Introduction
The company is known for best multi-featured cameras and high quality entry level cameras. The aim of the enterprise is creating cameras that people trust. We have a team of three individuals who are dedicated to ensuring that the goals and objectives of the organisation are met. The culture of the company is strong, and it focuses on strong relationships between individuals. We do create trust building seminars to educate the employees on the importance of having trust. We also have a high corporate social responsibility and sustainable practices.
Strategic plan
The Glo- Bus application is a challenging task. Our team is well positioned with good strengths and strategies to start with simulation. Although we had a terrible start, we struggled to adapt to the current market conditions to compete effectively with the rivals. We also gained new strategies that might help us forming plans and executing our efforts to ensure that the goals of the organisation are achieved (Simerson, 2011). As an excellent management team, we are planning to use the best strategies. We also designed a video conferencing program twice a week. This approach will give our management team the chance of discussing our plans and formulating the best plan of solving the issue at hand (Simerson, 2011).
We also developed a vision statement for our company which is to strive to be the best producers of high quality multi-featured and entry level cameras. We also aim at producing technologically advanced cameras. As a team, we are also focusing on meeting the needs of both the investors and consumers (Simerson, 2011). The objectives of the company include being the best camera firm in the industry. We also have the aim of being the first entry level camera company in the world. Our team has the goal of implementing vision by having sustainable practices (Simerson, 2011).
Product and marketing strategy
Product and marketing strategy is critical for a firm to get its product into the hands of the customers. The product marketing strategy for our company will commence with the concept of selling the multi-featured cameras globally for all the consumers in the world to have a taste of our product. On the other hand, our marketing strategy of selling entry level cameras is by setting a global price that will enable individuals from all over the world to purchase the products. After having that idea, we will develop the concept of marketing both the multi-featured and entry level cameras. After this, we will test the market to know whether the consumers are contented with the products and services we are offering (Paley, 2007). In case they are dissatisfied with the products then we will change some of them. It is important for our company to get the views of the consumers concerning the two cameras before moving to the stage of setting the price.
We will set the price such that most of the consumers can afford them. The next step after this is training a sales force on the strategy of selling the products. We will use both advertising and retailers to sell our products to different customers. Employees act as influential individuals in every organisation. Thus, they should be well trained to ensure that they can offer quality services to our consumers (Paley, 2007). The products we are producing are unique, and this will make it easier for us to beat our competitors. The promotion strategy we are using of offering bonuses to the customers will help our team to compete effectively with the rivals (Paley, 2007). The marketing strategy of the company is above average. The company has cost efficient options for promotion. It also has above average technical support that helps it complete different activities.
Production strategy
Most of the companies adapt to change to achieve success. Our production strategy is adapting to all the changes that might occur in the sector of production. Other plans include setting challenging long-term goals. Our team also identified the significance of having an expert in the area of production to offer quality services to the firm (Abele, 2008). In identifying that we have a great potential we found out that the best sector that we should put putting more efforts in the production of multi-featured cameras.
According to our team members, investing in research and development programs will help the company achieve the best results. The decisions we made as a team had both pros and cons. The advantages include improving the performance and productivity of the organisation (Abele, 2008). However, the cost of implementing the decisions made might be high be made very high, and this might affect the company. The cost structure and supply chain management of the organisation will help us beat our competitors (Abele, 2008). Furthermore, all the decisions adhered to the norms of the company. The production of the company is to economies of scale. The reason behind this is that the firm offers above average bonuses and training. The use of a corporate social responsibility also boosts the productivity of the organisation.
Compensation and labour strategy
Our strategy as a team is to offer bonuses to the employees for a well-done job. This plan will motivate most if the employees and they strive to provide quality services for them to be rewarded (Sall, 2004). A bonus is a form of motivating the employees to work harder while conducting their activities (Sall, 2004). Another strategy that we will use is engaging the employees in our discussions to get their suggested pay. In most cases, the knowledgeable employees are usually satisfied with their pay because they believe that the organisational compensation structure has integrity. These strategies are in line with the goals of the organisation.
Corporate citizenship strategy
Most of the successful companies view corporate social as a significant element used in planning the growth of business. Some of this strategies include setting some rules and regulations that the employees of the company should follow. For instance, the maximum number of hours’ employees should spend at the workplace. These corporate citizenship are important because they help the organisation achieve its objectives (In McIntosh, 2016). Other strategies include encouraging team building for the employees to share their talents.
Financial strategy
The firm has the highest dividends in the camera industry. The company has the strategy of maintaining the rating of the credit for the purpose of increasing the rates of interests. The company also had the strategy of focusing on the stock price annually. Another financial strategy is to increase the dividends of the company while the interest rates are reduced. As a team, we are aiming at maintaining the exchange rates to ensure that all the investors and consumers needs are met (Ogilvie & Chartered Institute of Management Accountants, 2009). We believe that the strategies will enable the organisation to achieve its goals.
Competition
Our strongest and closest competitors were B Company and D Company respectively. The most solid competitor had an overall G-T-D score of 107 while our company had a score of 93. We were not in the same level of both the entry and the multi-featured camera. The strongest competitor in both the products was B Company. It led to all the scores. The strategy the company is using is offering unique and quality products to the consumers. The policy differs in the sector of the product line. The strategies that our company will use to ensure that we beat the competitors include having a global expansion. Other plans include having demographic outreach and staying committed to both the consumers and the investors. We will also try as a team to produce quality and unique cameras like B Company. Another important strategy is pursuing competitive advantage by lowering the costs and offering affordable prices. Employing a global strategy helps in setting the cameras apart and producing more styles and models.
Strategy evolution
Conclusion
In the scale of 10, we can rate our company at 7 out of 10 because of some mistakes made during the simulation. However, the mistakes served as a lesson to our team members, and we will ensure that we do not make similar mistakes in future. If we had another chance, we would change the way of disintegrating the investors because they are talented people in the organisation. Another thing that our team would have done differently is by using a different strategy in setting the prices of the entry level and multi-featured cameras. Given another chance, we would lower the rates of interest. Furthermore, from the competitor concept, we would work towards offering unique and quality products. The significant lesson learned is that simulation in our lives can be used in real lives. Additionally, working together, making decisions, perseverance in a collaborative environment is significant for the success of the organisation.
Lessons learned
The lessons that we learned from the simulation includes the mistakes we made. The focus on the market share in the firm disregarded the investors. Furthermore, the EL price of the company was very high in the first two years of establishment. The company sold its shares with the aim of inspiring growth but unfortunately it sold a lot of shares. Other lessons include the fact that culture is important in every organisation. Every firm should strive to have a strong corporate culture to help in achieving the goals of the company. Additionally, effective communication is significant in firms. The vision of the company should be kept in the mind while making serious decisions. Setting both financial and strategic objectives is significant.
Establishing and achieving corporate strategies is an indication that the company is doing well. Another lesson learnt is that it is significant to adapt strategies and goals regarding the current conditions of the market. Growth in the knowledge is another important lesson learned in this simulation process. The gained experience help in comprehending and analysing operating reports, statistics, and financial reports. The increased experience also assist in the conduction of a competitive, ethical research that enhances the performance of the company.
Appendix - Performance Results Graphs
References
Abele, E. (2008). Global production: A handbook for strategy and implementation. Berlin [u.a.: Springer.
In McIntosh, M. (2016). Globalization and corporate citizenship: The alternative gaze: a collection of seminal essays.
Ogilvie, J., & Chartered Institute of Management Accountants. (2009). Financial strategy. Oxford: CIMA.
Paley, N. (2007). The marketing strategy desktop guide. London: Thorogood.
Sall, R. E. (2004). Strategies in workers' compensation. Dallas: Hamilton Books.
Simerson, B. K. (2011). Strategic planning: A practical guide to strategy formulation and execution. Santa Barbara, Calif: Praeger.
