Strategy & Innovation in Company
Added on 2020-12-09
24 Pages6120 Words459 Views
Strategy & Innovation
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1- CONTEXT.......................................................................................................................11.1 Strategies ..............................................................................................................................11.2 Mission Statement.................................................................................................................11.3 Vision Statements.................................................................................................................21.4 Long term Objectives ...........................................................................................................21.5 Positioning............................................................................................................................21.2 Key strategic issues or challenges ........................................................................................3PART 2 – STRATEGY ..................................................................................................................42.1 Porters Five Forces Model ...................................................................................................42.2 BCG Matrix...........................................................................................................................5PROJECT 3- INNOVATION..........................................................................................................73.1 Strategy Overview ................................................................................................................73.2 Product Life Cycle................................................................................................................9PART 4 – DEVELOPMENT ........................................................................................................104.1 Strategic Choices ................................................................................................................104.2 Increased Market Share.......................................................................................................124.3 Environment .......................................................................................................................124.4 Growth Going.....................................................................................................................124.5 Reduction of cost................................................................................................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14APPENDIX....................................................................................................................................16PESTLE ANALYSIS................................................................................................................16SWOT ANALYSIS ..................................................................................................................16INFLATION RATE IN UK......................................................................................................17
INTRODUCTIONThe term innovation & strategy is the significant term to create and amazing experience withthe company. Innovation is the essential requirement for the business to stabilize their futuregrowth or meet out the current strategical issues (Stanford and Guiver, 2016.). Present studybased on strategic innovation of Expedia Groups which is leading travel and tourism company inAmerican global travel technology sector. It provides best or under budget plans for clients suchas cheap tickets, HomeAway, Hotels.com, Trivago etc. as per the research Expedia derived fromtwo key words exploration and speed. In further in this study will be presenting the company situations as per theorganisational, sectorial, technological or geographical context. In addition to that, report willalso be presenting the growth strategies to meet out the key issues in strategic management ofExpedia. Therefore, how company can make the new technological trend and meet out thecurrent needs and wants of the buyers. For that, report introducing some new innovation trend sothat situation could be change in upcoming three years. PART 1- CONTEXT1.1 Strategies Expedia is the most well-known brand in across the world of online travel and owns severalothers such as Trivago, Hotels.com etc. Over the past few years Expedia has made excellent flowin acquisitions being as a parent company (Aloini and et.al., 2015). Expedia is the only bigonline company where number of people plan a holiday with full satisfaction. The most currentplan of the company is to focus on to improve its strength capabilities in integration andparticularly technologically (Trevisan, 2016). 1.2 Mission StatementAs per the situation of the industry, it has been analysed that travel and tourism industryshould need to adopt new areas of development and make tour plans as per the behaviour ofcustomers and fulfil their needs and wants.In terms of technology Expedia has number of ways to make client happy in order tobook a holiday plan or a long trip. In the last, if customer wont happy with the services of thecompany they will switch to another company. 1
1.3 Vision StatementsIn order to expand the new technology, Expedia needs to invest on IT technology forrouting of flights and attract the buyer’s attraction level (Dodgson, 2018). In order to expand thebusiness growth Expedia latest acquisition is with HomeAway for $3.9 billion. It helps or reducethe most difficult or disruptive force that facing by the company. As per the sectorial context, company deal with heavy competition market wherepressure of new technology has been increasing day by day. Such as Airbnb is the biggest threatfor Expedia that should be removed by the company to beat the level of competition. Besides,booking plan, Airbnb also deals with many services and available via its websites and mobileapps. So, in this sector, level of services and trend has been introduced to gain the customerattraction. In order to come over from the level of competition company should need to adopt thehigh advanced strategic action plan to sustained the market growth. As per the sectorial context,travel companies also facing the issues of customer dissatisfaction due to having issues inwebsites or insecurities involved in the technologies (Fitzgerald and et.al., 2017). For companiesit is required for them to adopt the quality and established corporate travel managementstrategies to make the level of business more effective and productive. 1.4 Long term Objectives Travel technology has truly helped millions of vacationer and management effectivegoals and new management task and goals. Travel technology is the most effective vacationers toenjoy their holiday at their best (Trevisan, 2016). 1.5 Positioning.At geographical basis online travel tourism has been facing high range of developmentgrowth and managing the new development area growth. In other words, geographically Expediaoffer services as per the need of target customers and locations. Travel and tourism industryshould need to follows the current trends of the marketing order to meet the current geographicalneeds and goals in order to meet out the customer satisfaction. Swot analysis of Expedia group StrengthHigh level of customer satisfaction gained Expedia in the market that helps company togrow in the travel and tourism industry. In other words, it helps to generate the marketopportunity and leading the best development opportunity goals.2
Successful track of developing new products is the another strength of the companythat makes it more competing in the market.Strong distribution network will help to reach the customer and enhance the revenuestandards. In other it will help to managing the business approach and attract the best businessperformance target. An effective go to market strategies Consistency in quality of products.WeaknessesHigh alteration rate among workforce : this is the weaknesses of the company thatminimize their growth in several manners. This also affect the company ineffective performancein within the market. Ineffective financial planning : due to ineffective or lack of financial planning companyhas facing low profit revenue growth.OpportunityMarket development opportunity : this is the opportunity for Expedia to gain marketdevelopment approach in order to develop the best developing result growth. New environmental policies – The new opportunities will create a level playing field forall the players in the industry. It represents a great opportunity for Expedia to drive home itsadvantage in new technology and gain market share in the new product category.ThreatIncrease in competitions : This is threat for the company to face high rate of ineffectivemanagement and bring lack of ineffective response of the management. Changes in social factors : Due to uncertainty in the market will help to determine theleading the managing task. Social factors are uncertain and inefficient to managing the work intoproper manner. Due to failure to comply with legislation an organisation might have to face legalissues. 1.2 Key strategic issues or challenges E-commerce is now changed the way of doing the business. With the help of strategicmanagement approach an organisation uses in order to survive in the market as long thecompany wants to survive with their new idea of innovation (Holgersson, Granstrand andBogers, 2018). All the company inventions and innovation leverage its existing resources andcapabilities in order to providing the product or services that the market place values. But on theother hand, company also facing some issues and challenges while performing the online3
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