Senior LSUS business majors have donned their consultant hats, taking on the task of analyzing local businesses and providing strategic recommendations as part of their capstone project for the MADM 480 Strategy class.
Each of the 12 students meticulously assessed a different local business, sharing their insightful recommendations with the class on Tuesday. Subsequently, they will complete their projects by delivering presentations to these businesses, outlining strategic improvements necessary to either gain or maintain their competitive edge.
The students embarked on a deep dive into the operations of these businesses, scrutinizing their respective industries, operations, and local and national competition. They conducted an in-depth analysis of each company’s strengths and weaknesses, identifying opportunities for growth.
Dr. Mike McDaniel, an assistant professor in the management and marketing department, explained, “In this class, we approach strategic analysis through external and internal analysis tools like Porter’s five forces model and value chain analysis. This approach enables students to develop a SWOT analysis for each business and make strategic recommendations. Developing graduates who can make informed, data-driven decisions is one of our primary objectives in the College of Business.”
Among the most common suggestions to combat competitive rivalry was an emphasis on improved utilization of social media and digital marketing. However, differentiating products and services also featured prominently in the recommendations.
For example, Amira X evaluated a home remodeling company specializing in refinishing bathtubs and kitchen countertops. She suggested that the owner, who currently lacks capital for marketing and training, should create a company website to showcase their work and tap into free marketing channels like social media. Amira X pointed out the potential for expanding into the commercial sector to stabilize income.
Adeline Parker analyzed a local corn maze farm with over two decades of operation. While successful on Facebook, Parker advised the farm to become more active on Instagram and TikTok, tapping into the seasonal social media craze. An updated Instagram account and the creation of a TikTok account could attract younger moms seeking family activities.
Even for businesses like a small bakery heavily reliant on internet sales, student Drew Webb recommended expanding their presence on social media platforms to stand out in a competitive market. Drew suggested widening the audience through Snapchat and maintaining a company website for a polished appearance.
Though many local businesses might hesitate to allocate funds for marketing, students consistently emphasized the benefits of leveraging free marketing through social media. Additionally, they recognized that social media could not only reach customers but also potential employees.
Student Dalton Pierce assessed a local construction company and tackled the challenge of finding qualified employees. He recommended a consistent advertising presence on social media platforms and listing positions on websites like LinkedIn to ensure a steady workforce.
Riley Hartline evaluated a local veterinary clinic, urging them to embrace social media marketing. He proposed developing a mobile app to assist pet owners in managing their pets’ care. This app could offer digital medical records, treatment plans, and engage pet owners through contests and scheduling features.
These students’ efforts will play a crucial role in enhancing the competitive advantage of local businesses in the LSUS community.