Midas’s primary strategy
Midas has the plan of adding a new service to the operations of the company. Therefore, it will be crucial for Midas to focus on how this change will affect its operations. Such changes could have significant financial impacts to the organization. It could result in losses or even affect the reputation of the company. It is quite challenging to predict the future of this organization, but if the management can formulate a strategy, it can be prepared for any unforeseen obstacles. In the automotive repair industry, Midas’s primary strategy is to offer an average number of services at a relatively low cost.
Also, its regional product promotion is critical in developing a comprehensive geographical market. It is not a comprehensive repair shop. However, it focuses on a few services like brakes, shock absorbers, and muffler repair (Vonderembse and White, 2013). This small scale operation is a worrying factor Midas because the management is afraid that adding tune-ups might affect daily operations. I think teaming up with other specialized shops within the market would be sustainable.
I think that various operational practices should remain unchanged in the trial stages. This is critical in accommodating the tune-ups and monitoring their impact. Instead of changing operational services, the new practices and ideas should be implemented cautiously to help the new services. Midas should ensure that new aspects of operations are created to meet customer needs.
When the new service must be added, it is critical that inputs are gathered from the shop owner. This is important because it will help in assessing if they are willing and able to be part of the business and why. Further, employees are not always happy with changes around a business. So, getting relevant advice would be critical in making the business environment vibrant. Dealing with a new aspect can result in a lack of confidence. So, having the approval of the shop owner will boost confidence and make the business flourish.
There is a range of information a shop owner can provide to help in increasing its operation. From such information, some aspects are critical in raising operational performances, customer satisfaction, inventory control, and profits. According to Niederkorn (2014), many significant challenges need to be solved in an organization. This ranges from a lack of proper training to poor development of digital marketing strategies. Business owners should provide extensive methods that can analyze a competitive environment and solve problems. This strategy will allow Midas to on the lookout of threats and explore the opportunities that could be offered by the new service. Midas should also ensure that the laid down financial strategies are simplified for easy implementation of the service. Budgets should be flexible because the new service could call for new employees.
For a new service to be launched, Midas must come up with key processes and strategies to achieve success. This means that it should have a vibrant and workable strategic plan. In the strategic plan, it should have clauses regarding the development of the existing products, the fulfillment of orders, and the formulation of appropriate systems to produce the new service. The strategic plan should incorporate inclusive participation and input from all stakeholders. After the plan development, appropriate steps should be formulated to create the product. The creation of the new service will also require training of all organizational employees to enhance their knowledge.
In conclusion, adding the tune-ups to Midas could be very crucial, but it should be done cautiously. When done without following appropriate processes and considering various factors, it could have negative impacts on the company‘s operation.