Corporate Sustainability, Innovation And Sustainability

In today’s business landscape companies are measured on the corporate sustainability, innovation and also the ethical responsibility. Companies are being challenged to become agile and resilient in the ever changing market. Over the past ten years, many large corporate companies have expanded their markets and driven out many of the small business players. Companies that are looking to make it in this ever expanding competitive market will need to evaluate at their current business strategies and also instill new strategies for the future. Within my strategic plan that was outlined for week five I highlighted multiple initiatives that would need to be carried out for the company to be successful. The first strategic key business drivers†¦show more content†¦As new markets and trends begin to talk shows around the world the company needs to activating rather than reacting. Surveying the market across the globe will allow the company to be diverse and agile. By always having a global perspective to the business decision making will be more precise and less destructive when change happens. Expanding the business is looking at emerging products and also segments that need capital to help grow. This initiative is important to catering to more customers and increasing revenue. Many companies strictly look at acquisition at purchasing other companies. Although this is one type of acquisition you can also gain the competitive edge by hiring strategic employees that will give you the knowledge and passion for advancement. Currently at Garmin the company is always looking for companies that they might be able to acquire in order to continually having the competitive edge. Overall, I feel that this is a positive for the company in being resilient. When the company executes with these initiatives it will result in increased revenue. In addition, it give the company more diversification for the changing market. Lastly, the company will be preparing themselves for the future. Additional initiatives that Garmin will need to analyze is the product mix. Companies that offer the correct product mix are more likely to be successful. As outlined in the strategic plan