COGENT a Multidimensional Business Solution Strategy

8/14/2019 COGENT a Multidimensional Business Solution Strategy

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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


8/38FocusofPromotionalCommunication

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.

Documents

COGENT a Multidimensional Business Solution Strategy