The Importance Of Planning Essay Research Paper

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The Importance Of Planning Essay, Research Paper GENERAL PRINCIPLES OF MANAGEMENT - 31.2GM1 THE IMPORTANCE OF PLANNING FOR A STEREO MANUFACTURER BY: ?YSTEIN AULIN Reg,nr. 943778923 HERIOTT-WATT 30/12 1995 THE IMPORTANCE OF PLANNING FOR A STEREO MANUFACTURER There have been a continuously developing process of recording, prepare & process, and playback equipment during the last century. This has placed the music in a totally new position in our society. Prior to the 20?th century music was only related to special occasions like concerts and the high festivals. This has changed. Nowadays we listen to music wherever we are, in supermarkets, cinemas, radios, official places and even from small pocketsized players. Earlier all music was live, today almost all music we listen

to are recordings. This also states that, the trends in the music industry is ever changing. The development of sound-recording technique has matured a serious audio industry. It contains of a wide spectre of different manufacturers, which often link to each other and to other participants in the music/audio industry. Sale of records became the modern audio industry?s launch. Because all record players around the world were standardised, the sale of records had an enormous take off. This made it possibilities to earn a good profit in the music/audio industry, and many different equipment manufacturers arised. The market was, and still is, alive because of the continuing audio developments. Radios, cassette players, CD players, DAT players, minidisk players, etc. give rise to even

more sales. In the 1960?s the firs stereo recordings were made. Soon afterwards, the industry introduced the notion Hi-Fi (high fidelity) just to make clear how far the development had come. When the cassette tape was introduced in the 1960?s, many problems were solved. Now it was possible to produce a recorder which could be used when the surroundings were in motion (i.e. in a car) . Now it was workable to bring the source of music were ever people wanted. The cassette could also record, and was extremely easy to use compered to the LP. Also the cassette became standardised. Later we got DAT, CD, minidisks, etc. which all have brought the audio market a step further. The stereo industry of today is noticed by several manufactures that compete in the same market. Hence that

competition is severe and the importance of being in front with design innovation, product consistency, value for money, sound quality and the firm’s goodwill, is of greatest importance. This also means that planning is crucial. Planning is something that is arranged beforehand. Worked out in advance to reach a goal. “The ability to determine appropriate objectives:?doing the right thing ?. The stereo industry consists of two main segments, the home stereo market and the professional market. Even though many manufacturers operate in both these markets, I will assume that Sonic Wave Ltd. only operate in the home stereo segment. Sonic Wave Ltd. has over the last years achieved a sustained period of dramatic growth and prosperity without use of any strategic plan. However, over

the last six months it has seen a decline in sales because of a launch of an innovative range of stereo equipment from an Asian producer. Their main problem is that they do not have a quick response to counter this challenge from Asia. This is because of their lack of planning. As with all industries a mission statement makes the main framework of a firm. In the stereo industry the mission statement is to produce equipment to pass on music to its listeners. Furthermore each firm must decide whom they want to target, and with what sort of equipment they want to target the group. With this as a basis we are able to set a strategic goal. This goal should include our business philosophy; I.e. sound quality, price level, etc. as well as an explanation for the chosen philosophy. It