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middle manager for one of the top U.S. producers of luxury and mass-market automobiles and trucks

Guidelines for Submission

Strategic Plan

Submit a Word document of 5 pages, devoting 1 page to each critical element described above. Include a graphic using Power BI for competitors’ relative strengths (p. 1). Place the graphic at the top of the page with bullets underneath. Sources should be cited according to APA style. 

Overview

Using the recommendation that you provided in Milestone One, you will develop a strategy to implement the innovation and get ahead in the marketplace.

Scenario

You work as a middle manager for one of the top U.S. producers of luxury and mass-market automobiles and trucks. You are now leading a cross-functional team to move forward with the company initiative. To remain a viable competitor and meet the demands of consumers’ desire for technology, the company’s chief technology officer (CTO) has decided to implement the internet of things (IoT) into its product line.

In Milestone One (ATTACHED), you and your cross-functional team looked at risks and benefits of each innovation option, competitors in the market, and the company’s internal capability for moving forward with the innovation. After doing this analysis, you presented your recommendation to various stakeholders about how to proceed. You chose: Add recent technology features into one model and then incrementally into the broader product line (incremental innovation)

The CTO has accepted your recommendation. Now you are ready to develop a strategy for taking the innovation to market. In order to develop a strategy, you will need to look at your competitors’ relative strengths in the current marketplace, to understand how the company compares to your competitors, and to identify the total market and the market’s annual growth rate. Finally, you also need to share your thoughts on how to respond to changes in business conditions. Although no one can predict what is going to happen, it is important to think about how flexible your plan is in order to meet unexpected conditions.

Prompt

Using the recommendation you provided in Milestone One, develop a strategic plan to implement the innovation and gain competitive advantage. Use the Sales Forecast, Comparative Growth Data and Comparative Operating Statistics to complete this milestone.

Strategic Plan

  1. Analyze the competitors’ relative strengths in the marketplace.
  • Write a short paragraph describing the growth rate of each competitor. You will get the solution from the comparative growth data sheet.
  • How much of the market does each competitor now own? Do you see a trend of gaining or losing market share? Present your findings using Power BI.
    • Perform your analysis for the cars and trucks category. Create pie charts using columns C and F from the comparative growth Excel sheet in Power BI. (ATTACHED- SEE “MARKET SHARE PERCENTAGE FOR CARS AND TRUCKS NOW” AND “MARKET SHARE PERCENTAGE FOR CARS AND TRUCKS IN 2030” )
    • Perform your analysis for the connected cars and trucks category. Create pie charts using columns H and K from the comparative growth Excel sheet in Power BI. (ATTACHED- SEE “MARKET SHARE PERCENTAGE FOR CONNECTED CARS AND TRUCKS NOW” AND “MARKET SHARE PERCENTAGE FOR CONNECTED CARS AND TRUCKS IN 2030”)
  • Determine each competitor’s financial strength by looking at their comparative operating data.

2. Explain how your company’s market share compares to your competitors’.

  • Is your company gaining or losing market share? Expand on the analysis done in Task 1 above and explain the major factors behind the change in market share.
  • What is your company’s growth potential in the industry?
  • How do your company’s financials look compared to your competitors’?

3. Identify future potential total available market (TAM) and growth for each chosen product/service and technology.

  • What is the TAM for cars and light trucks?
  • What is the TAM for IoT-connected cars and light trucks?
  • What is the projected compound annual growth rate (CAGR) for cars and light trucks?
  • What is the projected CAGR for IoT-connected cars and light trucks?
  • Identify the fastest-growing competitor.

4. Identify ways to adjust if business conditions change.

  • What can you do if your customers are slow to respond (buy) the innovation?
  • What can you do if one competitor is overtaking all the others, including your company?

5. Describe the steps your company needs to take from concept outline to launch. Consider your learning from the previous two modules to ensure the steps are easy to understand for your team.

  • What is the size of development that will be required?
  • Will you require additional capital and personnel?
  • How would you approach determining the timeline from the beginning of development until initial product launch?

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The world’s largest luxury commodity retail group, Louis Vuitton Moet Hennessy (LVMH) functions on the basis of four parameters viz

 The detailed analysis shows that the firm cannot be beaten despite the tough competition and hence promises a bright future. Thus the report essentially points out the strategic position of the firm and its present and future prospects. The world’s largest luxury commodity retail group, Louis Vuitton Moet Hennessy (LVMH) functions on the basis of four parameters viz. its product line, the pattern of distribution, style of communicating its product offerings to a large number of consumers and its price points.

The luxury goods group renders greater impact on the first three activities for which the stress rendered by charging high prices gets mediated. Louis Vuitton had used its distribution and communication styles to lure huge groups of customers to its beautifully ordained stores spread along the region. Furthermore, the company spends a lot on advertising activities to create mass awareness of its products and shops. The price strategy followed by Louis Vuitton helps the company earn a huge margin of around 40 to 45 percent.

A comparison drawn on the revenue margins of other luxury brand companies reflects that Louis Vuitton stands far ahead in the race. The world-renowned luxury goods brand states that the maximum number of consumers belongs to the middle-level groups while the rich elites constitute only a niche segment. However, Louis Vuitton observes that owing to the event of recession the structure of consumer spending has countered a radical change. The consumers of the luxury goods retail chain who were not price-sensitive previously became highly aware of the changing economic situation.

This resulted in a huge drop in sales of such luxury commodities, which came to be observed as objects of lesser importance. Owing to the change in the market condition brought about by recession the company felt the need to redesign its products to focus on their basic usage parameters rather than making it gaudy.&nbsp.

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Relax Lines, Inc. is a luxury cruise line that has hired you as a job crafting consultant for two groups of their employees

JOB REDESIGN Case Assignment

In the background materials you had a chance to read about the traditional “top down” approach of job redesign as well as the newer “bottom up” approach of job crafting. Before starting on this assignment, make sure you have thoroughly reviewed the readings and understand the key job redesign and job-crafting strategies. Once you have finished reviewing the background materials, apply what you’ve learned to the specific scenarios and questions below. Make sure to cite at least one of the required readings for each answer and try to cite at least four of the readings in your answer. Your paper should be 4–5 pages in length:

  1. Relax Lines, Inc. is a luxury cruise line that has hired you as a job crafting consultant for two groups of their employees. The first group is the ship crew. The crew have responsibility for safety, navigation, and maintenance of the ship. The second group is the hospitality staff. The hospitality staff is tasked with making sure the passengers are enjoying themselves and are properly entertained with various events that this staff plans and prepares. Before arriving at the cruise line to do interviews and make recommendations, you first need to do some reading on what general approach you will use. As a first step, review Dik and Duffy (2012), where they discuss task crafting, relational crafting, and cognitive crafting. Which of these three types of job crafting do you think would be most appropriate for the ship crew, and which one do you think would be most appropriate for the hospitality staff? Also, read up on “job-crafting swap meets” in Wrzesniewski (2014). Do you think a swap meet would be appropriate for either ship crew members or hospitality staff? Any other strategy from Wrzesniewski (2014) that you think would be useful for either pilots or online marketers?
  2. The ABC Corporation has a team of telemarketers. The job description for the telemarketers is pretty basic: They call up potential customers who have visited his company’s web page and requested information about the product. Telemarketers’ performance evaluations depend mostly on their monthly sales as well as customer satisfaction surveys, and they receive monthly feedback reports. Their supervisor gives them some initial training, but these telemarketers have a lot of freedom to choose how and when to call customers. For example, they are free to customize their own sales pitch as long as they don’t mislead potential customers. Also, they are not required to fill out a time card or work at the office (they can work from home, if they want). As long as they are making enough monthly sales they are free to set their own schedules. While the telemarketing team is performing well, the company is concerned about high turnover among telemarketers and wants to do some job enrichment. Which of the five core job dimensions discussed in Bauer and Erdogan (2012) or page 9 of Griffin (2007) do you think should be revised the most during a job redesign intervention? Which ones do you think do not need to be revised? Explain your reasoning and cite some of the required readings in your answer.
  3. Suppose a sports injury clinic has three main practitioners. First, there is a general practitioner doctor who does the basic diagnosis of the injury and works with the patient to come up with an overall treatment program. This doctor also prescribes medicine as needed. Then there is a surgeon who specializes in sports injuries. This doctor only does surgery. Finally, there is a physical therapist who helps patients with exercise programs to help them recover. The owner of the clinic though becomes worried that these three practitioners are becoming bored and dissatisfied with their jobs and there is concern they might all leave unless their jobs change. However, given the high degree of training required for each of their specializations management is not sure how to go about making their jobs less monotonous and more rewarding. In general, would you recommend management undergoes a traditional job redesign approach or a job crafting approach? Which specific job redesign strategy or job crafting strategy would you recommend? For example, if you choose job redesign discuss whether you would recommend job rotation, enlargement, enrichment, etc. If you choose job crafting, refer to one of the specific strategies or interventions discussed in Wrzesniewski (2014) or Dik and Duffy (2012).
  4. Create a table with the definitions of the three main types of job redesign (job enlargement, job rotation, job enrichment) and the three main types of job crafting (task crafting, relational crafting, and cognitive crafting). Then write two paragraphs explaining which of the three types of job crafting are most similar to any of the three types of job redesign, and on what you think are the key differences between job crafting and job redesign based on the definitions in your table.

Assignment Expectations

  • Answer the assignment questions directly in 4 to 5 written pages.
  • Stay focused on the precise assignment questions; don’t go off on tangents or devote a lot of space to summarizing general background materials.
  • Make sure to use reliable and credible sources as your references

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