goal of every business enterprise

The expansion of a company’s customer base

The expansion of a company’s customer base is one of its main objectives. This goal strives to grow the overall size of the company’s market and clientele. The quantity of money made increases when you own a king-sized market share. Increased revenue indicates that the company’s profit margin has grown, which in turn meets the expectations of the shareholders. However, a company’s ability to use its talents and turn them into a competitive advantage against its competitors closely correlates with the size of its foreign operation base. Additionally, utilization of the capabilities is directly dependent on the level of strategic management present in the company to set the company in a streamlined strategic momentum. With the case in hand, TJX companies should use its current financial standpoint to achieve a competitive advantage against its contenders. From its SWOT status, the TJX companies should use their strengths in a high amount of annual revenue and opportunities in large market size as its tailwinds.

Reinvigoration of Promotional Techniques

Product promotion is usually the main determinant of the product popularity (Lafley, Martin, & Riel, 2013). Poor promotional techniques usually lead low sales. Having reinvigorated promotional techniques increases the awareness of the products as well as the company in question. TJX companies should, therefore, diversify and better its promotional techniques to reach international markets.

In 2014, TJX Companies reported a total revenue of $29.1 million. This revenue is bound to increase in every financial year. This financial standpoint would be a perfect opportunity since it is clear that the company has a larger market share than Ross and Gap Companies. High promotional measures would include, using the past financial year’s profits and revenues to sophisticate the extent and forms of advertisements. The company should, therefore, vest in more advisements.

These promotional activities include the use of online media like the social media platforms which are the most commonly used forums for product promotions. It will be possible to reach overseas markets through online promotions (Lafley, Martin, & Riel, 2013). Social websites like Facebook, twitter, and google provide a niche to connect with a world of potential customers. Additionally, from the social media platforms, it is possible to obtain the consumers feedback about the company and its product. From such feedback, the company can obtain the information on how to reinvigorate the quality of products to win more market appeal. Furthermore, online promotion can use the concept of customer referral giveaways (Lafley, Martin, & Riel, 2013). These may be the provision of incentives like shopping vouchers, cash, discounts or other rewards to encourage customers to refer more customers to the company’s products. This form of marketing increases the global awareness of the company and its products, which in turn increases sales thereby increasing the amount of revenue for the company.

Lastly, TJX Companies can expand globally if they embrace the use of loyalty programs and point of sale programs can be used to promote the products. Loyalty programs are used to attract more customers to buy the company’s products as well as retaining the affluent customers (Lafley, Martin, & Riel, 2013). Loyalty programs can be in forms providing loyalty cards and purchase points through which affluent customers can obtain discounts on the products they purchase. Customer retention boosts the companies’ image as well as consumers’ confidence in the companies’ products. The company can use the advantage of winning customers’ confidence to establish more stores, which helps in the global expansion of the company.

Companies’ Financial Statements from the Proposed Strategy

References

Lafley, A. G., Martin, R., & Riel, J. (2013). A playbook for strategy: The five essential questions at the heart of any winning strategy. Rotman Management, 4–9. 

Peter, Grossman (2006) “The Unofficial History of People Who Built The Great Financial Empire”. American Express. New York: Crown Publishers.