MT-460 Management Policy and Strategy Unit 7 Assignment_Kevin Mahler

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STRATEGIC PLAN F UJIFILM Kevin Mahler 1/20/2024 MT460- Strategy and Policy

T ABLE OF C ONTENTS Contents Strategic Plan Proposal 1 SOAR ANALYSIS 3 Innovative New Product Idea 5 Visions, Mission, & Values 7 Strategic Approach 8 Strategic Goals, Objectives, & Incentives 9 Strategic Alternatives & Contingencies 11 Conclusive Remarks 12 References 13

T ABLE OF C ONTENTS Strategic Plan Proposal Date: 1/20/2024 FUJIFILM Holdings Corporation 7-3, Akasaka 9-chome, Minato-ku, Tokyo 107-0052, Japan Dear C-level Executives, I am writing you to provide an analysis of Fujifilm Holdings Corporation's strategic position in its industry, as well as an overview of the company's present status and competitive environment. Fujifilm is a Japanese multinational company that operates in various segments, such as imaging solutions, healthcare and material solutions, and document solutions ("Fujifilm holdings Corporation," n.d.). Fujifilm is known for its innovation and diversification, as it has successfully transformed its business from traditional photography to digital imaging, healthcare, graphic systems, and other fields. Fujifilm has established a strong strategic position in the industry by leveraging its core technologies, such as nanotechnology, thin-film technology, and organic synthesis, to create innovative products and services that meet the needs and expectations of customers and society. The company has also pursued various strategies, such as investing in research and development, expanding its global presence and market share, improving its operational efficiency and profitability, and focusing on its corporate social responsibility and sustainability. Some of the achievements and initiatives of Fujifilm in its strategic position in the healthcare and material solutions segment, Fujifilm has grown its business in medical devices, diagnostics, pharmaceuticals, and biotechnology markets, by providing solutions that enhance the quality of life and health of people. The company has also contributed to the fight against the COVID-19 pandemic, by supplying diagnostic testing kits, developing vaccines and antiviral drugs, and supporting the global distribution of vaccines. In conclusion, Fujifilm has achieved a solid strategic position in the industry by adapting to the changing market conditions and customer demands, and by creating value through innovation and diversification. The company has also demonstrated its resilience and growth potential, despite the challenges posed by the COVID-19 pandemic. This letter aims to provide you with a clear and comprehensive overview of Fujifilm's strategic position in its industry, along with the present condition of the firm and its competitors. Sincerely, Kevin Mahler

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T ABLE OF C ONTENTS 1. Provide a detailed overview of the product mix of your chosen organization. 2. Analyze the product mix of your chosen organization against its rivals.

T ABLE OF C ONTENTS Fujifilm does market research to identify consumer needs and thereafter develops a wide array of inventive products and services for its marketing strategy. Fujifilm offers a variety of product mixes which consist of consumer and business products. Some of the consumer products include: photography and imaging products and electronic imaging products. Fujifilm’s main competitors of these products are Canon, Epson, Xerox, and Sony. Their business products include: graphic systems products and medical system products. Fujifilm’s main competitors of these products are Canon, Epson, Xerox, Amvi Bio- Tech, Farus, and Stephanix Medical Imaging Solutions.

T ABLE OF C ONTENTS SOAR ANALYSIS By measuring goals and objectives using an appreciative inquiry technique, the SOAR analysis, a tool for strategic analysis, helps strategists evaluate and focus on an organization's core capabilities (strengths) and future-oriented vision (SOAR ANALYSIS FRAMEWORK - A Business Intelligence tool, 2022). Appreciative Inquiry (AI) is a cooperative and positive method for implementing change in organizations and other human systems, focusing on their strengths. AI can assist businesses in developing a collective vision for the future that is in line with their existing strengths and goals by emphasizing those strengths and aspirations (Moore & Psychologist, 2022). 1. The SOAR Analysis Framework The utilization of the SOAR Analysis Framework can serve as a potent strategic planning tool for Fujifilm, facilitating the establishment of a collective vision for the future that is in harmony with its existing strengths and aspirations. Fujifilm can gain a competitive advantage in many industries by identifying new business prospects, creating innovative products, and concentrating on strengths, opportunities, aspirations, and results. Figure 2. SOAR ANALYSIS FRAMEWORK The SOAR analysis framework clearly depicts the current reality of the business by highlighting its strengths and opportunities, while also emphasizing the organization's aspirations and desired results. The strengths and aspirations pertain to internal circumstances, but the opportunities and results highlight external influences. Fujifilm can enhance the capabilities in the healthcare sector by having advanced imaging technology. This will allow them to lead the market by offing cutting-edge imaging solutions that will aid in establishing new customers. Fujifilm can benefit from its strong R&D Capabilities by developing innovative products and services that generate a higher net income. A strong brand reputation can attract new customers, while establishing Fujifilm as a trusted brand in the healthcare industry, which can lead to increased revenue and market share.

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T ABLE OF C ONTENTS Innovative New Product Idea Innovation is an indispensable element for the success of every firm. Innovation encompasses the generation of novel concepts, goods, and services that enable the firm to maintain a competitive edge. Innovation can provide numerous advantages to a firm. First and foremost, it can aid the organization in distinguishing itself from its rivals by providing distinctive items or services that are not accessible elsewhere. This can result in enhanced client loyalty and more profitability. Furthermore, innovation can enhance the organization's efficiency and productivity through the optimization of its processes and procedures. This can result in financial savings and enhanced profitability. Ultimately, the organization may ensure its continued relevance in a swiftly evolving business landscape by embracing and adjusting to novel technologies and emerging trends. 3.1 At-home Pregnancy Ultrasound Device Fujifilm could potentially introduce a new innovative product for their consumer market: a "At-home Pregnancy Ultrasound Device." Fujifilm has already established a strong brand reputation globally in the Medical Systems Business sector. The ultrasound is one of the business products that is offered by Fujifilm, so to innovate the new product idea should be not be too costly or time consuming to develop. The company already has strong R&D capabilities to enable them to meet all the customer’s needs and expectations to make the new product idea successful. 3.2 The Opportunity The process of innovation is centered on finding solutions to issues, and there are numerous approaches to innovation because there are numerous categories of problems to tackle. To find potential areas for development and innovation in the market, it is necessary to first identify need requirements or gaps in the market and then design a product or service that solves those needs. It is possible that the purpose of a new and unique product idea is to create the possibility of satisfying a market need that is now unsatisfied. An innovative new product idea for an ultrasound gadget that pregnant women can use at home could, for instance, give a more practical and easily accessible method for expectant mothers to check the health of their unborn child. Prenatal health and digital medicine would both benefit from the development of the at-home ultrasound device, which would open the door to new possibilities. Given that it provides medical professionals with a more effective method of monitoring pregnancies that are associated with a higher risk of difficulties, the gadget has the potential to make life simpler for people who are concerned about their pregnancy. 3.2 Meeting Customer Needs & Expectations The goal of an innovative new product idea is to satisfy customers by solving a problem or meeting a market need. A product should be convenient, accessible, affordable, and easy to use to satisfy customers. The product should also offer a distinct value proposition that differentiates it from competitors. The purpose of an in-home ultrasound device for expectant mothers is to fulfill consumer demands by being specifically engineered to be user-friendly and cost-effective, enabling women to conduct ultrasound examinations in the convenience of their own residences. A mobile app will provide instructions on how to use the device and allow users to send scans to the cloud for a medical assessment. This would allow doctors to remotely watch the infant and inform the mother. The device might also be lightweight and portable for on-the-go use. Rural women and those without access to healthcare would

T ABLE OF C ONTENTS benefit from this. This technology could improve pregnancy care and decrease unnecessary hospital visits. 3.3 Strategic Direction Fujifilm’s strategic direction aims to ensure that home ultrasonography is widely available for remote and dependable healthcare, with the goal of enhancing maternal health worldwide. An effective strategy involves prioritizing cost-effective production and storage methods to maintain the device's affordability. An alternative strategy involves prioritizing advanced production techniques and technology-driven solutions to guarantee optimal efficiency and effectiveness of the device. An alternative strategy involves prioritizing customer-centric services and delivering exceptional service quality to guarantee user- friendly operation and maintenance of the gadget. By prioritizing these variables, a groundbreaking ultrasound apparatus for expectant mothers might be effectively introduced, offering a helpful remedy for an unaddressed market demand. 3.4 The Story Behind an “At-home Pregnancy Ultrasound Device” Lena and Jake were overjoyed when they found out they were expecting their first child. They had been trying for a long time, and they could not wait to meet their little miracle. They wanted to do everything right, from eating healthy, to taking prenatal vitamins, to attending every doctor’s appointment. But they also wanted to do something more. They wanted to bond with their baby, to see their baby’s face, to hear their baby’s heartbeat. They wanted to capture every precious moment of their pregnancy journey, and share it with their family and friends. That is why they decided to buy an at-home pregnancy ultrasound device, a handheld scanner that connects to a smartphone app via Bluetooth. The scanner uses low- intensity ultrasound waves to create a real-time image of the baby on the screen. The app provides features such as measurements, annotations, and recordings. Lena and Jake loved using their at-home pregnancy ultrasound device. They used it every week, to check on their baby’s growth and development. They used it every day, to listen to their baby’s heartbeat and feel their baby’s kicks. They used it every night, to say goodnight to their baby and tell them how much they loved them. They also loved sharing their at-home pregnancy ultrasound device images with their family and friends. They sent them pictures and videos of their baby, and invited them to join them in their virtual ultrasound sessions. They received lots of compliments and congratulations, and felt the support and excitement of their loved ones. Lena and Jake felt that their at-home pregnancy ultrasound device was the best investment they ever made. It gave them more information and visual feedback than a fetal doppler, and supplemented their prenatal visits by allowing them to track their baby’s progress and share their images with their healthcare provider. It also reduced their stress and anxiety, and gave them more control and confidence over their pregnancy journey. But most importantly, it enhanced their bonding experience with their baby. It made them feel closer to their baby, and made their baby feel more real and alive. It made them happy, and made their baby happy. Lena and Jake could not imagine their pregnancy without the at-home pregnancy ultrasound device. It was their favorite gadget, their best friend, and their baby’s first toy. It was their window to their baby’s world.

T ABLE OF C ONTENTS 3.4.1 Branding Analysis The introduction of an at-home pregnancy ultrasound device will have various effects on the present branding and product offerings of Fujifilm. The branding of the new product concept must adhere to Fujifilm's corporate branding while also possessing a unique identity that sets it apart from both Fujifilm's existing goods and its competitors. Fujifilm must evaluate the name, logo, design, packaging, and placement of the new product, ensuring they are consistent with their brand identity, values, and personality. Fujifilm must also effectively convey the distinctive value proposition and advantages of the new product to their prospective consumers and stakeholders.

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T ABLE OF C ONTENTS Visions, Mission, & Values 4.1 Vision Statement A possible vision statement for an innovative at-home pregnancy ultrasound machine could be: “To provide expecting mothers with a safe, affordable, and convenient way to monitor their pregnancy from the comfort of their own home, while also improving access to quality prenatal care worldwide.” This vision statement increases the competitive advantage of the organization by addressing a growing need for at-home care services and telehealth solutions. By providing a safe, affordable, and a convenient way for expecting mothers to monitor their pregnancy, the organization can differentiate itself from competitors and attract a larger customer base. 4.2 Mission Statement Fujifilm's mission statement reinforces the vision for the innovative new product concept by aligning with the objective of enhancing health and preserving the environment in society. Through the utilization of cutting-edge, exclusive technology, the company can distinguish itself from rivals and appeal to a broader customer demographic by creating an at-home prenatal ultrasound machine. Implementing this strategy can lead to a boost in revenue and profitability, hence strengthening the organization's competitive edge. 4.2.1 Revised Mission Statement Proposal The mission statement for an innovative at-home pregnancy ultrasound machine could be: “To provide expecting mothers with a safe, affordable, and convenient way to monitor their pregnancy from the comfort of their own home, while also improving access to quality prenatal care worldwide.” This mission statement is in accordance with Fujifilm's mission statement, since it aligns with the company's objective of enhancing health and safeguarding the environment in society. The firm aims to enhance global access to high-quality prenatal care by offering a secure, cost-effective, and a simple solution for expectant moms to track their pregnancy. By fostering brand loyalty and improving consumer happiness, this can effectively strengthen the organization's competitive edge. 4.3 Values Statement The values statement reinforces the vision for a new idea that enhances the organization's competitive edge by ensuring that its personnel are in sync with its goals and objectives.. By promoting values such as innovation, creativity, and teamwork, the organization can foster a culture of collaboration and continuous improvement. This can help drive the development of new ideas and products that increase the organization’s competitive advantage. The values statement reinforces the organization's mission statement by establishing a structure for the organization's business practices. By promoting values such as integrity, social responsibility, and environmental protection, the organization can ensure that its mission is aligned with the needs and expectations of its stakeholders. This can help build trust and credibility with customers, suppliers, and other stakeholders, further improving the company’s competitive advantage.

T ABLE OF C ONTENTS Strategic Approach A strategic approach refers to a deliberate and well-thought-out plan that an organization implements to accomplish its goals and objectives. The process entails discerning the company's strengths and weaknesses, scrutinizing the market and competitors, and formulating a strategy to get a competitive edge. Selecting the appropriate strategic approach is crucial as it enables the firm to attain its long-term objective and enhance its competitive edge. To select a strategic approach, companies should begin by clearly defining their goals and their objectives. Subsequently, it is advisable for them to thoroughly evaluate their areas of strength and weaknesses, alongside the market dynamics and competition, to ascertain the most viable strategy for attaining their goals. An organization can employ a strategic approach to support the vision for a new product idea, so enhancing its competitive edge. This approach serves as a framework for guiding the firm's business operations. 5.1 Types of Strategic Approaches The choice of strategic approach will depend on the organization’s goals, resources, and culture. By selecting an appropriate strategic approach, the organization can increase its chances of success and achieve its long-term vision.

T ABLE OF C ONTENTS 5.2 Generic Strategy “Differentiation” One potential generic approach for introducing a unique new product idea, such as an at-home pregnancy ultrasound device, is differentiation. This technique entails offering a unique product or service that is not offered by competitors. To attain a competitive edge, the business can distinguish itself from rivals by developing a product that is seen as distinct and valued by customers. 5.3 Strategic Approach & Competitive Advantage By differentiating the at-home pregnancy ultrasound device in this way, the organization can attract customers who are looking for a safe, affordable, and convenient way to monitor their pregnancy from the comfort of their own home. This can help the organization achieve a competitive advantage and increase its market share. 5.4 Making Moves For the organization, it would be most advantageous to apply the chosen strategic strategy as a fast follower in the case of an innovative new product idea for an at-home pregnancy ultrasound device. While there are comparable items available in the market, Fujifilm aims to differentiate its product from others by offering unique features and characteristics. By deferring action until the initial market entrant has established a foothold, the company might get valuable insights from their errors and enhance their product or service. By implementing this strategy, the organization can distinguish itself from competitors and get a competitive edge.

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T ABLE OF C ONTENTS Strategic Goals, Objectives, & Incentives Developing strategic goals and objectives is a important aspect of implementing a strategy plan. Goals and objectives help companies identify their desired results and provide a plan for achieving them. The distinction between goals and objectives is that goals are broad assertions of what an organization intends to achieve, while objectives are detailed, measurable, and time-bound targets that assist the business achieve its goals. Goals are often long-term and focus on the desired results, while objectives are short- term and focus on the activities and measurable actions that need to be taken to attain the goals. .6. Goals and Objectives Goal : To become the leading provider of at-home pregnancy ultrasound devices in the United States within the next three years. ● Objective 1 : Increase brand awareness by 50% within the next year by launching a targeted marketing campaign that focuses on the unique features and benefits of the at-home pregnancy ultrasound device. ● Objective 2 : Increase sales by 25% within the next two years by expanding distribution channels to include online retailers and specialty stores. ● Objective 3 : Improve customer satisfaction by 20% within the next three years by providing exceptional customer service and support, including a 24/7 customer support hotline and a comprehensive online knowledge base. By implementing the strategic goal and objectives, the organization can increase its chances of success and achieve its long-term vision of becoming the leading provider of at-home pregnancy ultrasound devices in the United States within the next three years. 6.1 Critical Success Factors Critical Success Factors (CSFs) are the essential acts that form the foundation of a company's strategic objectives. These actions must be executed at the greatest level of proficiency to successfully meet the overall goals and mission of the organization. ● Effective Communication: Efficient communication guarantees that all individuals are aligned in their efforts and that advancements are being made towards the realization of the organization's vision and mission. ● Strong Leadership: Effective leaders can inspire and encourage colleagues, foster a culture of creativity and collaboration, and maintain alignment towards common goals. ● Effective Resource Allocation: Efficient and effective utilization of resources is ensured by the practice of effective resource allocation, which aims to accomplish the intended goals.

T ABLE OF C ONTENTS 6.2 CSR & Environmental Sustainability Objective ● Objective 4 : Fujifilm will prioritize the utilization of sustainable resources, minimize waste and emissions in the manufacturing process, and guarantee the safety and environmental friendliness of the device. Fujifilm can attract clients seeking socially and environmentally responsible products, while enhancing brand loyalty and client satisfaction. 6.3 Strategic Initiatives ● Project 1: Partner with popular mommy bloggers and influencers to promote the at-home pregnancy ultrasound device on social media platforms such as Instagram and Facebook.  Strategic Initiative 1 is a crucial project that aims to accomplish Objective 1 by enhancing brand recognition and expanding the target audience through various social media platforms. ● Project 2: Partner with online retailers such as Amazon and Walmart to sell the at-home pregnancy ultrasound device on their platforms.  Strategic Initiative 2 is a crucial effort that aims to accomplish Objective 2 by broadening distribution channels and accessing a broader audience via specialized stores. ● Project 3: Provide the already-established customer service technicians with proper training to answer and assist customers with valuable information and solutions for the product.  Strategic Initiative 3 is a crucial effort that aims to accomplish Objective 3 by providing support for the product to support the overall satisfaction of the product by the customer. This will also help support the brand reputation.

T ABLE OF C ONTENTS Strategic Alternatives & Contingencies Strategic alternatives encompass many courses of action that a company can pursue in order to achieve its goals and objectives. Contingency plans are alternative strategies that a firm might implement in response to unexpected occurrences or crises that disrupt its regular operations or jeopardize its existence. 7.1 Strategic Alternatives Fujifilm would not benefit by considering outsourcing, mergers, or acquisitions to increase the competitive advantage of an organization. The act of outsourcing has the potential to result in a relinquishment of control and coordination over the services or processes that have been outsourced. This, in turn, can have a negative impact on your performance, reputation, and customer satisfaction. A drawback of a merger could be the possible erosion of the merged

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T ABLE OF C ONTENTS entity's identity and worth, stemming from factors such as dilution, overvaluation, or misalignment of their corporate vision and objectives. Given that the corporation already possesses an ultrasound device in its product mix, an acquisition would be unnecessary. The proposed concept entails the development of a domestic prenatal ultrasonography apparatus that can be produced within one of the existing facilities. 7.2 Contingency Plan To formulate contingency measures to offset or lessen these risks, one might employ the assumption- based planning technique, which encompasses the following steps: ● Identify the fundamental assumptions that form the basis of your strategic plan, including factors such as customer requirements, market dynamics, competitive strengths, and operational capacities. ● Evaluate the soundness and susceptibility of these assumptions, including their likelihood of being accurate, their significance to your achievement, and their responsiveness to alterations. ● Develop strategies to address any changes in these assumptions, including creating alternative scenarios, establishing backup plans, and identifying contingency resources that can be readily activated or deployed. ● Regularly reassess and modify your contingency plans to account for new facts, insights, or obstacles that may arise.

T ABLE OF C ONTENTS Conclusive Remarks The new at-home pregnancy ultrasound device has a huge market potential, as there are millions of pregnant women throughout the world who would benefit from our product. The at-home pregnancy ultrasound device segment is projected to grow at a CAGR of 8.9% during the same period, reaching $4.65 billion by 2027 (Ferguson, n.d.). The device can capture a significant share of this segment by offering a superior value proposition and a competitive price point.

T ABLE OF C ONTENTS References: Business fields . (n.d.). 富士フイルムホールディングス株式会社 . https://holdings.fujifilm.com/en/about/fields Ferguson, S. (n.d.). At home fetal Doppler: How early it works and safety concerns . Healthline. https://www.healthline.com/health/pregnancy/at-home-fetal-doppler FUJIFILM Holdings Corp (NBB: FUJI Y) . (n.d.). https://www.mergentonline.com/companydetail.php? compnumber=3506# Fujifilm holdings Corporation . (n.d.). 富士フイルムホールディングス株式会社 . https://holdings.fujifilm.com/en Kano model . (2021, September 2). Product Roadmap Software | ProductPlan. https://www.productplan.com/glossary/kano-model/ Peterdy, K. (2023, August 4). Ansoff matrix . Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/management/ansoff-matrix/ Porter's generic strategy: Explained with examples . (2022, April 13). GitMind - AI Powered Mind Map, Flowchart, Whiteboard. https://gitmind.com/porters-generic-strategy.html

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T ABLE OF C ONTENTS

MT-460 Management Policy and Strategy Unit 7 Assignment_Kevin Mahler

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