Scott Electronic

In: Business and Management

Submitted By amjhulin
Words 412
Pages 2
Innovation is the Putting a new idea or approach into action. There are many issues that Scott Electronics plc would have to consider if it is to implement a strategy of innovation. The main issue that Scott would have to consider would be the financial aspect, as the initial cost of £10m is a very high cost considering company is only making profits of 8-10m per annum, the financial risk to the business is very high, as they projected sales value of the proposal is only £1.5m less £1m fixed costs per annum. If the projected sales is only a little lower than forecast then the profits may not be worth the initial investment as the company may find it hard to raise the finance for this strategy to work. Scott will need to increase the percentage of revenue that is spent on research and development, as this is currently well below the industry average at 1% compared to 10%. Equally the number of new products launched is per year is currently five per year compared to the average of 15, for Scott to implement this approach, he must increase the amount of revenue spent on R&D, as this currently puts the company at a competitive disadvantage in terms of new product development, although capacity utilisation is higher than the industry average. Increasing the amount spent on this may have an effect of the capacity utilisation. Scott electronics currently have a marketing model that focused on gaining a reputation of being competitively priced, reliable and functional products and Scott Electronics has placed little emphasis on innovation, preferring to make cheaper versions of its competitors’ products that will appeal to their target market therefore there is a need for effective market research to identify potential demand for the product. From their research, the market is the largest potential market and will continue to grow. For innovation to be a success, Scott…...

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