Study the case given below and answer the questions given at the end.

Mr. Harish Jain, CEO of Energetic Enterprises, has established the firm for the manufacture and

marketing of an innovative product. The firm earned a reputation of its product within two years of its

inception and enjoyed monopoly position in the market for its product. Now it has a turnover of about

Rs. 80 crores.

Three years back, some firms entered the market and offered cheap substitutes which were of better

quality. This year, Mr. Harish Jain is worried because about 40% of the marketshare has already been

taken away by the new firms and he is not able to check this trend.

Mr. Jain has been looking after both production and marketing functions though finance is being looked

after by a finance manager having a professional degree in chartered accountancy Mr. Jain has recently

lowered the price of his product to fight competition, but even this has not helped. He has now

approached you for advice to stabilise his sales volume.

design an appropriate marketing plan by considering the environmental factors that have caused a worry to Mr. Jain.