The correct answer to this open question is the following.
I.-. Identify two causes leading to the decline of the business?
Two of the most notorious reasons for the decline of Farmers Market Enterprise are:
1.- The company is a family business and is still operating as a family business(traditional way).
2.- The Nsiah family has been relegated by the new and modern supermarket located in the shopping center. The new store has modern and efficient operations based on technology and processes, meanwhile, the Nsiah family's business still working like they were living in the 1960s.
II.- With the knowledge gained from your study of Introduction to Total Quality Management, I would include two measures I would put in place to minimize the decline in the business.
The two measures will be the following.
1.- Efficiency measure, which includes uniting cost and productivity.
2.- To satisfy clients' needs, which includes cero complaints and total satisfaction from the moment customers enter the shop until they leave the premises, happy for the kind of service they received.
These are two basic measures but the key here is that they can provide important data about the way the business is operating on a daily basis.
III.- The four business performance indicators I will suggest to Mr. Nsiah to help improve the competitiveness of Farmers Market Enterprise, would be the following:
1.- Client satisfaction.
2.- Revenue growth.
3.- Profit margin.
4.- Customer retention rate.
Client satisfaction is key. A satisfied customer will be happy to return again and again, and he will recommend the business to his family, friends, and even on social media. A dissatisfied client will do completely the opposite.
Revenue growth and profit margin are so important to keep competing once the new supermarket has opened in the mall. Otherwise, the Nsiah family's business is going to fail because it cannot compete with new supermarket's margins.
The new supermarket has a notorious advantage the Nsiah family's lack, and this is the scale economy to reduce its costs by buying large amounts of products. Something that the Nsiah family can't afford to do.
Customer retention rate will indicate the percentage of clients that continue to buy constantly to the degree of considering them loyal to the business. For this to happen Farmers Market Enterprise must create differentiators to appeal to customers. It could be the price, it could be personal or direct assistance to the customer. It could be promotions or loyalty programs.
And of course, Mr. Nsiah has to invest in technology to run a modern operation in all phases of the business.
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