Strategic Management Plan For Onestop Electronics Stores
ONESTOP ELECTRONICS STORES
Strategic Management Plan
Executive Summary
Onestop Electronics Stores is a limited company that operates in the electronic industry. The firm was founded in 2010 and operates in the United States local and national markets as well as in foreign markets of the neighboring countries. The company essentially runs electronics chain stores that entail development, sales, repair, maintenance and distribution of all electronic gadgets and systems in local and international markets.
Additionally, Onestop Electronics Stores offers consultancy and advisory services to consumers regarding electronics systems and technology at large. The company offers quality products and is highly recognized for its advocacy for quality and …show more content…
offering customers the value for their money.
Strategic Direction
The strategic goals and direction by Onestop Electronic Stores are derived from the organization’s understanding of customer needs, tastes and preferences as well as understanding the current opportunities and challenges in the electronic industry and striving to satisfy consumer needs at all cost.
With a fresh perspective on the company’s mission and vision, the management understands both internal and external environment under which the company operates and takes leadership roles in working with all the stakeholders for both short-term and long-term success of the organization
Vision Statement
Onestop Electronics aims at becoming the world most preferred electronics chain stores by offering quality products to consumers and providing added value customer experience throughout local, national and foreign market segments. The firm offerings are technically advanced and offer clear-cut benefits and improvements over nay competitor’s possible offerings. Onestop Electronic stores will hence continue expanding via organic growth as well as through acquisition of related technology and market segments.
Mission Statement
Onestop Electronics Stores focuses on offering advanced electronics systems that enhance customer satisfaction by developing, distributing and selling products that are distinguished from competitors’ offerings by the firm’s sophisticated scalability, quality, and ease of modification of the systems to suit customer requirements. The firm focuses on providing exceptional products and services at very friendly prices and with a great sense of customer care.
Cooperate Values The cooperate values that govern Onestop Electronics Stores entails;
i. Caring attitude: Onestop Electronic stores demonstrate compassionate support and concern for customers with respect to technology and electronics systems. To show this caring attitude, Onestop Electrics educates customers and their families on the use, care and maintenance of electronic systems ii. Responsiveness: Onestop Electronic Stores offers electronic systems that meet the tastes, preferences and needs of consumers with regard to electronics systems via direct customer support services, customer feedback mechanisms and direct sales. iii. Respect: Onestop Electronics respects and honors all he stakeholders and encourages individuals to take charge of their own life. Additionally, the company offers its customers their preferred electronic gadgets and respects their choices. iv. Individualized support: Onestop Electronics Stores understands that individual and organizational needs vary significantly and often change with time. The company therefore seeks to understand and satisfy each single customer and consequently create right support for each customer’s development
v. Diversity: Onestop Electronics has a great sense of diversity and understands that customers vary in behavior, reactions, opinion, tastes and preferences. The company seeks to assist all the customers to reach their full potential and increase their experience with regard to electronic systems and technology at large vi. Accountability and Integrity: Onestop Electronics bears the highest level of integrity in its management, administration and other outreach activities. All the organizational activities are closely tied to the company’s mission and vision and all records and reports are maintained accurately without erasure whatsoever vii. State of the art Products, services and practices: Onestop Electronics Stores aims at high quality, excellent and state of the art products, services and operations that are customized to suit individual consumer needs. viii. Partnerships: Onestop Electronics Stores works with a vast network of partners and therefore the company advocates for quality services an workable interrelationships with all business partners to ensure long run excellence and performance of the company ix. Advocacy: Onestop Electronics Stores often educate the general public on current technological trends as well as about the electronics industry. The company therefore advocates for both short term and long-term best interests of the society with regard to technological advancement and revolution in the electronics industry.
x. Financial sustainability: Onestop Electronic Stores greatly believe in its sustainability and greatly believes that its products and services will be needs for many years in future. Therefore, company aims to strive and deliver its mission and achieve its vision thorough thoughtful and strategic choices and decisions that are aimed at ensuring that the company has sufficient financial resources
Internal environment Analysis
i. Corporate Governance and Ethics: Onestop Electronics Stores has a clear and defined ways that governs the relationship between the stakeholders of the company as a measure to check and control the managerial and strategic direction and organizational performance in both short term and long term. This ensures that the management employs effective and efficient strategies. ii. Directors, Committee, and Executive Management: Onestop has been successful in the electronics industry due to its good organizational leadership. The top management is mainly composed of CEO (Chief Executive Officer), Board of Directors (BoD) and senior officers. Further, Onestop Electronics has very excellent relationship between the top organization executives in order to promote company’s implementation of strategies
The board of directors of the company is elected by the shareholders and is entitled to act in the interest of the firm and its owners. Onestop Electronic Store success can be attributed to the sound decisions and strategies undertake by the company leaders that are aimed at achieving competitive advantage in the electronics industry. With the Board of directors, the CEO, and top mangers working hand in hand, the interest of the shareholders is achieved
iii. Employees: Onestop Electronic store respects employees and provides each with an opportunity for self growth and development through reward, remuneration, training and incentive schemes
iv. Stake Holders: The top managers of Onestop Electronics work well because they are highly accountable to the stakeholders. The company management highly regards anyone who affects and is affected by the strategic and decision outcomes of the firm, and who in one way or the other can have enforceable claim regarding the firm’s performance. Onestop Electronics’ shareholder interests are taken care of by the management. These shareholders include: customers, employees, suppliers, and any other third parties who may have special interest on the company. The main responsibility and duty of Onestop executives is to fulfill the needs of the stakeholders through effective and strategic management.
External Environment Analysis
i. Customers: Onestop Electronic Stores exists to develop market, distribute and deliver electronic systems and gadgets to the local citizens of the United States as well as selling the products and offering services in international markets. Every individual and organization is a potential customer to Onestop Electronic Stores ii. Suppliers: Onestop Electronics respects all the suppliers of the company. These entail all the material, products and services that are procured from other organizations. The company promotes mutual relationship with the suppliers and aims at ensuring a strong rapport and partnership with them for overall increased organization performance iii. Competitors: These entail all individuals and organization that offer similar products and services or products that can be used as alternative to Onestop’s offerings. The company treats all competitors with integrity and respect and engages in fair trade and business in order to learn from then on their best practices and enrich the company’s brand iv. Contractors: This group entails all the individuals or organization to which Onestop has outsourced various services or to which various responsibilities have been awarded to them to act on behalf of the company. Onestop Electronics respects all the contractor and treats them with utmost integrity in order to get their maximum cooperation and performance
v. Government, Public Market segment's growth could attract major competition: Onestop Electronics recognizes the importance of the both local and national government and acts in compliance with all government regulations including payment of taxes and relationship with employees. Further, the company treats all other external entities with integrity as they form a greater portion of both prospective and potential customers. vi. The society: The Company participates in community building initiatives and is highly responsible with regard to the environment through reduced pollution for sustainable living.
Strategic Analysis and Choice
Strengths, Weaknesses, Opportunities, Threats
Strengths
i. Onestop Electronics Stores has demonstrated unlimited ability to offer high quality and consumer preferred goods and services, thereby aiding the United States citizen in the digital migration and upgrading of their electronics infrastructure. ii. The company staff is highly committed to quality and all the customer services are monitored for quality assurance iii. Whenever there is a challenge, the organization management meets it through innovation in order to ensure future survival and sustainability of the organization iv. Onestop Electronics Stores has an excellent brand reputation and is often looked to by other electronics providers as a leader in offering customers value for their money
v. Onestop Electronics Stores offers its products at consumer friendly prices which makes the company to be able to compete at both local and international markets
Weaknesses:
i. The recent expansion of Onestop Electronics Stores has led to some challenges in human resources coordination and management, lack of clear structure for coordination and liaison among departments, difficulties with supervisions and inconsistent clerical and administrative support. ii. There is also perceived need for better management practices and staying ‘ahead of technology’
iii.
Some challenges in employment program such as acquiring high competent people for specific jobs as well as the need for advocacy and greater visibility in the society.
Opportunities
i. Adoption of better management system such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and better Information Management System (IMS) in order r to minimize managerial problems and difficulties. Further, structuring of managerial structure, defining roles, responsibility, authority and duties of each individual and department in order to enhance interdepartmental support and integration
Implication: Adoption of better managerial practices an information system will ensure the top level managers are able to make sound and informed decisions while the operational and tactical managers are able to operate with utmost efficiency. The optimal results of such an opportunity is increased organizational managerial and production efficiency, leading to increased productivity and financial performance ii. Increased Community …show more content…
visibility:
This can be achieved by ensuring then the firm gives back to the community and participates in building the society through support to social and economic development projects. Onestop Electronics Stores should hence participate in community building projects though financial support, offering employment opportunities to the local community and being environmental conscious to reduce pollution by the company Implication: Greater participation in community affairs and social economic development programs will increase community consciousness to see the company’s consumers as untapped resources. This can aid in improving the firm’s outlook to individuals and other organizations, thereby leading to increased number of customers and eventually, improved financial performance by the company
iii. Increased internet and social media marketing;
The world technology is advancing very fast. Onestop Electronics should increase its presence in the Internet and social media in order to increase its pool of customers. The today generation is preoccupied with Internet and therefore greeter online presence will ensure the company’s products are displayed to a greeter audience. Social network sites such as Facebook, Twitter, MySpace and Two can be used as advertising platforms by the firm else it may be out-competed by competitors with great online presence
Implications: High online presence is likely to result to increased number of customers and likewise increased sales volumes in the long run.
iv. E-business
This will entail offering online services to consumers and also allowing customers to purchase company’s products over the Internet or though other electronics media. The world technology has gone digital and therefore e-business is an important component of any business organization especially those operating in electronics industry
Implication: This will increase customer convenience in purchasing the firm’s products or services. Such an aspect is likely to increase overall firm performance though increased sales volumes since customers are able to shop at their convenience any time, any hour
v. The targeted market segments are poised for rapid growth
Various foreign markets such as in southern Asian and Africa are currently growing and hence offering very great customer potential. Such markets can be targeted with the right product and service mix
Implication:
The company will be able to target such growing markets with the right products and ensure dominance of the electronics industry in such markets before entry of competitor brands
Threats
i. Stiff competition from other Established firms:
Onestop Electronics Stores is facing great competition from other established international firms such as Philips, Techno, LG, etc.
Implication: Any managerial mishaps may result to the firm being out-competed by the established firms, which have stronger brand loyalty, customer base and high online presence.
ii. Presence of many products alternatives in the market:
The electronics market is filled with many similar commodities and therefore the consumer has a wide variety of choices. This makes positioning the company’ brand in consumer mind very hard, especially, when the price of the product being offered is higher than the alternative products
Implications: When there are a lot of alternatives to a given product, the prices tend to go down and consumer-switching costs are often low. This implies that Onestop Electronics has to sell its electronics at the market price to avoid which may earn a very low profit margin to avoid consumers from switching to competitors
iii. New technology may make products obsolescent
The ever-changing technology may make some of the company’s products obsolete
Implication: This may cause very great losses in by the organization and therefore, Onestop electronics will employ Just in Time (JIT) system in order to reduce some storage costs and also ensure that incase of any rapid technological revolution, only a small percentage of the products are affected
iv.
The growing market segment could attract major competition
The various growing markets in the developing countries may attract various investors and competitor organizations
Implication: This may cause fierce competition with competitor firms in such growing markets, which may lead to low profits or closure of stores located in such regions
Long-term Objectives
i. To expand the firm aggressively and give average returns to shareholders of the company ii. To become the most preferred and the leading innovative electronics distributor within the national markets of United States and entire world at large iii. Achieving annual sale revenue of $200 million by 2020 iv. Reporting annual profits of $100 million by 2020
v. Becoming the largest and most preferred Electronics distributor in entire United States vi. Undertake Initial Public Offer (IPO) by 2017 vii. Employing 20,000 people with 40% technically qualified in sales, repair and maintenance of electronics system by 2020 viii. Having qualified sales managers and officers in all major Markets in the united States before 2018
Strategies
Generic Strategies
i. Accelerating product launches via strengthening the sales-force teams and customer care
services ii. Extending links with customers by use of technology and customer feedback systems iii. Raising additional venture capital to invest in potentially productive segments of the business iv. Expanding the senior managerial team in sales and marketing departments of the firm
v. Recruiting non executive directors to ensure strategic decision making regarding investments vi. Strengthening the human resource function of the organization and introducing share holding option for the staff members vii. Appointing advisers and consultants for financial and intellectual property guidance viii. Seeking new market segments as well as applications for the products
The following strategies are also used by Onestop Electronics:
i. Participation in trade fairs, exhibitions and shows ii. Development of foreign markets entry strategies iii. Strengthening internet and social media presence and promoting the brand iv. Ensuring strategic alliance with key players in the industry
Grand strategy
In Onestop Electronics, Employees come first, customers second then other stakeholders follow. The company promotes employee self-growth and development through training, rewards, remuneration programs, appropriate compensation and incentives to ensure their maximum productivity and efficiency. Further the organization treats customers with respect and ensures quick response to customer orders and offers the customers value for their money
Strategic Action Programs:
i. Senior Managers: Preparing comprehensive business plans, business expansion schemes and establishing contacts with investors ii. Chief Financial Officer: Recruiting financial, sales and marketing managers and other key staff pertaining financial and marketing department iii. Technical Director: Review the firm’s research and development resources and aid in developing technical alliance with key players in the industry iv. Board: Mandated to expand the Board of Directors (BOD) to set up independent technical, financial and industrial expertise.
v. Entire management: Developing and implementing fast market entry and formulating organizational development plans
Strategic Management Plan
Executive Summary
Onestop Electronics Stores is a limited company that operates in the electronic industry. The firm was founded in 2010 and operates in the United States local and national markets as well as in foreign markets of the neighboring countries. The company essentially runs electronics chain stores that entail development, sales, repair, maintenance and distribution of all electronic gadgets and systems in local and international markets.
Additionally, Onestop Electronics Stores offers consultancy and advisory services to consumers regarding electronics systems and technology at large. The company offers quality products and is highly recognized for its advocacy for quality and …show more content…
offering customers the value for their money.
Strategic Direction
The strategic goals and direction by Onestop Electronic Stores are derived from the organization’s understanding of customer needs, tastes and preferences as well as understanding the current opportunities and challenges in the electronic industry and striving to satisfy consumer needs at all cost.
With a fresh perspective on the company’s mission and vision, the management understands both internal and external environment under which the company operates and takes leadership roles in working with all the stakeholders for both short-term and long-term success of the organization
Vision Statement
Onestop Electronics aims at becoming the world most preferred electronics chain stores by offering quality products to consumers and providing added value customer experience throughout local, national and foreign market segments. The firm offerings are technically advanced and offer clear-cut benefits and improvements over nay competitor’s possible offerings. Onestop Electronic stores will hence continue expanding via organic growth as well as through acquisition of related technology and market segments.
Mission Statement
Onestop Electronics Stores focuses on offering advanced electronics systems that enhance customer satisfaction by developing, distributing and selling products that are distinguished from competitors’ offerings by the firm’s sophisticated scalability, quality, and ease of modification of the systems to suit customer requirements. The firm focuses on providing exceptional products and services at very friendly prices and with a great sense of customer care.
Cooperate Values The cooperate values that govern Onestop Electronics Stores entails;
i. Caring attitude: Onestop Electronic stores demonstrate compassionate support and concern for customers with respect to technology and electronics systems. To show this caring attitude, Onestop Electrics educates customers and their families on the use, care and maintenance of electronic systems ii. Responsiveness: Onestop Electronic Stores offers electronic systems that meet the tastes, preferences and needs of consumers with regard to electronics systems via direct customer support services, customer feedback mechanisms and direct sales. iii. Respect: Onestop Electronics respects and honors all he stakeholders and encourages individuals to take charge of their own life. Additionally, the company offers its customers their preferred electronic gadgets and respects their choices. iv. Individualized support: Onestop Electronics Stores understands that individual and organizational needs vary significantly and often change with time. The company therefore seeks to understand and satisfy each single customer and consequently create right support for each customer’s development
v. Diversity: Onestop Electronics has a great sense of diversity and understands that customers vary in behavior, reactions, opinion, tastes and preferences. The company seeks to assist all the customers to reach their full potential and increase their experience with regard to electronic systems and technology at large vi. Accountability and Integrity: Onestop Electronics bears the highest level of integrity in its management, administration and other outreach activities. All the organizational activities are closely tied to the company’s mission and vision and all records and reports are maintained accurately without erasure whatsoever vii. State of the art Products, services and practices: Onestop Electronics Stores aims at high quality, excellent and state of the art products, services and operations that are customized to suit individual consumer needs. viii. Partnerships: Onestop Electronics Stores works with a vast network of partners and therefore the company advocates for quality services an workable interrelationships with all business partners to ensure long run excellence and performance of the company ix. Advocacy: Onestop Electronics Stores often educate the general public on current technological trends as well as about the electronics industry. The company therefore advocates for both short term and long-term best interests of the society with regard to technological advancement and revolution in the electronics industry.
x. Financial sustainability: Onestop Electronic Stores greatly believe in its sustainability and greatly believes that its products and services will be needs for many years in future. Therefore, company aims to strive and deliver its mission and achieve its vision thorough thoughtful and strategic choices and decisions that are aimed at ensuring that the company has sufficient financial resources
Internal environment Analysis
i. Corporate Governance and Ethics: Onestop Electronics Stores has a clear and defined ways that governs the relationship between the stakeholders of the company as a measure to check and control the managerial and strategic direction and organizational performance in both short term and long term. This ensures that the management employs effective and efficient strategies. ii. Directors, Committee, and Executive Management: Onestop has been successful in the electronics industry due to its good organizational leadership. The top management is mainly composed of CEO (Chief Executive Officer), Board of Directors (BoD) and senior officers. Further, Onestop Electronics has very excellent relationship between the top organization executives in order to promote company’s implementation of strategies
The board of directors of the company is elected by the shareholders and is entitled to act in the interest of the firm and its owners. Onestop Electronic Store success can be attributed to the sound decisions and strategies undertake by the company leaders that are aimed at achieving competitive advantage in the electronics industry. With the Board of directors, the CEO, and top mangers working hand in hand, the interest of the shareholders is achieved
iii. Employees: Onestop Electronic store respects employees and provides each with an opportunity for self growth and development through reward, remuneration, training and incentive schemes
iv. Stake Holders: The top managers of Onestop Electronics work well because they are highly accountable to the stakeholders. The company management highly regards anyone who affects and is affected by the strategic and decision outcomes of the firm, and who in one way or the other can have enforceable claim regarding the firm’s performance. Onestop Electronics’ shareholder interests are taken care of by the management. These shareholders include: customers, employees, suppliers, and any other third parties who may have special interest on the company. The main responsibility and duty of Onestop executives is to fulfill the needs of the stakeholders through effective and strategic management.
External Environment Analysis
i. Customers: Onestop Electronic Stores exists to develop market, distribute and deliver electronic systems and gadgets to the local citizens of the United States as well as selling the products and offering services in international markets. Every individual and organization is a potential customer to Onestop Electronic Stores ii. Suppliers: Onestop Electronics respects all the suppliers of the company. These entail all the material, products and services that are procured from other organizations. The company promotes mutual relationship with the suppliers and aims at ensuring a strong rapport and partnership with them for overall increased organization performance iii. Competitors: These entail all individuals and organization that offer similar products and services or products that can be used as alternative to Onestop’s offerings. The company treats all competitors with integrity and respect and engages in fair trade and business in order to learn from then on their best practices and enrich the company’s brand iv. Contractors: This group entails all the individuals or organization to which Onestop has outsourced various services or to which various responsibilities have been awarded to them to act on behalf of the company. Onestop Electronics respects all the contractor and treats them with utmost integrity in order to get their maximum cooperation and performance
v. Government, Public Market segment's growth could attract major competition: Onestop Electronics recognizes the importance of the both local and national government and acts in compliance with all government regulations including payment of taxes and relationship with employees. Further, the company treats all other external entities with integrity as they form a greater portion of both prospective and potential customers. vi. The society: The Company participates in community building initiatives and is highly responsible with regard to the environment through reduced pollution for sustainable living.
Strategic Analysis and Choice
Strengths, Weaknesses, Opportunities, Threats
Strengths
i. Onestop Electronics Stores has demonstrated unlimited ability to offer high quality and consumer preferred goods and services, thereby aiding the United States citizen in the digital migration and upgrading of their electronics infrastructure. ii. The company staff is highly committed to quality and all the customer services are monitored for quality assurance iii. Whenever there is a challenge, the organization management meets it through innovation in order to ensure future survival and sustainability of the organization iv. Onestop Electronics Stores has an excellent brand reputation and is often looked to by other electronics providers as a leader in offering customers value for their money
v. Onestop Electronics Stores offers its products at consumer friendly prices which makes the company to be able to compete at both local and international markets
Weaknesses:
i. The recent expansion of Onestop Electronics Stores has led to some challenges in human resources coordination and management, lack of clear structure for coordination and liaison among departments, difficulties with supervisions and inconsistent clerical and administrative support. ii. There is also perceived need for better management practices and staying ‘ahead of technology’
iii.
Some challenges in employment program such as acquiring high competent people for specific jobs as well as the need for advocacy and greater visibility in the society.
Opportunities
i. Adoption of better management system such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and better Information Management System (IMS) in order r to minimize managerial problems and difficulties. Further, structuring of managerial structure, defining roles, responsibility, authority and duties of each individual and department in order to enhance interdepartmental support and integration
Implication: Adoption of better managerial practices an information system will ensure the top level managers are able to make sound and informed decisions while the operational and tactical managers are able to operate with utmost efficiency. The optimal results of such an opportunity is increased organizational managerial and production efficiency, leading to increased productivity and financial performance ii. Increased Community …show more content…
visibility:
This can be achieved by ensuring then the firm gives back to the community and participates in building the society through support to social and economic development projects. Onestop Electronics Stores should hence participate in community building projects though financial support, offering employment opportunities to the local community and being environmental conscious to reduce pollution by the company Implication: Greater participation in community affairs and social economic development programs will increase community consciousness to see the company’s consumers as untapped resources. This can aid in improving the firm’s outlook to individuals and other organizations, thereby leading to increased number of customers and eventually, improved financial performance by the company
iii. Increased internet and social media marketing;
The world technology is advancing very fast. Onestop Electronics should increase its presence in the Internet and social media in order to increase its pool of customers. The today generation is preoccupied with Internet and therefore greeter online presence will ensure the company’s products are displayed to a greeter audience. Social network sites such as Facebook, Twitter, MySpace and Two can be used as advertising platforms by the firm else it may be out-competed by competitors with great online presence
Implications: High online presence is likely to result to increased number of customers and likewise increased sales volumes in the long run.
iv. E-business
This will entail offering online services to consumers and also allowing customers to purchase company’s products over the Internet or though other electronics media. The world technology has gone digital and therefore e-business is an important component of any business organization especially those operating in electronics industry
Implication: This will increase customer convenience in purchasing the firm’s products or services. Such an aspect is likely to increase overall firm performance though increased sales volumes since customers are able to shop at their convenience any time, any hour
v. The targeted market segments are poised for rapid growth
Various foreign markets such as in southern Asian and Africa are currently growing and hence offering very great customer potential. Such markets can be targeted with the right product and service mix
Implication:
The company will be able to target such growing markets with the right products and ensure dominance of the electronics industry in such markets before entry of competitor brands
Threats
i. Stiff competition from other Established firms:
Onestop Electronics Stores is facing great competition from other established international firms such as Philips, Techno, LG, etc.
Implication: Any managerial mishaps may result to the firm being out-competed by the established firms, which have stronger brand loyalty, customer base and high online presence.
ii. Presence of many products alternatives in the market:
The electronics market is filled with many similar commodities and therefore the consumer has a wide variety of choices. This makes positioning the company’ brand in consumer mind very hard, especially, when the price of the product being offered is higher than the alternative products
Implications: When there are a lot of alternatives to a given product, the prices tend to go down and consumer-switching costs are often low. This implies that Onestop Electronics has to sell its electronics at the market price to avoid which may earn a very low profit margin to avoid consumers from switching to competitors
iii. New technology may make products obsolescent
The ever-changing technology may make some of the company’s products obsolete
Implication: This may cause very great losses in by the organization and therefore, Onestop electronics will employ Just in Time (JIT) system in order to reduce some storage costs and also ensure that incase of any rapid technological revolution, only a small percentage of the products are affected
iv.
The growing market segment could attract major competition
The various growing markets in the developing countries may attract various investors and competitor organizations
Implication: This may cause fierce competition with competitor firms in such growing markets, which may lead to low profits or closure of stores located in such regions
Long-term Objectives
i. To expand the firm aggressively and give average returns to shareholders of the company ii. To become the most preferred and the leading innovative electronics distributor within the national markets of United States and entire world at large iii. Achieving annual sale revenue of $200 million by 2020 iv. Reporting annual profits of $100 million by 2020
v. Becoming the largest and most preferred Electronics distributor in entire United States vi. Undertake Initial Public Offer (IPO) by 2017 vii. Employing 20,000 people with 40% technically qualified in sales, repair and maintenance of electronics system by 2020 viii. Having qualified sales managers and officers in all major Markets in the united States before 2018
Strategies
Generic Strategies
i. Accelerating product launches via strengthening the sales-force teams and customer care
services ii. Extending links with customers by use of technology and customer feedback systems iii. Raising additional venture capital to invest in potentially productive segments of the business iv. Expanding the senior managerial team in sales and marketing departments of the firm
v. Recruiting non executive directors to ensure strategic decision making regarding investments vi. Strengthening the human resource function of the organization and introducing share holding option for the staff members vii. Appointing advisers and consultants for financial and intellectual property guidance viii. Seeking new market segments as well as applications for the products
The following strategies are also used by Onestop Electronics:
i. Participation in trade fairs, exhibitions and shows ii. Development of foreign markets entry strategies iii. Strengthening internet and social media presence and promoting the brand iv. Ensuring strategic alliance with key players in the industry
Grand strategy
In Onestop Electronics, Employees come first, customers second then other stakeholders follow. The company promotes employee self-growth and development through training, rewards, remuneration programs, appropriate compensation and incentives to ensure their maximum productivity and efficiency. Further the organization treats customers with respect and ensures quick response to customer orders and offers the customers value for their money
Strategic Action Programs:
i. Senior Managers: Preparing comprehensive business plans, business expansion schemes and establishing contacts with investors ii. Chief Financial Officer: Recruiting financial, sales and marketing managers and other key staff pertaining financial and marketing department iii. Technical Director: Review the firm’s research and development resources and aid in developing technical alliance with key players in the industry iv. Board: Mandated to expand the Board of Directors (BOD) to set up independent technical, financial and industrial expertise.
v. Entire management: Developing and implementing fast market entry and formulating organizational development plans