Homestar Company problem & solution for decision making

[Audio] Homestar Company problem & solution for decision making by Group 5.

[Audio] Key players in this use case are CEO: Hal Marden Marketing Head : Kelly Dowd R&D Head: Charlie Hamad Featured speaker: Caroline Broderick Consultant from B-school: Peter Fortuna Competitors considered: Vanguard, Whirlpool.

[Audio] Lets look at current situation in home star company. Not a customer centric organization Increased competition by small firms Lack of focus on emerging markets Lack of collaboration between Marketing and R & D department Lack of innovation, limits growth of the company Lack of product pipeline Lack of agility Lack of time to market decisions.

[Audio] Now, lets look at key problems and challenges. Failure of Jumbo Appliances Pressure from Competitors Change in Consumer Expectations Unable to capitalize market pulse Slow Innovation Cycle Poor Resource Allocation Lack of New Products Zero product pipeline R&D and Marketing Misalignment Leadership Resistance to Change Unclear Innovation Strategy Lack of collaboration between departments Poor decision making by leadership team Old School thought Lack of cultural shift Institutional Inertia Potential Need for New Leadership Lack of openness to Ideas Lack of communication channels.

[Audio] And the solution being proposed by our team are Tactical Plan Strengthening product pipeline Establish channels to receive customer feedback Build capability to understand consumer needs Increased collaboration between R&D and marketing departments Outsource prototype building to third-party Improved decision making by leadership team Strategical Plan Refresh HomeStar's approach to innovation with consumer centric Fail fast culture - Shift on "first, best, only" position and avoid the "build it and they will come" mindset Innovation from everywhere culture from all employees from finance to HR. Time to market by speeding up product development through incremental process before committing full resources to a project. Intellectual property strategy to create a sustainable competitive advantage. Enforced hard decision making by leadership team.

Thank you.