Analyzing The Managerial Activities of "BSRM"
Course Tittle: Principles of Management
Course Code: EMBA: 504
Section: D
Submitted To:
Shahpar Shams
Assistant Professor
Department of Marketing
Faculty of Business Studies
Jahangirnagar University
Submitted By:
Md. Azmol Hossain
ID: 20222059
Semester: Summer
Batch: 33
EMBA Program
Faculty of Business Studies
Jahangirnagar University
Date of Submission: January 13, 2023
Contents
Summary ......................................................................................................................................... 1
Overview of BSRM ........................................................................................................................ 2
Strategies are adopted to expand foreign market ............................................................................ 4
Advertising media types ................................................................................................................... 5
Collections of customer’s feedback method ................................................................................... 6
Deal with negative customer feedback ........................................................................................... 7
The functions of the marketing department ................................................................................. 8
Challenges of steel industry business .............................................................................................. 9
Conclusion .................................................................................................................................... 10
Recommendation ......................................................................................................................... 10
Appendix ..................................................................................................................................... 11
Summary
Management of the supply of incoming and outgoing goods and services in the most economical
and time-sensitive manner is known as supply chain management (SCM). In order to attain costand time-related efficiency levels, this may be done by establishing a strategic route plan for the
shortest pick-up and delivery routine, from the suitable suppliers, for all locations across the
assembly line. By launching goods and services earlier than the established trend, a corporation
can get an advantage over rivals in marketing by ensuring maximum operational smoothness.
One of the biggest business groupings in Bangladesh is Bangladesh Steel Re-rolling Mills (BSRM).
The customer is the focal point of business at BSRM. Here, workers work under intense pressure
in a fast-paced setting, so they must have the mental fortitude to make snap judgments based
frequently on incomplete information. Additionally, they must be receptive to creative ideas that
might enhance company operations, balance supply and demand, and reduce working capital. I
work at BSRM as a senior executive sales B2B.
By integrating supply chain management of logistics and sourcing at the lowest possible cost and
guaranteeing customer satisfaction, BSRM supply chain works to ensure the continuous provision
of plans and materials to manufacturers, completed goods to consumers, indirect goods, and
services to everyone. The supply chain division of BSRM is the hub of all company operations.
The supply chain functions cover everything from the acquisition of raw materials to the delivery
of the product to the final consumers. The main focus of this research is on the supply chain
management techniques used by BSRM.
Transparency in information sharing has contributed to the current shared knowledge and
teamwork skills of BSRM and its supply-chain partners. The supply chain performance of BSRM
has significantly improved as a result of the clear visibility in material ordering, production
planning, inventory supply, and management.
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Overview of BSRM
In Bangladesh, BSRM is the top producer of steel and a well-known business entity. For the
construction of significant infrastructure projects and national landmarks, BSRM steel products
have only been used over time. When graded steel wasn't available in Bangladesh, BSRM Xtreme
was launched as a product. Bangladesh's steel sector saw a significant transformation as a result.
The fundamental motivator was the conviction that steel goods will evolve through time. As a
consequence, the first EMF-tested rod and the first steel brand to pass 5 million cycle fatigue tests
in the UK and comply with 10 international standards were introduced. The firm maintains volume
with unwavering quality because of its use of the best European technology and the largest steelproducing facility in the nation. The greatest solution for the construction sector is what BSRM is
committed to providing.
The largest producer of steel and a well-known business entity in Bangladesh is BSRM. The
construction of significant infrastructure projects and national landmarks has exclusively used
BSRM steel products throughout the years. The Padma Bridge, Rooppur Nuclear Power Plant,
Hatirjheel Project, Mayor Hanif Flyover, Zillur Rahman Flyover, and Shah Amanat Bridge are
just a few projects that used BSRM. A new bar and wire rolling facility will be built, and a melting
plant will be expanded, increasing rolling capacity by 6.00 lac M at a cost of BDT 1,850 crore.
The Padma Bridge's deep pilling needs necessitated the creation of the first 50-mm rod ever, which
was then uniquely designed and rolled. The construction sector has specific demands, and BSRM
has developed a number of specialist solutions to satisfy those needs. As a part of its constant
innovation mindset and diversification strategy, BSRM entered a new market and established
BSRM Wires in Mirsarai, Chattogram, to produce a range of goods, including galvanized wire,
ACSR core wire, LRPC Mig wire, welding electrodes, etc.
Maintain our leading positions in the steel industry by manufacturing the highest-quality steel
products, consistently raising customer satisfaction, and developing into a dependable business
partner for our clients and suppliers. Become a top employer by fostering talent and preparing the
organization's future leaders. By generating wealth and sustaining growth, we can safeguard the
interests of our shareholders. maintain the trust of all of our stakeholders by implementing moral
business principles. You may benefit society by engaging in corporate social responsibility
activities. The many rural livelihood programs that BSRM has been executing have reduced rural
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residents' economic vulnerability and improved their access to possibilities for long-term income
generation. We are conducting a number of livelihood enhancement programs with the help of
several partner organizations to empower communities, including women, farmers, and
disadvantaged people. These initiatives primarily center on developing community assets,
upgrading skills, increasing leadership capacities, and expanding technical knowledge.
The Sustainable Development Goals: Decent Work and Economic Growth, which aim to foster
sustained, inclusive, and sustainable economic growth, full and productive employment, and
decent work for all, are aligned with BSRM's livelihood and women's empowerment initiatives.
As a company that values social responsibility, BSRM sees the need to intervene in crisis situations
and support those in need. Whatever the cause of the crisis, whether it is a natural catastrophe, the
aftermath of an unforeseen incident, or the emergence of a pandemic, we do everything we can to
support the afflicted individuals and the community as a whole. BSRM provide emergency food,
everyday basics, medications, and building supplies to flood victims as part of our assistance. As
opposed to this, BSRM provided high-flow nasal cannulas, oxygen cylinders, oxygen flow meters,
pulse oximeters, non-rebreathing masks, and a central oxygen system during the worst COVID
crisis. Additionally, PPEs, masks, oxygen cylinders, hand sanitizers, and other essential medical
kits were supplied by BSRM at a variety of public and private healthcare institutions. In order to
accomplish our promise through life-altering community initiatives, BSRM has been making
contributions to the education sector with a specific focus on disadvantaged kids from extremely
low-income urban and rural homes. The United Nations Sustainable Development Goal is to
"provide inclusive and excellent education for all and encourage lifelong learning," and initiatives
in the education sector directly support this goal. The major objective is to help low-income parents
and provide worthy kids the chance to pursue an education, which will eventually lead to a
successful and fulfilling life. The programs will directly benefit low-income parents and give
deserving kids the chance to seek an education and lead fulfilling lives.
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Strategies are adopted to expand foreign market
Companies employ market entrance techniques to organize, distribute, and ship commodities to
foreign markets. Depending on the strategy an organization choose, the cost and extent of its
control over distribution may change. Companies often decide on a plan depending on the kind of
product they offer, how much it costs, and if delivering it necessitates particular handling
techniques. Businesses may also take into account the demands of their customers and the
competition nowadays. Here are 10 market entry strategies you can use to sell your product
internationally:
a) Exporting: Marketing your manufactured goods in the nations where you plan to sell them is
known as exporting. Some businesses engage in direct exporting, whereby they sell the goods
they produce directly to consumers abroad. This strategy is frequently used by businesses who
offer luxury items or have in the past marketed their products on international markets.
b) Piggybacking: This market entry technique entails asking other companies if they may include
your product in their international inventory. If your business and a foreign business agree to
this agreement, both sides split the revenue from each sale. By delegating foreign marketing
to a partner while concentrating on local retail, your business can also reduce the risk of selling
internationally.
c) Countertrade: Countertrade is a typical instance of indirect global marketing. Companies
exchange items with one another instead of making their commodities available for purchase
in a system known as countertrading.
d) Licensing: Transferring the right to use or sell a product to another entity is known as licensing.
This strategy may be chosen by a business with a popular product and a sizable market for the
business it intends to license the product.
e) Joint ventures: The potential of an imbalance in corporate engagement with this market
entrance method exists, however both sides can cooperate to create fair procedures and assist
avoid this problem.
f) Company ownership: Owning an organization with a presence in your local market offers
your firm legitimacy as a local company, which can increase sales. Although it is more
expensive than other methods of entering a market, company ownership provides a high return
on investment.
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g) Franchising: Strong brand awareness is often necessary for franchising since customers in
your target market need to be aware of what you have to offer and want to buy it. For businesses
with well-known brands, franchising provides a means of making money while adopting an
indirect management style.
h) Outsourcing: Employing a different business to handle a portion of your company's business
activities is known as outsourcing. It alludes to reaching a deal with another business to manage
foreign product sales on your company's behalf as a market entry strategy.
i) Greenfield investments: Greenfield investments can expose a business to high risks and high
expenditures, but they can also assist businesses in adhering to legal requirements in a new
market. Large, well-known corporations often gain from these investments, as opposed to startup businesses.
j) Turnkey projects: Turnkey projects are only applicable to businesses who design, develop,
and build new structures for their clients. If your clientele consists of foreign government
agencies, you could take into account this market entry method. In order to guarantee that
businesses offer excellent service and that clients pay the exact amount owed, international
financial organizations typically monitor agreements between businesses and their clients in
other countries.
Advertising media types
On the other hand, we can also organize advertising media based on its source. The three different
sources are as follows:
a) Owned media: Any form of media that belongs to the brand/company. In other words, the
brand does not pay to use this form of media for advertising purposes - for example, a brand
website or mobile app.
b) Paid media: Any media the company pays to use and promote its brand/products. Paid media
includes traditional forms of advertisement like billboards or print ads and interactive
advertisements like social media ads.
c) Earned media: Any media on a third-party channel where the user (the brand) has to adhere
to the platform's guidelines. It includes all the communications (online, offline, on socials, etc.)
generated about a brand.
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Event sponsorships: Bsrm organizes a variety of real estate events, seminars, and symposiums,
among other things. It also donates food and clothing to flood-affected areas. The traffic police
agency, which is separating the roadways to control traffic jams, receives road dividers from
Bsrm.
Merchandising promotions: Bsrm offers away a variety of promotional items, including key
chains, umbrellas, table clocks, t-shirts, and mugs. As the final users of bsm1 goods, dealers,
engineers, and masons are provided with information about their firm and products. Additionally,
they provide the sellers a discount of Tk 1,000.00 per ton.
E- marketing: Bsrm occasionally uses email contact to announce their promotional events.
Since the majority of the main buyers of bsm1 are highly educated and technologically savvy,
they enjoy receiving promotional news through e-mail.
Tele- marketing: Bsrm occasionally uses telephone marketing techniques for their
advertising campaigns. They telephone the intelligent purchasers of their products, such as
engineers, dealers, and real estate firms, to inform them of any modifications to their product.
Collections of customer’s feedback method
Any type of information your consumers provide about their interactions with your business is
referred to as customer feedback. This could include beliefs, emotions, hopes, etc. It could be
neutral, negative, or both. Although it takes many various forms, customer feedback may be
divided into two groups:
a) Direct feedback: This is feedback that you ask your customers for. You are more in control
as you get to decide the format and themes. Examples include surveys, focus groups, and
interviews.
b) Indirect Feedback: This is feedback that you haven’t explicitly asked for, though in many
cases you need to actively go looking for this kind of feedback. Examples include social media
activity, online reviews, and referrals.
Now, on to the feedback methods. Here are 6 great ways to gather customer feedback:
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i.
ii.
iii.
iv.
v.
vi.
Surveys
Emails
Interviews and Focus Groups
Social Media
Website Analytics
Free-Text Feedback
Deal with negative customer feedback
Every company owner wants to receive only favorable testimonials and remarks about their
venture. Despite your best efforts to delight your consumers, you will undoubtedly receive bad
comments since we do not live in a perfect world. There's no getting around it: negative reviews
do occur. Having bad press about your company may be financially and emotionally damaging.
Here are eight effective techniques to transform unfavorable comments into enthusiastic
participation.
a) Listen carefully: The greatest approach to take constructive criticism is to pay attention and
take it in. It goes without saying that the proper response to receiving unfavorable comments is
to refrain from interrupting and pay close attention.
b) Distancing your emotional self: Don’t take negative feedback as a personal attack. Don’t get
defensive.
c) Don’t try to prove someone is wrong: Try to prove someone wrong and we become closeminded to the useful information that may be hidden in the poorly presented feedback.
d) Ask questions: Asking questions helps remove the appearance of defensiveness and prevents
us from quickly leaping in to defend our actions. Questions can assist the other person convey
properly whatever his or her main message may be.
e) Putting yourself in the shoes of a customer: You can’t always deliver solutions, but you can
always deliver empathy.
f) Ask for time: Take time to collect your thoughts. Think carefully about what you plan to say
and what impact it will have.
g) Apologize: Even if you didn’t do whatever made them upset, you can still genuinely be
apologetic for the way your customer feels.
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h) Resolve the issue quickly & fix the process: Get to the bottom of why the mistake occurred,
without blaming anyone; focus on fixing the process so that it doesn’t happen again.
The functions of the marketing department
Promoting an organization's operations and mission is very important for the marketing department.
By organizing and creating materials that reflect the company, it acts as the public face of the
enterprise. The Marketing Department's responsibility is to connect with potential clients, buyers,
investors, and/or the general public while developing a unified brand that favorably portrays your
business. The marketing department may be responsible for one or more of the following tasks,
depending on your business:
a) Defining and managing your bran: This entails identifying who you are, what you believe
in, what you say about yourself, what you do, and how your business conducts itself. This
specifies the interaction you want your clients and business partners to have with you.
b) Conducting campaign management for marketing initiatives: Marketing proactively
identifies the products and services to focus on over the course of your sales cycle, and then
produces materials and communications that get the word out.
c) Producing marketing and promotional materials: Your marketing department should
create the materials that describe and promote your core products and/or services. They should
be kept up-to-date as those products and services evolve.
d) Creating content providing search engine optimization for your website: Your website is
often the first (and possibly the only) place people go for information about you. Your
marketing department will be responsible for keeping Web content current, while also working
to ensure your site comes up quickly when someone searches for your type of business.
e) Monitoring and managing social media: Marketing should contribute to, manage and
maintain your social media pages. It should also manage accounts and carefully watch what’s
being posted about you online.
f) Producing internal communications: Your employees need to understand your company, its
values, its goals and its priorities. Marketing is often responsible for employee communications
through a newsletter and/or intranet.
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g) Serving as media liaison: When your company is cited in the media, a member of the
marketing department often acts as spokesperson for your company, or guides executives in
how to respond to media queries.
h) Conducting customer and market research: Research helps you define target markets and
opportunities and helps you understand how your products and services are perceived.
Challenges of steel industry business
a) Availability of raw-materials: Billet is considered as the prime raw-materials for producing
steel products among the crude steel products. Due to large investment by major steel
manufacturing groups, the billet industry has itself become big along with the finished steel
industry.
b) Availability of power and gas: Uninterrupted power supply and large volumes of gas are
mandatory for steel production. Thus, any adverse changes to electricity regulations, shortage
of gas supply or high pricing of energy have direct impact on the operation.
c) Project inefficiency: Steel producers are growing their companies in expectation of strong
demand from the government sector, which consumes 40% to 60% of all steel output.
Therefore, the smooth and quick progress of the big projects is a crucial growth promoter for
the sector.
d) Changes in regulations and rates: The business of steel businesses may suffer from a lack of
business-friendly rules, including income tax, value-added tax, and other things like customs
laws. The government continues to withhold a sizable portion of the working capital that was
paid as refundable advance tax (AT) on imports.
e) Price Competition: As large companies are capable of price cutting to capture the market
sometimes it becomes hard for the relatively small companies to sustain in such highly
competitive price war.
f) Pandemic Impact on Steel Pricing: Like all other industries, this one has suffered from the
COVID-19 epidemic. Although it is expected, the fall in steel demand in the first half of 2020
may be more severe because the anticipated recovery is considerably slower once the lockout
ends. Here, the pricing structure of steel products is shown in the context of declining market
demand.
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Conclusion
The capital-intensive mill is BSRM. The procedure is totally automated. It is clear from my visit
to Bangladesh Steel Re-Rolling Mills Ltd. that they are making high-quality goods. The real estate
industry has a high demand for its output. It is also a forerunner and a powerhouse in the steel
sector. In this industry, the many departments all run their individual operations effectively and
seamlessly. The company's manufacturing, sales, and marketing operations are spreading across
the nation on a daily basis. The company operates entirely for financial gain.
Recommendation
The following action plans may be recommended for the successful development,
promotion and profitable sales of the BSRM:
a) To make up for the talent gap in BSRM, they can hire new employees and train them internally
by hiring international specialists in their mills. They have the right to set restrictions, such as
not leaving the firm at the time of an appointment. The employees' propensity to move about
lessens as a result.
b) BSRM can entice the right individuals from the steel rod industry to work for the company by
offering competitive pay and other benefits.
c) By lowering extra costs at their mills and other locations, BSRM may lower setup costs and
restore product prices to market levels. If they could raise their prices to be competitive with
the market, BSRM's overall sales would rise, and the firm would ultimately make more money.
d) To handle a large volume of raw materials and completed goods, BSRM should expand their
raw materials and finished goods storage facility.
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Appendix
1. What strategies are adopted to expand foreign market?
2. How you collect customer feedback?
3. How you handle negative review of customers?
4. What are the challenges of doing steel industry business?
5. What are the functions of your marketing department in your Finn?
6. What are the advertisement media you use for the promotion of the products?
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