Question 02Tea Lovers (Pvt) Ltd (TLL) was established in 1924 in Sri Lanka as a family-owned business and manufactures tea for the local and international markets. The company is famous around the world for its brand name and the quality of its tea. TLL exports its products to 25 countries, and it generates more than 70% of its revenue from these export markets. 60% of the revenue from export markets comes from three countries: China, Canada, and Australia.
The unexpected COVID-19 outbreak and other economic issues adversely affected the sales of TLL. Due to the uncertain situation prevailing all around the world, the company’s management decided to make some changes to the functional strategies set for the coming years.
S. M. Silva, the owner of the company and also the chairman for the last 30 years, recently appointed his son Pavan as the chairman and his daughter Sriyanthi as the general manager just after they completed their higher education. Pavan handles activities including strategic planning and organising resources, and Sriyanthi is responsible for the implementation of activities with controlling mechanisms such as meetings and budgets. Due to the prevailing economic conditions around the world the new management has decided to reduce manufacturing costs to a minimal level and
increase the efficiency of the factory in order to be competitive in both the local and international markets.
Being a good corporate citizen TLL always tries to add value to its stakeholders even during this unfavourable economic situation.
(a) Explain the internal and external triggers that caused TLL to come up with new strategies for its business for the next 5 years. (6 marks)
(b) Discuss how TLL could add value for its employees and the society at large during this COVID-19 pandemic. (6marks)
(c ) Design two (02) goals, two (02) objectives and two (02) targets that can set for the export marketing division of TLL by its new management (7 marks)
(d) Explain challenges that TLL will have to face when catering to international markets. (6 marks)