The Factors Hindering the Growth of Mag Corporation's Plant Products: A Study on the Steel Industry in Bangladesh
Faisal, Jainul Abedin
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Business growth is the phase where the business reaches an expansion point and pursues other options to produce more profits. Business growth is a function of the business life cycle, industry growth trends, and the owner's desire to generate stock value. However, growth is critical to the long-term survival of a company. It facilitates the acquisition of assets, attracts new talents and investment financing. It can also improve business performance and profits. The study seeks to determine the factors that affect the growth of Mag Corporation. To determine the factors that affect the growth of Mag Corporation, Porter’s five force models and a macro-environmental analysis are being used. Porter's five forces is a simple yet powerful tool that can be used to understand Mag Corporation's competitive business environment and determine the potential profitability of your strategy. This is useful because when companies understand the strengths of their environment or industry that can affect their profitability, they will be able to adjust their strategies accordingly. Second, the macro-environmental analysis provides important factors that will have a significant impact on the operating environment of Mag Corporation's business and will bring opportunities and threats to the company and all of its competitors. Furthermore, external factor analysis is widely used in strategic analysis and planning as it can help companies determine risks and opportunities in the market. In turn, this has become an important consideration for companies when formulating corporate and business strategies. Research shows that the main factor preventing Mag Corporation from improving its growth is that it has strong competitors in the industry and the company has to work very hard to maintain its customer base. The lack of talent in the human resources, finance and marketing departments is another reason that slows the growth of the company. However, in the end, suggestions were made to improve the development of Mag Corporation.
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