The CCTV Market of Saudi Arabia-Free-Samples-Myassignmenthelp.com

Question: Create a hypothetical Organization offering product /service of your choice. Identify a real potential Competitor in the Market. Answer: Introduction Saudi Arabia is an emerging market in the field of Closed-Circuit Television (CCTV). This report is about Essential Security, an emerging brand in the field of CCTV security. The report includes a SWOT analysis of Essential Security, a CCTV installation company and alternative strategies for the market threats from competitors, like Abr Aman AFSTS. Discussion Name of the organization and the product The name of the organization is Essential Security and the service is CCTV installation (Garris 2016). Mission and Objectives The mission of Essential Security is to provide the people of Saudi Arabia with cost efficient video surveillance equipment. The objectives are: To help customers feel safe in their homes and workplace. To build excellent client-company relationship (Tichindelean 2015). To make Essential Security a brand name. Scan and assess the external environment to determine the strategic factors that pose opportunities and threats Opportunities The CCTV market of Saudi Arabia has been forecasted to grow at 29% from 2014 to 2019 (Saudigazette 2017). The demand for CCTVs has risen due to the increase in economic growth rate, increase in infrastructural development and development on sectors like healthcare, military and other core sectors. Security requirements in key cities like Riyadh, Makkah and Madinah and huge infrastructural projects like the Riyadh Metro project along with increased tourism has boosted the market of CCTV. IP based CCTV are more in demand over analog CCTV, as the former can be used for applications like mobile video surveillance. (Baker 2013) Threats Competitors like Abr Aman AFSTS is a major threat to Essential Security. These companies already handle most of the major CCTV projects in the Saudi Arabia market. A new company like Essential Security has to reduce its profit margin largely to compete with its competitors but then the revenue generated will be low and business expansion will be decreased Scan and assess the internal corporate environment to determine the strategic factors that are Strengths (especially core competencies) and Weaknesses Strengths Essential Security has the best sales and marketing team in all of Saudi Arabia, trained to handle any CCTV requirement. The in depth market research report created by this team has helped Essential Security to enter the market with ease. This company also specializes in IP based CCTV services, which is the main demand due to its usefulness in recent times (Park, Ra and Kim 2015). Weakness Essential Security is reliant on CCTV manufacturers like Bosch, Hikvision and Axis Communication. A stable relationship is necessary with these manufacturers to obtain the necessary equipment at the lowest price possible Strengths Weakness Opportunities Threats Best sales and marketing team trained to handle any CCTV requirement. Specialization in IP based CCTV services, which is the major demand. CCTV installation service is fully reliant on supply from CCTV manufacturers The CCTV market is Saudi Arabia is forecasted to grow at 29% due to the huge demand of CCTV security in the emerging Competitors like Abr Aman AFSTS who already has a good hold in the CCTV market. Low profit margin to ensure competitiveness and thus low revenue generation. Table 1: SWOT Analysis of Essential Security (Source: Created by Author) Analyze strategic (SWOT) factors Problem Areas Pinpointed The company suffers from low profit margin with respect to other companies offering the same service in order to remain competitiveness. Essential Security is dependent on CCTV manufacturers. Manufacturers can increase the price of products and this will in turn affect the price of CCTV that Essential Security quotes to its customers. The company has thus two options either increase the price proportionately or decrease the profit margin even further. Review and Revision of the corporate mission and objectives The corporate mission and objectives of Essential Security will remain the same despite of all the odds. One addition to the objectives would be to maintain excellent relationship with the CCTV manufacturers. Generate, evaluate, and select the best alternative strategy in light of the analysis conducted The best alternative strategy would be to buy shares of any low risk high reward CCTV manufacturer (Pandey, Chaubey and Tripathi 2017). This would help Essential Security to regulate the cost of CCTV equipment and thus the customer cost. State how you are going to implement selected strategies via programs, budgets, and procedures An innovative business model could be generated, which would sell the CCTV cameras at a cheap price but increase the price of the accompanying equipment. This business model would generate a huge amount of revenue. State how you are going to evaluate implemented strategies via feedback systems, and the control of activities to ensure their minimum deviation from plans The implemented strategy can be evaluated with feedback through Social Media, which is used by almost all the Internet users of Saudi Arabia. Conclusion Thus, it can be concluded from the report that Essential Security will be able to utilize the CCTV market of Saudi Arabia, as it is one of the largest growing market for CCTV in the Middle Eastern countries. Reference List: Baker, S., 2013. IP-based technologythe future of the security industry. Network Security, 2013(10), pp.14-17. Garris, M.D., Garris, M.D., Laamanen, M.T., Russell, C.S. and Nadel, L.D., 2016. Recommendation: Closed Circuit Television (CCTV) Digital Video Export Profile Level 0. US Department of Commerce, National Institute of Standards and Technology. Pandey, S., Chaubey, D.S. and Tripathi, D.M., 2017. Financial Accounting Information and Its Impact on Investment Decision in Equities. Management Convergence, 7(2). Park, K.H., Ra, I.K. and Kim, C.S., 2015. Study on the Vulnerability Level of Physical Security And Application of the IP-Based Devices. International Journal of Smart Home, 9(10), pp.63-68. Saudigazette, 2017. Saudi CCTV market to grow 23% by 2019. [online] Available at: https://saudigazette.com.sa/article/90080/Saudi-CCTV-market-to-grow-23-by-2019 [Accessed 24 Nov. 2017]. Tichindelean, M., 2015. Relationship Marketing-A Client Relationship Lifecycle Perspective-Theoretical Considerations On The Client Regaining Phase. Revista Economica, 67(5), pp.116-124.