Introduction to iRobot Corporation (Term Paper Sample)

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iRobot Corporation
Contents TOC \o "1-3" \h \z \u Executive Summary PAGEREF _Toc70388210 \h 2Introduction iRobot PAGEREF _Toc70388211 \h 3Macro Environmental Forces of iRobot PAGEREF _Toc70388212 \h 5Major Driving Forces of the iRobot PAGEREF _Toc70388213 \h 8Porter's Model (Five Forces Analysis) of iRobot PAGEREF _Toc70388214 \h 9Key Success Factors for iRobot PAGEREF _Toc70388215 \h 12The major “players”, their strategies, and how the strategies differ PAGEREF _Toc70388216 \h 13Financial Analysis PAGEREF _Toc70388217 \h 14Value Chain And/Or Resource-Based View Identify the Competencies and Skills the Firm PAGEREF _Toc70388218 \h 14SWOT Analysis PAGEREF _Toc70388219 \h 15Competitive Strength Assessment (CSA) matrix of iRobot PAGEREF _Toc70388220 \h 16iRobot Current Mission PAGEREF _Toc70388221 \h 18Strategic Changes of iRobot PAGEREF _Toc70388222 \h 20Ten-Part Implementation Model PAGEREF _Toc70388223 \h 20
Executive Summary
The following framework would be used to evaluate the iRobot corporation in this article. The vision, mission, and principles of the organization would be examined. The paper would look at the company's different goals, the customer's value proposition, and iRobot's direct, indirect, and various alternatives. The PESTLE study would be used to examine the macro ecosystem of iRobot in this article. Various competitive trends affecting iRobot will be examined, as well as the drivers of industry transition affecting the sector and how business competitors are placed in the market. Various market core performance metrics would be evaluated, as well as whether or not the business is financially sound. The use of the VRIN tool, cost competition with key competitors, strategic place, the generic market level approach used, and whether the new strategy is a winner would also be discussed in the article.
Introduction iRobot
iRobot is the leading organization in the international industrial robot industry, designing and manufacturing robotics that support people both within and outside of their homes ("404 Page"). Rodney Brooks created the organization with the aim to manufacture robots with an intent in 1990. The first robot was designed to go into orbit. Until 2002, when they released their first robotic vacuum cleaner, the Roomba, iRobot's main concern was safety, surveillance, and study robots. In 2016, iRobot sold both of its defense and military businesses due to the popularity of Roomba and the growing commercial robot industry ("404 Page").
iRobot's creators learned early on that without a collection of shared corporate ideals, it would be impossible to achieve the heights of achievement that it aspires to. The company's participants, regardless of their organizational status, are led by the same collection of values that enable their employees to accomplish and accomplish more. Passion for what they do, determination to invent, experiment, and conquer, collaboration to fix challenges, and development of their individuals to improve individually and professionally are the guiding principles for all workers (Barthelmeß and Furbach n.p.).
iRobot learned early on that having clear goals would help all concerned coordinate their decisions and activities in the same direction. It also aids in the monitoring of company results and motivates all those concerned to improve (Barthelmeß and Furbach n.p.). Colin Angle, the CEO of iRobot, used a fine blend of financial and strategic goals. In the long term, achieving financial goals without strategic goals in place becomes impossible since they complement each other. iRobot has been concentrating on the rising Smart Home segment, investing extensively in R&D to perfect their Roomba series of home cleaning vacuums. However, their efforts in the Asia Pacific Market are not delivering the anticipated performance, with a market share of just 34% (Barthelmeß and Furbach n.p.).
iRobot acquired two overseas distributors in order to boost gross margins and reduce prices, as well as to assist with market expansion. Colin Angle has a goal of bringing technology to every nook and cranny in every home, so he's spending a lot of time and money researching and developing the right technology and how to make it work ("IRobot Case Study" n.p.).
As a leader in rendering home cleaning robotics a possibility, iRobot has often prioritized consumers and their needs. The revenue stream was generated as a result of consistent consumer loyalty. Customer focus is the first concern, according to an Amazon Web Series case study, which is what made them develop the Roomba base model and bring further innovations to it. They looked at the difference in the customer's expectations and what was available on the market. They attempted to meet a requirement that the consumers were unaware of. They were able to launch a cutting-edge app with superior functionality and relentless growth as a result of this ("IRobot Case Study" n.p.).
The Robotic Vacuum Cleaner was priced correctly using the Pricing Formula, which covered the expenses and left them with enough profit margin to reinvest and expand the business. The goods' prices vary from $299 to $699, based on the specifications and planned use. They add value to the consumer by incorporating a user experience that is intuitive and open to all users, as well as having Bluetooth compatibility and high-quality.
Samsung Navibot is one of iRobot's main rivals. The Samsung Electronics Company owns Samsung Navibot. They also manufacture TVs, laptops, smartwatches, servers, printers, and surveillance devices in addition to robotic cleaners. The latest ratio of Samsung Electronics Company is 2.92. The Samsung Electronics Company will satisfy its immediate financial commitments effectively because the ratio is above.1.0.
Dyson, a British technology company, owns and operates the Dyson Eye Robot. Dyson also makes other vacuum cleaners, air purifiers, bladeless fans, hand dryers, hair dryers, heaters, and lamps in addition to the robotic vacuum. The current ratio for Dyson is 2.46. Dyson's latest ratio is over 1.0, indicating that they will satisfy their financial c