Marketing to replace the previous chief – Joe Thomas. The four years of Joe's

Stewart Frazier SLP, Module 1 Strategic Management: Vision, Mission, and Stakeholders MGT599 – Strategic Management Dr. Matula   Introduction The Clipboard Tablet Company is recruiting a new Vice President of Marketing to replace the previous chief – Joe Thomas. The four years of Joe’s work has proven to be a disaster for the business due to his failure to effectively price products andexecute Research/ Development(R&D) efforts. Due to the failed efforts of Mr. Thomas, the company has endured a four year gap of opportunities for growth being missed as well as opportunities to rebound being foregone. Mr Thomas’ removal by Sally Smothers was overdue; she should not have waited four years before firing the person in question. The new VP (Stewart Frazier) will be in place on the 15th of December 2015 and will develop the next year’s fiscal activities and marketing plans to be submitted on 2 January 2016. This report willanalyze the past 6years of business activities and develop an informed and innovative design for future activities to rebuild the business and its reputation. Analysis and Discussion The firm’s marketing over the past four years have seen no change in price nor has quality in the product lines of the X5, X6 and X7 been improved. The pricing model and product development have been left dormant regarding market analysis and R&D efforts. The products were doing well in the marketplace, but there was nothing innovative presented within the product line. The previous VP was content with the quality of the products and his efforts in improving market presence for the firm did not exist. Analysis of the past six years of market performance, product development and marketing are relevant and must be given careful consideration regarding the recommended corrective actionsby the incoming Vice President. The previously identified deficiencies created a “void” in our three product lines which resulted in a loss of momentum for increased sales and market share. In a competitive business market, the edge goes to the one who creates space for development and modification of the existing product line features identified by the user’s needs and wants. The fact that the three product lines were doing well doesn’t suggest that the firm couldn’t earn more or couldn’t add to the brand of the business(Gaunandet al., 2017). The market is ever evolving with new products and improved end-user features. Any business with an objective to drive forward would be advised to keep a keen eye on the competitor’s offerings and strive to develop its products further along with better market penetration and new market development. That said, these factors have been missing from the Clipboard team. New product development and consumer research onways to improve product features have not been conducted in the past six years. Existing product lines have not been improved or developed using the new technologies that are now available which have caused further deficiencies. The pricing strategies and product development have been limited to three brand offerings. The marketplace is fast paced and ever evolving which have been missingat Clipboard (Economicswebinstitute.org, 2017). The reasons for such complacency can be derived from influences from top management, as well as the organizational culture and climate.Business leaders set targets for the organizationto hitthroughout the fiscal year; additionally, they are charged with reaching other objectivesthat are neededto remain competitive in the marketplace. The study of the markets and the competitor’s offerings were also absent in this case. Product promotions, new market development, market segmentation activities were missing as well. This is vital to effective product development as well as satisfying the thirst for increased market share gain(QuickMBA, 2010). Research and Development are crucial aspects of business which helps the organization develop or personalize the product based on market needs. No funds allocated for development translates toa loss of creativity and the staff becoming stifled for a period of time. Development and research is a continuous process which was halted causing the employees to lose valuable skills in new development or innovations. The change in the market and its competitiveness are key factors for a developing business to set its agenda in sync. The self-preservation of the previous VP was a great disservice for the business and its growth or competence development (McNamara, 2017). The Mission Statement is one of the core documents which identifies key elements of business practices for current and future direction based on the established goals of an organization. From the Mission Statement, the stakeholders are offered a glimpse of what to expect when conducting business. For the Clipboard Tablet, the mission needs to be such that it shows a forward looking innovative product line that offers the most competitive price model to be successful in every market they venture into. Product innovation should be given priority where the technology of the future would be adapted and was made clear (Beaver, 2000). Since the idea of new innovation has been absent for the last four years, the incoming VP has made it a priority – which has signified the use of “future” development in the product lines. This Mission Statement makes the product offering and expectations of the management team apparent to the buyers. The Vision Statement was framed with these premisesin mind and gives consumers and stakeholders an idea of what action plan the business will be executing in the future. The Vision Statement was developed keeping the stakeholders and marketplace expectations in mind as “To be the most user-friendly and technologically superior tablets for the new age users.”This vision incorporates a host of activities and people in the formulation of the same along with the technological edge needed to achieve them (Moghal, 2012). The VisionStatement suggests the diversity of the users and signifies the market extent it wishes to reach.The signals to the client base are clear along with the promise to deliver the most sophisticated gadget to them which can be easily used by all. The technologies are fast changing and are to evolve even more in the coming years. The vision signifies the adaptation of new technologies to come so that the users can have long term use of the same. In totality, the value for the price paid coupled with the usage utility is made clear in the statement. The offerings, benefits and the utility are made clear from this statement which the consumer would keep faith in. Nevertheless, day-to-day operations must incorporatethe business plan in its operations within the Mission and Vision Statement parameters(Rehman. 2016). The stakeholders, the operations team and the investors will get a clear message of what the new business plan for 2016 Clipboard Tablets is going to be like. The other stakeholder, the consumers – get an idea of what they can expect from their next purchase of a Clipboard Tablet. The price model is one thing that needs to be kept in mind as well (Boesso and Kumar, 2009). Funding for the last four years in Research and Development was nil, so a large coffer remains untapped. New research and development initiatives would be a welcomednotion. Further, other needed resources like permits, an improved workforce, new equipment etc. can also be identified from the Mission and Vision Statements. The consumer identifies needs that should be enhanced. These needs will aid in assessingmanufacturing capital or to make the changes neededto keep innovations flowing andprocess improvement continuous (Kenny, 2016). The impendinglaunch of the re-tooled business practices will need to be trial tested on a control group before introduction to the marketplace to ensure consumer confidence hasn’t been lost. Revenue streams will also need to be addressed for long and short term periods through enhanced business development and growth.Detailed analysis reports enco
mpassing real-time forecasting will also be produced.The firm will employ new age mediums like the internet and social media to ensure widest dissemination. These mediums offer viable and cost effective options for the staff to perform data mining and gather enough data to process information leading to an informed decision (Heathfield, 2016). Conclusions This reportwas generated for the CEO and was made to highlight the next stage approach for the organization to keep its competitive edge in the marketplace. The ever changing market dynamics along with technological changes are important aspects that the firm needs to focus on for future growth, development, increased sales and profits. This also enables the business to look inward and take the necessary steps to translate the Mission and Vision statements into tangible actions. The stakeholders and competitor’s aspects, havealso been kept in mind for the same motivation. Strategic practices like purposeful R&D, resource allocation, and advertisements would get direction from this report as well which could push the firm forward. References Beaver, G. (2000). The significance of strategic vision, mission and values. Strategic Change, 9(4), pp.205-207. Boesso, G. and Kumar, K. (2009). An investigation of stakeholder prioritization and engagement: who or what really counts. Journal of Accounting & Organizational Change, 5(1), pp.62-80. Economicswebinstitute.org. (2017). Feedback – a key concept in Economics and Management. [online] Available at: http://economicswebinstitute.org/glossary/feedback.htm [Accessed 13 Sep. 2017]. Gaunand, A., Colinet, L., Joly, P. and Matt, M. (2017). Counting what really counts? Assessing the political impact of science. The Journal of Technology Transfer. Heathfield, S. (2016). Fire Up Your Strategic Framework. [online] The Balance. Available at: https://www.thebalance.com/build-a-strategic-framework-through-strategic-planning-1916834 [Accessed 13 Sep. 2017]. Kenny, G. (2016). Thinking Clearly About Your Company’s Purpose. Harvard Business Review Digital Articles, 2-4. McNamara, C. (2017). Developing Your Non-profit Strategic Plan. [online] Managementhelp.org. Available at: http://managementhelp.org/freenonprofittraining/strategic-planning.htm [Accessed 13 Sep. 2017]. Moghal, N. (2012). Mission, vision, and values statements in healthcare: what are they for? BMJ, 344(jun25 1), pp.e4331-e4331. QuickMBA (2010). The Strategic Planning Process. [online] Quickmba.com. Available at: http://www.quickmba.com/strategy/strategic-planning/ [Accessed 13 Sep. 2017] Rehman. A. (2016). Cost-Volume-Profit relationship – (CVP Analysis). Accounting Details. Retrieved from http://www.accountingdetails.com/cost_volume_profit.htm

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