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Maembe Industries Limited has been in existence for the past twelve years. In the first seven years of its existence it enjoyed a large market size and customer loyalty. From the eight year of operation Maembe started facing a lot of stiff competition from new entries and advanced technology. Maembe's Board of Directors held an urgent meeting to strategize on how to get a hold of their market share. In the meeting they agreed to review their mission statement, implement modern Technology and more capital for new products development and diversification to new markets. After the meeting the company changed its mission statement to "a reliable trusted friend for all seasons," implemented a marketing campaign to promote their existing products and installed modern technology. Maembe's market share is rising again and customer loyalty seems to have increased.
Required:
a) Explain the roles of a Mission Statement.
b) Explain the industries Dominant Economic traits.
c) Advice Maembe Industry Board of Directors on four other factors that can contribute to success or failure of their organization.
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