Strategies for promoting excellence in a time of scarce resources essay
The business development of Clipboard Tablet confronts a number of challenges which the company has to overcome to develop its business successfully. In fact, the company faces the threat of the growing competition and backwardness compared to the major rivals of Clipboard Tablet. The company should develop new approaches to the business development to overcome existing threats and challenges. On the other hand, the business development of Clipboard Tablet should focus on the accelerated introduction of new products and consistent improvement of the quality of products of the company. In such a way, Clipboard Tablet needs to focus on the research and development and to improve the quality of its products and services.
In actuality, the company faces the problem of the deterioration of its marketing performance that leads to the deterioration of the competitive position of Clipboard Tablet in the market. The company faces considerable problems with the development of its business because the company attempts to save costs that leads to the loss of the initiative of the company in the market, while its employees grow uncertain in their future. In such a situation, rivals of Clipboard Tablet outpace the company and Clipboard Tablet has to introduce changes that can help the company to take the lead in the industry.
First of all, the company should develop effective approaches to its business development focusing on the expansion of the company’s market share. In fact, the growth of the company’s market share is essential for its successful business development. The expansion of the market share can occur due to the substantial rise of sales of the company. The rise of sales, in its turn, can occur on the condition of abundant investments in the development of new products and services. The company can attract customers and increase its sales offering new products and services.
Therefore, the company should invest in the research and development to stimulate the introduction of innovations. In fact, the investment in research in development is strategically important for the company because Clipboard Tablet needs to research and develop new products to attract more customers and to increase its sale rates. The company cannot just use its products and services without any changes or improvements because they just grow out of date and they fail to maintain the stable competition with its major rivals. In such a situation, the introduction of innovations is essential for the successful business development of Clipboard Tablet. Clipboard Tablet has to develop new products and the research and development help to introduce new products. The research and development is crucial for the successful business development because the research and development help the company to introduce innovations and offer customers new products and services.
In fact, the introduction of innovations puts Clipboard Tablet in the advantageous position in the industry. Innovations put the company in an advantageous position because rivals cannot offer similar products or services at the moment. Therefore, Clipboard Tablet can offer unique products and services, which customers can purchase from no other company but Clipboard Tablet. Customers naturally prefer products that are technologically advanced and have better characteristics compared to the major rivals. The company can benefit from new products and services attracting a large amount of customers. In such a way, the company can raise its sale rates that will contribute to the stable business development and to the improvement its competitive position in the market.
In fact, the company should introduce a new product in three years and update existing products annually. This means that the company can develop new product and introduce it in the market to enhance its position in the market. At the same time, the company has to update its existing products and services every year to maintain their competitiveness. In such a way, Clipboard Tablet can prepare the ground for the introduction of the new product as they develop improvements for existing products. The introduction of a brand new product will help the company to make a breakthrough in its business development as Clipboard Tablet will be able to offer the new product to customers, while rivals will not have any substitute or similar product. Therefore, the company will take a competitive advantage at least in a short-run perspective. Clipboard Tablet can increase its revenues and create a positive public image as well as the company can develop the customer loyalty using its new product. Customers can accustom to the innovations introduced by the company and they will rely on the company as a technologically advanced company supplying them with the latest innovations. Hence, the company will increase sales due to the introduction of innovations.
At the same time, the company should come prepared to raise costs because of the rise of spending on research and development, but benefits of innovations outweigh costs. In fact, the investment in research and development may be costly because the research and development may need substantial funds to cover the costs of the labor force used in the research and development and the use of equipment and materials to conduct research activities and to develop new products. Updating existing products is also costly because updating also needs the research and development activity that leads to the introduction of improvements of existing products.
In such a situation, the company should balance the costs and revenues. The company can balance the costs and revenues through the careful marketing analysis and forecasting possible effects of the introduction of innovations or updating its products and services. In fact, the company can expect the rise of its revenues after the introduction of innovations, but the introduction of innovations always raises certain risks associated with the introduction of innovations. For instance, customers may dislike the new product or the new product may fail as much attention of customers as the company expects. As a result, the company may suffer financial losses because of the failure of the new product. On the other hand, the company can benefit from the introduction of the new product, if the new product attracts the customer attention and increases the customer satisfaction.
Thus, the further business development of Clipboard Tablet should focus on the introduction of new products and updating existing ones. The company should invest abundantly in the research and development. Updating of its products and introduction of innovations will help the company to enhance its position in the market and to improve its competitive position. The company can benefit from the introduction of innovations and improvement of its company-customer relationships.
