privately held. If possible, we would want to take on the task of playing the
role of a potential customer and gain information from that perspective.
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VII. PROBLEMS & OPPORTUNITIES
In Bangladesh multipurpose business related consultancy firm is a totally new concept. Other
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OPPORTUNITIES
Outsourcing:
Though rarely, but still some mncs and big local companies started doing outsourcing.
Which mean companies task is given to any another firm. It is in a growing stage. So the
company might get the advantage of not having too many consultancy firms. If these type of
firm grows still its an opportunity for COGENT.
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Globalization and Communication flow:
The flow of globalization and the communication will be implanted through the firm. Since
the globalization is having a big impact on the organizations of Bangladesh, our firm has a
great advantage and opportunity to utilize it.
Economy:
The economic environment is quite friendly since till now Bangladesh is not effected by the
recession its a plus point for the firm to contribute to the economy and grow.
Maintaining Relationship and Goodwill:
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PROBLEMS
Lack of knowledge:
The concept is totally new. So people might not be aware of this type of consultancy firm.
Lack of knowledge might lead to misconception and will end up in a negative response.
Workforce:
In Bangladesh it is difficult to find knowledge based workforce over skill based workforce.
So finding Specialist might be a trick. Another disadvantage can be hiring foreign experts.
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Short range Plans
Now we will help established businesses or organizations with Finance, Human Resource
Management & marketing consultation. Our new or next years objective is to help new / up
coming businesses with every kind of consultation. For example: A new company needs help
about production planning and distributing. Our consultants will help or train their employees
to solve the problem.
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Goal:Help new or up coming businesses with every kind of consultation.
Action Programs:
Action Steps Responsibilities
Timeline Resources Evaluation
Step 1:
Provide consulting
in organizationaloperations and
management in
every aspect of
Director
consultants
and hired
consultants
By
December
2009
A. Directors.
B. Hired employees.
A. Success of the clients.
B. Getting versatile
clients.
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business
Step 2: Fulfill
clients deficiency
in their
management and
operations
Director
consultants
and hired
consultants
By
December
2009
A. Directors.
B. Hired employees.
A. Change in their
working style.
B. Change in their
business environment.
Step 3: Promotion
of this new service
Director
(marketing)
By
November
2009
A. Employees.
B. Funded by our
organization.
A. Increase of the clients.
B. Asking for different
types of solution.
C. Increase profits.
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Step 4: Person to
person marketing
Director
(Public
Relation)
By
November
2009
A. Employees.
B. Funded by our
organization.
A. Getting back the old
clients.
B. Loyal clients.
C. Increase Profits.
Step 5: Direct mail Director
(Public
Relation)
By
November
2009
A. Post office.
B. Funded by our
organization.
A. Feedback.
B. Getting new clients.
C. Increase profits.
Step 6: BrochureDevelopment
Director(Marketing)
By October2009
A. Employees.
B. Funded by our
A. Understanding of ourclients.
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organization. B. Getting new clients.
Evidence of Success:
If companys profit is increasing then it is comprehensible that we are progressing. Also, increasing clients, success of clients business is also
the indications of our success. If our newly added services are getting popular and it is helpful to our clients then our goal is fulfilled.
Extensive Explanation:
Goal: Short Range Plans: Initially, we are providing Finance, Human Resource Management & marketing consultation. But within next year
we can provide with production planning and distributing consultation. This will help other company to make right decision on production plan
and distributing. Thus, we are planning to spread our segments into a greater segment.
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Provide consulting in organizational operations and management: Basically, Cogent Business Solution will provide consultation on
organizational operations and management. For consulting we have separated consultants for separate departments like, Personal Management
and HR related issue, Finance Management, Marketing Management, Operation management, Production management, Computer &
Engineering consultancy issue. These consultants will be experts in their fields. hire
Fulfill their deficiency in their management and operations: Many organizations have some flaws in their management and operational plan.
Our company will fulfill those lacking with proper advices and solutions.
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Advertising and Promotions:
i. Advertisement through billboards and posters in appropriate places, like the entrance to an office block.
ii. Publicity and public relations.
iii. Personal Communication to employees and executives, as well as potential customers.
iv. Seminar and Workshops, often in collaboration with other institutions.
v. Publish posters, leaflets, banners, stickers, prospectus, brochure etc.
vi. Web sites and web pages. Can also practice online selling and marketing.
vii. Participate in trade fairs and other fairs which would increase the exposure.
viii. Direct selling through catalogues.
ix. Have faculty and other influential people talk about the firm to potential customers.
x. Put up a customer advisory and information service department.
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Person to person marketing: As our business is a service based business person to person marketing is important. Also, our business is quite a
new concept in Bangladesh. So, we need to describe it and influence people personally so that they can understand it properly.
Direct mail: Direct mail is important for our business. It is not a product that we can advertise it on Television or something. Also, our service
needs lots of written explanations to make it clear to the clients. So, Direct mail to the client is necessary.
Brochure Development: Brochure is one of the most important elements of our marketing. Here, we will provide with all of our success, major
clients, what we do, our contact numbers, services etc. By reading brochures our clients will be interested to come to us for the solutions of their
problems.
Emphasize Service and Support:
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Emphasize
service &
Excellent
training
Authentic
advices
Good
relationships
Train theorganizations
trainees
Train
individual
With the
clients
With the
em lo ee
We must differentiate ourselves from the box pushers. We need to establish our business offering as a clear and viable alternative, for our target
market, to the price only kind of buying.