Part 2: Considering Stakeholder Needs Identify the stakeholders whose needs you will have to consider when designing potential solutions. Create a prioritized list of stakeholder needs (based on your knowledge of the company or your imagining of the stakeholders you identified) you will have to take into consideration when developing potential solutions. Based on the identified business problem, what are the greatest points of need? What might be the leaders’ and employees’ most pressing concerns? What are other needs to consider that are a lower priority but still significant enough to note? Assess what, if any, considerations will need to be made to promote stakeholder buy-in. Are company leaders open or resistant to change? What is your prediction for any challenges you may encounter in the face of changes? What recommendations do you have for how to gain buy-in and minimize risk? Solution Preview

 

Part 1: Laying the Foundation for Innovation

Description of the company in Question

The company that has been selected for this investigation is Red Digital Cinema Camera Company. The company was started in 2005 and has been able to progressively improve on its products to reach out to the needs of the customers. The company is in the movie and video production industry. This is an American company that focuses on the manufacturing of digital cinematography cameras and accessories. The company headquarters is based in Irvine in California.

The annual revenue of Red Digital Cinema Camera Company is between $100 and $500 million and has employed between 100 and 500 employees. One of its officers that have been instrumental in making profits for the organization is the branch located in Hollywood. The organization has always focused on bringing in change on its products to ensure that it remains competitive with the progressive increase in the companies entering the industry.

Business problem

The issue of concern that has been experienced by the organization is the inability to expand to other continents. The products of the organization have not been accepted in other regions and this has led to the stagnation of the market share of the organization as opined by Panaiotov, Goranov, and Rankovska (2020). The organization is expected to compete with large companies such as Nixon and this puts it at risk of being unable to manage its products and services if there is a lack of effective control on the steps taken for better access of its products by the customers….

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