year-end report. mission statement “to exceed customer expectations in quality and excellent...
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Year-end Report
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Mission Statement
“To exceed customer expectations in quality and excellent custom design at
different levels of comfort with an outstanding service”
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Our Products• Boat A: simple model, very few fittings,
three wooden benches, targeted at the fishing market.
• Boat B: more specialised, two wooden benches & platform, targeted to the pleasure boat market for sea, estuary and canals.
• Boat C: larger boat, more luxurious, equipped with three cabins and a solarium, targeted for pleasure cruising.
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The Initial Strategy
• Product: stocks and raw materials where produced in sufficient amount to use full production capacity.
• Price: penetration pricing, offering a low price in order to penetrate and gain market share.
Debtors collection period – 30 days, Creditors collection period – 60 days
• Promotion: little focus on advertising due to limited information on the market.
• People: no increase in work force due to uncertainty regarding the sales index.
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Changes Adopted
• Production- No additional work posts in Quarter 1- Adding workposts in the other quarters to raise production
• AdvertisingInvest more in advertising to increase Production & Sales
• Pricing- Price penetration strategy- Lower down prices to be in line with our strategy
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Changes Adopted (Cont.)• Raw materials and boats
- Started buying from other companies due to cheaper prices than those of supplier.
• Loans- No initial loans- In Quarters 2, 3 & 4 loans were taken to finance the needed resources.
• Terms of payment- Changed our terms of payment from 30 to 45 days to be more competitive.
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Overview of Company Performance
Quarter 1 Quarter 2 Quarter 3 Quarter 4
Production(Units)
Boat A 21 35 120 61
Boat B 24 60 64 62
Boat C 6 60 71 91
Cash Flow €228,464.53 €446,631.48 €88,435.8 €273,584.33
Market Share 13.06 % ----- ----- 11.31 %
Net Worth €1,937,891.11 €1,786,702.7 €1,798,409.45 €1,783,127.87
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Successful Policies
• Production strategy:- High rate of stock turnover- Optimal amount of boats produced- Operating at full capacity and maximum efficiency
• Cash management strategy:- Good amount of cash available- Small loans taken to finance workposts- Current expenses paid with monthly earnings
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Successful Policies (Cont.)
• Debt management strategy:- Low-geared and risk averse strategies- Company remained stable - Most liquid company
Therefore ‘Crystal Waters’ had a competitive edge over the other companies.
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Policies Having Adverse Impact
• Too stable• Constant net worth • Risk averse• Price takers not price makers• Advertising not given the deserved importance• No substantial amounts of loans for investing• Few sales representatives recruited• Limited production capacity - few workposts
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Areas of Improvement
• Take more risks• Less priority towards stability• Increase prices and company’s mark up• More aggressive advertising• Increase sales force• Invest in more work posts• Take out more loans
• No need for Contingency Planning
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Our Name & Logo
• Components:- The name: Crystal Waters- The Compass- The colour Light Blue- The colour Dark Blue
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Our Name & Logo (Cont.)
• Crystal Waters- A desire to be as transparent as possible.- Customers being involved with and belong to the company.
• Compass- The company has a sense of direction.- Helps in “exceeding customer expectations with the utmost and excellent designs for all levels of comfort at reasonable prices.”- Encourage customers to purchase boats from the company.
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Our Name & Logo (Cont.)
• Light Blue Colour- Signifies stability in the market.- Confident with the sufficient % of the market gained, even if not a large share.- Eventually the company will grow, but by investing wisely it will manage to remain stable.
• Dark Blue Colour- Signifies loyalty.- Transparent means the company strives to be loyal to all stakeholders by the use of consistency and best quality.
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Business Plan for the Upcoming Year• The following changes will occur:
- Investment and Cash Flow- Pricing Strategy- Production Mix- Advertising and Sales Force
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Explanation of Business Plan
• Investment and Cash Flow- Investing in 6 more workposts- Continuously monitoring cash flow
• Pricing Strategy- Follow the Price Penetration strategy- Be competitive but still profitable
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Explanation of Business Plan (Cont.)
• Production Mix- Based on “potential market” study- Produce at full capacity
• Advertising and Sales Force- Increase number of Sales Force- Improve Advertising Methods
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Mission Statement• “Our mission is to exceed customer
expectations in quality and excellent custom design at different levels of comfort with an outstanding service.”
• Changes to Mission Statement- No need for changes- Only our Aims have changed- Will still follow the same objectives
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Thank You
© 2009 Crystal Waters Plc