With the deep analysis of the above options, it is recommended that the business ought to choose the alternative 3 in order to keep a competitive position in the long run. As the alternative 3 would make it possible for the company to not just introduce brand-new and innovative items in the market it would also minimize the high expenses on R&D under alternative 2 and increase the profit margins. It would allow the business to increase its share costs too, as investors want to invest more in companies with significant R&D spending and increase in the overall worth of the company.
Action and implementation Strategy
Strategy can be implemented effectively by developing specific short term along with long term strategies. These plans could be as follows;
Short Term Plan (0-1 year)
• Under the short term strategy The Man In The Mirror B need to carry out different activities to implement its NHW technique efficiently. These activities are as follows;.
• Get the audit of its brand portfolio done, to take a look at the core selling brands, which generate most of its income.
• Examine the present target market as well as the market sector which is not consist of in the business's circle.
• Examine the current financial information to determine the amount that should be spent on the R&D and acquisitions.
• Evaluate the prospective financiers and their nature, i.e. do they desire long term benefits (capital gain), or the desire early earnings (dividend). It would let the company to understand that how much quantity needs to be spent on R&D.
Mid Term Plan (1-5 years)
• Acquire those organizations in which the business has potential experience to deal with. Acquire most favorable organizations with a strong dedication to health, to build the consumer's perceptions in the best direction.
• Focus more on acquisitions than R&D to develop the base in the consumer's mind about The Man In The Mirror B worths and vision and to avoid potential threat of sunk expense.
Long Term Plan (1-10 years)
• Get organizations with health in addition to taste element, as the base for the The Man In The Mirror B as a business producing healthy items has actually been constructed under midterm strategy and now the company could move towards taste aspect as well to comprehend the customers, which focus more on taste rather than health.
• Be more aggressive towards R&D than the acquisitions, as it is the significant time to develop new products.
