Introduction
The EPAM Systems, Inc. was established in 1993 and is has it’s headquarter in Newtown, Pennsylvania. EPAM Systems Company that offers software engineering answers and technology packages in the US markets (Chris 34). The company provides software creation development services comprising product investigation, consumer experience plan and prototyping, program organization, component design and incorporation, complete lifecycle software trying, and product employment and end-applier customization. It as well offers custom appliance development packages, such as industry and technical supplies analysis, consumer experience plan, solution architecture construction and confirmation, creation, excellence assurance and testing. Additionally, the corporation provides appliance testing services; testing for project IT, such as test administration, mechanization, practical and non-functional examining, and fault management; and consulting packages. Further, it gives project application policy services including necessities analysis and platform assortment, customization, cross-platform relocation, realization, incorporation, and support and continuance. It serves autonomous software merchants and technology corporations in banking and monetary services, industry data and media, and hospitality industries.
Vision, Mission, and Values
Since the company’s inception in 1993 the company has worked:
-To develop an ideal company that emphasizes on the spirit of autonomy and open-mindedness, in which engineers with genuine inspiration can practice their technological proficiencies to the maximum level;
– To punctually apply extremely advanced technologies those were available in a variety of departments throughout the various technological fields;
– To rapidly commercialize superior technological findings in universities and research organizations that are worthy of applications in ordinary households;
– To encourage the discipline of science among the universal community.
EPAM Merchandise and Services
EPAM has a variety of products and services that range from technology goods and services. The EPAM services and products can be classified into the subsequent main classes:
| Software and Hi-Tech Media Entertainment |
Financial services Retail and distribution |
Travel and Hospitality |
Internal Analysis
Sony has developed to be a customer-electronics corporation since 1993. The company has a compelling content to support them, a vibrant culture of innovation resulting from cutting-edge survey and development as well as a top-notch promoting acumen that has developed EPAM to be a remarkable industry (Robert 78). The potential core competency of the Sony Corporation is in the subsequent internal analysis:
Accounting Ratio Analysis
The company’s operating proceeds margin in the year 2002 was merely 0.018 with profits on shareholders equity providing a miserable 0.006 (Susan 56). The returns on the assets indicated a 0.002. These poor outcomes demonstrate that the corporation had not managed particular aspects of its functions well and, therefore, incapable to attain standard income. However, it improved in the subsequent years.
Financial Resources
The company’s net revenue of US$730.027 million for the business year 2014 is a record high of all times. This emphasizes that the company proceeds margins are seriously superior and it has the muscle to operate globally. The corporation is also gifted with a massive reserve, and has the essential financial capital to build a broad global infrastructure that offers its conglomerate consumers with the variety that is worthy. This is almost certainly a competitive tactical lead that any novel entrants to the marketplace cannot provide.
Technological resources
Technologically, the company is more advanced in developing customer-technology items and services than its rivals in the business (William 78). In short, the company’s strength also concerns the ability to control on technologies well and in advance of its rivals to generate inventive and superior quality gadgets for its consumers to augment sales and proceeds.
Human capital management
EPAMs formal website emphasizes that the development and the vitality of the company’s workers drive the dynamic expansion of the business (Chris 90). So far, the company can offer inclusive training to its workers to enable them poses superior skills and knowledge. On top of that the corporation gives programs that are tailored to local requirements for managers and engineers. In brief, human capital arrangement, more so the capacity to inspire and enhance the productivity of the employees is the company’s strength.
Originality Resources
Originality is one of the two core pillars of the EPAM systems business- promotion is the other pillar. The innovation pillar came into existence through the founders of the establishment who through their corresponding abilities and passionate leadership set the basis of a true culture of a novelty at EPAM. The capacity to constantly invent and develop revolutionary innovations that boost sales and help widen proceeds indicates that the company possesses considerable quality modernism resources that are difficult to emulate and that are worthy.
EXTERNAL ANALYSIS
Political
Government strategies are a significant drive for the prowess of almost every nation on the planet. In the later area of the 1990s, there was a mounting deregulation and privatization of the customer electronics as well as technology and media plants across the globe. It was noticeable that the majority of the nations developed open trade agreements as others reduced the entry to overseas direct ventures (Stephen 92).
Economics
The era of globalization in the 1990s has the interconnectedness of the different markets, thus resulting in the emergence of the global manufacturing markets (Chris 79). Consequently, it permits a wider access to foreign merchandise for customers and corporations. In spite of the openings of the age of globalization, the entire prospect does not look promising in the closer future as it is dampened by the influence of the recession. This is possible to influences EPAM Systems sale and proceeds unconstructively.
Socio-cultural and Demographic
A research by Godman Sachs indicated that sixty percent of the Americans played film games and that sixty-one percent of those were adults (Stephen 76). This provides a chance for all technology and media corporations to augment their incomes by providing innovative goods and packages at reasonable costs. Demographically, the planets population stood at five billion as of 2002, and it is anticipated to rise. This is pleasing news for the entire companies as they look forward to more venture opportunities.
Technology
Novel packages such as the internet telephony and the growing employ of telecommunications give EPAM the chances to control on novel technologies and amplify sales. Additionally, e-commerce and Internet-related dealings are other areas that the company can take advantage of and augment its revenues (Stephen 69). EPAM also requires being mindful of the truth that other technological companies would have the ability to emulate EPAMs technology in a shorter span of time while giving more competitive costs.
Analysis of competitor forces
The threat of substitute goods: the likelihood threat of alternatives is reasonably low since there are a few substitutes from rival companies. The company has developed a good name and a strong consumer loyalty efficiently positioning the corporation’s items of alternative goods.
Bargaining authority of buyers: the authority of the purchaser is high because of approximately no switching expenses for consumers to shift from one brand to the other (William 90). The availability of Internet also permits the consumers to have all data pertaining price charges by the various corporations. The ability to shop online also increases the bargaining authority of the consumers.
Bargaining authority of the providers: the bargaining authority of the providers is low because of the large number of providers and consumers. In addition, EPAM functions in a wide national supply chain arrangement and its providers are not in concentration.
The threat of novel opponents: the threat of new competitors is low as the entry into the business requires huge capital, the economics of scale, goods separation as well as technology and novelty know-how.
Concentration of rivalry: business competition is high because of relatively intense rivalry and elevated exit expenses. The elevated intensity of competition is also immense due to the diverse and equally balanced rivalry in the marketplaces, universally short item existence cycles as well as elevated R & D.
Competitor analysis
Sony begins facing augmented competition not only from an established set of competitors but also novel opponents as subsequent:
| BUSINESS CATEGORY Software developers Software creators and Services Software developers, and financial services |
COMPANY INFOSYS LIMITED Cognizant Technology Solutions Corporation HCL TECHNOLOGIES |
This complicated, multidimensional rivalry is a bitter truth of the globe of technological convergence, where limitations between conventional business sections have vanished with novel chances opening up. The rivalry between the corporations is likely to be extreme as most harbor impressive broadband ideas and have also ventured their prospects on them. Luckily, most of the rivals at this position do not pass the same concrete and insubstantial capital as that of EPAM (William 98).
Marketing STRATEGY
If EPAM will venture into international markets in United Kingdom and remain competitive in the emerging markets across the globe, then it has to come up with various potential futures positioning alternatives that will enable it sell its products across the globe. The following three approaches can help EPAM position itself in the emerging markets in the United Kingdom market. They comprise:
Maintaining the leader position in product innovation and quality
EPAMs strategy of actualizing what others have failed to execute has paid off in the nature of outstanding products that person’s desire. In the course of history, the company’s inventiveness has grown to be part and parcel of conventional culture with the capacity to attract the imagination and improve people existence. In current times, the company goes on fueling the business growth through the sales of ground-breaking and eminence items and services. Moving ahead, EPAM should go on upholding the market leader position in product and service innovation and quality through strong R & D, original employ of the novel technologies and greater marketing insight (Susan 98). This type of positioning has the great potential than the other positioning. The company’s persistence in innovation and quality will attract more customers enlarging its sales. EPAMs ability to come match the requirements of the ever evolving world will make venture immensely and successfully in the UK markets.
Invest in Broadband system
EPAM is a company with convergence at its very hub. Led by an integrated industry model, the Corporation is well positioned to bring novel gains to its customers by combining hardware, software, services and content. Moving ahead, the company plans to persist to venture heavily into the broadband system so as to permit a completely new type of entertainment. The new type of entertainment includes products such as digitalized films and music as well as Internet substance and games to be available the world over.
Reinforcing the brand standards and promoting a world-class product
The phenomenal strength of the EPAMs brand in the U.S. is certainly an authentication to the corporation’s reputation for developing pioneering items of outstanding quality and worth. The company observes brand variety to link with consumers across a variety of lifestyle segments (Roberts 92). Moving forward, the company should further strengthen its brand name by developing exclusive products that fit the lifestyle of each and every individual in the emerging markets.
Implementation
Mission: To provide brands that do not simply command reverence because of their worth but because they add worth to the eminence of existence.
Mission: To prioritize inventiveness and distribute capital astutely while guaranteeing team buy-in and to provide a closely controlled means to sort through thoughts to discover the most practicable resolutions that will deliver most favorable results.
Values: To develop an ideal company that emphasizes on the spirit of autonomy and open-mindedness, in which engineers with genuine inspiration can practice their technological proficiencies to the maximum level.
Well-managed brand names leads to respected status and constructive reputations leads to significant financial returns. Stakeholders develop to respect strong brands thus the EPAM should manage its brand name in the UK strongly. In the time-pressured market in the UK, the company should consistently deliver consumer satisfaction brands. Such a move will make their customers reduce their explore activity and abdicate to choice over a low bunch of trade names per category. A brand name is the net current worth of the cumulative confidence that the owners’ past promotion efforts have gained from customers (Susan 97).
Thus the company will offer an innovative brand in the UK market to earn the trust of the consumers. Through well-envisaged and efficiently managed brand names the corporation will be able to develop positive reputations that will enhance the confidence of the employees, purchasers, and users. Influential brands will enable the company position itself in the dominant positions in the UK market and maintenance of its reputation. Consumer trust develops as a result of constant brand connections characterized by constancy and an insight that the brand cares for the consumer; thus EPAM should implement constant brand connections with its clients. Products do not simply command reverence because of their worth but they earn respect since they add worth to the eminence of existence. Therefore, EPAM should implement a strategy of innovating product that makes life worth living to the UK consumers.
The company should hire personnel whose values concur with the values of the brand name (Susan 78). They should come up with personnel enrollment policies that place substantial emphasis on hiring personnel whose value match with the brand names standards. Training of the personnel can improve the capacity of the staff to provide the operational values thus recruitment strategies should be founded on alignment between personnel and brand standards. Thus brand management should not only pay attention to the products but also to the staff since a balanced perspective will enable the company succeed in the UK market.
Conclusion
In conclusion, EPAM is a giant developer of technological goods and services, and should always operate to remain the principal leader in the business. The company’s brand is renown all over the U.S., and almost everyone covets their products. The outstanding brand name has attracted the company many consumers and their outstanding products bringing them many investors. The company should further its innovative nature and maintain the excellent quality of its products to remain competitive in the emerging markets. EPAM should work to employ the best workforce in the market and maintain its culture and code of conduct if it has to remain relevant in the ever evolving business globe. It should venture in the emerging markets with great policies that are superior to its rivals to augments its sales and revenues. EPAM should operate to achieve a leader position across the globe in its dream to be a giant in the global markets. It should ensure that they provide innovative products that improve the existence of the humans in the globe and make the world better for the human race. The company has all it take to compete globally and succeed.
Works Cited
Chris, Stephen. Creative Strategy: Reconnecting Business and Innovation. New York: Wiley Publishers, 2012.
Robert, Scott. Product Innovation and Technology Strategy. London: Stage-Gate Publishers, 2010.
Stephen, James. Strategic Learning and Leading Change: How Global Organizations are Reinventing HR. New York: Routledge Publishers, 2010.
Susan, Clay. Managerial Accounting. New York: Cengage Publishers, 2010.
William, Patrick. Marketing. New York: Cengage Publishers, 2013.
