Best Financial Services Inc

In: Business and Management

Submitted By Daniel2525
Words 1948
Pages 8
Critical Issues:
In order to grow Best Financial’s business steadily in the future and make it become a leader in the Sarnia market, it has to address the following: * How to increase the daily work efficiency in the office so that Best Financial can serve more clients than it currently does which is 600. * Which option Linda should choose so that the company will grow in a sustainable way. * How to maintain existing clients so that Best Financial’s existing client base (600) will be loyal and stable. * How to develop a new marketing plan so that it will be more cost-effective. (unnecessary marketing expenses will decrease by approximately $550 per year)
Analysis:
Due to Best Financial’s good work ethic and values, its sales level and client base had been growing steadily throughout the years. However, things have changed right now, the recent loss of the top client-Gerald Young was a wake-up call for both Linda and Best Financial.
First, the competition in the financial services industry in Sarnia is high (Exhibit 2), especially because of the existence of those 4 big companies (Exhibit 3).
Second, according to Sun life Financial’s annual report, its sales decreased by 12.8% in 2007. This might be a big signal that the overall market environment is facing a recession. Therefore, if Best Financial still wants to grow in the future, it has to take advantage of its strengths and try to improve or avoid its weaknesses (Exhibit 1).
In last couple years, Best Financial was trying to do some advertising on newspapers and bus shelters, it was actually a big waste of money. A research shows only 10% American believe general products’ advertising on newspapers (Morrison, 2015). In addition, because financial services industry is a different market compared to other product markets, people only trust financial companies recommended by their friends and…...

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