VictoryMotorcycles is a manufacturing company based in northern Iowa. Thecompany began production of automobiles in 1998. is the motorbike sector of Polaris Industries, who proved itscharacter in power sports by manufacturing snowmobiles. It alsomanufactures all-terrain automobiles, such as the prevalent UTV andthe Polaris Ranger. The company has seen substantial growth as wellas subsequent expansion owing to the popularity of its products. Thispaper will look to assess the company’s strategies to attractcustomers and outline where modification can be utilized to bettertheir sales. It will also entail suggestive measures that can be usedto increase its level of value-creating diversification. Inaccordance to various research studies, relationship between toplevel management as well compensation involved plays a huge role inproductivity levels. The paper will outline the positive relationsbetween size of firm and top-level managers compensation.
VictoryMotorcycles has benefited tremendously from its diversificationstrategy. It is a strategy that has made the company so famousglobally. The company enjoys an extensive variety of products such assnowmobiles, watercrafts as well as motorcycles. Additionally, thecompany has a wide enough market around the globe ranging fromAmerica to China, Australia, Brazil and Russia. They also targettheir markets by improvising and manufacturing high quality, welldesigned motorcycles. Due to the competitive nature of modern daycompanies, innovation and quality are a two major vital aspects. have realized this and incorporated the same toboost their sales.
VictoryMotorcycles also banks on its unique customer relation practice. Itoften illustrates on its technological advantages associated with thebikes they manufacture. They bring out all their engineeringdepartment personnel and allow people to query them on matterspertaining their products. Their engineers are also allowed to ridethe bikes in important events bringing about connectivity. Byemphasizing on a good relation between its personnel and top-levelmanagement, the company productivity levels are also boostedaccordingly.
VictoryMotorcycles also has a continuum that involves product improvement,customer satisfaction as well as dealer satisfaction. One drives theother drives the other and so on. By initiating this formula, thecorporation creates sales and marketing devices, plans primaryVictory apparel as well as accessories that enable continual productdevelopment.
VictoryMotorcycles additionally lets a rider to modify it productsshowcasing all probable blends at a display on the display area usinga certain program. The program they use allows the customer to viewhow the product would look like with all the accessories like highwaybars, windshields as well as saddlebags and then ride on the producte.g. bike they have developed. The program, created in recital withVictory Dealer Advisory Council lets the dealers to stock minimumparts records and limited units while providing to their customers [ CITATION Den15 l 1033 ].
Thelevel of competition in the Automobile industry is quite high. Firmsthat have the technology as well as the capacity to manufacturehighly efficient motorcycles are also many. The company thereforeought to check on potential competition. It needs to be at theforefront when it comes to matters innovation. Always incorporatefresh automotive designs and increase the efficiency levels. Sinceenvironment is a crucial aspect in the current world, the industryneeds to adjust and innovate environmental friendly automobiles suchas electric vehicles.
Asportrayed above, generally incorporates itscustomers especially in customizing the products. By doing so, theproduct designs are always adjusted depending on customer desires.This strategy widens its marketability as well as sustains itscurrent customers. All in all, by formulating strategic plans tocarter for all aspects of innovation, the company could improve itsmarket scope and increase their sales accordingly.
Increasinglevel value to create diversification
Asevidenced above, has a quite diversified market.It traverses through several countries across the globe due to itshigh quality products. There tends to exist a non-linear relationbetween value created and diversification. This is because, afterachieving its peak, diversification becomes value damaging.Additionally, research has affirmed that related diversification ismuch more profiting than unrelated diversification. For instance, if diversifies within the markets, it penetratestogether with its related product i.e. diversification also entailsthriving of the products Victory Motorcycle offers. A good example isdiversification of automobiles such as electric and hybrids amongothers, the company will also encounter substantial growth. However,if the company starts manufacturing products that are totallyunrelated such as bags, shoes among others, it may end up beingdisastrous. This is because the company is not well acclimatized tothis aspect product production and may lack enough knowledge tocompete in this particular market.
Inthat respect, should diversify on productsrelated to automobiles rather than other products that are not withintheir scope. Success in the market does not necessarily entail supplyof many unrelated goods. Instead it requires diversification withinthe related scope.
Johnson, D. (2015, November 1). At , passion drives the ride. Retrieved from At , passion drives the ride: http://www.dealernews.com/dealernews/article/victory-motorcycles-passion-drives-ride