Revitalizing Rexton Electronics

Background: Rexton Electronics, a mid$-$sized electronics manufacturer based in Malaysia, has been experiencing a steady decline in market share over the past five years due to intense competition from newer, more agile companies. The company specializes in consumer electronics such as smartphones, tablets, and personal computers. Despite having a strong history and substantial resources, Rexton has struggled to innovate and keep pace with industry trends.

Current Situation: The company's profits have fallen by $30\%$ over the last three years. Employee morale is low, and there is a high turnover rate, particularly among the younger staff. The marketing strategies have not been updated in over five years, and customer feedback suggests that Rexton$$s products are perceived as outdated and overpriced. The board of directors has recently appointed a new CEO, who is tasked with turning around the company$$s fortunes.

Assignment Task: You are a consultant hired by the new CEO to propose a comprehensive strategic plan that will help Rexton Electronics regain its market position and ensure sustainable growth. Your report should address the following:

$1.$Discuss the internal and external factors contributing to Rexton's decline.

$2.$ Propose strategic initiatives aimed at overcoming the identified challenges. This should include, but not be limited to$,$ innovation strategies, changes in corporate culture, restructuring, and new marketing approaches. Each recommendation should be clearly justified with theoretical support and practical examples.$*$

$3.$ Develop a detailed plan to implement the recommended strategies, including steps to manage resistance to change, communicate the change within the organization, and mechanisms to measure the effectiveness of the change.$*$

$4.$ Outline a plan for engaging key stakeholders, including employees, investors, customers, and suppliers, throughout the turnaround process.$*$

$5.$ Suggest actions that Rexton Electronics can take to maintain its regained market position and ensure continuous improvement. This might include ongoing innovation mechanisms, a continuous learning culture, or CSR initiatives.