MGT604 Strategic Management Detailed Solutions Assessment Answers

Executive Summary 

The Pro-Go company modified its strategy in the manner described below to help it adapt to market changes and continue operating. The Pro-Go company is a technology American business with about 963 workers and a $ 0.85 billion market value. The business has worked on creating mobile apps, cameras, and video editing software over the years. The management has determined to keep up with the shifting market trends and alter the company's products in light of technological change.

To enable it to adjust to market developments and carry on with business as usual, the Pro-Go company adapted its strategy in the way outlined below. Over the years, the company has worked on developing mobile apps, cameras, and video editing software. The management has decided to adopt the company's products to emerging technological advances and stay up with changing market trends.

Introduction

High-quality cameras are made in Geelong, Victoria by a private company called Pro-Go Pty Ltd. The business was first established in 2004 and has experienced amazing growth over the last several years, up until the previous year. The business has a strong track record of innovation and opulent quality. These cameras provide excellent color video files that perform well—even in low light—in any environment. The company also promotes its products based on their increased stiffness and dependability. Pro-Go is seeking patent protection for a number of the technology employed by these devices. Now that phones have video capture capabilities, the company is concerned that the usability of its standalone camera will be limited soon. The Pro-Go cameras are looking to reinvent themselves to capture the travelers market after the booming of the Adventure tourism market as countries have opened borders to national and international travelers. The company wanted to enhance the experience of travelers by sharing images of their adventures online.

Aim

The organization's goal is to modify the strategy created during the prior stakeholder meeting in light of the disruption's progress and deliver a final report to the company's CEO. 

Discussion

The whole management team and important individuals will be present at a stakeholder meeting. The upcoming stakeholder meeting will fully emphasize the critical issues that must be addressed to take prompt action to ensure the company's survival (Lasserre, 2017). These main topics would briefly cover privacy laws, technological breakthroughs, connected gadgets, as well as related goods or marketplaces. The corporation decided to host a stakeholder meeting to discuss the problems and develop plans and strategies for stabilizing the situation because there has been a considerable disruption in the product's sales.

Strategy 1: Establishing connections with other merchants.

Adjacent items or markets: Three tactics can be utilized to increase market growth: expanding business with current retailers or customers; expanding business with new retailers or customers; and finally, combining the previous two strategies.

The four quadrants in the graphic below represent how the company is growing with both current and potential customers. The main business and core clients are represented in Quadrant 1, which is seen to be the easiest quadrant to expand the firm where there is an increase in money (Certo, Busenbark, Woo, & Semadeni,2016). Since the relationship with the clients has already been built, selling in Quadrant 2 is the easiest. The third quadrant alludes to the new group of clients who would purchase comparable services. The fourth quadrant is the one where selling service to customers is the hardest.

Quadrant strategy

(Source: Morschett, Schramm-Klein & Zentes,2015)

Growing a business with current clients would be the simplest of the three possibilities already mentioned, and this would be the simplest strategy for generating sales. There has been enough financial and reputational loss as a result of the cameras breaking. However, through careful strategic planning and ensuring that the device operates effectively, businesses may win customers' trust (Trigeorgis & Reuer, 2017). It's critical to support them and pay attention to their comments on how the equipment is working. This can be accomplished by having corporate officials visit customers to obtain open feedback on how well the product functions. It is crucial to validate the service that the standalone camera offers. If the service is subpar, the device's performance can be improved by employing the right planning and tactics. The stand-alone camera's performance and expansion in the first and second quadrants will be managed by the project management. Along with this, the operation manager has a responsibility to comprehend the difficulties that present clients and potential customers are now facing. As a result, the operation manager should search for new technologies that can aid in winning over customers' trust. To understand the needs and preferences of the customers, the company's personnel need to receive effective training. To understand the technological requirements for the standalone camera, the employee's abilities and knowledge must also be improved.

Strategy 2: Technological advancements and connected devices

Technology improvements: The business must make certain improvements to the stand-alone camera to draw customers and grow its customer base. New technical breakthroughs that can support business growth and increase sales should be implemented into the standalone camera. The solitary camera made by Pro-Go Pty Ltd can record video, but some additional technologies must be added right away. A 360-degree field view makes it easier to see and capture the beauty in the way you want. The entire room can be covered thanks to this technology. This device would first identify the user of the standalone camera and provide updates on the arrival at the intended place using facial recognition, another technology that is frequently available in phones. Additionally, this would improve the system's security (Steiss, 2019). Additionally, adding night vision capabilities and sturdy, moisture-resistant exteriors to the standalone camera can help you take photographs and record movies even in the dark. This will make the camera much more effective at taking pictures and recording videos at night. Maximum battery backup with rechargeable and solar cells is also required, with the batteries being recharged once more using solar energy.

Devices that are connected: The li-ion rechargeable batteries that the camera is connected to pose a serious risk because they could blow up at any moment. Li-ion batteries have the potential to catch fire and seriously hurt anyone using them. It is crucial to look for safety markings on devices connected so that preemptive measures can be made to reduce the hazards associated with using such devices. Additionally, before connecting a USB plug to a socket, the voltage levels need to be checked. The stand-alone camera's battery and other associated equipment should go through proper testing during the manufacturing process (Ginter, Duncan & Swayne, 2018).

At each stage of the project implementation, the organization should hire a quality checker. This would make it easier to anticipate and analyze errors in advance and make necessary adjustments. For this, new water-based batteries may be able to assist prevent battery explosions. After 70 cycles, these batteries' backup power is insufficient and will need to be often recharged. Because the entire operation of the gadget depends on the batteries' effective functioning, they are a crucial factor that should be taken into account during the production process.

Strategy 3: Legal Obligations

Privacy laws: When making and marketing the equipment, some legal considerations should be kept in mind. Along with environmental requirements and regulations, there are laws and legal requirements that the corporation must abide by. The legalization of privacy aids in promoting and safeguarding the personal privacy of different people. The effective start of company activities is made possible by the privacy legislation and regulations (Aguinis, Edwards & Bradley, 2017). The business must pay attention to several taxes while producing or launching the goods on the market. This briefly mentions the Australian Business Number, tax file number, and goods and services tax. In addition, fair-trading laws that include product labeling, warranties, and refunds as well as codes of conduct and compliance with the Competition and Consumer Act must be properly implemented. The customer's personal information should be collected following this privacy policy law (Noe, Hollenbeck, Gerhart & Wright, 2017). This would cover all possible management strategies for the entire company.

Conclusion

Pro-Go Pty Ltd should choose various tactics and changes to their production procedure that can help to raise the caliber of the things they supply. The process may be made much faster and more productively by holding meetings with the stakeholders and discussing strategies with them following the standalone camera. The acknowledgment of client preferences, feedback, and after-sales services are just a few suggestions that have been made to assure the improvement of product quality. These suggestions can go a long way toward restoring a consumer base. 

Recommendations 

By determining client preferences, following market trends, establishing efficient internal communications, and controlling demand within the market economy, the quality of the product can be effectively managed. Additionally, the employee within the organization should be given the necessary technical assistance, as well as after-sales support. Feedback is a crucial element that can be suggested.

• PESTEL Analysis -The company will have a better grasp of the external environment and its difficulties by conducting a PESTEL analysis (PESTLE analysis history and application). The macro-environmental issues won't have a detrimental effect on the plan. The economic conditions are quite favorable for the production of new and upgraded products. This indicates that the current market will accept our new and enhanced offering.
• SWOT Analysis -Concerning this strategic planning, a SWOT analysis will be helpful. The suggested solutions might work, fail, or end up doing more harm than good. Due to internal characteristics including adaptation, flexibility, strategy, and the Board of Directors, the plan has a chance to succeed. The strategies will be implemented quickly with a lot of fantastic teamwork, leadership, and excitement. The business has an edge over its rivals because of quality assurance. A weakness like unfavorable competition from rivals could also endanger the success of the newly devised initiatives. On the other hand, letting some of the workers go would disrupt the labor market.
• Identification of client wants- It is crucial to understand the customer's preferences to create the product accordingly. The product should be planned under the intended customer's desire for superior performance over pricing. Furthermore, the standalone camera's quality should not be sacrificed for the sake of cost. Along with this, the business should also guarantee that the product is effective enough to provide long-term service, which would ultimately satisfy both clients and customers.
• Establishing successful internal communication- It's critical to create a workplace climate where team members can communicate effectively. Because doing so would enable the work to be finished more quickly and to a higher standard. The company's manufacturing team benefits from effective communication because it increases the product's efficiency significantly. Additionally, there ought to be two avenues for communication.
• Assistance and instruction: Due to the technical nature of standalone cameras and as described in the strategy, some technological advancements are necessary to make the product more appealing. Therefore, it is crucial to offer technical help to the employee through training programs that would enhance their abilities and inform them of the safety standards and precautions made during the product's design and manufacture (Morschett, Schramm-Klein & Zentes, 2015). The staff and the customers who will use the product should both receive clear instructions on the Dos and Don'ts. This would briefly involve providing more technical assistance, customer training, and training manuals.
• Feedback and after-sales service: The business should also offer after-sales service for technical products as this will help to win the customer's trust and ensure that they will depend more on the business's offerings. Additionally, Pro-Go Pty Ltd should view customer feedback as the most crucial tool for raising the caliber of its products. The business should also launch some test products and solicit pertinent user input. The product can be introduced to the market after satisfactory testing

References

Aguinis, H., Edwards, J. R., & Bradley, K. J. (2017). Improving our understanding of moderation and mediation in strategic management research. Organizational Research Methods, 20(4), 665-685.

Certo, S. T., Busenbark, J. R., Woo, H. S., & Semadeni, M. (2016). Sample selection bias and Heckman models in strategic management research. Strategic Management Journal, 37(13), 2639-2657.

Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2018). The strategic management of health care organizations. John Wiley & Sons.

Lasserre, P. (2017). Global strategic management. Macmillan International Higher Education.

Morschett, D., Schramm-Klein, H., & Zentes, J. (2015). Strategic international management (pp. 978-3658078836). Springer.

Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.

Steiss, A. W. (2019). Strategic management for public and nonprofit organizations. Routledge.

Trigeorgis, L., & Reuer, J. J. (2017). Real options theory in strategic management. Strategic Management Journal, 38(1), 42-63.

Appendix:

Meeting Agenda

Team Evaluation

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