Polaris Industries Polaris is an automotive company that specializes in off-road vehicles, snowmobiles, and motorcycles. Two brothers and a friend started this company that, today, is headquartered in Medina, Minnesota. In the 1960s, however, one of the three founders broke off and started a rival brand called Arctic Cat: a large competitor to Polaris Industries. Recently, in 2018, Polaris was named among the Fortune 500 for the first time with a rank of 496. Through the years, Polaris has acquired and discontinued a variety of lines and specialties. Industries that came to a stop include the jet ski and on-road vehicles like the Breeze line. A strategic goal for the company includes becoming an 8-billion-dollar industry by the …show more content…
540) Vision Polaris has the vision to produce top-of-the-line products, vehicles, services, and above all, experiences. With over 35 brands, Polaris holds a commitment to creating a positive impact for its community, riders, and the environment (CITE). Through the Polaris Foundation, the company gives to an organization called Geared for Good. This then funds community development and youth safety and awareness programs, assists in creating strong, vibrant communities, promotes responsible use of the environment and land access, and diversity and inclusion (CITE). External Assessment In this study, two external assessments were completed. The first is an External Factor Evaluation (EFE) Matrix. This looks at external factors such as opportunities and threats that have the potential to improve or harm business. The second is a Competitive Profile Matrix (CPM). The CPM analyzes comparable factors to a firm and its competitors, and reveals what advantages or disadvantages may be present in the market. Both matrices are measured through weights, and the total weight quantifies the significance of individual …show more content…
Advancement in technology: New technological developments can help Polaris stay or get ahead of competitors and improve the overall experience for customers and staff. 3. E-commerce: With the growth of digital presence, using the full potential in e-commerce and digital sales presents opportunities for Polaris to target new or hard-to-reach markets. 4. Product customization (filling the gaps): Offering products, such as ATVs, for customers searching for customized or specific experiences, like mudding, terrain, etcetera. 5. Rental services: Creating a rental program can allow customers to ride Polaris’ on- or off-road vehicles without the large cost commitments, creating a new business avenue. 6. Sustainability initiatives: Supporting customer values with company values and actions by incorporating environmentally friendly practices and products like green technologies. 7. Increasing demand for electric: By developing and expanding electric vehicle options and quality, Polaris can adhere to the growing demand. 8. Diversify product offerings: To expand product collections, Polaris can explore new pathways in vehicles or other categories to target complementary