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Leader Industry Group Y
The actual strategy our group used that helped us to move forward in the growth of our company mainly appeared simplistic. Through careful formulation of strategy each period, we received results from which we needed to make changes for reaching our long-term goals. We started in a very competitive position with some positive leverage to move forward, and gradually stayed at a consistent base for our earnings, yet made some decisions which could have moved the company into a different direction making it harder to reach our overall goals in the longer term. Our starting position revealed that the company was in a fairly good state. Our goal at that point was to formulate a strategy to move us into a different market over the long term. We had an idea of where we viewed our company in the future, and therefore made some good and poor decisions to get to those targets.
Our starting position revealed that we had two products, both doing fairly well in the Sonite market. SYCA had very little inventory, so we vamped up the production of that product seeing the trends leaned toward our targeted market of purchasing from High Earners at 60% We mainly focused on SYCA due to a larger profit margin and higher sales predicted for that specific product. Our other product, SYGA, revealed high inventory, so we decreased production and increased advertising targeting Singles who showed growth over the next 5 periods. We also increased price to reflect the inflation rate and increased R & D to estimate what the Singles wanted for this product in the future. Overall, we did well in our planning for these products over periods 1-, as we boasted much sales and profit, which helped us initiate R & D for the Vodite market.
The immediate idea we aimed to reach included moving into the completely Vodite market. Specifically, we wanted to be an industry leader by being the first to introduce a new Vonite product. One thing I believe we could have done differently was to introduce that product sooner. We maintained the best position periods one through three/four to initiate the move for introducing the first product in the Vodite market because we had the biggest budget and strong Sonite products with steady revenue. Instead, we were thinking of using the strategy of having one of our close competitors enter the market first, so that we may save some of our budget as much of the research had been already done. Also, we figured that if we were second to introduce a product, we could tailor it to the response of the market which would be revealed. We had a huge budget that we could have used from the beginning to position ourselves better as being the only firm to introduce the first Vodite product. We waited too long until period 5 to enter the Vodite market, in which our close competitor also introduced a product.
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One thing we didnt do well was to take our long-term view, and feed it with enough current product support to finance the company and make for a smooth market transition. We should have introduced more products in the Sonite market originally to continue to gain capital to use for Vodite introduction. We started out with a huge budget, but slowly watched it diminish given some poor decisions. Specifically, we were a bit too excited about the initial few periods and the fact that we were awarded the biggest budgets. We figured that we would be the only ones able to finance the R & D to introduce a new Vodite successfully. I realize that we used too many
funds in R & D, which came back as sunk costs, and still gave back little information as to where to target the product and to exactly whom. So, we guessed and thankfully were fairly accurate in that risky strategy. But given the introduction, we could have introduced the product in a small quantity aimed to the specifications that our target market, the Innovators, would purchase and still have been fairly on target without having to buy all the R & D that we spent. We were aiming to getting out of the Sonite market altogether, so formed a plan to transition our financial well-being from one market to the other was important, but given the risk of introducing a product in a new market, we should have saved funds for the future and for our existing brands which needed modification. We formed these decisions based on the trends that we anticipated for the next 5-year period.
Our second product introduced into the Vodite market, VYYY, was not very successful. It was geared toward the Followers according the exact specifications they wanted, but wasn’t selling. One reason was the efforts of our sales force as we had too little employees in that market for the product to be known to the public entity enough, so it wasn’t getting purchased. We were too conservative on those efforts as we felt using budget expenses toward R & D was more important. We should have placed more sales people into that targeted market, along with more money toward advertising.
As for our Sonite market presence, we started to neglect it too much and not pay particular attention to the needs and purchasing trends predicted for our targeted segments. We kept it too simple at having only two products consistently throughout the duration on all periods. We needed to introduce either more new product, or specifications changed to modify existing brands since as the Sonites started to move into the “dog” category, and were earning us very little profit, we had nothing else to help fuel funds for introducing products into the Vodite market. We were positioned all along in a good manner for moving into the Vodite market given our existing Sonite products which were consistently successful overall, and our huge budget, yet needed to plan in the short term better for making a healthy and smooth transaction into the Vodite market altogether.
Understanding our customers’ needs was very important, especially in developing the Sonite brand. We maintained understanding of their needs initially with our popular product SYCA, yet lost focus as we saw inventory grow. We should have made adjustments to the product and improve the current brand more rather than expect, as we did, that it’s past successful performance and knowledge of the product by the consumer would continue its success. As the Sonite market grew, our product didn’t match the trends of the market since other new products were introduced and taking much of the market share. We needed to predict this better for the continued success of the future market. This would have been easy to do if we allocated less funds to R & D of the Vodite market products, and spent more on maintaining success of our SYCA and SYGU to adjust the product needs to trends in customer demands. We ended up getting rid of the SYGG (formerly SYGU) product as we moved into the Vodite market, but this was quite costly during a time when we needed those funds for further development and promotion of our new Vodite brands VYDT and VYYY.
When we were “failing” to gain profit from sales in the Sonite market, we didn’t analyze enough if our clients liked the product, and therefore should we make more changes geared toward their product specifications and importance of those features. We neglected to analyze the research data we spent money on as we put most of our efforts toward R & D and analyzing the Vodite market introduction we were planning for period 5. Part of this I believe is attributed to the fact that our group made decisions together for all products, where we needed to split our efforts to focus on more key issues for each product we had in production and research.
Making sure our customers knew our product was out there was equally important, especially to the specific place it could be found. One thing we needed to do better was to make sure that our sales force was strategically placed in prime locations where our target market was found. Sometimes we were too conservative and placed people only exactly to the one target market we aimed to gain sales, while we should have spread them out slightly more. This would have been useful while tying in future trends better and understanding where our customers would gradually shift. Also, we needed to add more sales people in general as we had one of the lowest amounts of sales force. What happened as the markets grew, is we kept the same amount harping on our past success, yet the market was different and much larger as periods went by, and we should have adjusted better to that trend. I do not believe we had enough salespeople to let our product be known well enough for constant growth in sales given a saturation of products in the Sonite market.
Segmentation played a very important role in our initial success of our new Vodite product VYDT. We specifically aimed to gain sales from the Innovator group by using the guidelines for the specifications they wanted and aiming full efforts of the sales force toward that group and where they shopped. By specifically targeting a component of the market, it was possible to gain a large percentage of that market. The thing our group needed to do better, was to keep analyzing and modifying our product specifications to meet the changing demands of that specific customer. Also, it is possible to target a specific group according to their perceived product specifications, such as we did with our second Vodite brand VYYY, yet not have much initial success if their buying behavior and needs are not analyzed or accounted for. Therefore, segmentation for that product was only part of the whole picture we needed to analyze for the products initial success. Segmentation also was successful for us in looking at the place of distribution, such as specialty stores for SYCA and VYDT where we were confident our target market was shopping.
Production planning was another area I believe our team performed average. We had such great success for periods one through 5 with our Sonite brands, specifically SYCA, we ran production between 15-0% each period. We did well in predicting those trends and still didn’t have enough product available on the market to sell. However, we didn’t do well in planning once we saw a high inventory balance develop. We should have made modifications to our Sonite products at that time, specifically periods 5 through 7, as market perception of our product decreased given we introduced little change in the product specifications to meet consumer demands and the market overall was becoming saturated. Consumers had more choices to make, and they weren’t choosing our outdated models with a fairly high price.
Inventory disposal became somewhat of a problem for us in periods 6 and 7. We were gaining much inventory buildup of our Sonite brands, and did little to try to get rid of it prior to just deciding to sell it, which was fairly expensive. Those funds should could have been used more wisely on implementing a larger number of salespeople and/or advertising to boast our other products.
Pricing, we turned into a dog from a cash cow with both our Sonite products SYCA and SYGG. In not looking long term enough for the specific life of the product, we allowed it to make us little to no profit in the future since we didn’t really change or modify it and the cost of produce the product was yielding very little profit. We underestimated how much we needed the continued success of that product and the capital gained through its sales and net profit to fund the Vodite brand development.
Mass communication was something I think we needed to do better with in gaining sales. We had trouble placing additional sales force into the Vodite market with the introduction of VYYY, and needed to place a larger number of salespeople in the Followers at the Mass Market level, as our product wasn’t well received on its introduction.
Also, as known, the more we produced, the cheaper it was for our product SYCA, as the less it cost to produce that product. I think we initially used this concept well, yet we started to have a higher production cost and lower selling price, since we kept the price stagnant. We needed to change the selling price for our Sonite products, which were modified and made “better” as now they were differentiated from prior sales. We could have used the tool of selling price in many instances such as for SYCA in periods 1 through 5 when it was highly successful, to boost sales and revenue. Once again, we were so focused on spending cash on R & D, that we neglected some of these fine tuning measures (such as adjusting salespeople numbers, product specifications, and future production) to gain further market presence and sales.
Overall, I think we were successful in slowly entering the Vodite market to become that industry’s leader and make ourself well established. We dominated that market with our products VYDT and VYYY and were going to continue to grow in that market through introduction of another Vodite product ready to go to market in period 8. I think we positioned ourselves well in this market as being the first present and setting the market standards. However, we could have continued to use our Sonite brands more wisely to foster the Vodite brands. Overall, I believe we are well positioned for the future in the Vodite market and further company growth.
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