In order to diversify the product line, while still maintaining the market positioning and the reputation of the Parker Company. The recommended strategies that have been identified are presented below.
The company should be built around divisions which manage the different products of the company. The strategies for the marketing, management as well as business practices need to be centralized which are made with consent form the headquarters of the company in theUS. The product specific structure of the business will enable it to take momentous decisions and focus on the different product lines it has for targeting different segments if the market.
The management of the Parker Company needs to be diversified. The new talent in the industry needs to be acquired by the company by recruiting innovative entrepreneurial skilled personnel. This would bring new talent, ideas and approach towards the markets and the products in the Parker Company. Aside from this the management also needs to be diversifies according to the products, the regions of operations as well as the market segments while still being integrated and centralized in terms of decision marketing and organization/ business strategy. Examples for this strategy would offer work placements and internship programs to graduate students who can be trained and recruited as management executives, or management trainees for the regional operations of the company.
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