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As far as being the CEO of the company, the areas of concern or strategic issues that require attention or a shift in direction at this time would be to pool my manpower towards marketing and/or sales for WD-40 product to all over the worldwide level and, at the same time enhance if require the quality of my product and invent new uses of this product to make the customers realize that “Old is gold “.
Ridge being the maniacal shark has been initially the licensee for WD-40 and later on moved to take a job in the company and now stands in such a sound position but still struggling to find out ways of solving this issue. Had it been that the company had not made any Acquisition in its earlier years wouldn’t have survived in the market much longer despite of having no strong competitors but structural shift to keep the company alive does not mean that the company should not focus on its WD-40. Other products did help the company to move ahead but at the same time it also gave the company a chance to buy some time and focus towards enhancing the quality of the WD-40 and searching for more markets worldwide for it. The main issue to deal with was how to increase the flat growth rate for its old product and how to give direction to other employees to shift and equally focus on its core problem of removing the saturation level of its old product and achieving a boom in the stock prices and removing the stagnant growth. One of the major areas of concern is to check how to make WD-40 more attractive and more helpful in today’s world so that the product remains alive and healthy. If this product goes down than the name of the company would no longer be considered as known because the name of the company is given after its product and not any other thing. Larsen started its company with this product and now the company is finding its sole bread earning product diminishing its market value which is a negative sign for the company. Let’s say that had it been no other products in this world than the company would not have been able to make any acquisition and no new products would have been there then what?
It can be just said that a new strategy can be formed that deals with this tough situation where the employees have to be shifted and mobilized more towards looking after the sales and/or marketing of WD-40 and a new research and development team should be formed that would at the same time look into the more of innovations and formulation that can be done for WD-40 and a team of finance officers should be formed who would look after the finances that would be required to be pooled in to carry out such researches. The company should bring in new offers too if required to be clubbed with WD-40 and the new products so that the customers intending to buy the new products get such promotional offers that they end up buying WD-40 along with new products. Another and foremost thing that the company should do is to find out why the WD-40 is losing its market share and the reason behind it. Is it any substitute that has been created for WD-40 or is it the MRP of WD-40 that is pinching the pockets of the consumers? Some or the other changes has to be made so as to find out the reason behind the diminishing
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