MGT604 Strategic Management Assignment 3

MGT604 Strategic Management Assignment 3

Assessment Task

This is an individual assessment with a component of the work to be conducted in stakeholder groups allocated by the lecturer.

In your stakeholder group, you are required to:

• Meet, discuss and agree on three strategy options
• Apply strategy concepts in your stakeholder meeting discussions to identify options.
• Produce a teamwork log

Individually, you are required to produce a white paper:

• Nominate the preferred strategy option and apply a strategy framework/s
• Discuss the implications specifically relating to your part of the business
• Include the team log in your paper’s appendix

Please refer to the Task Instructions for details on how to complete this task.

Context

The assessment of this subject supports students in developing their skills and knowledge in topics that include environmental assessment, problem diagnosis, strategy development, and cultural and ethical contexts. Stakeholder meetings are a critical element in strategic management. This assessment task provides experience and immersive understanding of the complex interactions involved in the development of strategic choices, and the need to take an integrative approach to problem solving.

Instructions

You are required to perform a simulated stakeholder meeting to discuss the scenario below.

Students will be assigned a role to play in the simulated stakeholder meeting. Roles will be assigned to ensure each group has one of each of the stakeholders. To do this assessment, it is necessary for you to know the responsibilities and interests of the stakeholder that you are assigned to be. To assist you with this knowledge, each stakeholder’s general scope of responsibilities is described below. It is suggested that you take some time to research more about each stakeholder’s responsibilities so that you can contribute effectively to the meetings and write your white paper. The white paper is to be completed individually by each member of the team reflecting the impact of the proposed strategy on their particular part of the business and should be completed to the professional standard that would be required if the scenario were real.

Please Note: You will be placed in your group by your facilitator and are expected to conduct at least one (1) stakeholders meeting per week. Times and location are to be arranged by the group.

The submission must be in Word document format.

Solution

1. Introduction

Pro-Go Pty Ltd. has determined that the future of the independent camera is not strong as most phones now have better facilities such as recording videos, etc. Thus, the seniors have focused on making effective business plan for the next 5 years. MBA Assignment Expert, As a senior financial manager, the focus will be on determining potential strategies that could help in enhancing business performance. 

2.Aim of the report

The aim of this study is to analyse the three strategies that will help Pro-Go to get success in the world of business in the next five years. 

3. Discussion

3.1 Three strategic strategies

Vision and Mission 

The mission of the company is to capture life as people wants it and sharing the experiences and passing on stokes. The vision of the company is to provide best quality cameras to its customers for increasing its profit margin (Oladimeji & Udosen, 2019). 

Products innovation and diversification strategy

Pro-Go must use its technical abilities to brimming diversified products like manufacturing of hardware’s and other essential components to attract prospective customerss (Oladimeji & Udosen, 2019). The company intends to bring some high-definition cameras that will help the company to attract more consumers that will increase sales and profit (Kharub, Mor & Sharma, 2018).

Change Management

The main objective of Pro Go by using this strategy is to control and help employees in adapting the made alterations so that the company can be able to sustain for a long time.

3.2 Preferred Strategy by the Company

Product innovation and Diversification is the chosen strategy that the company is going to implement in future. 

3.3 Application of Framework 

By applying Ansoff Matrix framework, it is evident that diversification is one of the important attributes of Ansoff Matrix. This strategy will help the company to gain maximum benefit in the target market and to develop new market ideas (Marzi, 2022). In addition, the company would be in better position to not only diversify to build phone with recording cameras but also other important accessories and phone features.

Some challenges of Diversification are that it reduces the quality of products. It is even too complicated. It is subjected to market risks as it poses threat to companies by introducing new products in new markets and may hamper sales and revenue of companies (The Times of India, 2022). Diversification is one of the challenges in terms of finance as development of a new product and selling it in a new market is a huge task and requires a lot of capital. Moreover, another challenge is that market risk can bring down annual sales and revenue of the company.

4. Implication

Short term Implication

In the short term, the company should invest in new products that will help in gaining a space in the growing sales of high-end phones which are giving the option to record the 4K videos as well (The Economic Times, 2022). Moreover, the company will be able to create a separate identity in the market. 
Long term Implication

Bringing up with new and innovative products will help the company in selling more cameras to target audiences at low costs and hence the sales of the company will also increase. In the long term, diversification will help in bringing profit if the product that will be developed by the company will be liked by the customers in the new market. This will help in increasing revenue as well (Cooper, 2019).

Reference list

Cooper, R. G. (2019). The drivers of success in new-product development. Industrial Marketing Management, 76, 36-47. DOI: https://doi.org/10.1016/j.indmarman.2018.07.005

Kharub, M., Mor, R. S., & Sharma, R. (2018). The relationship between cost leadership competitive strategy and firm performance: A mediating role of quality management. Journal of Manufacturing Technology Management. DOI: https://doi.org/10.1108/JMTM-06-2017-0116

Marzi, G. (2022). On the nature, origins and outcomes of Over Featuring in the new product development process. Journal of Engineering and Technology Management, 64, 101685. DOI: https://doi.org/10.1016/j.jengtecman.2022.101685

Oladimeji, M. S., & Udosen, I. (2019). The effect of diversification strategy on organizational performance. Journal of Competitiveness, 11(4), 120. DOI: https://doi.org/10.7441/joc.2019.04.08

Ramazan, K. A. Y. A., Öncü, M. A., &Mesci, M. (2020). the mediating effect of organizational learning on the relationship between the cost leadership strategy and business performance: A study on travel agencies. Journal of Economy Culture and Society, (62), 323-343. DOI: 10.26650/JECS2020-0085 

The Economic Times. (2022). gopro: Latest News & Videos, Photos about gopro | The Economic Times - Page 1. The Economic Times. Retrieved 14 October 2022, from https://economictimes.indiatimes.com/topic/gopro. 

The Times of India. (2022). Gopro Cameras: Latest News, Videos and Photos of Gopro Cameras | Times of India. The Times of India. Retrieved 14 October 2022, from https://timesofindia.indiatimes.com/topic/gopro-cameras.