Management Coursework: Global Enterprise - SIEMENS

SIEMENS
Name
Course
Professor
Institution
Due Date
Siemens
Introduction
For Siemens to dominate the market in the coming years and decades, the company needs to make strategic investments aligned with the future of consumer behavior and innovative technology. Siemens has to pursue different growth strategies to be competitive in the coming decades. There is no single strategy that can guarantee a competitive edge in the long run. Therefore, pursuing any one strategy in a highly competitive market can eventually lead to a diminishing market share. Siemens has to combine several strategies aimed at different goals to guarantee a competitive run in the future. Therefore, the best growth strategies for Siemens are market penetration, market development, and product development.
Growth Strategy
Market penetration
Currently, the product line and markets served by Siemens still have some potential and can rake in more revenue if fully exploited. Siemens can strategize on increasing sales of existing products or services on existing markets, thus increasing its market share. It can achieve this goal by doing more marketing, investing in offering competitive prices, and offering better value for money for its customers CITATION Raj13 \l 1033 (Rajagopal, 2013). The aim is to ensure that the customers buy Siemens' existing products more often. It would also be good if Siemens claim a larger market share. India and China are two profitable potential markets for Siemens products. Both are becoming increasingly strong economies, and hence the buying power of the people is increasing. The production of Siemens products in these markets is also relatively cheap due to their friendly foreign investment policies, low labor cost, and proximity to other parts' manufacturers. With a good market strategy, Siemens can increase its market share in these markets. Penetrating these markets would guarantee Siemens dominance in two of the largest countries by population.
Product development
Siemens needs to create new products. At the moment, Siemens is not the only manufacturer of its products. There are many other manufacturers, such as Philips, Beko, etc. Therefore, a suitable expansion strategy needs the company to create innovative products that can change the way people accomplish specific tasks in their homes. For example, the world is increasingly moving towards automation. Siemens can create a new product, probably a robot that can become a general home environment assistant, especially with the mundane chores at home. Investing in new products may also necessitate Siemens to invest in developing intelligent products backed by AI (Artificial Intelligence). AI technology has been touted as the future, and Siemens should make a strategic investment in AI technology to leverage the highly competitive market.
Secondly, the internet of things era is here with us. Consumers prefer "smart" products CITATION Car17 \l 1033 (Smith, 2017). Fridges and washing machines that can be operated over the cloud seems to be a technology taking root. Siemens needs to invest in ways to ensure that its existing products have similar capabilities. Additionally, they need to be environmentally friendly while offering more features. Cons...