Strategic Recommendation. Business & Marketing Research Paper

Strategic Recommendation of STRIVR Labs Inc.
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Strategic Recommendation of STRIVR Labs Inc.
STRIVR is a firm that assists athletes in training through virtual reality technology. In this regard, the firm is known for its cutting-edge gameplays and content associated with a particular sport and then offer an immersive experience to the athlete when they are away from the ground. Through these systems, athletes can train for extended periods without risking getting an injury. The virtual reality experience allows the athletes to react to different scenarios just as they would do while playing on the field. When an individual is traveling or is away from the routine physical training on the ground, the virtual reality reduces the risks of getting an injury. Moreover, when athletes train using virtual reality, they an opportunity to analyze the techniques used by their opponent. This assists them to figure out how they would respond in a real game environment. As a ne company, there is a need for a proper strategy to ensure that they successfully sail through the various changes in the market.
Strategic Recommendations
The recommendations on the strategy to be adopted by the company are based on corporate-level strategies, which an approach by top managers to administer or direct the firm (Strategic Direction, 2019). Notably, the proposed strategies are based on STRIVR business environment, as well as the inherent abilities. These recommendations focus on overall growth and potential opportunities for the company to pursue. It entails the various actions that a firm must take in order to achieve its long-term sustainability. When these actions are merged, they usually make up the strategic plan of the organization.
Business Stability Strategy
Stability is an essential aspect of business and is the primary approach through which the company can defend and maintain its strengths and interests. In order to maintain stability, it is recommended that the company focuses on its strength. STRIVR must continue promoting its current products and aim at enhancing the quality and reliability of the brand. Since the company has a massive spending portfolio, they can invest in novel technologies to gain a competitive advantage (Strategic Direction, 2019). The talents within the company present opportunities to create new products with different style tastes, consistently. In order to cement it presented as a go-to brand in sports virtual reality accessories, the company can continue offering new styles to suit the tastes of its consumers. Stability can also be attained through a strategic partnership with other technology firms such as Samsung. Samsung is known for its sophisticated and cool designs in appliances and devices, while STRIVR is an award-winning brand due to innovation and product style. A partnership with this firm offers opportunities to create new products. The partnership can also include research institutions such as universities and major technology corporations. Through research, business stability will be enhanced as clients have a comprehensive portfolio of quality products. Major technology corporation will assist the firm to spread its market reach, enhancing ...