Keeping The Cycle Is An Innovative Bicycle Company Essay

Keeping the Cycle is an innovative bicycle company that has been in business for the past 18 years. The first 10 years of business, business was great, profits were on a steady incline and customers were well satisfied. Keeping the Cycle settled into a comfort zone rather than implementing strategic planning to stay ahead of the game. The bicycle company customer database consists of a 430,000 consumers. Only 30,000 new customers were acquired over the past five years. New consumer acquisition has plateaued greatly and with it the company’s profits. With the same overhead to account for in the manufacturing process, it is pivotal that the company conducts a 360 to evaluate the potential problem areas for improvement. Recently it has been identified that there have been several negative reviews of the company reported through the Better Business Bureau. It is evident that Keeping the Cycle is facing a serious dilemma if action is not taken soon. Customer acquisition and retenti on will pose a threat if the root cause for dissatisfaction isn’t identified. Statement of the Problem There is the need for our company to satisfy its customers through the production of goods that are designed as per market demands and standards. Reaching customer satisfaction is not very easy, and it is technically impossible in the event that the qualities of the services produced are below the standards the clients expect. Therefore, it is necessary for companies to investigate the importance ofShow MoreRelatedDescriptive Essay : Mba Trip Abroad1725 Words   |  7 Pagesstreet or they did not recognize the name of the hotel. Finally we found two young girls who were kind enough to show us the way. We finally made it to the hotel around 3:30pm, but, the journey to the hotel was amazing. 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