IntroductionDroid Virtual Driving is a virtual stimulation, which helps new drivers to familiarize themselves and get comfortable with the nuances of driving before actually driving on a road. This product will help the user to experience the real time situations in driving such as traffic signals, speed limits, lane shifting, blind spot check, railroad crossings etc.
on different type of road and on different terrains. In addition, this product will also be supported in different countries, based on the nations own rules and regulations and supporting disabled individuals as well. In order to build and launch this product, we will understand and establish policies in different aspects of the management such as planning, organizing, controlling, staffing, directing and marketing. Company StrategyMissionIntroduce and popularize a safer alternative to the traditional method of learning to drive an automobile, by means of a well-designed real world-driving simulator along with a simple and intelligent virtual tutoring system. VisionOur core belief is to provide an affordable, fun and non-evasive solution to learn automobile driving that ensures highest regard to the safety of human life. In the 21st century, where computer technology is widespread, the future is with those who adapt and make the best use of it. Thus, we envision the auto driving education to embrace e learning. Strategies for Competitive Advantage in Each Functional Unit”A company has a competitive advantage over its rivals when its profitability is greater than the average profitability of all companies in its industry.
It has a sustained competitive advantage when it is able to maintain above-average profitability over a number of years.” (Hill, C.W.L & Jones, G.R.
(2015). Strategic Management: An Integrated Approach. Ninth Edition; P. 74). As the company’s first step of planning, we have identified different functional units, which play a crucial role in developing and releasing the product into the market successfully. Research and development, production, financing and accounting, customer relationship, marketing and sales are the main functional units. Company will strive to maintain a competitive advantage over the other companies in the same industry.Research and Development Since DVD is a pioneering idea, R is one of the core areas for the company’s success.
We will oversee the creation of superior product design to attain maximum functionality of the products by improving production processes and lowering production costs, while making the product very attractive to the customers and brining in value. According to Simon Sinek, a bestselling author, the fundamental difference between the “Apples” of the world and everyone else is that they start with “why.” The approach of the design would be “why” followed by “how” leading to “what”. The core belief behind the product being safe learning, our engineers and scientists would employ the design strategy as following:· “Why” – Create a fun and safe environment to learn driving· “how” – simulate real world scenarios for the customer· “what” – design affordable, comfortable, intuitive as well as scalable product rangeProduction To build our strategies, we need to consult the experts and research the existing production methods. Some of the key strategies are on-demand production initially, later leading to mass production, use of latest technology and drive towards a six-sigma production process. Company’s manufacturing locations will be based different factors such as cost of input and output supply chain. We would optimize hiring various categories of engineers based on their qualifications as per the process requirement.
After staffing, planning and execution of the production line, the focus will be on continuous improvement. To ensure quality, we will run multiple stages of QA checks and software-hardware integration testing. “Flexible strategy is said to be used when the company makes changes in the production plan that too in accordance with the emerging market.
“(http://kalyan-city.blogspot.com/2011/12/what-are-different-types-of-production.html) From the feedback we receive of our prototypes and products, we would work towards improving the production process. As Charles. W. Hill (2008) quotes “… to achieve a competitive advantage and increase performance, managers must put those strategies into action, strategy has to be implemented”, we will make sure to materialize our best-brainstormed production ideas.
Financing and AccountingUnplanned financing prompts spend more measure of money than they produce. Therefore, company will develop a financing methodology, which is essential to an association’s vital arrangement. An initial financial strategy of the company will be to obtain the breakeven of the investment within a year or earlier and this will help the company to gain profits in the second year. Once the company starts obtaining the profits it has the ability to do more experiments and invest these profits in the implementing the new features and upgrading the design time to time. In the wake of concluding the objectives, first, we have to break down the accompanying The initial capital required to start the company The originating point of the company Setup the quarterly financial goals and striving towards achieving the goals Company will estimate the cost for each task and maintain a day-to-day account for each cent we spent. Company will maintain up to 10% of buffer on initial evaluations. As a first step company will plan, release a beta product and then based on the feedback release the main product after the modification.
Customer RelationshipCustomer satisfaction will be utmost priority because good customer relationship will take the company a long way and provide an edge over the competitors. Company’s strategy is to build a trustful relationship with the customers. CRM will work hand in hand with the sales as well as marketing departments and customer support to establish trust. “In a world where everyone is fighting for attention and then trying to keep it, companies need to put the customer first in order to build trust, gain loyalty and engage in a meaningful way” (Dick Wooden, Powerful Benefits of Building Trust with CRM. Referenced at https://www.successwithcrm.com/blog/building-trust-with-crm).
We will strive to maintain a 24×7-customer support to address every problem or concern expressed by all customers, by varied means of communication or in person. Extensive data analytics will also be involved to discover patterns in the issues to provide better and faster support for the repeated problems. Company will collect feedback from current or potential customers to improve the existing features of the product. Company will list down the existing issues or concerns raised in the similar products and resolve them in a timely manner. We ensure that the customer has the best possible experience with Droid Virtual Driving.Marketing and Sales”Good marketing makes the company look smart.
Great marketing makes the customer feel smart.” (Joe Chernov). We plan to adopt 4Ps marketing mix, Promotion, Product, Place, Price. DVD being among the first companies in the market to provide online VR driving course, we will invest largely in advertising and reaching the market through social media and mass media. To cultivate the product in market we would promote safety as an exclusive advantage over traditional driving lessons thereby targeting a mass demographic.
By taking a leaf out of Boeing, Est. 1916 in Seattle US, we will focus our market to USA first and then move across the globe to expand our horizons. Lastly, to promote the product in the market we would adopt a good discount strategy in the initial days.