Question

Subsequently you will need to “Set Objectives” for your Company. What type of Objectives do you think you must establish in order to compete effectively in your simulation against your competition? You will also learn how to effectively “Craft Strategy”. What do you think this entails?

Action-Capture Camera Design and UAV Drone Design

Answer 1

For the said products, as being niche products, Craft Strategy with below objectives needs to be set up for beating the competition:

• Engage a low-cost leadership strategy
• operate more cost-efficiently than competitors
• focus on product performance and quality, variety of models offered, warranties provided (extend years) to gain a competitive advantage
• promote value for the money concept and USP
• Goal should be to gain more market share in those geographic markets where existing sales is high
• Tap those markets, with more local focussed approach, where the market share is low

A Craft strategy emerges in response to an evolving or existing situation in the market could be due to demand/ customer preferences/ specific technology needs etc. factors. It comes from right research and analysis, needs considerable time to be spent in study, reflection, and planning. It is not about using a quick, cheap approach to bring a middle ground between planning and no planning. A strategic analysis, especially in the niche segment like Capture Camera Design and UAV Drone Design is very much needed to decide what is doable and what is not.