Individual Simulation Report

Generic Strategy

Our industry has various minds or individuals with a wide range of educational and professional expertise to add a lot of value to the decision-making process of the automobile industry. Basing on the statistics done, more money will be spent on vehicle attributes such as safety and performance, which are advertising themes for our vehicles due to the industry news- Car sales surge as oil prices fall and the economy improves. The firm should concentrate more on brand awareness and unit market share and more money should be spent on development centers, advertising, and promotion consequently the practice round should be spent to define our firms’ vision, objectives, and mission to ensure successive competition in the industry.

The organs vision is increasing dealer discounts With better attributes and a lower MSRP and also increasing the size and performance of the vehicles by collecting and comparing competitor vehicle attributes data. our main objective is to identify the needs of our clients and enhance products to align with the patrons' needs. Thus, Our comprehensive product differentiation approach was to improve the firm's technology, development centers, vehicle qualities, and marketing investments regularly to deliver distinct products to our consumers in comparison to our competitors.

Strategic action plan

The strategic action plan included assessing the firm's results and decisions, as well as comparing the data to prior results and current actions. Comparing our firm's data to that of competitors to examine all of the minutiae and see where we are in the race for each vehicle.

Product marketing and development

We kept the MSRP for the family vehicle the same and decided to spend more on promotion and direct marketing rather than advertising with improved features to boost sales. We had a 4.5 percent unit market share, a 4.5 percent value market share, and a 77.3 percent awareness rate, which was higher than the other predicted MSRP for cafav, This plan worked, and vehicle sales on Cafav (family car) increased, which was better than earlier judgments we had made. We spent more on promotion, direct marketing, advertising, extended our dealer distribution, and spent more on training for all other vehicles, which was the firm's basic strategy for product development and marketing.

Manufacturing

We analyzed production, capacity decisions, and monitor the proportion of sales in prior results, as well as the number of vehicles left in inventory, as well as retooling expenses, before implementing any action plan. Based on existing inventories and historical sales, we decide to upgrade the scheduled production and plant capacity. In terms of our overall strategy, we strive to raise scheduled output whenever possible, but plant capacity will only be increased if necessary.

Financing

The firm’s strategy is to always assess prior decisions on cash flow from operations, investment activities, and financing activities, and to always keep a watch on cash balance and product development minor upgrade expenses, retooling costs, and plant capacity estimation if there is a need to spend. After weighing these costs, we've decided to upgrade all of the vehicles' MSRPs. We ensure that dividends paid are increased incrementally and that the stock market is monitored at all times.

Plan Ahead

We have two competitors in the utility category, both of whom advertise quality and performance. Our company decided to do a concept test, and based on the findings, we decided to focus more on the enterpriser's segment with style as our advertisement topic, which has a 34 percent likelihood of purchasing with the MSRP and vehicle qualities we chose for utility class. In addition to our strategy, I would advise my partners to concentrate on scheduled production, capacity, and retooling expenses for existing cars, rather than solely on promoting freshly released vehicles. Therefore, to compete with other businesses and have a beneficial impact on our company's market share. We decided to create a new idea, the utility vehicle class, for our consumers who fell within the singles and enterprisers group, after extensive research.

Relation to Coursework and Lessons Learned

Having a well-defined mission, vision, and strategy provides a feeling of direction when making important strategic decisions is crucial in strategic planning besides competing differently from rivals (Thompson et al., 2020, p. 4).

Collaboration with teammates and work log

We opted to meet two times a week over zoom sessions as a team and expressed our perspectives based on data analysis, weighed them, and conducted a vote to reach a consensus and implement the tool's decisions.

Specific work log or meeting times is shown below:

06/01/2021 4 pm PST and 06/04/2021 3 pm PST

References

Thompson, A., Peteraf, M., Gamble, J., & Strickland, A. J. (2020). Crafting & Executing Strategy: Concepts and Cases (22nd ed.). McGraw-Hill Education. 4