CanGo strategic planning
Currently the worldwide online gambling industry has emerged as one of the major as well as most speedily growing markets. With an estimated net worth of about $30 billion, in the preceding year it stretched at the rate of about 2.5% subsequent to a retard in the year 2009 universal economic slump and is projected to keep on to growing in the coming years. At the same time as reputable markets have attained prime of their life and have minimal opportunity for revenue, they are still anticipated to perform robustly and gain from a recuperating economy. Betting emerged to be the uppermost grossing activity in worldwide interactive gambling previous years. It is clear that as of 2012 online gambling was prohibited in a good number of Asian countries; however, clients by and large maintained their interest in gambling. CanGo as the competitors is in an extremely aggressive industry, the said industry engrosses books, videos, music as well as online gaming. Even though CanGo has registered tiny problems, they have tried to attain their maximum successful. Through their founder, Liz, the company has managed to succeed in venturing to additional online avenues.
After a proper review on CanGo’s operations for the previous quarter, it is without doubt that there are things that CanGo has to take care of for them to improve in the industry. For instance, diminution in price alongside implementation of the ASRS, inventory as well as product administration to be incorporated into a universal ERP as well as CRM database, this is purposely to drive prospective business development, by creating a vigorous technological way out.
More recently it has become clear that internet can be used in branding efforts. It is an essential tool effective in creating and increasing awareness of the brand especially among online users (Jevons, 2005) For instance, many internet users who come along Can Go on the internet for the first time will from there understand what it is, what it represents and its strategies. By putting Can Go in the internet, the brand will have a chance to stand apart from our competitors and increase our market effectiveness. It is therefore proper for a company website to drive customers to present their purchase requirements online or by making phone to call for the company to make sales. This system will in a way or another lessen inventory by repetitively turning product into sales. There is also a need to rework the company’s production procedure to give way to advanced effectiveness as well as cost diminution.
CanGo has experienced a huge expansion in their 1st two years in the business. It is therefore rated among the fastest growing small businesses within the industry. This is to say that Can Go has the potential to offer public shares paving way for them to accumulate as much more capital as they can to invest in prospective new online products. They can bank on that achievement by pushing on to bring on board additional investors. This move will accord the company millage over their competitors as they will get more exposure in the future. It is also advisable for Can Go to institute sales in a comparatively reasonably priced range, such as games.
Brand development is important or the product to attain an overall appeal especially from its customers. Everyone needs to be connected on a common ground for a brand to be rated successful. Brand development will then come handy in utilizing on marketing, advertising, public relation, and social media and works together and consistently to boost its character. (Alina, 2006) Can Go’s core strategy will thus be to define their strategy so all channels of communication can be effective and directed to the right channels.
The study of consumers is paramount in speculating how they will react to your brand- what do they think, feel, and behave towards your brand. Behavior applies either to an individual or in the context of a group in relation to a specific product. When branding, the company needs to look at the physiology of the consumers which is influenced by his surrounding environment- (that is his culture, behavior patterns, and family), shopping behaviors or shopping decisions, consumer level of knowledge, all this affect the branding. (De Chernatony & McDonald, 2002) For instance, a culture where alcohol is forbidden means that branding of alcohol in such a culture will receive negativity response and sometime hostility.
The company is also aware of competitors already in the market and others who could join later with a promise of more innovative product, highly desirable product etc. Elliott & Percy, (2007) argues that the market is always big for new players to take over and challenge existing players. This means Can Go need to keep evaluating its strategies and exploring new ideas, while seizing new opportunities.
According to Keller (2003), going international mainly results from severe competition in the domestic market, greater international markets and opportunities that are limited in domestics settings. Global brands also enjoy economies of scale with a reduction of the costs. Due to globalization, many brands thus can easily and effectively take advantage of the mobility of customers.
Accountability strategies in a culturally diversified workforce will be greatly influenced by the leaders or host managers, the entire workforce will follow in the direction of the leader and hence if the leader’s culture encourages accountability the entire workforce will be bound to be accountable because through this they should expect great rewards. What a leader considers to be ethical behavior or moral practice will form the basis in the decision making process, thus again the leader’s culture will greatly determine which decision making strategy that the business organization can adopt.
Alina W, 2006, Designing Brand Identity: A complete Guide to Creating, Building, and Maintaining Strong Brands, Wiley, New York. Retrieved on 23rd Feb 2014; http://www.prophet.com/sites/strongbrands/?gclid=CL66iN7I4rwCFQKWtAodYHMAvQ
De Chernatony & McDonald, M. 2002 “Creating Powerful Brands” Prentice Oxford. Retrieved on 23rd Feb 2014; http://www.amazon.co.uk/Creating-Powerful-Brands-Leslie-Chernatony/dp/0750659807
Elliott, R and Percy, L. 2007, Strategic Brand Management, Prentice Oxford. Retrieved February 23, 2014 from http://opinto-opas.metropolia.fi/fileadmin/user_upload/En/General/Liiketalous_kurssit/MBS_Course_descriptions_for_2013-2014_Spring_offerings.pdf
Jevons, C. 2005, ‘Names, brands, branding: beyond the signs, symbols, products and services,’
Journal of Product & Brand Management, Vol. 14, Issue 2. Retrieved February 23, 2014 from 2014; http://ro.uow.edu.au/cgi/viewcontent.cgi?article=1343&context=dubaipapers
Keller, L. 2003, Strategic Brand Management’, Prentice Hall. Retrieved February 23, 2014 from http://booksily.org/pdf/strategic-brand-management-keller