Question

use the 4 action framework from the textbook to describe how you are going to build competitive advantages for IMAX in the market?

Answer 1

The building competitive advantages for IMAX in the market can be understood using the 4 action framework. The 4 Actions Framework is a strategic tool that is used to rebuild the customer value elements and helps to capture new demand by introducing new products and thereby taking away competition

1. Eliminate: First point is identify the factors in the industry that every competition has offered in the market and elimination of the same. In the IMAX case, the company was losing out on competition to come up with new products in the markets. The competition had already come up with products on Laser technology called Dolby Cinema.

2. Reduce: Second aspect is to reduce the factors that were well below the industry standard. IMAX understood there is a need to come up with new products and the only way to compete on this focusing on projectors having capable of 4K resolution.

3. Create: The third step is to create that the industry never offered. IMAX was currently using the regular digital IMAX which was using two projectors capable of only 2K resolution. So, company created a new technology called IMAX with Laser that uses two projectors capable of 4K resolution as this helps to have a sharper, brighter, and richer images. This is the highest quality digital projection offered by IMAX so far along with newer 3D glasses which rely on dichroitic fibres.

4. Raise: Final step is to identify factors that help the company to raise well above the industry standard. The superior technology created by IMAX along with its presence in the 20 IMAX screens across the major cities in India will create an impact among the customers that increase visibility and a customer experience that will drive business for the company.