Lotus Opportunity Case Study

Pages: 7 (2209 words)  ·  Style: Harvard  ·  Bibliography Sources: 12  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business - Advertising

SAMPLE EXCERPT . . .
One recent study found that "we now have more ideas than ever before about what constitutes quality in a survey" (Lynn, Erens, 2010, p. 295) while another study concluded that during the last few years there has been a considerable amount of attention to developing formal definitions, measurements, evaluations and improvements to surveys and their structures (Lynn, 2004). Using the gained knowledge and expertise of the past to conduct surveys and evaluations can be accomplished for at a relatively inexpensive rate, and such use of data gathering tools can help in determining the direction Lotus should take in the future. Determining an appropriate level of production to meet demand is a science that can be analysed through the use of both qualitative and quantitative studies.

A couple of interesting facts that emerged from the case study that should be addressed by Lotus, both came at the end of the study and both had to do with marketing the end product. The study quoted Tipler as stating "while other cars seem to have a clearer customer profile, it is not quite clear what attracts someone to Elise ownership" (p. 181).

This is a glaring example of why surveys are conducted in the first place; surveys are conducted so that companies like Lotus know exactly who their primary (and secondary) customers are in order to market the product more efficiently.

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The second interesting fact also came from one of the individuals at the top of the Lotus food chain; the study quoted Julian as stating "we don't want to get overly involved in marketing, market research and clinics, that sort of stuff, that's a lot of hassle" (p. 181). Really? The people leading the company don't wish to get involved with marketing or market research because that's a lot of hassle does not make sense at all.

Case Study on Lotus Opportunity in This Specific Assignment

Entrepreneurial leaders are leaders who take charge and believe in themselves, their product and their employees. Perhaps a more transformational leadership emphasis for Lotus would help to achieve even greater things for the company. A recent article described transformational leaders as the individuals whose actions "motivate followers to do more than expected and act for the good of the collective" (Fu, Tsui, Liu, LI, 2010, p. 222). Transformational leaders expect their employees to pull together and perform a job not only for themselves but for the company as well. Additionally, Steven Case, former CEO and founder of AOL said that leaders should have three qualities including; perseverance, passion, and caring for people. Lotus leadership has already demonstrated some admirable traits, including perseverance. However, the passion for sales and marketing is missing from their leadership repertoire. Addressing the high demand for the Elise should be a top priority for management. Determining whether that demand is a long-term or short-term demand would prove quite beneficial to Lotus in making determinations concerning funding, new plants and new models.

Recommendations

Based on the above scenario, recommendations for Lotus include; 1) immediately hiring a marketing and research firm to determine the amount and strength of the demand for Elise, 2) develop a preliminary funding and financing model based on anticipated growth and demand for additional vehicles and models, and 3) develop an advertising campaign based on the current strength of the Elise model and the demand throughout the world.

References

Case Study 4: The Lotus Elise - Von Stamm, B. (2008)Managing Innovation, Creativity and Design, John Wiley & Sons - Chapter 11 (pp. 171-82)

Chesbrough, H.W. & Appleyard, M.M.; (2007) Open innovation and strategy, California Management Review, Vol. 50, Issue 1, pp. 57-76

Day, G.S. & Schoemaker, P.J.H.; (2000) Avoiding the pitfalls of emerging technologies, California Management Review, Vol. 42, Issue 2, pp. 8 -- 33

Fu, P.P.; Tsui, A.S.; Liu, J.; Li, L.; (2010) Pursuit of whose happiness? Executive leaders' transformational behaviors and personal values, Administrative Science Quarterly, Vol. 55, Issue 2, pp. 222 -- 254

Hicks, T. (2001) Another look at identity-based conflict: The roots of conflict in the psychology of consciousness, Negotiation Journal, Vol. 17, Number 1

Lynn, P. & Erens, B.; (2010) The ESRC survey resources network, International Journal of Market Research, Vol. 52, Issue 3, pp. 295 -- 302

Lynn, P. (2004) Measuring and communicating survey… [END OF PREVIEW] . . . READ MORE

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