MGT604 Strategic Management
战略管理作业代写 The impact of the strategy on the general manager will have to deal with the additional customer segments and thus might have to
Pro Go, a video camera company is facing issues with its action camera products being challenged by indirect competitors’ products, for example, mobiles phones for video capturing, As the general manager of the company, I was listed on several stakeholder meetings for deciding strategies and we discussed three strategies, which are related to marketing, technology and financial. I would prefer the marketing strategy the most and will use this white paper to discuss this decision further, with reference to Porter’s Five Force theory. The impact on the general manager’s part of the business will also be discussed.
To introduce why the marketing strategy is what I see most fir to increase the revenue.
The new marketing strategy involves a redesign of the target market segments and introducing a lower-priced product to capture a niche market for teenagers wanting to shoot video during extreme sporting events, for example, skateboarding.
First, while looking at the action camera market, we realize this market still has potential, despite the competition from mobile phones, the yearly growth rate is anticipated to be 14.4% (Market Research Future, 2022). Thus, this market still has room for growth and we should try our best to capture the trend. According to Euromonitor (2015), teens are obsessed with video taking using smartphones, which is a trend confirmed with the recently popular Tic Tok, and our action camera can compete with smartphones with better quality and win this market.
Applying the Porter’s Five Force model (Dobbs, M., E., 2014), the major problem the company is facing now is the threat of substitute products or services, which as mobile phones for video taking, but we still have the technological advantage and with lower price,
Also, since our firm has a leading technology position and thus we can somehow decide the market price, according to Ante Farm (2019), lowering the price will have the potential to increase market share and profit. 战略管理作业代写
The impact of the strategy on the general manager will have to deal with the additional customer segments and thus might have to increase the marketing budget for both intensive marketing campaigns and more marketing department headcounts. Also, with a new target market, the budget allocation would have to be carefully designed, as stated by Xingyuan Wang, Fuan Li, and Fan Jia (2020). Certain models mentioned in their work might be required to divide up the budget with optimized outcomes.
In long-term wise, reducing price for new customer segmentation would cause a price war between competitors, as Harald J. Van Heerde, Els Gijsbrechts, and Koen PauwelsFirst (2008) mentioned in their paper, which will ultimately lead to consumers being more sensitive toward the cost and create In negative impact to the overall market
To avoid this future of unprofitable price war, according to Daniel F Spulber (2022), “innovation activities make it possible to avoid price competition”. Thus, after the initial marketing strategy gained extra revenue for the company, investment into innovation must be made to avoid the future price war and maintain out competitive advantages.
Appendix: Team Log: 战略管理作业代写
29th of June 9:30pm in Brisbane time
30th of June 9:30pm in Brisbane time
Dobbs, M. E. (2014). Guidelines for applying Porter’s five forces framework: a set of industry analysis templates. Retrieved July 2, 2022, from https://www.uniba.it/it/docenti/somma-ernesto/CR0620130059.pdf
Euromonitor International. (2015, December 10). Top 3 digital teen trends. Euromonitor. Retrieved July 2, 2022, from https://www.euromonitor.com/article/top-3-digital-teen-trends
Farm, A. (2019, May 31). Pricing in practice in consumer markets. Taylor & Francis. Retrieved July 2, 2022, from https://www.tandfonline.com/doi/full/10.1080/01603477.2019.1616562 战略管理作业代写
Heerde, H. J. V., Gijsbrechts, E., & Pauwels, K. (2008, October 1). Winners and losers in a major price war - sage journals. Journal of Marketing Research. Retrieved July 2, 2022, from https://journals.sagepub.com/doi/10.1509/jmkr.45.5.499
Market Research Future. (2022, April 28). Action camera market would grow at a CAGR of 14.4% and hit USD 23.33 billion by 2030 - Report by market research future (MRFR). GlobeNewswire News Room. Retrieved July 2, 2022, from https://www.globenewswire.com/en/news-release/2022/04/28/2431809/0/en/Action-Camera-Market-would-Grow-at-a-CAGR-of-14-4-and-Hit-USD-23-33-Billion-by-2030-Report-by-Market-Research-Future-MRFR.html#:~:text=According%20to%20a%20comprehensive%20research,rate%20of%2014.4%25%20by%202030.
Spulber, D. F. (2022, May 27). Antitrust and Innovation Competition. Journal of Antitrust Enforcement. Retrieved July 2, 2022, from https://academic.oup.com/antitrust/advance-article/doi/10.1093/jaenfo/jnac013/6593929
Wang, X., Li, F., & Jia, F. (2020, May 21). Optimal advertising budget allocation across markets with different goals and various constraints. Complexity. Retrieved July 2, 2022, from https://www.hindawi.com/journals/complexity/2020/6162056/