Growth Strategy for OTC Tech
OTC Tech should focus on manufacturing products or machinery that tap into the extensive pool of core competencies, skills and existing assets. The company should boost its research and development infrastructure and capabilities to enlarge into separate, recognized generics in specific therapeutic sectors such as dermatology, urology, and women’s health. OTC Tech should also maximize on their mergers and acquisitions that would allow them to have new capabilities and products boost revenue growth and fortify its geographic effect. Lastly, OTC Tech should build a strong leadership group that brings the staff together within the organization toward a common vision and a drive toward achieving it.
OTC Growth strategy
Plans for new products
OTC Tech should develop new products to sell to the present customers as well as having new customers. Selling the new products to existing customers is far less risky as they are loyal to the brand name as compared to learning a new product and marketing it at the same time.
OTC Tech should offer a discount program that will attract buyers to their stores. The increased purchasing activity will result in larger growth margins for the company. The company can also offer the same merchandise in the form of rewards that will attract more customers.
OTC Tech should engage in aggressive marketing that targets all the major niches that contribute toward increased profit margins for the company. The company can target the youth who purchase most of their products through road shows, advertisements and other interactive activities such as sporting competitions.
OTC Tech should invest in more distribution suppliers that will serve to increase the number of customers who can access their products.