Increasing profitiability in a company using the 6 steps of decision Case Study

Increasing profitiability in a company using the 6 steps of decision making - Case Study Example There are several strategies that can be implemented in order to compete with the lower prices and varied selection that these competitors provide. These include lowering our prices to match those of our competitors and if possible, even go lower than them. We can also consider the option of also stocking other clothes in addition to womens clothes, like our competitors. We can also use the fact that we are smaller as compared to our competitors to our advantage by offering our customers personalized service, making sure that our staff are proficient in their departments, and offering unique and latest trends of women’s clothing. Another way we can become more competitive is by providing incentives to customers, and also creating value for our products. We need to carefully analyze these alternatives in order to decide which ones are more practical in our case for implementation. Although adjusting our prices lower to match those of our competitors is the first action that comes to mind, it would be detrimental to do so. Larger stores have the advantage of buying products in bulk and thus at a lesser price as compared to us. Because they have a wider selection of products, the cost of running their stores is also widely spread. They are thus able to sell their products at even lower prices. Being smaller chain stores, we would incur big losses if we were to reduce our prices to match those of our competitors. There is therefore no way we can compete on price. Another solution would be to add variety to our store by stocking other clothes other than just women’s clothing. Like our competitors, we could also include men’s and childrens clothing and also other items such as shoes and accessories. Due to our smaller size, we would have to invest in expanding our stores in order to venture into other products. This is currently not possible and as such, this alternative is not practical. However, we