Introduction – brief description of the company and the industry of which it is part and the main challenge(s) being faced- i.e. why are you being asked to analyse the case. Macro environmental...

STRATEGIC MANAGEMENT
Executive Summary
This report has provided the fundamental challenges faced by Otis Elevator Company, one of the top companies in this industry. The industry analysis has been presented in the following report and based on that; various external factors have been identified that affect the case study company. The company analysis has been described, which emphasised the major resources and competencies of the Otis. Finally, based on the analysis, some recommendations have been suggested so that the company may remain the top choice of its customers while moving ahead to the future with advancements in its strategy and technology.

Table of Contents
Executive Summary    2
1. Introduction    4
2. Macro Environmental Analysis    4
Element    4
Factors    4
Impact    4
Technological    4
Economic    4
Social    4
Environmental    4
3. Industry Analysis    5
Life Cycle Stage of the Industry    5
Porter’s 5 Forces Analysis    5
Competitors in the Market (High):    5
The Threat of New Entrant (Low):    5
Power of Suppliers (Low):    5
Power of Customers (Moderate):    5
The Threat of Substitution (Moderate):    5
4. Company Analysis    5
Resources and Capabilities    5
Core Competencies    5
Most Effective Elements to Achieve Strategies and Objectives    6
Macro and Industry    6
VRIO Framework    6
Factors    6
Valuable    6
Rare    6
Imitable    6
Organised    6
Competitive Advantage    6
5. Competitor Analysis    6
6. Strategy Analysis:    6
Identifying the Strategies    6
Analysing if Working or Not – Why / Why Not    7
Suggestions    7
7. Conclusion    7
Summary    7
Recommendations    7
Prediction for Future of Company    7
References    8
1. Introduction
Otis is a great renowned company in the elevator industry, a part of the United Technology, which is popular in 2000 countries across the globe. Elisha Otis has first innovated a safety elevator in the year 1852 and from there; the company's journey has started. After purchasing the American elevator company in 1884, the company's sales office was established in London and Paris (Otis, 2021).
The company was able to incorporate newer technologies into the market, such as introducing polyurethane-coated belts made up of steel food lighting elevator cars, cable technology made up of carbon fibre, which made it possible to travel up to 1 km elevators (Schonell, 2016). This is an approach towards energy saving. In this industry, this is a major player with large competitors.
The biggest challenge that the company is facing in this era of digitalisation is the regular up-gradation of technologies to make this industry a profitable one. There are competitors such as Thyssenkurpp that have made some recent developments that have trumped Otis in speed, technology and shaft space (Schonell, 2016). Therefore, the main dilemma remains whether this company can remain in the leading position in the upcoming years or not.
2. Macro Environmental Analysis
    Element
    Factors
    Impact
    Technological
    Technological advancements such as a cable-free elevator lifting ideas, multidirectional run of the elevators and use of magnetic technology can be the growth factors where the technological support from the country's capacity plays a role.
    Otis can be developed by using this type of technology, which can enhance its existing customer base and provide it the dominance it had always maintained.
    Economic
    The elevator industry is making a lot of money by manufacturing their products and there is an increased need for elevators in the US and Europe, especially.
    The company has a great scope, which is favouring their business growth in this industry.
    Social
    The aging population and the need for elevators in the globalisation and urbanisation of the countries are becoming a demanding factor for the elevator company to expand the business. With enhanced equal opportunity rules, the multi-storeyed buildings now make it mandatory to have elevators in the buildings (Schonell, 2016).
    The growing need for elevators in the various building is making it possible for companies such as Otis to remain competent and provide their support for fulfilling the need of the customers.
    Environmental
    The green agenda is being taken by the prime ministers of various developed countries. The environmentally friendly business has become a...