The global market is like a turbulent ocean, sometimes calm and full of endless opportunities, and sometimes turbulent and full of hidden dangers. Amidst these volatile business landscape, the family business, led by his son, strives to forge ahead, but inevitably encounters numerous thorny challenges.
Recently, the market has shifted dramatically, like a sudden storm, catching businesses off guard. Sales of several previously hot-selling flagship products have plummeted. Products that once held prominent positions in major shopping malls and e-commerce platforms, commanding tens of thousands of monthly sales, are now seeing a sharp decline in orders. Inventory piles are piling up in warehouses, weighing heavily on everyone's minds like a mountain. A market research team has been urgently dispatched, delving into every sales channel to uncover the root causes of the sales decline.
After a thorough investigation, we discovered that consumer demands have undergone a profound shift. With the rapid advancement of technology and the significant improvement in living standards, people's demands for product quality, functionality, and personalization have become increasingly stringent. In the electronics sector, products that previously focused solely on basic functionality no longer attract consumers. Consumers now seek devices that are lighter, more portable, have extended battery life, and incorporate cutting-edge intelligent interactive technologies. For example, new smartphones must not only feature high-definition cameras and fast processing chips, but also innovative features such as facial recognition unlocking and intelligent voice assistants to meet people's diverse needs for efficient work and entertainment anytime, anywhere. While the family business's existing products have a good reputation for stability, they lag behind in meeting these emerging demands and fail to keep pace with the market.
At the same time, the company's recently entered several emerging business areas have not been developing at the pace anticipated. The once ambitious blueprint has been met with numerous obstacles in the face of reality, making progress extremely difficult. For example, in the manufacturing of new energy vehicle parts, a sector considered a key area for future development, the family business has invested significant human, material, and financial resources, hoping to capitalize on the emerging wave of green mobility. However, this has not been the case. From technological research and development to market promotion, every step has been fraught with obstacles.
In terms of technological research and development, the new energy vehicle industry is experiencing rapid technological evolution, with battery life and autonomous driving technologies advancing by the day. While the family-owned company has established a dedicated R&D team and is striving to catch up, it still lags far behind the industry leaders. Competitors have successfully developed high-performance batteries with ranges exceeding 1,000 miles and are gradually commercializing autonomous driving assistance systems. However, the company's products only meet market average in terms of range and intelligent driving features, making it difficult to stand out in this fiercely competitive market.
Marketing also presents challenges. The new energy vehicle market is crowded with brands, and building consumer awareness and trust in new brands takes time. As a latecomer, family-owned companies lack the brand recognition of established, long-established automakers, requiring them to expend multiple efforts on marketing. Furthermore, underdeveloped sales channels, a lack of innovative online marketing, and insufficient offline store coverage hinder product distribution and hinder market share growth.
Faced with such a challenging market situation, the son knew that if he didn't take decisive and effective action quickly, the company could lose its way amidst the turbulent waves and even capsize. So, he urgently convened a management meeting, where a fierce brainstorming session unfolded, with the fate of the company at stake.
The atmosphere in the conference room was as heavy as the low pressure before a storm. On either side of the long conference table sat the heads of the company's core departments, their faces solemn, their documents rustling as they flipped through them. My son, seated at the head of the table, surveyed the room with a resolute gaze. He broke the silence and spoke first, "Ladies and gentlemen, the market situation is grim right now, as I'm sure you've all experienced. Sales in our traditional businesses are declining, and progress in emerging businesses is hindered. This presents a huge challenge for the company, but it also presents an opportunity for transformation and upgrading. We've gathered everyone here today to pool our wisdom and discuss countermeasures. We must ensure that the company overcomes this challenge and gets back on track."
Everyone nodded, and the marketing manager spoke first. "Based on market research, shifting consumer demands are the key factor contributing to the sales decline. We must quickly adjust our product strategy, increase R&D investment, and launch products that meet new market demands. For example, the current trend in electronic products is toward intelligence, personalization, and environmental protection and energy conservation. We must focus on these areas, upgrading existing products or developing entirely new product lines."
The head of the R&D department then added, "While increasing R&D investment is certainly important, we also need to optimize R&D processes and improve efficiency. Currently, our R&D cycles are relatively long, resulting in product launches lagging behind market demand. We recommend introducing an agile development model, fostering cross-departmental collaboration, and ensuring close integration between R&D, design, and production to enable rapid response to market changes."
The head of the production department also expressed his views: "Product strategy adjustments and accelerated R&D both rely on the support of the production process. We must simultaneously optimize business processes and reduce operating costs. On the one hand, we will implement intelligent transformation of production lines to improve production efficiency and reduce labor costs. On the other hand, we will optimize supply chain management and establish closer partnerships with suppliers to ensure a stable supply of raw materials and cost advantages."
My son listened carefully to everyone's comments, occasionally jotting down key points in his notebook and nodding his head in approval. After a pause, he took over and further elaborated on his thoughts: "Everyone's saying a lot. Regarding emerging businesses, we need to strengthen market research and precisely identify our target customers. We can no longer blindly follow trends; we must deeply understand the specific needs, pain points, and competitive landscape of each emerging market. Take new energy vehicle parts, for example. Besides focusing on large customers like automakers, there may also be unique opportunities in niche areas like aftermarket repair and modification. We need to adjust our marketing strategies and develop personalized promotional plans based on the needs of different customer groups."
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