Business Brief
The following is a framework for executing Foto Inc.’s (“Foto”) Strategic Plan. Included is Foto’s vision statement which outlines Foto’s mission and goals as a company that aims to directly impact customer’s lives. Furthermore, Foto’s financial objectives and strategic objectives, as well as the strategic intent will be discussed in detail.
Strategic Vision Strategy
We want to provide a product that captures the moments in people’s lives, the snapshot that sparks a great memory for generations to come. Our products will lead the camera industry through high quality research and development, and will provide value to our shareholders while being mindful of our offerings. We want to be the industry standard. As a result, this
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While reaching for such competitive advantages can be expensive, they will ideally propel Foto’s ranking and help it become a strong competitor in the marketplace. Outperforming competition on the basis of performance, quality, and customer service, will help Foto maintain better technological capabilities over rivals. Also, a new item as part of the plan to set Foto apart will take place in 3 and 4. This will be when Foto considers starting a green initiative, providing our Taiwan plant with energy efficient machines, as well as environmentally friendly camera components. Other strategies include repurchase shares and only paying dividends in the fourth quarter. Foto also plans to focus more on the use of overtime, incentives, and recover from a $10 million dollar impact on costs due to the increase of workstations in quarter 3 of the current year. This will hopefully se the company up in the future, the major expense can be taken early on with any lasting damage done to the company’s bottom line and overall financial health. Again, overall goals and intent for company have not changed, Foto’s goal is still to provide quality products at fair prices.
Additional important Elements
• The entry-level camera will be Foto’s practically priced item meant to sell in greater quantities, sold to the majority of chain store retailers to acquire the largest market share
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It takes a couple years to see where the competition is and how we are able to compete. Currently, the strategy is meant to put a more significant emphasis on slower changes and tweaks to products. This is to prevent unnecessarily making products too good quality wise for the market and above customer’s demands, basically such changes are very expensive and if the company cannot recoup the costs it is not worth it.
Another strong point was in the green initiative, as this could prove to be very expensive. This is a highly optional idea that Foto will have to wait and see about doing when the time comes in years 3 and 4, as it may not return enough value to go through with.
Ultimately, Foto’s goal was to be profitable to an extreme; however, other measures have proven to be more meaningful such as EPS, stock price, image rating etc. In turn, profitability will no longer be the number one goal and a mix of items will better leas Foto to a well-rounded state as a company.
The ideas above (in brief) are attainable and the co-managers knowing more at this point should only help Foto reach its slightly modified goals and hopefully help it to make better decisions with more
A second alternative is a shift in marketing focus towards a new target segment and improved product. A strong and unified market strategy can strengthen synergies through new collaboration. Given the rapid growth, it is essential to reach influential segments that can create a mass appeal over the broader market. Doing so, will also require improving the quality of their product by focusing more on programming and less on hardware sales. A possible benefit would be creating a niche market that enables a rapid brand expansion. On the other hand, a possible drawback would be not being able to handle rapid
Accordingly, both parties wanted to achieve a positive ROI and high profit. TEOCO expects the new proposal will help the company to provide new innovative products, help its shareholders to look for partial liquidity, and not be able to change the culture of the organization. To ensure these expectations will be met, two companies can maintain a strong position in the market and stable internal cash flow as well as concentrate more on innovation and opportunities to enter the global market.
It could be concluded that because of the new information emerged, WRSX strategy to be process focused has drifted to the emergent strategy of focusing on market development and differentiation
In 1943, Edwin H. Land, founder of Polaroid and his family were on vacation, he took a photo of his daughter and she asked him to see the photo of her right after it was taken, because of the curiousness of his daughter on that day inspired him of the instant camera (Linderman, 2010). Four years later, at the Optical Society of America meeting, he amazed the audience by demonstrated of the instant camera for the first time (Polaroid, 2017). Christopher Bonanos, an author of the story of Polaroid gave a definition that it is an instant photography at the push of a button. The new technology by Land was very fancy and wondrous to the world. “This is the first published photographic history of the Polaroid company”
Eastman Kodak is one of the oldest companies in the world, being founded way back in 1888. It was founded in New York and is still headquarter there. Over the course of the last century and more, this company has been a leader in developing new technology in photographic film. It helped to lead the revolution toward new, innovative cameras and film technology during the 1960s and 1970s. The peak of the company’s success came in the 1970s, when it controlled more than ninety-percent of the market share for photographic film. Perhaps more indicative of its success as a company is the fact that instead of referring to things as “film,” many during that time referred to film by the company’s brand name of Kodak. Today, it has shifted its strategy away from film and more toward digital camera sales, which have surged as a result of the change in philosophy.
Our commitment to steady, long-term improvement in our products and processes is the cornerstone of our business strategy. To achieve this objective, we must work to continuously improve the overall quality of our design, manufacturing, administrative, and support organizations.
3. The Commercial Imaging group produces aerial, industrial, graphic, and micrographic films, inkjet printers, scanners, and digital printing equipment to target commercial and ...
They’ve created a sustainable, profitable top-line growth for Kodak, expanding the use of pictures, expanding the market for pictures, and enabling convenience, easy access to pictures all around the globe. Kodak’s expectations for the year 2004, is the product to be the largest single product to be used by use the consumer. Also by the end of 2004 they expect to see and increases of $1 ½ to $4 billion of revenue . The recent growth strategies at Kodak have focused on digital imaging and strategic partnerships with AOL, eBay, and Hewlett Packard, giving the company a strong grip in the market.
Strategic Goals The organization’s strategic goals link to the company’s mission and vision are. JPMorgan Chase & Co has large mergers and acquisitions with other companies that were struggling financially. Diversity is important to JPMorgan Chase & Co, as the success of the business depends on it.... ...
All these improvements will boost profitability by identifying at least or more that EUR 30 mio required by U.S.A headquarters. However, we believe it is not realistic to manage all this turnaround in 1 year’s time. It might take from 2 – 3 years.
... the phone and is able to dial out and have connection to the satellite. There are other digital cameras, but none of them have the capabilities that this camera will have. Apple market value and market shares will increase since they will not be selling or marketing just to one country, but will be marketing their product through strategic alliance with their suppliers to several countries. Apple will have a strategic alliance with Logistics to make and sell their product with local vendors, because of the uniqueness of the camera being able to make phone calls to the consumer to alert them of activity around their house. The consumers can even send the information to the cloud for future reference to be stored in a database or downloaded on a computer. It should enhance sales and be used in any geographical area, helping the communities to prosper globally.
A vision must represent an organization’s desire where to be in the future. Possessing a perspicuous idea of where an organization is bounding for, it can increase coherency, eminency, and output. Establishing a goal should involve a sprightly contribution of the team. Goals are more effectual when they are generated as a team and necessitate collaboration. Goals must implement tasks that would fulfill the objectives. The tasks should be precise that indicate a determined amount of enhancement intended for and a particular time frame. Setting a time f...
Kodak is the world’s foremost imaging innovator. George Eastman put the first simple camera into the hands of a world of consumers in 1888. In so doing, he made a cumbersome and complicated process easy to use and accessible to nearly everyone. Since that time, the Eastman Kodak Company has led the way with an abundance of new products and processes to make photography simpler, more useful and more enjoyable. With sales of $13.3 billion in 2006, the company is committed to a digitally oriented growth strategy focused on helping people better use meaningful images and information in their life and work. (Kodak, 2007)
· Unique Products- there is nothing that functions quite like GoPro in the media world
“Desired Image” refers to the target image that emerges from the strategic planning process of the company.