Part Two: Strategic Plan
In this section, share your revised paper from Milestone Two, which provides an overview of your competitors’ position in the marketplace, the available and future marketplace, and a plan for how to address a change in business conditions. Ensure this section includes the following information.
- Analyze the competitors’ relative strengths in the marketplace. Use Power BI to create charts on the growth rates.
- What is the growth rate of each competitor?
- How much of the market does each competitor now own? Do you see a trend of gaining or losing market share?
- Determine each competitor’s market strength by looking at the financials for each competitor.
- Explain how your company’s market share compares to your competitors’. Use Power BI to create charts on your and your competitors’ market share.
- Is your company gaining or losing market share?
- What is your company’s growth potential in the industry?
- How do your company’s financials look compared to your competitors’?
- Identify future potential total available market (TAM) and growth for 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 CAGR for IoT-connected cars and light trucks?
- 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 you?
- Describe the steps your company needs to take from concept outline to launch.
- 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?
It’s clear you’ve put great time and energy into this paper. I think you’ve actually over-thought and over-written what was asked of you. Take a look at the feedback below and let me know if you have any questions.
-Graphs need labels to know which section of the pie chart represents which automaker.
-There is far, far too much “extra” in this paper than the assignment calls for. Large portions are entirely theoretical and do not reference our scenario. Remember, this is for our company, and leadership has asked for a paper on the 5 topics listed in the assignment prompt. They will want clear, succinct answers not a research report. I think you can entirely remove pages 3-6.
-For example, #1 asks you to “write a short paragraph describing the growth rate of each competitor.” It’s hard to find that within your submission, because so much extraneous research and theory is overtaking your writing.
-Your reporting on competitor and our company’s market share should be relatively straight forward, just pulling from the Excel files. While your paper has a lot of writing, it lacks some of the specific detail expected. For example, the TAM is $XYZ, VW’s market share is XY%.
-You name some strong concepts for addressing changes in business condition, such as “Develop and test ideas” and “test marketing and validation”. Your paper would be stronger if you said how you would use that strategy in this scenario with our car company.
-The final section was lacking detail or relevance from our course content. For example, this was an opportunity to pull into your paper whether you propose a stage-gate, lean start up or agile development approach.
-You’re very reliant on the Korkmaz piece, which is more about internal audits than innovation processes. It certainly has relevant information, but if you’re going to cite something so frequently, it’s wise for that citation to be something from the course or highly, highly relevant to the topic.