Augmented and Virtual Reality (AR/VR) and its strategic implications into a traditional industryYou will be asked to compile a management memo for a board of directors who have tasked you with providing them with an overview of how AR/VR technology could be used strategically to enhance their company’s competitiveness. This memo will be based on your additional research on AR/VR technology allied to your understanding of strategy concepts and models developed in the course.Memo Format:The primary audience (people you are trying to convince) for your memo are board level executives. They are not scientists or experts in the field you are writing about and probably know relatively little about the issues you have identified. Brevity, clarity and a good visual presentation are critical.Required Elements in the MemoTitle. An effective title of a memo should give readers a quick overview of the subject and problem addressed in the memo. A reader may use the title in deciding whether to read the memo or not. As a general rule, avoid titles of more than 10 words.Executive Summary. The executive summary aims to interest readers in reading the whole memo. However, the main function of the executive summary is to satisfy the needs of those readers (especially decision-makers) who will not read the entire paper and readers whose main interest is in the key proposed policy recommendations.Introduction. The introduction sets the scene by presenting the context for the issues analyzed in the memo. The introduction will include a statement about the purpose of the Memo. Most memos also include a brief overview of the methodology for data collection and/or kinds of resources used in its construction, but this will be limited in your case to describing the sources of data and information that you have used to construct your recommendations.Problem Description. The problem description identifies, defines and elaborates the nature of issues under discussion. This may include the background information about the history, principle causes, who is affected, descriptions of previous strategies aimed at addressing the issues, and the outcomes of implementing those strategies (positive and negative) – where relevant. It should also include a detailed and convincing description of the actual status of the issue – the extent and impact of the issue now, who is affected now.Strategy Options. This section outlines, evaluates and compares the possible strategy alternatives. Remember, you are focusing on overall strategic policy-making, not developing a plan of action. You should present all the approaches or strategies that you think are potentially useful for addressing the issue.Conclusions & Recommendations. This section presents the case for your preferred alternative strategy to decision makers. However, this is more than a summary of the main findings. You should explain how your strategy will lead to and inform recommendations relevant to the issue. Provide a list of three to six key strategy recommendations that must be implemented as part of the strategy.Make sure to print your name on the title page and to number your pages. You must supply a complete and accurate set of references for this project. This is in addition to the word limit. If you have diagrams, tables and figures, they must also be accurately sourced and placed in a separate appendix and is not included in the four pages.