Consulting Analysis for Criterion Water Labs, LLC
Criterion Water Labs, LLC has been in business for four years. The owners, Dr. David and Ann Ihms are hardworking entrepreneurs. Both coming from a science background, they attended a six week fast track venture class and is now providing local quality water testing along with developing educational materials for hands on science. They are passionate about education and encouraging the youth to consider biology and chemistry fields to study. The mission of the business is to continue growing while maintaining both facets. Because of their social responsibility, customer base growth potential is not an issue. They have created a quality and after sale service value to their customers.
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The future vision prioritizes the education service but the current profitability is derived from the water testing services. The current marketing techniques have proven radio advertising to be effective but a detailed marketing budget or strategy has not been established. There is a need for resources and capabilities such as staffing, capital, and time. These capabilities are a necessary for future growth. Exploiting the most profitable market segments or expanding into new cost-effective segments such as wastewater and students taking part in online education are opportunities for Criterion. Considerations of a merge or offering consulting services are other avenues of opportunity that are common in this industry. Acquiring capital in the wake of capital budgeting will allow Criterion to take advantage of opportunities that will facilitate growing both valued facets of Criterions ownership. The biggest threat observed is competition. Larger companies in this industry have more capabilities and resources that allow for a lower price in the testing segments. Not to mention the bigger competitors can cover more regions and segments. Nonetheless, Criterion’s philanthropic devotion to its customers and community could remove these threats and weaknesses through strategic sustainment measures. With the appropriate capabilities provided by securing additional capital,