MGT604 Strategic Management Report Sample
The assessment of this subject supports students in developing their skills and knowledge in topics that include environmental assessment, problem diagnosis, strategy development, and cultural and ethical contexts.
Stakeholder meetings are a critical element in strategic management. This assessment task provides experience and immersive understanding of the complex interactions involved in the development of strategic choices, and the need to take an integrative approach to problem solving. The increasing pace of technological change and the increased impact of social media provides many challenges for businesses attempting to navigate towards growth and increased profitability. Rapid cycle times for new products can lead to decisions being made that are not always in the best interests of the long-term survival of the firm. Disruptions to the everyday course of business come from anywhere and need to be responded to often in short time frames.
Assessment 2 Part B continues from the scenario in Part A. In Part B, a disruption is introduced which necessitates re-consideration of the white paper done in Part A of the Assessment. Here is a recap of the scenario.
Re-convene the (emergency) stakeholder meetings to address the disruption scenario. The stakeholder meetings must discuss this disruption and develop a modified set of strategies. Please return to your groups immediately to discuss these events and adjust your strategic approach accordingly.
Your 2,000 word, individual, White paper should be structured as follows:
• Introduction - Provide background and context to the report. Tell the reader what has happened in the past that has led to this report being needed.
• Aim - State in a single sentence what this report is seeking to achieve.
• Discussion - Cover the content you wish to address in response to the disruption scenario. You must incorporate theory and application of strategy formulation methods.
• Conclusion - Restate the aim and sum up the discussion to demonstrate to the reader that the aim has been satisfied. There should be no new content in the conclusion.
• Recommendations - What are the next steps? What is required to progress into the future? Evaluate/justify your recommendations?
• References - Please ensure you use the correct APA referencing style throughout. Remember EVERY factual statement requires a reference.
• Appendices - Additional material to substantiate or add greater depth to the material presented in the report, and your Teamwork log.
The white paper is to be completed individually by each member of the team reflecting the impact of the proposed strategy on their part of the business after the disruption and should be completed to the professional standard that would be required if the below scenario were real.
Pro go is a privately owned company which is manufacturing high quality action cameras and they are based in Geelong Victoria. They are founded in the year 2004 the company is performing at its best since then in terms of innovation and the technology which they pack in their product which is capable of shooting high quality videos and also small batteries which is capable of shooting for longer duration of time. For Assignment Help However, the company have faced disruption in the traditional customer base. Other than that, they also faced the pressure of the new entrants in the market which is also an issue for the company.The primary purpose of the study new strategy options for the Pro Go which would be used in response to the disruption.Furthermore, being the union official, the role would also take part when the strategy would be implemented. The primary purpose of the union official is to represent the workers and also resolve conflicts within the company so that the company is profitable and also the employees get appropriate renumeration.Other than that, based on the analysis proper recommendation would also be provided for the future.
The aim of the study is to identify the strategy option which are applicable in the case of Pro Go and what could be the implications of the following strategy over the business of the company.
There are various strategies which would be applicable in the following situation and the strategies which have been focused on in the following situation are:
Strategy 1: Adopting intelligent operation models:
When it comes to the traditional operating model, they are sometimes incapable of performing at a scale which is needed for such a huge company as Pro Go. Therefore, they fail to recognise the benefits of the shift in the organisation model of business, and they are increasing the risk for the company to fall behind the competitors of the company (Berruti et al. 2017). Using the AI which is a part of the intelligent operation model it helps in running the algorithm using which the company would be able to produce some valuable insights about the customers of the company and the behaviour of the client (Bollard et al. 2017).
Strategy 2: Agile training and development programs for overall improvement:
When it comes to the agile project management it is termed as the iterative approach which is used for the delivery of the product. This is beginning from the incremental approach from the very start of the project. The agile methodology is focused more on the start to the finish of the project rather than the delivery of the overall project at once (Aldahmash, Gravell& Howard, 2017). Using the agile training and the development program for the overall improvement the Pro Go would be able to improve their performance of the team and also, they would be able to achieve better customer experience and satisfaction which will also increase the versality of the project(Chen, Ravichandar& Proctor, 2016).
However, both the strategy 1 and strategy 2 will not be a better option for the case of pro go and one of the primaryreasons for the following is that the brand is already established in the market and therefore, implementing agile training will not help (Abrahamsson et al. 2017). Moreover, the company is known to produce products which are higher in technology and also, they are known for their innovation in the technology in action camera market. Therefore, intelligent implementation model is something which they already implement and moreover since they are a higher brand in the market already hence the following strategy 1 will not be helpful in the following case.
Strategy 3: Repositioning strategy through Merger and acquisition:
Coming to the final strategy is the repositioning of the brand with the help of merger and acquisition. While for most of the company the brand work needs to be done along with the logo (Huikkola et al. 2020). However, the name of the brand is much more crucial and also having a strong brand identity is helpful so that they are able to position themselves better in the market.
One of the strategic intents of the merger and the acquisition of the brand is the foundation of the positioning of the brand in the market. Here one of the soul intents of the brand is the expression of the brand to grow and how they would be positioning themselves in the market post-merger (Xu, 2017).
With the help of merger and acquisition the brand would be able to have the brand strength and one of the primary reasons for having that is the new entrants in the market which could be acting as the replacement of the brand in the long run (Hassan, Ghauri& Mayrhofer, 2018).
Why strategy 3 is better to implement:
The use of strategy 3 would be a better option for the pro go and this could be better analysed with the help of porters 5 Forces. Using the porter’s five forces the company would be able to analyse the market and the competition of the company. Other than that, they would also be able to analyse if the customers, the suppliers and the new entrants in the market would be influencing the profitability of the company.
Competition in the industry:
Competition in the case of Pro Go is not as much in the market as they are the oldest company who are known for providing quality action cameras in the market. Therefore, if the company is merged with other popular brands in the market the brand identity would be stronger and hence the power of the company would also be more since the company is already having less competition in the market (Parola et al. 2015). Therefore, the company would also be having the power to charge higher prices which would result in better quality which means higher sales and more profit.
Potential of new entrants into the industry:
One of the reasons for disruption of pro go is the entry of new entrants in the market in the market of action cameras. Therefore, if the competitors are able to achieve the market with lesser price of the product and similar quality, Pro Go will be having the higher chance getting weakened(Aithal, 2016). Therefore, with the help of merger and acquisition Pro Go will be able to re-establish themselves in the market and also gain customer trust which will also them to have the power in the market. Moreover, they would also be gaining new potential customers in the market as they have merged with another trusted brand (American Express, 2021).
Power of suppliers:
The following is related to how the suppliers would be driving up the cost of the input and it would be affecting the quality of the product and the cost of the company. Therefore, with the help of merger and acquisition the company would be able to work around the cost of switching to another supplier as they will be having the liberty to work with the brand which is already having an established supplier (Christofi, Leonidou&Vrontis, 2017). Therefore, the suppliers in the following case will not be having the power to drive up the input cost.
Power of the customers:
It is determining the ability of the customers to drive the prices of the products lower. However, this would be depending upon the number of customers the company is having and the cost the company had to incur to find new customers. While in the case of Pro Go with the help of merger and acquisition, they could avoid the cost of finding new customers and they would be able to achieve potential new customers in the market (Grebenshchikova& Yakushev, 2017). Therefore, here in the case of Pro Go the customers will not be having the power to drive the prices lower as the brand have established the brand identity and with merger and acquisition, they have established a much stronger brand identity in the market which makes them stronger.
Threat of substitute products:
One of the last forces is the substitute of the new entrants and their product in the market which is available to the customer at a much lower and affordable costs and could be acting as the replacement of the brand in the market(Parola, Ellis & Golden, 2015). However, since the company is opting for merger and acquisition therefore, they will hold their brand identity and power and hence chances of substitute products in the market would be an issue.
Implication of new strategy:
There are various implications both positive and negative for the implication of the new strategy within the Pro Go. The implications would also be both long term and short term.
Some of the long-term implications of the following would be that Pro Go would be able to gain new potential customers in the market without any cost. Other than that, the revenue of the company would also increase in the long run (American Express, 2021). The reduction in competition would be increasing the profit market and therefore, would help in spurring innovation (Cooke et al. 2021). Finally, the brand visibility of the company would be increasing and thus there would be some incremental growth in the future.
While on the other hand there are some short-term implications too such as the company would be able to overcome the disruption caused by Covid 19. Secondly, there could be some negative impact in terms of human resource and management of the people as there could be some disruption among the people who are working in Pro Go. Therefore, this is where the work as a union official would start and therefore, to overcome the issue of employee disruption and management of the people, being a union official, the management of the people would be taken into consideration and hence, decisions would be taken so that the needs and the demands of the employees are fulfilled without disrupting the merger and acquisition (Yaghoubi et al. 2016).
The primary purpose of the study is to analyse the case of Pro Go who are suffering disruption due to covid 19 that is declining customers and entry of new entrants in the market. Therefore, three strategies are evaluated, and it is concluded that the merger and acquisition is the best option for the following case. Finally with the help of porter’s five point the benefit of the framework is understood and finally the implications of the following strategy are discussed.
Therefore, since strategy 3 that is repositioning through merger and acquisition is selected as the best option for Pro Go it would be recommended:
• To identify and merge with a company who are having better marketing strategy. This would help Pro Go to reach potential new customers and solve the declining consumer issue. The method of merger which is best suitable in the following case is horizontal merger (ansarada, 2021). This would help in decreasing the market competition and also attract more consumers.
• The brand identity of the company should also be evaluated and should be taken into consideration the positive impact the company would be having over the growth of Pro Go. This would help them go around the risk of new entrants in the market and also overcome the issue of declining consumer base.
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