Scenario: Tech Products Inc. is one of the world's leading technology companies known for its innovative products, including the TechPhone, TechPad, Tech computers, and software services. At present, Tech Products Inc. is now facing significant challenges in an evolving industry landscape due to increasing competition and the introduction of similar products on both the local, regional and global markets. The company is aware that internal and external drivers play a crucial role in shaping the strategic direction and overall performance of an organization, and that to remain relevant they must be able to understand and respond to these drivers in an effective manner. To assist them in formulating a comprehensive strategy that can help the company navigate the complex business environment it faces, Tech Products Inc. has hired you as a Strategic Management Consultant. Further to an initial meeting with Management, it was ascertained that Tech Products Inc. has not been keeping abreast with the changes in the external operational environment and did not analyze this against their current environment. Whilst they are aware that there are internal and external tools which can assist, they have no idea how to use them to their benefit. They are aware however that the current business strategy needs to urgently be reviewed to one which focuses more on design, user experience, and premium pricing to help set them apart from the competition. There is also a need to review the current global strategy to ensure that the company is reaping the best possible benefits, allowing the organization to capitalize on opportunities, manage risks effectively, and create a robust foundation for long-term success. Their current organizational structure is one which organizes its workforce by function, such as design, engineering, marketing, and retail, which to date has worked well, but they are now unsure if it is serving their needs. The company has been approached by various companies in the past who wished to create strategic alliances, but due to its top-ranking position in the market did not feel it was necessary at the time. Management is currently rethinking this position and requires some guidance as they aim to enhance their organisation and expand their market reach. Based on the above scenario, as the Strategic Management Consultant, answer the following, providing the necessary guidance to Management: Identify and discuss the type of strategy, based on what was discussed in the course, that Tech Products Inc. needs to adopt, to allow them to achieve their objectives as mentioned in the scenario successfully. Relevant information from the case must support your response. Reference a similar company locally, globally, or internationally who uses this strategy successfully. Information from the scenario must be included to support the discussion. Types of Strategy discussed in the course to choose from Intendend Strategy Realised Strategy Emergent Strategy No- realized strategy Deliberate Strategy Clearly identify and discuss three (3) internal and three (3) external drivers, as discussed in the course, which Tech Products Inc. needs to consider as part of their strategic planning exercise relative to the case presented. Information from the scenario must be included to support the discussion
Scenario:
Tech Products Inc. is one of the world's leading technology companies known for its innovative products, including the TechPhone, TechPad, Tech computers, and software services. At present, Tech Products Inc. is now facing significant challenges in an evolving industry landscape due to increasing competition and the introduction of similar products on both the local, regional and global markets. The company is aware that internal and external drivers play a crucial role in shaping the strategic direction and overall performance of an organization, and that to remain relevant they must be able to understand and respond to these drivers in an effective manner. To assist them in formulating a comprehensive strategy that can help the company navigate the complex business environment it faces, Tech Products Inc. has hired you as a Strategic Management Consultant. Further to an initial meeting with Management, it was ascertained that Tech Products Inc. has not been keeping abreast with the changes in the external operational environment and did not analyze this against their current environment. Whilst they are aware that there are internal and external tools which can assist, they have no idea how to use them to their benefit. They are aware however that the current business strategy needs to urgently be reviewed to one which focuses more on design, user experience, and premium pricing to help set them apart from the competition. There is also a need to review the current global strategy to ensure that the company is reaping the best possible benefits, allowing the organization to capitalize on opportunities, manage risks effectively, and create a robust foundation for long-term success. Their current organizational structure is one which organizes its workforce by function, such as design, engineering, marketing, and retail, which to date has worked well, but they are now unsure if it is serving their needs. The company has been approached by various companies in the past who wished to create strategic alliances, but due to its top-ranking position in the market did not feel it was necessary at the time. Management is currently rethinking this position and requires some guidance as they aim to enhance their organisation and expand their market reach.
Based on the above scenario, as the Strategic Management Consultant, answer the following, providing the necessary guidance to Management:
- Identify and discuss the type of strategy, based on what was discussed in the course, that Tech Products Inc. needs to adopt, to allow them to achieve their objectives as mentioned in the scenario successfully. Relevant information from the case must support your response. Reference a similar company locally, globally, or internationally who uses this strategy successfully. Information from the scenario must be included to support the discussion.
Types of Strategy discussed in the course to choose from
- Intendend Strategy
- Realised Strategy
- Emergent Strategy
- No- realized strategy
- Deliberate Strategy
- Clearly identify and discuss three (3) internal and three (3) external drivers, as discussed in the course, which Tech Products Inc. needs to consider as part of their strategic planning exercise relative to the case presented. Information from the scenario must be included to support the discussion
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