Strategic Management in Business
Added on 2020-03-16
4 Pages896 Words36 Views
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Running head: Strategic Management 1Business Strategic ManagementNameInstitution
Strategic Management 2Business Strategic ManagementIn the near future, companies’ management teams will have to engage strategic actions in order to improve the profitability of their enterprises. The specific activities should include proper marketing methods, changing the commodity standard and performance to make the brand more appealing to the clients. As such, the specific business strategies will be the determinant of which of the premises within an industry will dominate the market since those that use efficient means will gain a competitive advantage over others. In the drones and camera industries, it is believed that quality will play a major role in determining who remains or quit the market due to the scale of sales (Thompson et al 2017). However, the sales volumes and market shares do not necessarily equate to the profitability since some companies produce very high quality which is affordable to only a few consumers but make bigger revenue than those selling at a price close to the expenditure used in the production of the of the same. Consequently, at this stage when all operators in this market at the same position, some should start coming up with ideas on how to stand out based on research of the specific means they can take advantage of.1.What goals do you have for the company Globally, it is estimated that the sale of wearable and/or mountable, miniature action-capture cameras is expected to grow at an annual rate of six to eight percent for next half decade that will then drop to a percentage of four to six in the five-year period after (Thompson et al 2017). Apparently, the estimate is not equally distributed in all regions since some may have a rate higher and others less than the figures given to represent the average. As such, it is assumed that the figures could change based on the perceptions that consumers get the product such that when they are satisfied, they make more purchases and vice-versa is true (Thompson et al 2017). As such, entrepreneurs should invest in a survey to understand what is likely to enhance the image of their brand to be advantaged over the others. It is assumed that the camera industry is likely to be a huge market with more players due to improvement in
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