New Goals and Strategies for Myers - Case Study Example

New goals and strategies for Myers Name Institution New goals and strategies for Myers Advancing technology With the development of new technologies worldwide, customers are enjoying the use of sophisticated machines. Myers should design cars with more security feature such as those whose doors open by fingerprint to increase the security levels and privacy. Advancement in technology must be carried out through research first to find out the customers views in the different parts of the world. It will avoid manufacturing of products that may not satisfy the customer needs. The company should manufacture prototypes for product testing to prevent quality failure at the site of the customers. Aim at manufacturing affordable automobiles Most companies dealing in automobiles produce very expensive products, and this reduces their market base. It can involve advanced research to exploit all the available alternatives to achieve the goal. Enhancing product durability Consumers prefer the most durable products to less durable ones and as such, the market base will be enhanced with such a product. Accordingly, technicians need to do this by revising the current product design life and come up with a methodology of prolonging the design life. Design of new automobiles Given the numerous products the company has delivered on the market in the past, it goes without saying that technicians are still able to develop innovations to attract the attention of the consumers. Furthermore, it is worth noting that consumer tastes and preferences change with time. Consequently, such flavors stand to be magnificent business ventures for the firm. Therefore, the improvement of car design can be done by interviewing customers for the company to discover the kind of innovations they would wish to see in the new product. Once it happens, the product will have to undergo all the steps of new product development. Accordingly, the rationale is that new automobile design can give the company a competitive edge over its competitors. Rebranding Re-branding is helpful to provide an attractive brand name that will be more appealing to the customers for them to purchase the product more. Favorable access to the distributing network It includes ports, shipping routes, and roads to aid transportation of the products. Similarly, it refers to the ease with which such paths can be obtained to determine the possible ways for easy access to the market. Exploiting Untapped Market The exploitation of the untapped market is among the company’s goals. Here, automobiles are used throughout the world. It, therefore, suffices that Myers should employ enough manpower to traverse the whole world in search of markets. Design of automobiles for use on rough roads The state of a roads affect the design and life of an automobile. It, therefore, calls for more care during the design. These vehicles should be designed following the new product development process. In this process, prototypes of the product are designed tested and checked whether it can perform the required work in an area for which it is designed. Where the need is, the product design is changed to suit the purpose. Increasing the number worldwide dealers in our product Our dealers outside are the main advertisers of our products. The more the dealers, the more advertising capability the company has. More so these dealers should be supplied with enough of the spare parts our products. In many cases when a customer purchases an automobile and fails to repair it due to the lack of spares, they are disappointed, and this reduces the popularity of the product in that particular locality. Modifying the existing products Currently, our products are enjoying a wider market because their reliability and durability. However, the company should aim at the continuous improvement that is never an ending process. It will help the firm ahead of its competitors. Strict adherence to the guaranteed period In case, a consumer purchases a product, and it fails to perform, the company should be able to replace this product to the desired satisfaction of the customers. It will create a very friendly relationship hence maintaining the current customers as well as creating room for new ones. Monitoring of international trade barriers The company should be able to monitor trade barriers at all international borders of interest to know any opportunity of an open border so as to explore new market options. Monitoring of regulations Where there was an existing law stopping the company from transacting business, and it was revived, the firm should exploit such potential markets. This can be done by recruiting staff monitor such points. Counteraction on substitute products Where substitute products arise, a modification of the existing product should be done to help keep the product competitive and appealing. Dealing with a new regulation Such regulation may limit business operations should be discussed diplomatically to pave ways for business. It could be done negotiating favorable terms with government such tax waivers, subsidies, and many more. Outcompeting Existing rivalry This should be managed by improving product quality and maintaining a relatively fair price for the product. The firm may negotiate with the government for appropriate treatment. Outcompeting new entrants This be done managed by ensuring that the customers are content with the product and service they are receiving, It calls for a survey to verify consumer satisfaction. Reducing the threat of substitutes Usually, they are cheaper and are preferred by the customers though are of inferior quality. This calls for quality refinement so as to outcompete it. Relatively cheap prices should be maintained a competitive edge. Bargaining power of suppliers Where natural resources are involved, it is of paramount importance to locate the manufacturing plant nearer to the raw material to reduce transport cost. It is because longer distance increase haulage cost, therefore, increasing overall production cost. The firm may also negotiate with the government to devise means of lowering the cost o the natural resource being supplied. Bargaining power of the buyers The firm should incorporate attractive designs so as to attract customers and convince them on the uniqueness of the product. Building a dynamic firm A successful company is that which can make necessary changes at he right time in the right way. This help it to stay afloat in the business. Creation of teamwork When the workforce works as a team, they can deliver the work with the required quality in the required time. This can be done by training the workers on the importance of teamwork. Development of quality assurance Quality is defined as meeting expectation of the customer. Quality assurance is achieved through continuous improvements also means that the product should undergo the steps of product development. By doing Myers will gain the trust of the consumers. Human resource professionalism The success of the company depends on its human resource training. This be done through routine pieces of training develop the required professionalism. Myers will offer scholarships to workers who wish to further their education and enhance professionalism. Motivation The work human resources can be greatly improved if they are motivated. This be done by recognizing workers whose performances were outstanding and recorded it. It can also be further done by telling fellow workers about what this worker has done and noting it in writing. This serves to create the desire of hard work in all the workers. Promotion of safety A healthy workforce is productive. It can be done by sensitizing the workers on their rights as far as safety is concerned. It can further be accomplished through observation occupational health and safety regulation. Equipment maintenance A well-maintained equipment reduces the risk of work accidents. Myers will carry this by a monthly maintenance of machines. Equipment maintenance helps machines to work efficiently. Benchmarking This refers to continuous learning from other firms. It involves copying the right way doing a particular activity from the nearby firm whether the firm does the same thing or not. Improvement of work condition For workers to be comfortable, the workplace will be made tidy to increase the concentration of the workers; Knowing workers personal problems Workers feel that the company cares about them if the company helps them in their problems such as sickness, loss of loved ones. Myers will do this to create a bond between management workers. Planning Prior planning helps in achieving greater productivity. Higher productivity means optimum resource utilization and eliminating time wastage during daily work execution. Organizing This one of the primary organizational management function, and it goes hand in hand with planning to attain good productivity. SWOT Analysis SWOT is an abbreviation that identifies significant analysis elements. The letters; S – Strength, W – Weakness, O – Opportunities, T – Threats. Strengths give an examination of the advantages the company has over other companies competing with it. The weaknesses analyzed areas where the company is at a disadvantage of being outcompeted. Opportunities refer to unexploited markets or businesses. Threats discover the external factors that may affect the company. These factors could be technological, regulatory and environment. Companies focus marketing on their strength so as to distinguish them from their competitors. Purpose of SWOT SWOT is a valuable analysis tool and serves the following functions. It aids in planning by connecting the company’s objectives and strategies. Similarly, it helps companies to identify and understand their weaknesses. Through a company’s SWOT analysis, companies can improve their operations. Moreover, SWOT enables company leaders to consider ways of expanding the company by exploring untapped opportunities. It also improves a company’s vision and thus can stay at the competitive edge against rival firms. It is worth noting that through SWOT, companies can discover new markets because the analysis serves as a stimulus to the creation and development of new business ideas. Business partnerships improve a company’s trading potential, and this can usually be explored after a SWOT analysis. Similarly, it helps companies to increase sales. It is because a SWOT analysis serves the purpose of improving company's profit margins. It also enables companies to discover external factors that may affect their business, and this helps them not to be caught unaware. Through a SWOT analysis, local regulations that may the operations of a business are identified. Such regulations affect the competition level and increase overhead costs of business. Additionally, a SWOT analysis helps companies to identify the standard that have bearings its operations such environmental standards that can limit the business from using natural resources. Again SWOT analysis serves to discover changes that may reduce a company's competitive edge. Such changes may include technological advancements that can lead to loss of business by companies that do not adapt. The information got from SWOT can be used by firms to match their resources and capabilities to the environmental competition. That is to say, A SWOT analysis is significant in the selection and formulation of strategies. It is because the analysis helps firms to choose strong brand names to enhance competition. It is worth noting that a SWOT analysis is critical in helping companies to identify their weaknesses and improve their reputation among customers. Similarly, through SWOT analysis firms can identify consumer tastes shifts hence reducing the chance of small sales that results from the change in tastes and preferences. Consequently, substitute products often reduce the market of a corresponding product. Through SWOT, a firm can identify these products and modify the existing product to outcompete the substitute product (Wylie 2009).  Myers Automotive group SWOT Analysis Myers automotive group deals automobiles. Its mission is to manufacture cars whose engines transmit for life. Currently, Myers is selling cars such as Buick Enclave Leather with the following specifications; SUV body style, 3.6L V-6cyl engine style, and the automatic transmission. Myers has business partners and helps its customers to find a perfect car loan company to suit the client’s financial needs. Given that they have more than seven decades experience in automobile industry Myers automotive group enjoys popularity among many firms in the automobile industry. Myers is particularly concerned with its products and always ensures that its customers are satisfied. Myers can do this with its well trained and experienced personnel and through quality assurance. At Myers, we know that tastes and preference vary, and this is the reason we sell over ten car types (Cole 1997). Competitive Five-Forces Purpose of competitive five – forces as a management tool It is used to understand industry competition and profitability. It helps to determine factors that affect industry profitability The competitive-five factors are used to establish strategic priorities in a business. Competitive-Five forces applied to Myers automotive group Rivalry among existing competitors The automotive has many players including Toyota, Mercedes Benz, Jeep, etc. This poses serious competition among the players. Threat of new entrants With the development of new technologies worldwide, there have been new entrants into the industry example KIA Motors, Tata, etc. and this has created serious competition. Threat of substitute products and services With new developments in the motorcycle industry, public transport the market for executive cars is reducing. More so as traffic jam continues to be a problem in cities, city authorities have started advocating for the use of motorcycles and public transport. Bargaining power of buyers With the existence of various types of automobiles in the market, customers tend to bargain for lower prices since they are aware of other cheaper types of vehicles. Customers have the tendency of buying product at a low price so that they take more goods at a reduced cost. Bargaining power of suppliers Suppliers of raw materials to the automobile industry are aware of the lucrative business that automobile companies enjoy and as such they would also want to reap more from their dealings with these firms. For the suppliers bargaining power to strong enough, there is need for more emphasis to be put on quality of the product so that their bargaining strength can be felt in the market. References Cole, G. A., 1997. Strategic management: Theory and practice. London: Thomson Learning. Pahl, N., & Richter, A., 2009. SWOT Analysis - Idea, Methodology And A Practical Approach. München: GRIN Verlag GmbH. Wylie, K., 2009. SWOT Analysis of Cisco Systems, Inc. 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