Formulation of Strategy to Create a Sustainable Business Organization | Chapter 10 | Current Perspective to Economics and Management Vol. 4
About couple of decades back, Prince Group was one of the leaders in Plastic Industry by being No. 2 in India. This particular independent organization belonging to Prince Group was in the business of Manufacturing and Marketing of Injection Moulded Crates, Blow Moulded jars, drums, bottles etc. Due to high volume of sale generated, business was excellent. This unit’s main business came from two big multinational organizations who contributed around 75 to 80% of turnover for the previous 5 to 6 years. As the time elapsed, the demand from multinationals dropped drastically to almost tending to zero (due to change of market). As a result, the turnover of these Organizations sharply dropped and slipped into loss.
I was known to this organisation being an Auditor who was in-charge of providing Audit services. At this juncture, I was invited to join this organization as Strategy Manager to create a turnaround. I formulated Strategy to cover both Manufacturing and Marketing functions in order to recover. This case deals with how the strategy was evolved and how it was implemented; hitherto few unknown initiatives were taken, what results were achieved both financially and non-financially etc. Finally, at the end of 3 years this organization bounced back with bang with a trebling turnover and earning decent profit. Thus, sustainable business organisation was created.
This article explains in detail as what Strategy was formulated and what was the result.
Crompton Greaves Ltd, Mumbai, India and Quality Management System Certification Bodies, European Origin – DNV, TUV Rheinland and BSI, India and Prince Containers Pvt. Ltd. and Prince Multiplast Pvt. Ltd. Mumbai, India and JASANZ (Joint Accreditation Scheme for Australia and New Zealand), Canberra, Australia, Quality Council of India at National Accreditation Board for Certification Bodies, New Delhi, based in Mumbai, India.