Differentiating Between Market Structures

DifferentiatingBetween Market Structures

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DifferentiatingBetween Market Structures

HandsOn International, LLC has been in existence for several years. Itoffers an inclusive line of hand protection products and gloves.These encompass garden, mechanic, industrial, farm, sports, leather,welding, and work gloves. Other products include traditionalouterwear such as Polo’s Hoodie’s and accessories. The company’sheadquarters and distribution facilities are situated in CincinnatiOH. It has a lot of experience in international trade as well as handprotection. Besides, it is recognized for its unique quality,creativity and comfort of its products. Friends and family operatethe business and they commit themselves in offering top-notch handprotection as well as exceptional service.

Inorder to maximize its profits, Hands On International, LLC needs toutilize a number of strategies. To start with, the company shoulddevelop novel product lines. It involves product expansion andinnovation. This entails carrying out surveys amongst the customersin order to understand their views regarding new product development.Through these surveys, the company would understand the products thathave a large customer base thus introduction would meet a readymarket. Introducing new products would benefit the company byboosting profits and making certain persistent growth. In addition,having a broad product line would ensure the stability of thecompany.

Increasingstaff productivity is another strategy. By recognizing and rewardingthe contributions of its personnel, the company would reap a greatdeal. The personnel should be taught new skills, especially salesskills and up-selling products in order to make clients do severalpurchases once.

Maintainingand amplifying brand loyalty is another strategy. This can be done byemploying advertising campaigns that would make the company’sproducts well know to new and existing customers. Brand loyalty wouldhelp the company maximize profits and maintain its market share.

Thelast strategy is to expand the business into new markets. Hands OnInternational, LLC should use market research in determining thepossibility of expansion into new regions. This strategy wouldincrease customer base by ensuring a wide reach.

Reference

HandsOn International, LLC. (2011). Retrieved From,http://www.gohands-on.com/[Accessed on October 25, 2014].