Question $1$

Started in $1965,$ ChemCo is a leading manufacturer of car batteries in the U$.$K$.$ market. Since then, it has been under the charge of Mr$.$ Jones, the founder$-$owner of the firm. In $1999,$ the company decided to go for a diversification by expanding the product line. The new product was batteries for fork$-$lift trucks. At the same time, Mr$.$ Marek was appointed the Senior Vice President of marketing in the company. However, soon after its successful diversification into fork$-$lift batteries, the sales in this segment began dropping steadily. Mr$.$ Marek wanted to introduce some radical changes in the advertising and branding of the new business but the proposal was turned down by the old$-$fashioned Mr$.$ Jones. At this juncture in $2002,$ the firm is losing heavily in the fork$-$lift batteries business and its market share in car batteries is also on a decline. Mr$.$ Jones has asked Mr$.$ Marek to show a turnaround in the company within a year.

Discuss the steps Mr$.$ Marek should take to in order to salvage the company from a loss$-$making entity? $[25$ marks$]$