Thursday, January 9, 2020
The Strategy Experience Free Essay Example, 1250 words
This was discussed owing to the fact that cultural issues impact the business and hence it was important to get insights into the culture. The framework used for underpinning cultural differences was Hofstedeââ¬â¢s cultural dimension framework. Lastly, consultants report on opportunities in digital media was the topic of discussion. The robust development of digital media created opportunities for the business houses (Bull and Compton, 2006). This was probably the biggest driver to discuss about this issue. It has been also observed that WRSX Group gives enormous importance to the reports of consultants and devised strategies on these bases only. The aforementioned factors were discussed with the notion that the profitability of the firm will increase with these agendas. In addition, the aforementioned factors also have the ability to make comprehensive development of the company. In the next board meeting, the first topic of discussion was client churn- critical success factors. This was principally discussed because knowing customer requirements was extremely important in order to retain them. Reports have already shown that the WRSX Group has already started to lose their consumers in the US market. We will write a custom essay sample on The Strategy Experience or any topic specifically for you Only $17.96 $11.86/pageorder now Hence, this was an essential discussion. CSF model was used to sort out this issue. Next was sponsorship opportunity and this was an effort to strengthen marketing initiatives. Although financial cost is low but the benefits are questionable. As a result of that, the company had chosen to go with brand endorsement with celebrities. The next was knowledge sharing and communication coordination, the aim was to win orders through better coordination with the external stakeholders. Strategic capabilities and competitive advantage were the two key frameworks used in this context. In the similar way, corporate governance was also discussed with the aim of strengthening the companyââ¬â¢s law and order and also promotes transparency (Love and Bullen, 2009). Most of the decisions in the meeting were made by applying theoretical models and it supported the decision making process greatly. Moreover as a result of that the company succeeded to resolve or min imize the possible conflicts that could have taken place. The other factors not discussed in the meeting because owing to the current market trend, those factors were found to be more important and thus required attention of the management. The key issues in the third board meeting were launching cine FX in London and New York - core and non core business services, changing organisational structure so as to meet the strategic challenges facing the company, ways to minimize the printing cost - the power of buyers / suppliers in procurement and market opportunity in the Asian SMEs - strategic directions, diversification or through market development.
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