Adam Aircraft Essay Example | Topics and Well Written Essays - 2500 words

Adam Aircraft - Essay Example The strategies of the company were typically customer oriented that were endeavored towards producing light, comfortable, affordable and fast aircrafts. Findings The company faced many severe challenges. One of the prime challenges faced by the company was the availability of limited fund. The aspects of inadequate time and lack of skilled workforce were the other vital challenges for the company. At the same time, the company realized that in order to succeed in aircraft industry, it must develop new and innovative products. Recommendations Addressing the challenges faced by the company, certain recommendation have been given. In this regard, the company must cautiously utilize the available time and funds. Any kind of wastage within the company should be quickly curtailed. Further, it should seriously consider the rules and regulation prescribed by FAA in order to prevent any delays during the work process. Table of Contents Memo 2 Table of Contents 4 Introduction 5 Thesis Statemen t 5 Identification and Evaluation of the Company’s Existing Mission, Objectives and Strategies 5 Identification of the Key Strategic Issues (Problem Statement) 7 The Causes of the Problem 8 Identification of the Key Inferences and Assumptions 9 Alternative Solutions 10 Recommendations 12 Conclusion 15 Works Cited 16 Introduction Rick Adam, a successful entrepreneur who had a passion for flying, founded Adam Aircraft Company in the year 1998. Adam identified the market needs and conducted an efficient market research as well as analysis; as the result of his efforts, Adam Aircraft was founded. Rick Adam’s passion for flying has developed since his childhood - he got inspiration from his father, George Adam Sr who had served as an Air Force Officer during the World War II (Hedberg and Hamilton, â€Å"Adam Aircraft†). Thesis Statement This paper is all about making a thorough analysis of the case study relating to Adam Aircraft Company by concerning certain signifi cant aspects. In this regard, the aspects include the identification as well as the evaluation of the company’s existing mission, objectives and recognition of chief strategic issues along with the reasons for the problems. Various aspects such as the identification of the key facts and the assumptions drawn from the aforementioned aspects, proposition of alternative solutions and specific recommendations for action will also be portrayed in the paper. Identification and Evaluation of the Company’s Existing Mission, Objectives and Strategies During the period of the establishment of Adam Aircraft, it has been viewed that the airplane market possessed high entry barriers and required to invest huge capital in order to formulate as well as to implement effective business strategies. In this similar context, Rick identified the pitfalls associated with aircraft manufacturers that included the problems relating to aircraft designing, building and certifying new aircraft. F urthermore, he also identified the prime reasons behind the success and the failure of those companies who had entered the aircraft manufacturing industry with high enthusiasm. The detailed analysis of these significant factors ultimately led him towards recognizing new as well as innovative ways for entering into the aircraft industry. Rick founded the company with the purposeful mission of delivering quality and efficient products or services to its potential customers and ensuring greater customer satisfaction by meting their respective expectations and needs. At the same time, the objectives of the company were to manufacture and deliver advanced aircraft support structure sin the finest way to its valuable