Introduction
The present case study reveals the steps that companies in the transport industry have made to penetrate the new business segment. It covers the crucial problem that many companies have to encounter, and it is not a trivial task as statistics show that only one firm out of four succeeds (Markman et al., 2019, p. 1243). According to Gressel, Pauleen, and Taskin (2021, p. 9), the cornerstone of modern decision-making should be highly data-based. Therefore, it is important to identify the best market practices to broaden professional knowledge in the business sphere and reduce the share of failures.
Applied Analytics and Judgments
In order to achieve its goal, the company hired an experienced Head of Operations responsible for analyzing existing opportunities and risks. Firstly, he conducted a preliminary assessment of possibilities and threats based on his knowledge. That helped the firm’s management to identify the general spheres which should be further researched. Secondly, the company’s internal data was used, which allowed the discovery of the strategic resources the organization possesses. Thirdly, the Head of Operations consulted with his former business partners concerning the issue, which helped to gain more expert evaluation. Finally, after launching the product, the company collected customer data.
Alternative Methods and Suggestions for Improvement
Although the present case is a success, there are other potential ways to achieve similar results. Firstly, the company could use big data to research the demands of its customers (Cerchiello and Giudici, 2016, p. 11). Secondly, a thorough competitor analysis could be conducted, including potential entrants and substitute products (Zhao et al., 2016, p. 145). Thirdly, the digital and relational marketing channels could be assessed and developed for promotion purposes (Watson et al., 2018, p. 52). Moreover, the decision process itself could be improved. The customer data could be collected at the beginning of the process as their intentions and satisfaction are the final objectives of the company. Also, it could be reasonable to create various analytical groups for the project to include more specialized experts.
Summary
The steps that the company took were properly analyzed. Additionally, alternative ways of achieving success when exploring the new business segments and possible decision-making improvements were offered. Other methods could include the usage of big data, competitor analysis, and digital and relational marketing. It was suggested that the company conduct the customer analysis at the beginning of the project and create different analytical groups within the project.
Reference List
Gressel, S., Pauleen, D. J. and Taskin, N. (2021) Management decision-making, big data and analytics. SAGE.
Cerchiello, P. and Giudici, P. (2016) ‘Big data analysis for financial risk management’, Journal of Big Data, 3(1), pp. 1-12.
Markman, G. D. et al. (2019) ‘The who, where, what, how and when of market entry’, Journal of Management Studies, 56(7), pp. 1241–1259.
Watson, G. F. et al. (2018) ‘International market entry strategies: relational, digital, and hybrid approaches’, Journal of International Marketing, 26(1), pp. 30-60.
Zhao, Z. Y. et al. (2016) ‘Competitiveness assessment of the biomass power generation industry in China: a five forces model study’, Renewable Energy, 89, pp. 144–153.