With the deep analysis of the above alternatives, it is advised that the company needs to pick the alternative 3 in order to keep a competitive position in the long run. As the alternative 3 would enable the company to not just present new and ingenious items in the market it would also minimize the high expenditures on R&D under alternative 2 and increase the revenue margins. It would make it possible for the company to increase its share prices as well, as investors are willing to invest more in business with considerable R&D costs and increase in the overall worth of the company.
Action and implementation Strategy
Method can be implemented successfully by establishing certain short-term along with long term strategies. These plans could be as follows;
Short Term Plan (0-1 year)
• Under the short-term strategy Changing Channels Progressive Insurance Drive Insurance ought to carry out numerous activities to implement its NHW technique effectively. These activities are as follows;.
• Get the audit of its brand portfolio done, to analyze the core selling brands, which produce the majority of its income.
• Analyze the current target audience as well as the market section which is not consist of in the business's circle.
• Evaluate the current financial data to determine the quantity that should be invested in the R&D and acquisitions.
• Examine the possible financiers and their nature, i.e. do they want long term benefits (capital gain), or the desire early profits (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)
• Obtain those organizations in which the company has prospective experience to deal with. Get most favorable companies with a strong dedication to health, to develop the consumer's perceptions in the best direction.
• Focus more on acquisitions than R&D to develop the base in the customer's mind about Changing Channels Progressive Insurance Drive Insurance values and vision and to prevent possible risk of sunk expense.
Long Term Plan (1-10 years)
• Acquire companies with health as well as taste element, as the base for the Changing Channels Progressive Insurance Drive Insurance as a business producing healthy items has been constructed under midterm plan and now the business might move towards taste factor as well to grasp the consumers, which focus more on taste rather than health.
• Be more aggressive towards R&D than the acquisitions, as it is the significant time to build brand-new items.
