Issue Challenges Faced by Entertainment Electronics Industry.Doc Uploaded Successfully free essay sample

Issues Challenges faced by Entertainment Electronics Industry Change is relentless within the Entertainment Electronics Industry (EEI). Successful leaders over the short AND long term must doggedly address change. They must never tire never get mired in the romance of their history. As EEI is the harbinger for most other industries, issues hit here first and must be sorted out amid tremendous pressure. Winning EEI industry leaders tend to be either visionary business strategists or the consummate fast-follower because this market is dynamic. EEI companies must [pic] Business gurus in other industries may argue over which of two competitive paths is best creating value by focusing leadership attention on opportunity management or creating value by continually reducing costs. But captains of consumer electronics know that to survive in this global market, companies must do both simultaneously business opportunities new products must wed with operational efficiencies consolidations. Everyone knows this †¦ †¦ and yet, in the privacy of the boardroom, when it comes right down to the last hard choices, each company leader tends to put their dollars and attention on one path more often than the other. And that has competitive consequences. And it doesn’t have to be that way. There is a portal that opens up a world in which such kind of trade off is unnecessary. The portal is venerable; and the concepts tools that lead one through the portal are so foundational they are often labeled anile irrelevant and are glossed over when, in fact, they hold the key to sustained competitive success. The portal to continuous competitive competence is the ability to resolve problems. For over sixty years, problem-solving has been quietly evolving into a powerful new discipline. At the leading edge of that evolution is Structured Innovation. In the consumer electronics industry, leaders need to solve problems at the edge of what is known. Modern competitive problems require a multidisciplinary team based approach, non-linear thinking, and paradigm shifting and more. In a nutshell, leaders who win every quarter and every year and decade after decade, in all environments, and against the best competitors are skilled at shifting their paradigm and solving their critical problems no matter how constrained. That’s it! There are no huge tooling costs, no disruptive cultural uprisings, no unpalatable trade offs. Cultivating the correct skills makes problem-solving reliable, quantifiable, manageable, and available on-demand. Structured problem-solving is the simplest, most dependable core competency a leader or a company can dust-off and modernize for competitive command of the entertainment electronics industry. The question is: will consumer electronics companies compete better in today’s environment if management focuses more intently on opportunity or cost? And how will that focus affect the company’s standing with customers, within the industry and with employees and partners? To Sum it up: Competitiveness means adapting well to change. Change equals new problems. And these problems are often at the edge of what we know. Structured Innovation, by its very nature resolves problems. The ‘harder’ the problem is, the more useful it is to use Structured Innovation to solve it. Innovating in a structured, methodical, reliable way allows for problem-solving as a manageable process. In order to remain competitive in today’s global marketplace, entertainment electronics companies need to constantly create value by resolving the conflicts that arise when there is an integrated focus on opportunity creation and cost reduction and change management. The basic and urgent core competency needs to be methodical problem-solving if a company is to remain competitively relevant. Every entertainment electronics industry leader needs to have the ability to: †¢ Quickly recognize when something is no longer working or when conditions have changed respond to psychological inertia; †¢ Define the problem and an achievable ideal situation to get more of what you want and less of what you don’t want define ideality; †¢ Develop the core competency to produce inventive-level solutions (in yourself and in teams across the organization) using structured problem-solving; †¢ Implement the hardy olutions throughout the system using effective change management (and resolve resistances along the way if necessary by using problem-solving tools); †¢ Solve any and all secondary problems; and †¢ Predict future risks, develop future strategies, and forge competitive leadership. With Structured Innovation as a core competency, the world of competitive mastery is open to visionary leaders. †¢ Be highly competitive (need to create value th rough innovative opportunity) †¢ Constantly create better business models (opportunity) †¢ Quickly transition to new platform technologies (opportunity) †¢ Produce innovative products position them well at the correct time to meet real market needs (opportunity) †¢ Etc. AND †¢ deal with serious price and product lifecycles erosions (need to create value through cost reduction) AND †¢ constantly improve business manufacturing processes (cost reduction) AND †¢ counter rapid market penetration by copycats products (cost reduction) AND †¢ Be agile react quickly and not be too proud to do what must be done, even if that is not ‘their usual way’; adopt superb change management skills (cost reduction) †¢ Etc.