Introduction
This report assesses three diverse corporations undergoing or undergoing important alterations due to novel technology, government intervention, and consumer taste. The article examines the effects and causes of this alteration, suggest optional plans that could have been executed, and the challenges encountered by management, besides assessing the effectiveness of their solutions.
On the first business affected by shifting consumer tastes, the effects and causes on the apparel, fashion, and luxury (AF&L). The cause is evolving client preference for eco-friendly and sustainable fashion. The effect was diminishing transactions of native fast fashion clothing lines. The problem encountered by the administration are:
Rethinking the supply chain to have ethical manufacturing practices and involve sustainable materials. Educating clients on positioning and brand novel values besides balancing the drift while attracting novel ones and retaining loyal customers. The implications of these changes vary for each corporation relying on strategic orientation and the digital beginning point.
Analytic and digital leaders (the corporations in which online sales stand for 35 to 40% of total sales, sections of the value chain are noticeably digitized, and offline and online channels are integrated to some extent.) are advantaged presently but could hastily lode if other players speed up their transformation.
Effectiveness of the solution: while assessing the effectiveness of the company, they executed a phased tactic to bring about sustainable clothing lines, engaged in a partnership with supportable providers, and initiated marketing crusades showcasing the organization. On suggested strategies and solutions as the CEO, it is critical to invest in development and research to create eco-friendly and innovative materials. Also, to cooperate with celebrities and influencers to promote sustainable fashion and to reinforce transparency by giving concrete information about the supply chain.
Business 2: Government intervention. (Business: ABC Tobacco Corporation).
Cause: higher tax imposition and tight rules on tobacco products. A report on a crusade for Tobacco-free kids that assessed tobacco corporation operations in twenty-three nations identified that the globe’s top tobacco organizations are targeting junior youth with promotions, advertising, and product placements around secondary and primary schools. These tactics incorporate youth-enticing flavors, easy availability, and appealing eye-level ads. The government is employing ways to curb this by increasing taxation on tobacco products.
Effect: decreased profitability and demand in the tobacco industry. On the solution’s efficiency, the company has invested in the formation of lessened risk and research on Tobacco products, an extension into upcoming markets with less stringent rules, and executed business communal accountability initiatives to improve the public image (Arno et al., 1996).
As the CEO, the suggested plans and solution are to advocate for engagement in public health initiatives and accountable consumption. Also, diversify the corporation by investing in businesses such as healthcare or pharmaceuticals and speed up the marketing lessened–risk tobacco products and their development.
Business 3: New Technology
Business PQR Taxi Company: the cause has been the sprouting of on-demand transportation services and ride-hailing mobile applications, with the effect of lessened taxi revenue and usage. The issues encountered by the management are: managing the drift from traditional taxi service to app-based models. Also, getting used to altering clients’ anticipations for affordability and convenience and competing with disruptive technology platforms (Liu et al., 2017).
The solutions have three efficiencies: executed loyalty programs and dynamic pricing to retain and attract customers, enhanced client experience through driver training and improved vehicle quality, and formed a proprietary driving-hailing app to compete with existing platforms.
As the CEO, the suggested strategies and solutions are to invest in autonomous vehicle technology so that the corporation may not be left behind in terms of technology, Also to collaborate with local authorities to form rules at the playing field level, and finally, to forge enterprises with drive-hailing apps to leverage their customer base and technology.
Conclusion
The three assessed corporations in this report have encountered noticeable alterations due to novel technology, administration intervention, and consumer tastes. Despite the solution being efficient to varying extents, alternative plans could have been applied. As the CEO, it would be critical to prioritize customer-centric tactics, innovation, and adaptability to control this alteration triumphantly. By embracing change and leveraging market insights, corporations can position themselves for competitive advantage and sustained growth in a dynamic environment.
References
Arno, P. S., Brandt, A. M., Gostin, L. O., & Morgan, J. (1996). Tobacco industry strategies to oppose federal regulation. jama, 275(16), 1258-1262.
Gibson, J. (2021). Fashion after COVID-19: Virtually the same, but different. In Global Pandemic, Technology and Business (pp. 45-68). Routledge.
Liu, Y., Han, L., Yin, Z., & Luo, K. (2017). A competitive carbon emissions scheme with hybrid fiscal incentives: the evidence from a taxi industry. Energy Policy, 102, 414-422.
write