Compose a 500 words essay on The introduction of Reddin Equipment. Needs to be plagiarism free!
Reddin Equipment utilized a customer-based model to win loyalty from its customers. In the contemporary business environment, the customers lay at the heart of the business and they have a great influence on organizational operability. Reddin equipment applies integrated communication strategies to market its products. To do this, the organization involves its customers in developing all its products. For instance, the 5M and 5E Limited Series Tractors was improved trough customer feedback (Reddin.com, 2014). The organization has opened efficient communication channels to ensure that the customers can contribute to the product design. In addition, the organization uses this approach to handle the employee issues. The organization has developed a good social relation within the organization to enhance teamwork and promote cooperation. As a result, the organization has continuously developed through both employee and customer loyalty. Loyalty from employees ensures that there is optimal production while customer loyalty has provided the organization an opportunity to increase its number of customers.
However, the organization has survived amid challenges of a competitive market. In Canada, more equipment sellers have entered the market, leading to high competition. The entry on new equipment sellers has threatened the survival in this market. Competition has increased the organizations bargaining power, leading to competition in prices in this market. A reduction in the prices of products causes a great reduction in the profit margins for the organization (Profile Canada, 2014). To survive, the organization has embarked on pricing strategies to ensure that they are not face out of the business market. As such, the organization strives to satisfy the customer tastes and preferences while checking on its prices mechanism. Another challenge of the organization has been in developing an international strategy. The challenges of new market