Strategy Composition DB3
Within the Discussion Board area, respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
You talk with Mike and Tiffany at lunch. “You’ve done some great research and brought up some good ideas to implement in the presentation,” you say. “There is one element that we are missing.”
“One of the most important aspects of the strategy: our competitors,” Tiffany states.
“I’ve already done some analysis, and there are many in the global market. It seems like there are several office furniture companies thriving, but not as many custom furniture manufacturers,” Mike elaborates.
“Well, we need to provide the board with some solid competitors. I’ll work on finding our top two,” you say. Complete the following:
Who are your top 2 global competitors in the market?
Provide a strengths, weaknesses, opportunities, and threats (SWOT) analysis for each competitor.
Why are they direct competitors?
What is their competitive advantage?
Could you form a cooperative strategy with any of the competitors?
If so, how?
If not, why?
What strategies could you use to build a competitive market profile?
What is balanced scorecard?n
Strategy Composition DB3
Who are your top 2 global competitors in the market?
The furniture market is a growing industry, especially the increasing grate of competitors, based on the delivery of materials, resources, sales channels, and application. The furniture market I am growing based on the current market trend (Needle, and Mallia, 2020). To be competitive, they have integrated the latest technical skills, especially in creating a modern office environment. The top global competitors in the market include Kimball international and Herman Miller Inc.
Who are your top 2 global competitors in the market?
Provide a strengths, weaknesses, opportunities, and threats (SWOT) analysis for each competitor. Herman Miller is one of the top competitors in the office furniture industry, has several strengths that make it outstanding among other companies. For example, the company have reliable suppliers, have a wide range of skilful workforce, ensure a high level of customer satisfaction, and experience good returns on capital expenditures (Nieland, 2020). Despite the strengths, the company experienced several missed opportunities due to low product demand forecasting. Additionally, the positioning of the company is not strategic, which may attract attacks from other competitors. Also, the company needs to invest more in the latest technology to be in line with the company’s vision.
Another weakness includes a weak internal feedback mechanism that comes from an ineffective sales team. The company has some opportunities, such as technology involvement, such as introduction on a new pricing strategy (Needle, and Mallia, 2020).Another possibility is online customers, through investing entirely in digital marketing and online sales. The low inflation rate and a reduction in transport rates. The threats that might lead the company into a problem include changing some environmental regulations and implementing an implementation plan on how the opportunities may be introduced to the company.
On the other hand, Kimball international has a robust brand portfolio, a strong dealer community, a highly-skilled workforce, and high-level customer satisfaction. However, the company goes through some weaknesses, such as having low product demand forecasting, such as the Herman miller (Nieland, 2020). On the other hand, the company is not fit in integrating different work cultures, such as small companies, and not handling challenges presented in the office furniture market. The company has an ample opportunity to mitigate the slow growth rate in the industry, for example, increasing and growing the market share. Additionally, integrating the current trends in the market. Such as the use of technology and investment in adjacent product segments (Carlino, 2020). Kimball international faces a significant threat from the growing competition from local office furniture distributors, the high prices of raw materials, and the increased competition.
Why are they, direct competitors?
Kimball international and Herman Miller are direct office furniture competitors because they impact the industry’s visible pressure based on supply and several threats, such as investment in technology and new entrants (Nieland, 2020). Also, the company offers the same solution to fit the need and requirements of the target market. Kimball International and Herman miller officer the exact answer to customer’s needs: the sale of office furniture.
What is their competitive advantage?
Kimball creates 3D office rendering tools compared to other companies and uses several photo-realistic animations that work well in marketing. Kimball is highly competitive, especially in c, especially in creating office furniture for healthcare and hospitality companies (Carlino, 2020). The company has fantastic office furniture and has taken several opportunities, known as the quasi-niche opportunities. On the other hand, Herman Miller has a competitive advantage in the problem-solving design of the workplace (Nieland, 2020). Also, the company is a good and well-known or good acquisition. Another competitive advantage in the production of high-quality office furniture.
Could you form a cooperative strategy with any of the competitors?
Yes, I would form a cooperative strategy with Kimball company for the sake of opening a v-wide market across the world, globalization of businesses, and trade liberalization. I would start a strategic alliance in efforts to promote the company’s joint competitive advantages and for ultimate achievements of our goals (Carlino, 2020). Also, for the sake of the development of new products and technology. Another reason is improving market access, expansion of opportunities in the industry, and reduction of threats.
What strategies could you use to build a competitive market profile?
The industry needs to understand the scope of its customer’s trends in the market and demography impacts. Developing a strategy for building a competitive market profile involves strategies, such as identifying basic demographics. Explaining the company’s needs and personality traits, mapping various stages customers go through while making purchases, aligning the industry goals with those of customers, and drafting a strategy used in reaching a wide range of customers (Carlino, 2020).
What is a balanced scorecard?
A balanced scorecard is a management strategy that balances the industry, financial measures, objectives, and performance measures (Needle, and Mallia, 2020). A scorecard is not just a measurement tool but a methodology with several steps that Help in implementation and management in a company. For example, identifying various targets for strategic projects and measurements of objectives, both financial and non-financial.
References
Carlino, P. (2020). Docile by Design: Commercial Furniture and the Education of American Bodies, 1840-1920 (Doctoral dissertation, Boston University).
Needle, R., & Mallia, K. L. (2020). Creatives in the Office: Personality and the Environmental Effects of Workspace. Journal of Current Issues & Research in Advertising, 1-17.
Nieland, J. (2020). Happy Furniture. Places Journal.
