Crafting and Executing a Strategic Plan Essays

Crafting and Executing a Strategic Plan Essays Crafting and Executing a Strategic Plan Essay Crafting and Executing a Strategic Plan Essay Business Brief Competitive Strategy: Frame By Frame has evaluated the market closely analyzing the entry-level and multi-featured segments. Employing the low cost strategy in the entry-level market was established to do exactly what is intended with this approach: ? Gain a broad cross-section of the market ? Lower overall costs than the competitors ? A good basis camera ? Continuous search for ways to reduce costs ? Highlight the features that lead to low cost The keys to sustaining the low cost strategy for the entry-level segment will be a vigorous approach to finding an economical ration between prices and camera value. Paramount to sustaining the strategy will be to manage costs down every year in all areas of business (Thompson, Strickland, Gamble 2010 p. 161). Appendix A Frame by Frame will generate market share in all regions with a clear understanding that profit margin will be low. The low price leader with continued market share expansion will pay dividends in the high end multi-feature segment. Frame by Frame will complement the low price entry level camera with a well differentiated multi-featured camera. Appendix B. Profit margins over market share will allow this segment of the company to continue to thrive. A selective market which Frame by Frame intends to service will prove beneficial to the bottom line. With strong marketing and advertizing plans market share will grow in years to come leading to even stronger market share and profits. The differentiation strategy for the multi-featured camera will ? ind a narrow market niche where buyers needs and preferences are distinctively different. ? develop features, attributes and custom made products that match the tastes and requirements of niche members ? communicate how product offering does the best job of meeting the niche buyer’s expectations It will be crucial for Frame to Frame to stay committed to serving the niche better than rivals. The firm must not blur the strategic image by entering other market segmen ts or adding other products to widen market appeal (Thompson, Strickland, Gamble 2010 p. 161). Supplemental Strategies: Frame by Frame has taken a serious look at expanding the product line in the entry-level camera segment. Additional new models and styles will help to appeal to an even wider group of buyers. It will be crucial for the company to identify ways to continue to hold down costs so the offering of additional products will continue to be appealing to buyers at the entry level camera segment. Providing the options to buy the same phone in different colors or color combinations can have a significant impact on the number of potential buyers. For instance, the cell phone industry has catapulted sales of identical phones by making the phone and/or covers that favor specific sports teams, or charitable causes. This supplemental strategy may produce similar results. A second supplemental strategy incorporates the entry level camera into the phone to generate a strategic alliance between two companies that seem inseparable in today’s world of technology. Finding a new phone without a camera is nearly impossible and finding any human without a cell phone is just as unlikely. Strategic alliances take a great deal of planning to minimize the risk for both parties. Thompson, Strickland, Gamble (2009) state that the extent to which the companies benefit from entering into alliances seems to be a function of six factors: ? Picking a good partner ? Being sensitive to cultural differences ? Recognizing that the alliance must benefit both sides ? Ensuring that both parties live up to their commitments ? Structuring decision making to be swift if needed ? Managing learning and adjusting the alliance agreement to fit new circumstances. Frame by Frame must keep an open mind to the market and rival forces to remain competitive. In the business world the competitive climate drives companies to be innovative. Staying on the cutting edge of your business strategies and keeping your business head on a swivel so as to watch the competition will be the combination that will pay dividends for years to come. Foreign Markets Strategies: Frame by Frame have developed strategies that are mirror images of each other for each of the four global regions. The cost, marketing, production, pricing plans are nearly the same in all areas. Frame by Frame has found this strategy successful but may generate even higher profits and market share by varying the company’s strategic approach from country to country in response to differing local market, culture, competitive conditions, and differing buyer tastes and preferences (Thompson, Strickland, Gamble 2010 p. 215). Altering the strategy from region to region would be more beneficial in the multi-featured segment in which variations from production to marketing would be more tolerant of variations. The entry-level segment which operates on a very low margin must utilize standardized methods to manage costs and hold onto market share. Addendum: The global economy allows for a company to utilize creativity and ingenuity to craft a dynamic strategic plan that can be customized to any market or region of the world. The development of a successful plan will take a team that is focused on the market environment and the various influences to be encountered. The successful company will be able to navigate the factors and make the changes needed to meet the company goals.