The Xerox Corporation is on a mission to use superior technology to deliver quality products to the market. Part of the company’s vision is to have a premium return on its assets. Currently they have a strong market share with large corporations, however are weaker among the growing market of small to medium sized businesses. The company’s mission is: Through the world’s leading technology and services in business process and document management, we’re at the heart of enterprises small to large, giving our clients the freedom to focus on what matters most: their real business. (“Xerox – Company Facts”, n.d.) In Xerox’s mission the executive leaders have set forth a goal to increase market share among small to medium size businesses. Xerox has a respected brand image; however the company currently is not leveraging their brand with the smaller companies due to the costs of their product lines.
In order for Xerox to successfully market the brand to small businesses the company will utilized its extensive research and development capabilities to build a new product line that is affordable for this market. In order to track the success of this plan the company will put into place three standards to measure, two financial controls and one concurrent control. The first financial control will be return on investment (net profits after taxes divided by total sales). This control will be measured using a dashboard and will identify if the costs of development and marketing to this new market is producing a return. The second financial control will be inventory turnover (sales divided by inventory). This control will be also displayed using a dashboard, and will measure if the new units are being sold to the standard.
The concurrent control to be used will focus on the marketing campaign for the new product line. The company will utilize online advertisements targeted directly to the small businesses consumer. The concurrent control will monitor the response rate of these advertisements so that adjustments can be made when necessary. Xerox will benchmark this technique from other online advertising firms. These three controls will be put into place in order to monitor the success of the new product line. The two financial controls will ensure that the new product line is moving to the market efficiently and there is a return on those assets. The concurrent control is in place to ensure the marketing campaign is successful in reaching the consumer.
Xerox Company Facts. (n.d.). Xerox Document Management, Digital Printing Equipment, Business Process Outsourcing. Retrieved January 20, 2013, from http://www.xerox.com/about-xerox/company-facts/enus.html
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