With the deep analysis of the above alternatives, it is suggested that the business needs to choose the alternative 3 in order to maintain a competitive position in the long run. As the alternative 3 would make it possible for the business to not just introduce brand-new and innovative items in the market it would also decrease the high expenditures on R&D under alternative 2 and increase the revenue margins. It would make it possible for the business to increase its share rates too, as investors are willing to invest more in business with considerable R&D spending and increase in the overall worth of the company.
Action and implementation Strategy
Strategy can be carried out successfully by establishing specific short term as well as long term plans. These strategies might be as follows;
Short Term Plan (0-1 year)
• Under the short term strategy Hanson Ski Products need to perform numerous activities to implement its NHW technique effectively. These activities are as follows;.
• Get the audit of its brand name portfolio done, to take a look at the core selling brand names, which create the majority of its earnings.
• Analyze the existing target market along with the market section which is not include in the company's circle.
• Examine the present financial data to measure the amount that should be invested in the R&D and acquisitions.
• Examine the prospective investors and their nature, i.e. do they want long term benefits (capital gain), or the want early profits (dividend). It would let the business to know that just how much quantity needs to be spent on R&D.
Mid Term Plan (1-5 years)
• Obtain those companies in which the company has potential experience to deal with. Obtain most beneficial companies with a strong commitment to health, to construct the consumer's understandings in the right instructions.
• Focus more on acquisitions than R&D to develop the base in the consumer's mind about Hanson Ski Products worths and vision and to prevent prospective risk of sunk expense.
Long Term Plan (1-10 years)
• Obtain organizations with health in addition to taste aspect, as the base for the Hanson Ski Products as a company producing healthy products has been built under midterm plan and now the company could move towards taste aspect as well to comprehend the consumers, which focus more on taste rather than health.
• Be more aggressive towards R&D than the acquisitions, as it is the substantial time to build brand-new products.
