An electronic company is facing a problem of decling market share due to increased competition from other new and existing players in the market. Its competitors are introducing lower price models for mass consumers. Who are price sensitive? For quality conscious consumers company is introducing new model with added features and new technological advancements.
(i) Prepare a model business plan for this company. Specify which type of plan you are preparing.
(ii) Identify the limitations of such plans.
(iii) How will you remove these limitations?

Explanation

Limitations of the above strategy are
(i) Shortage of funds
(ii) Shortage of technical professionals
(iii) Top level may not be competent enough to develop a suitable strategy
(iv) The company may not be successful in assessing the future plans of the competitors as compared to its own strategy.