Question

Zoom has gained a lot of attention because of how the company extended its technology in the global pandemic. In the same breath, the company has received harsh criticism regarding its product's security which shows that Zoom is falling short of the industry standard levels of security. As a senior executive, explain the steps you will take to fix this problem. Be sure these steps follow (i) ethical guidelines in the industry, (ii) the company's dynamic capabilities and (iii) the industry life cycle of a firm.

Answer 1

Ethical guidelines in the industry

1. Is committed to customer satisfaction, good corporate citizenship, and responsible environmental, community, and financial stewardship.
2. Clearly, honestly, and accurately represents its products, services, and terms and conditions.
3. Delivers its products and services as represented.
4. Communicates in a respectful and courteous manner.
5. Responds to inquiries and complaints in a constructive, timely way
6. Maintains appropriate security policies and practices to safeguard data
7. Provides information on its policies about the transfer of personally identifiable data for marketing
8. Honors requests not to have personally identifiable data transferred for marketing
9. Honors requests not to receive future solicitations from the entity
10. Follows the spirit and letter of the law as well as Guidelines for Ethical Business Practice

The dynamic capabilities

1)Learning

The first and foremost stage in the process of Dynamic Capabilities and Strategic Management involves the key staff members and managers along with the management to learn and analyze their basic routines leading healthy interactions that lead to the effective ways of problem-solving. It also involves finding out and avoiding the strategic blind spots and any dysfunctional activities that are posing as a threat to the growth of the business. It also involves making the optimum and appropriate use of the strategic alliance and acquisitions to bring in new and novel strategic assets to the firm through the external resources.

2) Acquiring New Assets

The high level of competitive advantage also requires acquiring new assets by the way of integrating technological factors and external activities through the alliances and partnerships formed.

3) Transforming the existing line of assets

To attain the rapid internal and external transformation adhering to the changing market dynamics and growing competition in the market, it is important for the firm to reconfigure the firm’s current asset structure. It is imperative for the firms to develop the processes to make the changes in an inexpensive manner whilst attaining the reconfiguration of the assets before the dawn of the competition. The entire procedure can be supported by decentralization, strategic alliances, and local autonomy.

4) Co-specialization

Another facet of the Dynamic Capabilities and Strategic Management is the aspect of Co-specialization that involves the strategic combination of physical assets, human resources, and intellectual properties of the firm that are developed over a period of time that work more valuable in a combination rather than using them individually or separately. It helps in giving a firm a sustainable competitive advantage in the market.