Strategic Planning

My Perspective on My Recommendations for a Strategic Plan and The Competitors’ Relative Strengths in the Marketplace

I would recommend designing a completely new product line based on recent technology. The ideal new product line is autonomous cars because, according to Swati (2021), they are gaining popularity in the automotive industry, and their demand is projected to continue increasing. Therefore, the company will be in a better strategic position if it introduces autonomous cars and focuses on adding more IoT features to improve them in the future. The main competitors’ strengths are gaining brand equity in the automotive market, enabling them to quickly capture a large market share and access the capital needed to manufacture autonomous cars. Therefore, our company must ensure clients love the first autonomous cars it releases to increase sales and generate revenue that will be used as capital to manufacture more autonomous vehicles. Our company must also ensure that its autonomous cars are high quality to attract as many customers as possible.

Various Ways the Company from the Course Scenario Could Adjust if Business Conditions Change.

How could business conditions change?

Business conditions could change due to regulations on the importation of car manufacturing products, thus slowing down production or increasing the cost of production due to high customs fees. Business conditions could also change due to increased demand for autonomous cars as people develop a preference for using public transportation due to traffic congestion, increasing the demand for drivers. Governments could also set quality standards to guarantee the safety of autonomous cars, thus requiring manufacturers to adjust safety features.

How could the company change its strategic plan?

The company could change its strategic plan by modifying some models to convert them into autonomous cars as it looks for high-quality, affordable raw materials to start mass production. The company may also manufacture a minimum of ten autonomous vehicles and sell them in different countries to test the market in those countries based on whether the demand for similar cars will increase in the country or not.

References

Swati. (2021, December 31). Autonomous cars will reshape the automotive industry in 2022. Artificial Intelligence, Big Data Analytics, and Insight. https://www.analyticsinsight.net/autonomous-cars-to-reshape-the-automotive-industry-in-2022/

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Question

Strategic Planning

Prompt

Review the Milestone Two Guidelines and Rubric (attached) in this mentor-focused check-in and discuss the below points.

Consider the following questions:

What are your current thoughts on your recommendations for a strategic plan?
- What are your current thoughts on competitors’ relative strengths in the marketplace?
Describe how the company from the course scenario could adjust if business conditions change.