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Besides maps, it also publishes and sells geographic educational materials and travel-planning software through over 46,000 outlets, including of its own retail stores. Its leadership has been threatened in the last decade due to the advent of digital technology and the internet. It has also been slow in adapting to new and changing business environments. In order to better compete in the digital market and stay profitable in future against new and emerging competitors, Rand McNally has had to change its business strategy.
To achieve its goals, the new ownership felt the need to revamp its business by offering more value to its existing customers as well as by expanding its business over the internet. It had failed to achieve its goals initially due to the following reasons 1) Senior management was conservative and unwilling to adapt to the changing environments. ) They were reluctant to invest money in innovative changes and did not wish to take risks ) The employees were used to traditional business techniques and were not supportive of the leadership’s innovative changes.
With support from investors, the new CEO, Davis was keen to make major changes to the business strategy. He reorganized the company into divisions internet business, business services and consumer services units, such that each division could function efficiently. He also appointed new management leadership for the internet unit. He met with the employees frequently to explain the advantages of his new business strategy. He also tried to instill in them the sentiment that they too had an equal stake in the success of the performance of the company.
Rand McNally had certain advantages that its competitors lacked a large retail customer base, excellent reputation and financial stability. Besides providing maps and travel routes on the internet, the management under Davis introduced products and services that added value to its existing business that their competitors lacked such as accurate map routes, concise and precise direction instructions, linking of their internet store to their web site for customers to purchase travel products, automobile clubs, partnerships with hotel-chains and auto-repair shops.
They developed an intuitive and user-friendly web site to assist customers in achieving their travel goals as well as attracting them to other useful services that generated revenues for the firm. By providing customers access to its internet site, Rand McNally also reduced service costs, by circumventing the need for call centers, since information was available on a 4/7 basis via the internet.
In order to protect the firm from competition and new entrants in the future and substitute products, Rand McNally also decided to develop new products such as the GPS systems and to provide travel services through wireless technology to mobile units such as cell phones and navigation systems. To conclude, Rand McNally’s new business strategy is definitely a move in the right direction. Despite intense competition from strong rivals and its slow adaptation to the new environment, Rand McNally, with its years of valuable experience coupled with various steps that it has taken will benefit in the long run.
It will benefit from the e-business by processing more orders in a smaller time frame. It will also be able to gather data on customer requests, surveys, complaints, and resolutions that are valuable for shaping future business strategies. Rand McNally has also implemented the Logility software to streamline supply chain operations resulting in a 0% reduction in inventory, 5% fill rates and greater supply chain visibility for better decision making.