Essay: Multi-Tech

Essay details:

  • Subject area(s): Marketing essays
  • Reading time: 4 minutes
  • Price: Free download
  • Published on: July 3, 2019
  • File format: Text
  • Number of pages: 2
  • Multi-Tech Overall rating: 0 out of 5 based on 0 reviews.

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Overview

Multi-Tech’s mission is “To develop and steward great technology through creativity and innovation.” The company wanted to be able to lead today’s generation through technology that is creatively accomplished and highly innovative. The missions was developed by by starting to look at the image of the company from outside going in. Thinking about what the company, right at the start we knew wanted to be able to lead the market. As we progressed from quarter to quarter, we were able to stand by our mission and deliver it very well.

Our initial strategy started with a market size that focused on large and highly competitive segments. We chose to set our sights straight for a geographic market that was large despite of its cost and also on medium-sized markets that had costs in the middle. We wanted to be the first in the market and take the lead as well as to be a fast follower, imitating smart competitive moves and attack competition on home ground. We set our strategy into becoming the technology leader and the high service provider in the market. We set our target firstly on Mercedes and Workhorse followed by the Traveler. This was due to the Mercedes being a higher and more competitive segment, which matched our set of strategies in the beginning. We included the Workhorse because they had a large market segment in multiple cities that would allow Multi-Tech a chance to be able to dominate the market on a larger scale. The Traveler was then added so that we can also cater to a variety of needs from different target segments allowing for a diversity of products.

Strategy after Second Quarter

After the first quarter, we reviewed our strategy and the impact it had on our company. As we did very good in the first quarter, we chose to keep the same strategy for the second quarter. We kept focusing on large and highly competitive segments, and thereby taking the lead in the industry. Overall, I would say that our company was positively affected by the strategy we put in place during the 1st quarter and 2nd quarter. When we developed our strategy, we really took in consideration each of our company’s stakeholders. It was really important for us to provide a strategy that would benefit all stakeholders in our company. In the future, we plan to keep the same strategy. Some improvements or adaptations will be necessary in the long run due to the fast paced world of technology. We believe that this is the best option for our company.

Performance

Financial

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