With the deep analysis of the above options, it is advised that the company must select the alternative 3 in order to maintain a competitive position in the long run. As the alternative 3 would make it possible for the company to not only present new and ingenious items in the market it would also decrease the high expenses on R&D under alternative 2 and increase the profit margins. It would enable the business to increase its share prices also, as financiers want to invest more in companies with significant R&D spending and boost in the total worth of the business.
Action and implementation Strategy
Technique can be executed 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 Finnigan Corp must perform numerous activities to implement its NHW method effectively. These activities are as follows;.
• Get the audit of its brand portfolio done, to analyze the core selling brands, which produce most of its income.
• Evaluate the present target market as well as the market sector which is not consist of in the business's circle.
• Analyze the current financial information to measure the quantity that ought to be invested in the R&D and acquisitions.
• Examine the potential financiers and their nature, i.e. do they want long term advantages (capital gain), or the desire early profits (dividend). It would let the company to understand that how much quantity must be spent on R&D.
Mid Term Plan (1-5 years)
• Obtain those organizations in which the company has potential experience to deal with. Acquire most beneficial organizations with a strong dedication to health, to develop the consumer's perceptions in the right direction.
• Focus more on acquisitions than R&D to develop the base in the consumer's mind about Finnigan Corp values and vision and to prevent prospective threat of sunk cost.
Long Term Plan (1-10 years)
• Acquire organizations with health along with taste element, as the base for the Finnigan Corp as a company producing healthy products has been constructed under midterm plan and now the company might move towards taste aspect also to understand the consumers, which focus more on taste instead of health.
• Be more aggressive towards R&D than the acquisitions, as it is the substantial time to develop new items.
