Bandicoot Imaging Sciences is in the imaging industry. Some of the organizations in the imaging industry that relates to Bandicoot Imaging Sciences include Canon Inc., Samsung Electronic As Co., Nikon Corporation, Sony Corporation, and FUJIFILM Corporation, among several others. Other sectors that this company relates to including electronics & semiconductors, energy & natural resources, IT & Telecommunications industries, among others.
On the challenges confronting the organization, the impression that it created at first is that the organization is faring well with the marketing of its products, and despite being a new enterprise, Bandicoot Imaging Sciences has laid down a proper marketing strategy that enables it to achieve fast growth in the stiffly competitive technology market. Its use of Software as a Service (SaaS) has enabled it to overcome the barrier to adoption, which is one of the major challenges facing companies in such industries. The organization is in a maturing sector, with several other companies doing the same thing over a period of time. However, Bandicoot Imaging Sciences has entered the market with extremely new methods of service delivery that make it be outstanding and hence gives it a competitive advantage over the other competitors.
According to Kraus (2017), the customer needs in this sector are fast-changing, and Bandicoot Imaging Sciences has been able to identify such trends and is working, through the use of SaaS to ensure that it is up to date with the needs of the consumers so as to tap as many customers as possible. That can be seen in the trend of growth of the company, whereby in less than two years, it has managed to move from trials to over 200 scans per month, which is between 2019 and 2020 (Bandicoot Imaging Sciences, 2020). From the case, the company does not seem to confront a variety of opportunities but is rather focused on imaging sciences through the use of Software as a Service. The aim of the organization is to change how people experience material online, and through this, businesses that it serves are able to appeal to their customers and increase their sales.
Considering the Environment
There are several factors in the external environment that could positively and negatively impact the business. These factors include social factors, environmental issues, technological factors, economic factors, and ethical and legal issues. Such factors have been in existent for a long time, and they continue to give rise to changes that either create opportunities or threats to the industry or organization.
Competitors environment - the digital imaging industry has been existence for quite some time, with big companies such as Sony and Nikon. Besides, the industry is also fast-growing, and that implies that there are higher chances of more businesses venturing into the industry, hence the risk of new potential entrants. However, for the analysis of Bandicoot Imaging Sciences competitive environment, we will base on the analysis of existing competitors, and the strategies they use that may be a threat to it. The major competitors of Bandicoot Imaging Sciences are PhotoScan, SCANable, and VIZOO.
These organizations pose competitive threats to Bandicoot Imaging Sciences due to their varying strategies, and the fact that they have been in the industry for a longer time. For example, PhotoScan uses pricing strategy with no focus on quality, and this makes Bandicoot have more advantages that are since Bandicoot offers both quality and low pricing. VIZOO, on the other hand, uses the quality strategy by offering extremely high-quality services, with premium pricing. Bandicoot, therefore, has the potential of enjoying a larger market share as it offers both high quality and low pricing, which is a very appealing strategy to the customers. The rivalry intensity can present significant impact to the entire industry by limiting the potential of gaining profits when the competitors in the market forcefully target one another's markets and do their product pricing aggressively to gain the business.
Social factors have great impacts on digital imaging, and one of those ways is through the social barriers that sometimes are a contributing factor to internet adoption in digital marketing penetration in certain demographics and areas. There are countries where internet access is really low, with about 75% of their population being offline, and concentrated disproportionately in rural, elderly, low income, and female (Taiminen & Karjaluoto, 2015). Internet adoption for this section is considered to be a mere commodity with no perceived benefits. Such a social factor poses a possible threat to the business and digital imaging industry at large. The industry significantly relies on the internet as the key medium of doing business, and when internet access among the consumers is low, this reflects low rates of adoption, which is a threat to its progress.
Environmental issues also form a large portion of the macro-environmental factors affecting the organization. The internet has been argued to be of positive impacts on the environment as it encourages paperless transactions. The internet makes paper consumption obsolete in several ways, and examples include the adoption of paperless billing, reading online newspapers, and digital marketing, among others (Chaffey et al., 2013). that is a boost to the organization, since it majorly relies on technology, making it an ideal and accepted business form that helps in preserving the environment. Digital marketing through the use of online photos is fast growing and has been adopted by large organizations such as Amazon, and this presents a major opportunity for the organization (Kannan, 2017).
Another macro-environment that affect businesses are technological factors. In the current technological world, technology is a major contributor to the day-to-day operations of a company. Coming to the digital environment, the major challenge that companies may have to cope with is the fast-changing and acceleration of technology and services. A company that is not able to adapt to such changes could make poor choices as well as miss opportunities. The inaccurate use of the social media platform could also be a contributor to those missed opportunities and poor choices (Tiago & Verissimo, 2014). However, Bandicoot Imaging Sciences is properly making use of the social media platforms and is also updated on the use and adoption of new technologies, and therefore this factor is a plus for it.
Insights About the Organization Itself
The organization has a very rich base of strategic resources. The first set of strategic resources that it has is the highly experienced experts in the various fields within the organization. The professional team is a rich strategic resource as they have created systems that enable the company to achieve a convenient creation of digital images for their clients. The organization also has a credit score, payment predictor, and monitoring resources.
The resources that have provided advantages over its competitors include credit score, which safeguards trading decisions using statistically-based credit scores in determining the level of risks associated with an entity. They include services such as suggested trading recommendations, instant credit risk rating, and a 1-month historical score. Such a strategy gives the organization strengths greater than those of its competitors by making the customers have confidence in consuming their products and services.
The Organization's Stakeholders
The stakeholders include the team at Bandicoot Imaging Sciences, the customers, product management, social media, websites, mobile apps, and platforms, and other technology firms such as Google. The expectations of the stakeholders are similar, as they all expect high-quality images from the organization. Those who have power and influence over the organization's strategy is the Managing Director, who is at the top level of the organization's management. The future issue that the strategy needs to address is the issue of accessibility. There is limited access to their services, and this should be a major rea of concern to be addressed by the strategy.
Statement of the Problem
The organization has a limited focus on customer development. Customer development is the process of identifying the needs of the customers, building the right product to satisfy those needs, testing the correct methods of acquiring and converting customers, then developing the right organizational resources to meet the demand for the product. The organization has a limited focus on customer development because it is still new and has to focus on other elements such as product development and marketing for investment.
Develop and Evaluate Strategic Alternatives
The first strategic alternative for Bandicoot Imaging Sciences is to target their audience in their advertisements. While the company is currently busy focusing on product development, it is also important to focus on their customers by making products that are specially aligned to their needs. It could be absurd to focus on a product that does not match the needs of anyone currently walking on earth. Most of the businesses run campaigns that are not adequately targeted, and this is despite the fact that targeted campaigns are one of the key advantages of digital marketing that any organization needs to adequately make use of.
Bandicoot also needs to brand well. Branding is very key, as it is what makes a product or company to outstand from others. the customers need to immediately identify your ads based on your copy, imagery, color choice, typeface or logo. Thinking that this looks absurd is dangerous, and any company without proper branding might find it very hard penetrating the market. For example, you could look at what other companies are doing, such as Coca Cola, Google, and Apple. These companies have their mark that are very unique and they are easily identified with them. That is the exact thing that Bandicoot needs to as part of its strategy in order to achieve its marketing objectives.
It is recommended that Bandicoot put in place a sales and marketing department within their organization. A look at the organization's staff leaves one wondering how the team made up of only technical staff is able to manoeuvre through the market and understand the market forces and how to meet them. Coupled with its underlying strategy, it is evident that the organization is currently mainly focused on product development, but it is essential to understand that for the product being developed to be effective, the needs of the customers have to be understood, then the product developed in line with the same.
Having in place professionals in the marketing field will be a big boost to the organization until now tends to believe that the technical team is all it needs to make the product successful. Making a comparison to other companies in the same sector, such as PhotoScan, SCANable, and VIZOO, a big rift exists, especially in terms of organizational administration. It is good to have a good team of scientists and engineers who develop the algorithms and transform science into solution. However, this is business, and in the long run, making profits is the major objective, and achieving this requires personnel who can conduct market studies and recommend to the technical team ways through which the products can be customized to meet the customers' needs. One of the marketing challenges...
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