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Oral Presentation 1 – Blackberry’s Risk management Strategy
By Team-
Sruthi Kondra
Praveen Kandula
Sharyu Shah
ALY6130 70419 Risk Management Analytics
Prof.Michael Cavallo
September 27, 2023
Introduction
Blackberry is a Canadian based company formerly known as Research in Motion. BlackBerry is a
brand of smartphones and related mobile services and devices
The company ran between the years 1999 to 2016 after which it was licensed to various
companies
It was a company which is focusing on software and security
BlackBerry devices are known for their security features, physical keyboards, and support for
push email.
Why was blackberry so
popluar?
Iconic Devices
: BlackBerry was known for its iconic smartphones featuring physical keyboards.
Push email
: BlackBerry was the first smartphone to offer push email, which allowed users to receive emails as
soon as they were sent, without having to manually check for them. This was a major productivity boost for
business users, who were able to stay connected and responsive even when they were on the go.
Reliability
: BlackBerry devices were known for their reliability and durability. They were built to last, and they
could withstand a lot of wear and tear. This made them ideal for business users who needed a phone that could
keep up with their busy lifestyles.
Strong Security
: The company was renowned for its robust security and encryption, making it a favorite for
secure communication among professionals and government agencies.
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Issues
BlackBerry devices were once very popular among business users, but their market
share has declined in recent years due to the rise of touchscreen
smartphones.BlackBerry is a cautionary tale for businesses of all sizes, showing that
even the most successful companies can fail if they fail to adapt to changing market
conditions.
Failure to innovate
: BlackBerry was slow to innovate and release new products that
could compete with Apple and Android smartphones. BlackBerry devices were seen
as outdated and overpriced compared to their competitors.
Poor marketing
: BlackBerry's marketing was ineffective in reaching consumers and
convincing them to switch to BlackBerry devices. The company's ads were often seen
as stodgy and outdated.
Competition from Apple and Android
: Apple and Android smartphones were more
user-friendly and had a wider range of features than BlackBerry devices.
Management issues
: BlackBerry had a history of mismanagement and internal
conflict. The company was also slow to make decisions and adapt to change.
Risk
Preventions
Shifted to Enterprise Focus: BlackBerry refocused its business on serving enterprise and
government clients, prioritizing secure communication and data management solutions.
IoT and Smart Cities: BlackBerry entered the Internet of Things (IoT) and smart city solutions,
offering secure connectivity and data management for IoT devices.
Strategic Partnerships: The company formed strategic partnerships with various organizations to
expand its reach and offer integrated solutions.
Cost Management: BlackBerry implemented cost management measures to optimize its
operations and remain financially resilient.
Effects of Market Changes
Technological Disruption: Market conditions changed with the rapid rise of
touchscreen smartphones, causing BlackBerry's traditional keyboard-based
devices to become less popular.
Loss of Consumer Interest: BlackBerry's failure to innovate and provide modern
features led to a decline in consumer interest and a loss of market share.
Competitive Pressure: Intense competition from rivals like Apple and Android-
based devices put pressure on BlackBerry's market position.
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Effects of Market Changes
Erosion of App Ecosystem: BlackBerry's limited app ecosystem compared to
competitors reduced its appeal to consumers seeking a wide variety of applications.
Leadership and Strategy Challenges: Internal management challenges and strategic
missteps hindered BlackBerry's ability to adapt effectively to changing conditions.
Financial Consequences: The decline in market share and profitability had financial
implications, impacting the company's revenue and sustainability.
Strategic Planning
Strategic risk is the risk that a company's overall strategy will become obsolete or ineffective due to changes in the
market.
In simple terms, it's the risk that a company's plan for success will no longer work
Blackberrys Failure to Mitigate Strategic Risk – Consequences-
BlackBerry’s failure to mitigate strategic risk had significant consequences. The company lost its dominant position in the
smartphone market, leading to a decline in market share and revenues.
The failure to adapt eroded BlackBerry’s brand reputation, and it struggled to compete with rivals like Apple and Android.
Ultimately, BlackBerry had to pivot away from hardware and shift its focus to software and services to survive.
How to avoid or mitigate strategic risk
Regularly review and update their strategic plan.
This should involve monitoring
the market, competitive landscape, and regulatory environment for changes that
could impact the company's strategy.
Develop contingency plans.
Companies should have plans in place to respond to
unexpected events or changes in the market.
Diversify their business model.
This can help to reduce the company's exposure
to any one particular risk.
Invest in research and development.
This can help the company to stay ahead of
the curve and develop new products and services that meet the needs of the
changing market.
Build a strong team of experienced and qualified managers. A strong team can
help the company to identify and manage strategic risks effectively.
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Conclusion
Lessons Learned
The key lessons from BlackBerry’s experience are:
The importance of continuous market analysis and adaptability in mitigating
strategic risk.
Companies should proactively identify emerging trends and technologies and be
willing to pivot if necessary.
Diversification and innovation are crucial strategies to mitigate strategic risk and
remain competitive.