Randy Hetrick and TRX: Protecting Intellectual Property Rights (A) Case Study Solution
Evaluation of Alternative B (Modification)
The plan involves the modification of the existing product to better fit the customer's needs and demands. This requires detailed analysis and surveys of what the public demands are. If successfully fulfilled, the product might prove a great success as it has been customized according to one’s needs. The sales and marketing need to be redesigned and new staff hired to complement the new system.
Pros
The product modification would give a new product line to the firm which is custom made and thus attract a large customer market. This would increase the profit base and aid in gaining a significant market in the highly competitive market having numerous counterfeiters.
Cons
The modification might spoil the brand legacy which they have gained over a period of certain years. Moreover, it would require detailed analysis of the market and conducting surveys which are cost-effective for a firm having a stagnant position in the market at the moment.
Evaluation of Alternative C (Cost Cutting)
Cost-cutting strategy is much more effective in terms of a rising intruder but might prove a great setback to the firm standing in a stagnant position at the moment. The intruders have cut their prices to half and thus attracted more customers. The same strategy can be adopted in order to regain market legacy and beta the intruders, low-cost low-quality strategy needs to be adopted.
Pros
The strategy is a replica of exactly what the intruders are doing in the market and thus an effective way to beat them. This is because the company is unsafe due to infringement issues and there seems no way to come out of that problem so beating one with their own strategy might prove beneficial.
Cons
A much greater impact can be the loss of a market legacy that they have gained over years. Their loyal customer base might be diverted due to the decrease in quality products they once offered. This can be a big hit to the brand image and thus cause a loss of brand image. Cost-cutting also involves having a huge revenue base which in the current situation is not possible.
Decision
The best decision would be the choice of Alternative A i.e. Post-Sale Services/Complementary Services. This would render the sustenance of the brand legacy that the firm has developed over a period of several years as well as fighting the rising intruders with tough competition. The plan would help in sustaining current loyal customers as well as attracting new customers. Attractive sales packages and adding on additional services are bonus points to the current sales. There are however cost related issues which might alter on be overcome by profitable revenue generation.
Other options might be a little distressful as modification of the product may decrease the value of the brand which they have established over a period of certain years and cost-cutting and low quality might distract loyal customer bases.
Implementation Plan
The best way to implement this plan would be the hiring or training of new staff members in the effective designing of new plans and strategies to overcome the current hurdles. The customer service and assistance team need to be broadened in order to fulfill the demands effectively. Surveys need to be done to have a deep insight into customer demand and needs. The initial cost might be an issue in the beginning but can be overcome later on if the program renders successful. Advertisements can be designed to attract customers to buy their products. Social media might prove a means of advertising the products with minimum charges...................
Recommendations
The above mentioned strategy requires great zeal of input both in terms of cost and energy as well as the workforce. This requires a great deal of analysis and market research as well as the hiring of personnel that would overcome the issue effectively. So there is a tiring need of putting in great effort and enthusiasm as there is a long journey to cover when everything needs to be designed from root to tip. Having small sessions to boost up the spirit of employees and motivate them to surpass the current hurdles easily.
Appendices
Appendix 1: SWOT Analysis
Appendix 2: Alternative Options
Appendix 3: Best Chosen Option
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