STAKEHOLDER MEETING SIMULATION AND WHITE PAPER
Executive summary
The study develops an insight into the current developments of Pro-Go cameras relative due to their decrease in sales over the past years. Thus, strategies have to be developed to find long-lasting solutions to the problems hampering the firm’s decrease in sales. As a result, the aim of the research is to develop a strategic plan that ought to be utilized by the company to articulate its current challenges in marketing. The three available strategy options include differentiation, analyzer, and product development approaches aimed at developing the best course of action. As such, the company differentiates itself from its competitors through the provision of unique products and services. The strategies are meant to provide a competitive edge in the market, thus reclaiming its position as the leading manufacturer of best-quality cameras. Product development strategy seems to be the best approach to help the company address the decrease in its sales. Furthermore, innovation proves to be a major course of action the company needs to articulate to achieve desirable changes in marketing.
Introduction
Pro Go Pvt Ltd has decided to implement some improved operations that can help in managing the production of high-quality cameras. In the recent past, numerous Pro-Go cameras have burst into flames with little explanation from the company. The problems resulted in major retail shops around China to terminate their sales contract with our firm. The company has been enjoying its yearly growth and development. The recent development of smartphones with cameras has resulted in increasing the tension for the company since the last few years. As such, sales have greatly reduced, thus necessitating the need to take an urgent course of action to avert future problems. An emergent stakeholder meeting must, therefore, be convened to address the issues before they get out of hand. Hence, they need to implement some strategies that can help in improved facility alignment for the future of the company. Hence, the strategy would be utilized to address both short-term and long-term issues currently facing the company.
Aim
The study aims at devising strategic plans for Pro Go Ltd to help secure future sales through adhering to current trends in the industry for the next five years. As a result, the study helps identify three strategy options and implementing one of them for their future plans.
Discussion
Pro Go company has been the leading manufacturer of high-quality small cameras since its establishment in 2004. Over the years, Pro Go cameras have exhibited superior colors, low-light actions, thus making them reliable for usage by a wide range of customers. However, the advent of smartphones has reduced the applicability of small-sized cameras due to their preference by the millennials (Murphy, 2015). As such, Pro Go has, in the recent past, experienced marketing problems due to bursting into flames on numerous occasions. So, the company has been forced to realign its strategies to ensure that the screens meet the required market threshold relative to current trends in technologies. Therefore, the company needs to utilize strategies such as differentiation, analyzer, and product differentiation to achieve its set objectives.
Three strategies Options for Pro Go Pvt Ltd
Differentiation
Differentiation strategy serves to help the company stand out from other phone camera manufacturing firms. As such, the Pro Go company need to harrow its services with its shares plunging it 70% losses in 2016 due to increased competition in the market (Frederiksen 2019). The camera brand has experienced numerous problems in recent years leading to the termination of its sales contracts in China. The company needs to recuperate share losses incurred during the preceding years by developing new products that align with current technological trends in cameras. So, Pro Go cameras should differentiate themselves by utilizing a great deal of technological prowess in its camera manufacturing segment. In such a case, the firm would be able to articulate its current marketing problems (Frederiksen 2019). For instance, to successfully differentiate itself, the company needs to procure some image sized sensors from other firms such as Sony. The sensors would facilitate in differentiating the technology used in developing its camera image quality and application processors.
Moreover, Pro Go cameras should be differentiated from its competitors by allowing it ultimately determine light used to create an image. As such, the company should include multiple light-sensitive spots to develop a competitive edge against its main competitors in the market. The creation of a bigger sensor stands to provide more information than the small sensors utilized by the firm in the recent past (Murphy, 2015). Thus, the differentiation strategy would help curb the number of Pro-Go cameras that have been bursting into flames. The differentiating factor would put into consideration the quality of its image processors to provide the best color profiles needed to encode quality images (Loecker, 2011). The trend has also been adopted by smartphone manufacturers in their quest to utilize sensors of similar size.
Analyzer strategy
The company needs to utilize analyzer strategy as a strategic approach to protecting its existing business from new market entrants. Hence, Pro Go should strive towards initiating innovative ideas to keep up with current trends in the market. The strategy commands the use of innovative strategies to ensure that the firm receives up-to-date supplies that align with its markets (Naeem, Nawaz & Ishaq, 2012). As such, the analyzer strategy should be implemented as directed by Miles and Snow organizational strategies, which seek to develop a competent approach to achieving growth and development. For instance, Pro Go cameras should utilize a multichannel marketing strategy for all its social networks. The marketing strategy is an innovative venture which would ensure that the company develops a high marketing position than its competitors. The strategy would implement the ideas and tools, as outlined by Miles and Snow, in their quest to achieve market sustainability (Johnson, 2016).
The analyzer strategy proposes that initiatives to be adopted by the firm should fall into categories, namely the defender, analyzer, reactor, and prospector. For instance, the prospector stands to utilize innovative and growth-oriented strategies while searching for new markets outside China to achieve its marketing goals and objectives (Naeem, Nawaz & Ishaq, 2012). The defender perspective aims at protecting the enterprises already existing market from being overtaken by vibrant competitors. Thus, the company would embark on maintaining its current markets by addressing problems faced by its customers to instill loyalty to their Pro Go cameras. Moreover, the analyzer is tasked with the responsibility of satisfying current customers with a moderate emphasis on the need to adopt innovative strategies (Gehani, 2013). So, the firm would avoid its customers from terminating the current sales contracts since they pose negative impacts to the business market sustainability.
Product development strategy
GoPro cameras need to utilize the product development strategy to integrate new concepts into the market, thus developing a competitive edge. Product development strategy would develop insight into improving its existing GoPro cameras rather than developing new products since the process would be costly. The strategy ensures that the firm reclaims its position as the leading manufacturer of portable cameras by developing new competent skills. As such, the company would maintain its truly inspirational story of being the best camera developer despite numerous setbacks in the past (Elverum, Welo & Tronvoll, 2016). Moreover, the product development strategy would be in a position to bring new products into the market by utilizing a series of innovative strategies. The strategy stands to ensure that the company develops prototypes based on market research on customer satisfaction levels while using the GoPro camera.
In addition, product development strategy provides the opportunity for the firm to test the prospective market before market entry. Hence, the firm would articulate all concerns raised to ensure that their products meet the required market threshold (Elverum, Welo & Tronvoll, 2016). As a result, constant feedback would be available to help the company make the required changes to its marketing portfolio. So, data analytics would be available to make the best marketing decision that articulates stakeholder interests. Consequently, the organization would successfully implement its 3-pronged strategy, which has been in place since 2004. Therefore, the company would ensure it develops and sells commoditized products, which will help the company develop a competitive edge, thus addressing its current marketing problems.
Preferred Strategy Option and its Justification
Based on Ansoff’s product/market strategies, product development is the most sustainable strategy that the organization must adapt to achieve set goals. As such, the product development strategy would help the company identify the best-suited suppliers to ensure the high quality of its quality control measures (Elverum, Welo & Tronvoll, 2016). Also, the strategy would ensure that the company adheres to set ethical guidelines to fulfill its societal mandate in its marketing practices. The strategy would ensure that the GoPro company achieves its set short-term plans, such as strengthening measures used to ensure quality assurance in the firm’s inspection department. Besides, product development serves as the best strategy since it would ensure the firm introduces new products that align with customers’ specifications. Furthermore, the strategy would articulate the need for innovation in developing a GoPro camera relative to current trends in the industry (Gehani, 2013).
Implications and challenges of the project
The implication of product development strategy would provide a deep insight into the marketing opportunities the company needs to acquire. Hence, the strategy would help the company develop the best strategic approach to managing its current problems in marketing. So, the strategy would play a vital role in retaining sales while articulating future prospects. The strategy implies that the firm would successfully manage the working environment to achieve set marketing goals and objectives. Moreover, the company would be in a position to address customer concerns while developing the best course of action (Naeem, Nawaz & Ishaq, 2012) (Naeem, Nawaz & Ishaq, 2012). Therefore, competent prototypes would be available to address its current problems in its marketing portfolio. The challenges for the implication would result in major setbacks towards the camera sales. Also, in case the strategies backfire, huge losses would be incurred, resulting in misalignment of the company’s initiatives.
Short-term and long-term issues
The short-term issues of the processes include implication error, modification issues, and understanding problems (Johnson, 2016). The long-term issues of the processes include monetary loss, economic adversity, and customer drop. All these issues can result in the major setback and even the close of Pro Go Pvt Ltd.
Conclusion
The study had resulted in the major development issues that can form innovative strategy building for Pro Go Pvt Ltd. The major issues that the company had been facing include decreased revenue generation and a drop in the number of customers. The use of an effective strategy building would help in enabling the successful completion of the operations. It can help in managing professional development. As such, product development strategy serves as the best approach since it would initiate innovation in the company portfolio. Therefore, if the company adopts and develops the above-mentioned strategies, it would be capable of addressing its current problems in marketing. Hence, the company’s management needs to articulate customer concerns to ensure it provides a collective approach to problems facing the firm.
Recommendations
The company needs to increase its loyalty by providing greater value than its competitors by increasing the number of comparable substitutes (Murphy, 2015). So, the firm should provide comparable alternatives to ensure its customers’ needs are met. Also, the firm should embark on utilizing high technological developments in its quest to achieve market differentiation. Hence, the company systems would ensure customer response is given the much-needed attention, thus meeting set goals and objectives (Johnson, 2016). Moreover, GoPro should develop competitive market barriers to curb the high entry of new technologies in the market. For instance, the company can utilize collaboration to acquire new ideas from its competitors, thus developing a competitive edge. Finally, the cameras should utilize current trends and developments in the modern era to ensure continuous growth and development.
References
De Loecker, J. (2011). Product differentiation, multiproduct firms, and estimating the impact of trade liberalization on productivity. Econometrica, 79(5), 1407-1451.
Elverum, C. W., Welo, T., & Tronvoll, S. (2016). Prototyping in new product development: Strategy considerations. Procedia CIRP, 50, 117-122.
Frederiksen, L. (2019). Differentiation Strategy for the Professional Services Firm | Hinge Marketing. Retrieved 9 April 2020, from https://hingemarketing.com/blog/story/expertise-as-a-differentiation-strategy
Johnson, G. (2016). Exploring strategy: text and cases. Pearson Education.
Murphy, M. (2015). What GoPro needs to do in 2016 if it wants to survive. Retrieved 9 April 2020, from https://qz.com/575404/what-gopro-needs-to-do-in-2016-if-it-wants-to-survive/
Naeem, B., Nawaz, M. M., & Ishaq, M. I. (2012). Implications of the marketing strategy for prospectors, analyzers, and defenders. African Journal of Business Management, 6(4), 1527.
Ray Gehani, R. (2013). Innovative strategic leader transforming from a low-cost strategy to product differentiation strategy. Journal of technology management & innovation, 8(2), 144-155.