Objective of Communication: The primary objective of the communication strategy is to inform all stakeholders about the upcoming changes in the business, the reasons behind these changes, and how they will be implemented. The goal is to ensure transparency, minimize disruption, and manage resistance to change.Target Audience: The target audience for this communication includes employees at all levels of the organization, shareholders, suppliers, and customers. Each group will require a different level of detail and explanation.Medium of Communication: The medium of communication will vary depending on the target audience. For employees, face$-$to$-$face meetings, emails, and internal newsletters can be used. For shareholders, formal letters and annual general meetings can be used. For suppliers and customers, formal letters, emails, and press releases can be used.Strategy:Start by communicating the need for change to all stakeholders. Explain the current business situation, the challenges faced, and how the introduction of the smartwatch and the discontinuation of certain products will benefit the company in the long run.For employees, hold departmental meetings to explain the changes in detail. Address their concerns and reassure them about job security for those not affected by the redundancy. Offer support and assistance to those who will be made redundant, such as severance packages and job placement services.For shareholders, explain how these changes will improve profitability and ensure the company's sustainability. Provide detailed plans and projections to reassure them of the potential success of the new product.For suppliers and customers, assure them that the quality and service they have come to expect from the company will not change. Explain how the new product will meet their needs better.Throughout the process, maintain open lines of communication and be receptive to feedback. This will help to identify any potential issues early and address them promptly.Justification: This strategy ensures transparency and keeps all stakeholders informed, which can help to minimize resistance to change. By addressing the concerns of each group directly and providing reassurances where needed, the company can maintain good relationships and ensure the smooth implementation of the changes. Explain it further in detail