Research On The Development Strategy For Ningbo Tengfei Auto Parts Co.,Ltd

The auto parts industry,a special sector closely tied to social progress,is experiencing a rapid expansion as the world economy progresses.This has made it the primary impetus for economic growth.development.The automobile industry’s development is rooted in auto parts,which are situated at the highest level of the chain.China,through the implementation of major national strategies and specific technical projects,has steadily constructed a comprehensive system of automobile parts production and processing,with supply and post-sales support.The automobile industry has been strongly supported by remarkable accomplishments in industrial scale,chain coordination,and other facets.Despite this,a disparity persists between China’s auto parts sector and foreign advanced firms in terms of essential core technologies,as well as high-end product research and development.With the development trend of electrification,intelligence,networking and carsharing in the auto industry,the auto parts industry is facing a new round of industrial revolution.The auto parts industry’s survival of the fittest will be intensified by the sudden arrival of the COVID-19 in 2020,which has caused a tumultuous shake to the global economy.Auto parts enterprises will confront a challenge in determining how to endure and progress amidst the fierce rivalry.Ningbo Tengfei Auto Parts Co.,Ltd.A private business specializing in the manufacture and distribution of automotive components.As the research object,the Ningbo Tengfei Company was selected based on the synopsis of the studies on the theory and techniques of strategic management,both domestically and internationally.An examination of the issues that impede Tengfei Company’s current market growth,such as the unreasonable product design and a dearth of intensive cultivation of the mainframesupporting market,is the focus of this paper.The layout of the domestic and foreign after-sales market being unreasonable.By combining PEST and SWOT analysis,the main internal and external environmental factors can be explored by examining the market development of Ningbo Tengfei Company,including its external opportunities.Contemplating different approaches to goods and markets,taking into account the dangers and internal advantages and disadvantages it faces.Employ the quantitative strategic planning matrix to select suitable strategies for the various market development issues confronting businesses.In view of the unreasonable product structure of Ningbo Tengfei Company,the company should focus on product development strategy as a whole;The main engine supporting market is based on market penetration strategy,and the domestic and foreign after-sales market is based on market development strategy.Proposing to ensure strategic implementation from five distinct perspectives-organizational structure,financial management,information management,human resource,and corporate culture-is finally a viable option.The market development strategies proposed in this paper not only provide scientific support for Ningbo Tengfei Company to formulate the current market development strategy,but also provide some reference for other auto parts enterprises in China.