You are the business analysist of NowStyl a company specialising in manufacturing high quality wooden furniture in Europe. The company has a rich history that spans over a century, but NowStyl continues to be a family owned business. NowStyl started its operations manufacturing high quality handmade wooden furniture manufactured using the best timber and has very little has changed over the years. The company has remained traditional and operates a traditional manufacturing, sales and distribution process, the company has also not changed its costing methods and pricing methods since it was founded. Trends have continued to change with companies such as Ikea changing the landscape, but NowStyl has continued to focus on timber furniture catering to an increasingly shrinking niche market. The CEO of NowStyl has requested you to conduct a market analysis and provide a report covering quality management techniques, costing approaches and new product development for next year together with financial performance comparisons (actuals compared against the budgeted figures for last year).

Question- Possible changes for NowStyl in order to streamline the business to face competition in terms of achieving quality and price competitiveness (make reference to relevant theories where relevant).