Problem: Business Strategy
You have been promoted to Director of a mid-to-large sized company. You operate in 2 locations, on the east and west coast. You currently employ about 100 people and you manufacture electromechanical devices used in the medical field. Your company has enjoyed growth and success in previous years with good market share. Unfortunately, due to the slumbering economy, profits and market share have decreased amid increases in operating expenses. Your job as the new director is to strengthen the company′s competitive position. Please do the following: What type of strategy would you employ to counteract the decline in profits and market share? Would it be an offensive or defensive strategy, or a mix of both? Justify your answer. Give details pertaining to the strategy you have chosen; first mover, fast follower, mergers and acquisitions, outsourcing, or strategic alliances. What impact did any of the 5 competitive forces have on your decline? What would you have your management team do specifically? What role will they play in the recovery? How will you monitor or otherwise ensure that unethical behaviors are minimized? What efforts will incorporate to ensure that you have a strategy for re-training employees, or hiring new employees? Make sure you outline specific goals that your strategy must meet, and how you will measure meeting these goals using quantitative and/or qualitative measurements.
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.