Essay On Business Strategy Analysis

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Essay on Business Strategy Analysis
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Business Strategy UNIT 7 TUTOR:
======================================= Word Count: 5,432 Md Mominul Islam Plabon Student ID – LCC20090493 HND (Business)
Contents P 13 P 25 P 37 P 48 P 510 P 615 P 717 P 819 P 920 P 1022 P 1123 Reference list25 P 1 According to Kourdi (2009) 'Business strategy is the set
of activities where business combines mission, vision and goals of business and goes forward to achieve them'. Every business combines strategic
plan and activities to achieve their goals. In other aspect it can be said business strategy is the subject by which an organisation make their roadmap
...show more content...
* Use of latest technology P 2Stakeholders are the group or number of people who are directly or indirectly related to a particular business.
Stakeholders can be directors, customers, employees, government, agencies, owners, suppliers, unions and the community from which the business
draws its resources (Campbell, 2002). However, stakeholders are a crucial part for the success of business. If an organisation knows it's stakeholder,
then it can determine where, there is prospect for business and also by analysing stakeholders, business can set its operational activities (Graham,
2005). However, stakeholder analysis can be successful if stakeholder mapping is done by selecting the appropriate stakeholder at correct stage.
Stakeholder mapping consists two axis, whereas horizontal axis reveals the level of interest an individual has in the organisation and level of
importance business will put on them. In contrast, vertical axis shows the level of influence or power an organisation has in the organisation. Source:
(Stakeholdermap, 2011) High Influence, High Interest: they are loyal to the particular business, so organisations always want to keep relationship with
them and also give them high priority. In most cases business arranges meeting for them (stakeholdermap, 2011) High influence, low
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Developing an e-Business Strategy Essay
At the core of the development of an e–business strategy for any particular organization lays several issues that need to be spotted on by any person
who intends to successfully develop either a B2C e–business model or a B2B e–business model. Due to the rapid development of technology and
globalization in the 21st century, e–business has suddenly become an important means of conducting business transactions given the big difference in
both businesses and consumers' way of living prior and during the advent of technology.
According to (Wickramasinghe, 2007) since the various e–business models were tested to deliver outstanding and beneficial results in any organization,
big or small, many organizations has strived to develop value–driven...show more content...
Consider for example a businessman who intends to pursue a particular opportunity for his firm. His plan was to provide a highly–integrated set of
services in all wireless networks in specified locations within the United States. Initially, upon looking at the firm's business model for this specific
project, the model seems to be perfect and is consistent with the core goals and logic for coming up with such a plan (Shafer et al., 2005).
When asked however of his plans in addressing the possible incompatibilities in terms of the standards among wireless networks, the businessman
merely stated his assumption that everything will flow smoothly as planned. On the other hand, thee truth is that there is a huge possibility that his
business model will not work a hundred percent as planned due to discrepancies and incompatibility issues in wireless networks (Shafer et al., 2005).
The point in giving this example is that any businessman who intends to use a business model must not expect that the model itself will work by itself
and that certain issues and disadvantages will not be encountered especially in the process of building or developing an e–business strategy. Among the
main issues that a businessman is most likely to experience in developing an e–business strategy for either a B2C e–business model or a B2B
e–business model is the major
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Economics and Business Strategy
ECONOMIC CONCEPTS AND BUSINESS STRATEGY
1.0 Introduction
Business strategy is inextricably linked with the market structure and other factors in the economic environment. The competitive environment
determines the degree to which the firm can pursue a profit maximization or sales growth strategy. The factors of competitiveness are also developed in
accordance with the nature of the market and the competitive strategy of rival firms. It is also important for firms to note that their business strategies
would be different in an environment of perfect competition than in other forms of market structure where they may be able to exert some form of
political power over competitors and the buyers.
2.0 Competitive Environment
Business organizations are institutions through which the providers of capital seek to achieve their economic aims. These aims include a fair return on
their investment and protection against illegal activities and unfair practices by other competitors. In order to achieve these aims, it is vital for a
competitive environment to exist for business organizations to operate in. Business organizations develop their strategy after considering the political
and economic environment in addition to other features of the environment. Hence, the competitiveness of the environment serves to shape the
business strategy to a large extent. In this way, the competitive environment is strongly associated with the economic environment and business strategy.
A
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Strategy Analysis : Business Strategy Essay
Strategy is the overarching plan followed by a business that dictates the direction for the organization. From the business strategy; all decisions in
other areas of the organisation, from marketing to operations will follow as each department creates their own more specific action plans derived
from the overall strategy that dictate how they will perform to shape their piece of the puzzle. The strategy an organization commits itself to is
important because it is the "how" in 'how are we going to get to where we want to be?'. Effective strategy requires the right actions at the right time,
even the right action if it is at the wrong time ( a technology at the wrong time or before it is fully perfected such as the Sinclair C5 (Marks, 1990 )) is
likely to fail. In fact around 80% of strategies fail anyway (MacIntosh and O 'Gorman, 2015, pp. 25–38). It is the personalisation of the relationship
between each business and its' own strategy that lends weight to the argument that management is an art. All strategies begin with goals. These goals
are set in relation to a certain set of circumstances which the business is facing. To begin making strategy, a grasp of the issues facing the business
must be established. This diagnosis is reached by examining three areas of the business. Firstly, relevant performance indicators are taken, usually
over a period of time to establish if performance is improving or decreasing as facts on their own don't provide any context. Second the
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How Business Strategy and Choices should be made
How Business Strategy and Choices should be made
Business policies refer to the guidelines which are developed by an organization in order to govern its actions/operations. They help in defining the
limits within which decisions can be made in accordance with Management Study Guide, (n.d). On the other hand, business strategy refers to a long
term plan of action/s designed to achieve a certain goal or set of goals or even objectives (Rapid Business Intelligent Success, RBIS (n.d). The policies
and strategies should be made in line with guiding principles.
In business sphere, a business policy should be specific or definite. Making policy choices that are uncertain would imply that implementation would be
difficult. Additionally, a...show more content...
The choices are to be made in such a manner that the business is put on a competitive edge. Moreover, strategic choices are made according to the
capabilities of the business to build and maintain in the competitive environment. Lastly, it is of great importance to consider the available management
systems which are readily available in operation in order to build and maintain the key capabilities.
We have several examples to illustrate the choice of policies and strategies. For instance, Corning Incorporated case study by Rebecca, Henderson
and Cate (2009) has its strategic choices in innovation because it has a strong team of scientists in the research and development section. This is a
strength to them and hence a capability. The policy of constant innovation makes the employees be regarded as career employees for long service.
We also look at the case study of DDD (Anju, Grate and Jaime, 2009). The strategic choice to expand globally was due to its highly trained staff.
However, its social policy and financial constraints impeded it from recruiting the best staff. Lastly, Compsis at crossroads (Jonathan and Paul, 2009)
had strategic choices of expanding its ETC business to more powerful, flexible and user friendly SICAT due to the financial constraints it was facing.
In a nutshell, strategic choices and policies are very important driving forces in a business enterprise. A business policy to be
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Strategies For A Successful Business
In order to have a successful business, then one must have a strategy to follow to bring in business that will help to create longevity for the company.
Subsequently, the following strategies make up strategy formulation plan: directional strategies, adaptive strategies, market entry strategies, and
competitive strategies. First, one must create directional strategies to help define the purpose of the business. Consequently, one must create a mission,
vision, and values statement, which will help to give a sense of direction to the employees and management of the company. In doing so, this will give
a purpose to the employees when business can be chaotic to unforeseen circumstances in the external environment. Moreover, this will give the
employees a sense of direction when implementing their own work habits within the company. For instance, the employee has a better sense of
direction when they have mixed feelings about how to care for the patient. Next, the adaptive strategies will help the company achieve the directional
strategies that were set forth by the creation of the mission, vision, and values statements. In other words, the adaptive strategies are more specific on
how the company will achieve their vision of the future. In order to help create an adaptive strategy the company needs to look at the external and
internal environment. In doing so, this allows the company to forecast a projected future and create contingency plans based on a possible future. In
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3M company business strategy Essay
Abstract
The company 3M is a diverse company that was incorporated on June 25, 1929 with presence in more than 10 industries alone. "3M products are sold
through a number of distribution channels, including directly to users and through wholesalers, retailers, jobbers, distributors and dealers in a range of
trades in a number of countries worldwide" ("3M Co," n.d., para. 1) The company head quarters is located in St. Paul Minnesota, however 3M has
locations all over the United States. 3M is best known within the consumer industry with brands such as Post–it, Scotch, Scotch–Brite, Filtrete,
O–Cel–O, Nexcare, and Command. "3M is one of 30 companies in the Dow Jones Industrial Average and also is a component of the Standard & Poor's
500...show more content...
4) "The safety, security and protection services segment serves a range of markets for the safety, security and productivity of workers, facilities and
systems. The product offerings include personal protection products, cleaning and protection products for commercial establishments, safety and
security products (including border and civil security solutions), and roofing granules for asphalt shingles, corrosion protection products used in the
oil and gas pipeline markets, and track and trace solutions." ("3M Co," n.d., para. 4) "The display and graphics segment serves markets that include
electronic display, traffic safety and commercial graphics. This segment includes optical film solutions for liquid crystal display (LCD) electronic
displays; computer screen filters; reflective sheeting for transportation safety; commercial graphics sheeting and systems; architectural surface and
lighting solutions; and mobile interactive solutions, including mobile display technology, visual systems products, and computer privacy filters. The
optical film business provides films that serve numerous market segments of the electronic display industry. 3M
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Business Strategy Essay
HND in Business and Finance Unit Name: Business Strategy – 7 Assessors: Egya Gyamfi Student: Sulaiman Adebakin Introduction In this part of the
assignment I will be defining and explaining mission, vision, objective, goals & core competencies, I will also be distinguishing the difference
between each point and the role they play in the operation of a business, I will be reviewing the issues involved in strategic planning and explain the
different planning techniques. 1.1 Explain strategic contexts and terminology – Missions Visions Objectives, Goals, Core competences About Walkers
Walker is a British snack food manufacturer operating in the United Kingdom and Ireland and to a lesser extent on the European...show more content...
There are many different types of objectives such as long–term and short term objectives. Long–term objectives focus on the desired performance and
results of the organization on an on–going basis. An example of a long term objective setting out customer service goals by doing this you will be able
to make sure that your organization aims to receive positive customer service feedback. Short–term objectives are concerned with short–term
performance targets that the organisation is working towards in pursuing its strategies. Short–term objectives tend to last up to six months or a year.
Core competence The core competences of an organisation are the things that the organisation is particularly good at, that is, the resources, processes
and skills which give it a competitive advantage. It is very important to identify and build on these core competences because they are what enable them
to stand out from other organisations. Apple being one of the most well–known brands will mean that customers will have high expectations on their
products. Apple having distinctive features on their mobile phones (IPhone) will enable them to have a competitive advantage on their competitors. A
competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing
greater benefits and service that justifies higher prices. 1.2 Review the issues involved in strategic
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Aligning IT with Business Strategy Essay
Is it smart for companies to invest heavily in information technology (IT)? Numerous studies indicate that excessive IT spending will usually reduce
company profits and slow productivity. According to an article in the MIT Sloan Management Review, "Avoiding the Alignment Trap in Information
Technology," IT can become a huge bottleneck to growth in companies if they focus on the wrong remedies for their IT problems (Shpilberg, Berez,
Puryear, & Shah, 2007). The article first focuses on Charles Schwab and its IT struggles during the early 2000's. Then, it presents a study on 504
companies, and IT's effect on their revenue growth. Lastly, it covers the steps to ensure success in IT's effectiveness. Charles Schwab is a Fortune 500
Company...show more content...
In addition, aligning each department to a different system or standard doesn't work because a company needs all departments functioning at the same
pace and every department must rely on each other. The largest group (about 75% of surveyed companies) spent the average amount on IT, but
growth was slightly below average (Shpilberg et al., 2007). Companies in the "The Maintenance Zone" have IT systems that are less aligned to
business objectives and are, as a result, less effective as a whole. The authors state that the group treats IT more like plumbing, "bumping along" until
something bad happens. However, since the group's deviation of IT spending and revenue growth from the average is minimal, the article doesn't put
much focus on the "The Maintenance Zone." The next group, experiencing "Well–Oiled IT," were more focused on execution and effectiveness at
getting IT projects up and running (on a budget). They spent 15% below average on IT, yet revenue growth was 11% above average (Shpilberg et al.,
2007). Although the group's revenue growth was above average, the companies just didn't spend enough on IT to maximize their potential. More
specifically, they didn't spend enough to align the effective IT systems to their business objectives. The final group of companies, in the "IT–Enabled
Growth" zone, experienced the upside of keeping IT highly aligned
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Business Strategy Essay
If you are looking to grow your business, then acquiring another company is the fastest way to expand. An acquisition, however, can take a lot of
work. Moreover, it must be a sensible business decision. By employing the following strategies you can ensure that any business you are considering
acquiring is the right choice for you.
Know What You Want
There are a number of reasons why you may want to buy another company. For technology and pharmaceutical companies, gaining access to
technologies or medicines that you do not have can be accomplished through an acquisition. It may be more cost effective to buy a competitor than to
develop a new product on your own.
You may also have found that your human capital needs can be satisfied by...show more content...
Perform Due Diligence
Due diligence begins even before you make it known to a company that you want to acquire them. Likely, you already have some competitors in mind
that you would like to acquire. You need to know as much as possible about these companies, including their size, locations, the number of employees,
products and services, and markets served. This information should be easily available.
You should also find out if the company has a favorable outlook. This does not preclude you from taking over a distressedbusiness, but you should
know as much as possible what those challenges are apart from hearing that information from the company directly.
Once you have a company in mind, then you will be ready to approach them with your intent to acquire their business. This means speaking with senior
managers, reviewing their financial reports, getting a feel for their personnel and determining if the acquisition would be a good fit.
Make Your Offer
If the acquiring company is receptive to your acquisition, then you are ready to move forward. Determine the company's value and make a preliminary
offer based on what you know. There is no need to offer a full amount up front– you might come in 10 to 20 percent under value to give yourself some
room to negotiate.
If your offer is in the ballpark, then you can expect a counter offer. If the counter is too high, you can make a case for how much the acquisition will
cost your business and what the value of the
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Essay about Business Strategy
Trader Joe's questions; 1. How do firms in the supermarket industry make money? 1. Please conduct a financial ratio analysis using the data in
Exhibit 2. How do the results reflect different strategies pursued by the 4 firms? 2. What do the results say about how firms in this industry can
deliver strong financial returns in different ways? 2. What are the key sources of Trader Joe's competitive advantage? 3. What are the main threats to
Trader Joe's competitive advantage? Is their advantage sustainable? 4. How would you modify Trader Joe's strategy moving forward?
What are the key sources of Trader Joe's competitive advantage?
Trader Joe's Competitive Advantage
Their competitive advantage stems not...show more content...
We celebrate the special way we treat and relate to our customers. We think retailing is all about customer experience, and that is what really
differentiates us.
We hate bureaucracy. We give everyone a license to kill bureaucracy. All officers are in cubicles. The CEO is in a conference room. We have very few
layers–a very simple organization.
Kaizen. Each one of us every day is trying to do a little better. This is infused into our training programs. We really stress teamwork and working
together, while we do not does elaborate budgeting at the store level.
Treat the store as the brand. Individual products are not the brand. The store is. Brand is really the covenant between the company and the customer,
and the real key is day–to–day consistency in meeting and satisfying needs. Last year we were very surprised and proud when an article came out in
Entrepreneur magazine said three companies that got branding right were Krispy Kreme, Nike, and us.
We are a "national/neighborhood" company. Our customers benefit from our national buying ability, but we want each store to be close to the customer
and really a part of their neighborhood.
To ensure that these values are real and not words on a piece of paper, Bane visits each store every year and spends two to three weeks a year
physically in the stores bagging groceries and listening to customers. He sees his job as making sure the company's values are real and that people are
held to that
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Business Strategy
According to Michael Porter, "Almost no consensus exists about what corporate strategy is, much less about how a company should formulate it"[1].
This is due to a combination of factors that relate to strategy terms, concepts and principles В– and their practical application.
This article is designed to provide executives with a better understanding of the nature and purpose of strategy and draws on Jack Welch 's record at
GE, as well as examples from other companies, to show how these strategy–related terms, concepts, and principles apply in practice.
The terms, concepts and principles of strategy
From my work as a strategy consultant, executive, and professor of strategy in graduate and executive programs, I have found that...show more content...
MatГ©riel includes capital, physical plant, raw materials, and parts, and less tangible components such as distribution networks, technology, human
resources, market data, market reputation, and the ability to borrow. Methods includes a range of management, manufacturing, and marketing functions
and processes, such as motivational, negotiating, and alliance skills, and other intangible resources that are covered by the terms "benchmarking," "best
practices," "outsourcing," "ISO 9000," "total quality management," "core competencies," and "competitive capabilities." A company 's resources make
the formulation of corporate and unit strategies possible and give effect to strategy implementation. Resources are the sine qua non of strategy: without
resources, strategy can achieve nothing.
Because resources are a means for implementing strategy, they can be confused with tactics. Both resources and tactics are related to how strategy is
achieved, but tactics (from the Greek taktikos, of order or arranging) refers to the detail of strategic designs and to the detailed actions that are needed
to effect strategy implementation. Tactics are the detail–how of strategy, whereas resources are strategy 's with–what.
The resources element of the PSR Troika provides the with–what for implementing strategy and, therefore, for achieving policy. It is strategy, however,
that drives decisions relating to the acquisition, development, and deployment of a company 's resources; and it
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Business Strategy Essay
1.0 Introduction This report is based on a Strategy Simulation Management where you put your decisions and this program interprets it in real life
industry. StratSimManagement ties all functions together: Marketing, Operations, Finance, HR. Basically it is a cross functional long term strategy.
StratSimManagement is based on automobile industry, В•two markets: consumer and fleet (B2B), В•consumer market of 150 million people, В•B2B
market of numerous fleet contracts В•Currently GDP, inflation growth rates В•Demand sensitivity on GDP, Interest rates and the decisions that the
firms makes The products are cars and trucks and some of their characteristics are vehicle class, size, engine/performance, interior, styling,...show more
content...
Then services which includes areas of services such as after–sale, complaint handling. Internal analysis of this service helps the firm identify gaps and
add importance to minimise those gaps. 3.1 PESTEL PESTEL stands for Political, Economic, Socio–Cultural, Technological, Environmental and Legal.
This important tool not only outlines a list of influences but also help the business understand key drivers of change which has differential impact on
industries and markets. Eventually focus in on future impact of environmental factors. United States has a political stability but there are decisions
made from the government that can affect the firm. Factors which can affect the firm can be minimum wage, petrol, health and safety, and other
regulation which the government can amend at anytime. For example minimum wage can touch costs of labour if is to go up. Let's look at petrol as
is a necessity for a car to drive for example prices are rising everyday and the control over price is all on governments' hands. Economical
considerations consists a wide range of factors that affect businesses in this case the car industry. In USA climate of the economy influences how the
consumer behaves within the society. Whether the economy is a boom or recession will also affect consumer confidence and behaviour. Interest rates
tend to affect consumers expenditure В– if it goes high people with mortgages hold back as their disposable income is being affected.
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The Purpose Of Business Strategy
1. The purpose of business strategy is to ensure that the business achieves its goals. It is the method by which goals are achieved. The business
strategy helps decide how to use the resources of the firm. The strategies also lay down what a firm will produce and the manner in which it will
produce. For example, a company making cars may decide to invest in a large plant to realize economies of scale and reduce costs so that either it can
lower its prices to gain a large market share or it can earn higher profits and grow financially.
A differentiation strategy is one where the firm differentiates its products in some way to compete successfully. The differentiation is achieved by using
expert technical expertise, talented personnel, or...show more content...
Top quality and continuous improvement in quality are important mission components (Farhad Analoui, Azhdar Karami, 2002). Another important
trend is to make the vision statement an important component of the mission. The vision shows the aspirations of the top management. It shows what
the company is striving to become. The vision is combined as a part of the mission statement. A company philosophy is the distillation of its culture
into a group of core values that affect all aspects of its business. The company philosophy guides the employees in their decision making. In contrast
company image refers to the perception of the company 's identity in the minds of the public. It is a combination of the company name, logos, its
advertising campaign, the publicity about the company, its products, its outlets, and its dealings with its stakeholders. Both the company philosophy
and public image should be kept in mind when developing a mission. The mission is the purpose of the company. It guides the actions of the company.
The actions must be guided by the company philosophy because it represents the culture and it should also consider its public image because it relates
to the perceptions of the company. Unless both these factors are balanced the mission statement will not be effective.
3. Some fundamental ethical approaches that managers should consider is to consider ethical approach as a company philosophy. In this context the
managers should consider
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Business And Military Strategies
One agrees that both organizational systems are awfully similar to one another. The military strategy is exceptionally strategical and tactical.
Furthermore, the strategy highlights clarity to the mission and includes a fast past objective by using the nine key phases. The business approach
capitalizes in set objectives. However, a business strategy needs to convince the organization to join the journey; which in turn creates a mission
statement by more embellished. Both set of ideas, business and military, when implemented correctly can complement each other in any organizations.
When organizations are developing for the future, one of the ways to make a business successful is to build a glide path that will pave the way for
effective objectives
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IntroductionKnowing your business–level and corporate–level strategy can maximize the life of your organization. The business–level strategy focus
on creating a value offering that is appealing to consumers while also being cost–effective. The business–level strategies determine who they will serve,
what product or service will meet the needs of their targeted customers, and how they will keep their customers satisfied (Harvard, 2012).
Corporate–level strategies help drive an organization and help determine what types of business and functional–level managers will choose to maximize
on long–run profitability. Corporate–level strategies allow the organization to select the right pricing option that will allow them to maximize on...show
more content...
This is because new product and service requires additional testing and more advertising expense (The Differences, 2012).
Related diversification is when a business adds or expands its existing product lines or markets. With related diversification you have the advantage of
understanding the business and of knowing what the industry opportunities and threats are. This is why the performance level on related
diversification is higher than that of an unrelated diversification (The Differences, 2012).
Reference
Core Competencies. (n.d.). QuickMBA: Accounting, Business Law, Economics, Entrepreneurship, Finance,Management, Marketing, Operations,
Statistics, Strategy. Retrieved October 3, 2012, from http://www.quickmba.com/strategy/core–competencies/
Harvard Business School – Institute for Strategy and Competitiveness. (n.d.). Harvard Business School – Institute for Strategy and Competitiveness.
Retrieved October 3, 2012, from http://www.isc.hbs.edu/firm–corpstrat.htm
Lacoma, T. (n.d.). Business Level Strategy Vs. Corporate Level Strategy | eHow.com. eHow | How to Videos, Articles & More– Discover the expert
in you. | eHow.com. Retrieved October 3, 2012, from http://www.ehow.com
/info_7900064_business–vs–corporate–level–strategy.html#ixzz28HWKyVa0
The Differences Between Related Diversification and Unrelated Diversification. (n.d.).
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Strengths And Weaknesses Of Business Strategy
Companies in the global seem themselves operating in an environment that is altering quicker than ever before. The procedure of analyzing the
implications of these alters and changing the manner that the company responds to them is known as business strategy. Good performance within a
company is the outcome of accurate interaction of business management with its internal and external environment. The identification of internal
strengths and weaknesses, in addition to external opportunities and threats, takes place on the basis of a SWOT process. However, in spite of their
significance, many companies often just have ambiguous ideas of their competitive strengths and weaknesses, opportunities and threats. Value of the
SWOT method lies in evaluating...show more content...
To begin with, the first disadvantage is that SWOT data collection and analysis involve a subjective process that reflects the biased individual
opinion. For example: What can be considered as a strength or a weakness to somebody, can be insignificant to somebody else, or maybe it being a
weakness or an opportunity to somebody else. Hence, the SWOT manner is a subjective way, which it may differ from person to person about several
aspects. One person accomplishes the SWOT analysis may show with a different conclusion and strategy to the next person making the analysis so as
to meaningfully influence company performance, making decisions of business have to be founded on relevant, reliable and similar data. In addition,
information in the SWOT process may get outdated rapidly (Brady, et al. 2009). Also, the second drawback is that the SWOT analysis arrives to four
individual lists of strengths, weaknesses, opportunities and threats. Moreover, the device gives no mechanism so as to arrange the consequence of one
element against another in some lists. Accordingly, element's true influence on the goal cannot be decided. In addition, the SWOT matrix makes a
one–dimensional way that each drawback attribute is observed as a strength, weakness, opportunity and threat. As a result, each attribute is observed to
have only one effect on the drawback being
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A business–level strategy is an integrated and coordinated set of commitments and actions that firms use to gain a competitive advantage by exploiting
core competencies in specific product market. Only firms that continuously upgrade their competitive advantages over time are able to achieve
long–term success with their business–level strategy. Effectivemanagement of customer relationships help the firms answer questions related to the
issues of who, what, and how. Customers are the foundation or essence of an organization's business–level strategies. Who will be served, what needs
have to be met, and how those needs will be satisfied are determined by the senior management. To make this decision, companies divide customers into
...show more content...
Firms use core competencies which are how, to implement value–creating strategies and thereby satisfy customers' needs. Only those firms with the
capacity to continuously improve, innovate, and upgrade their competencies can expect to meet and hopefully exceed customers' expectations across
time.
Other than who, what, and how there are also five generic strategies that are used to help organizations establish a competitive advantage over industry
rivals which are cost leadership, differentiation, focused cost leadership, focused differentiation and integrated cost leadership/differentiation. Firms
may also choose to compete across a broad market or focused market.
Cost leadership: Organizations compete for a wide customer based on price. Price is based on internal efficiency in order to have a margin that will
sustain above average returns and cost to the customer so that customers will purchase your product/service. Works well when product/service is
standardized can have generic goods that are acceptable to many customers, and can offer the lowest price. Continuous efforts to lower costs relative
to competitors are necessary in order to successfully be a cost leader. For example:
В•Building state of art efficient facilities (may make it costly for competition to
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Objectives Of A Business Strategy Essay
Plan – Company Direction
Much like the traditional marketing sequential process, the innovation processes mentioned earlier are all centered around creating a valuable
product, with varying levels of attention on the define and design stages. However, what these processes seem to lack is a step for strategic
positioning. "Too many organizations try to be everything to everyone, wasting resources in markets that may never provide a worthwhile return on
investment" (Stanleigh, n.d., para 1). The types of innovation outlined in the first section of this paper are often used for this purpose, but fail to
provide direction on how to arrive at those conclusions. The purpose of the Plan Phase is to create a clear strategy that will serve as the basis for
setting business direction and priorities (and resource utilization). This is done through three sub–steps: Review Business Strategy, Identify Target
Audience and Define Position.
Innovation requires leadership at the strategic level. Senior managers should act as innovation champions and contribute to an organizational culture
that expects, supports and rewards innovation. Top management is responsible for supporting middle management by setting the strategic focus and
priority, providing the proper infrastructure and resources needed, creating policies and procedures for implementation and for eliminating obstacles
where possible. The early phases of the innovation process – namely, idea gathering, idea development, and idea
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Essay On Business Strategy Analysis

  • 1. Essay on Business Strategy Analysis –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Business Strategy UNIT 7 TUTOR: ======================================= Word Count: 5,432 Md Mominul Islam Plabon Student ID – LCC20090493 HND (Business) Contents P 13 P 25 P 37 P 48 P 510 P 615 P 717 P 819 P 920 P 1022 P 1123 Reference list25 P 1 According to Kourdi (2009) 'Business strategy is the set of activities where business combines mission, vision and goals of business and goes forward to achieve them'. Every business combines strategic plan and activities to achieve their goals. In other aspect it can be said business strategy is the subject by which an organisation make their roadmap ...show more content... * Use of latest technology P 2Stakeholders are the group or number of people who are directly or indirectly related to a particular business. Stakeholders can be directors, customers, employees, government, agencies, owners, suppliers, unions and the community from which the business draws its resources (Campbell, 2002). However, stakeholders are a crucial part for the success of business. If an organisation knows it's stakeholder, then it can determine where, there is prospect for business and also by analysing stakeholders, business can set its operational activities (Graham, 2005). However, stakeholder analysis can be successful if stakeholder mapping is done by selecting the appropriate stakeholder at correct stage. Stakeholder mapping consists two axis, whereas horizontal axis reveals the level of interest an individual has in the organisation and level of importance business will put on them. In contrast, vertical axis shows the level of influence or power an organisation has in the organisation. Source: (Stakeholdermap, 2011) High Influence, High Interest: they are loyal to the particular business, so organisations always want to keep relationship with them and also give them high priority. In most cases business arranges meeting for them (stakeholdermap, 2011) High influence, low Get more content on HelpWriting.net
  • 2. Developing an e-Business Strategy Essay At the core of the development of an e–business strategy for any particular organization lays several issues that need to be spotted on by any person who intends to successfully develop either a B2C e–business model or a B2B e–business model. Due to the rapid development of technology and globalization in the 21st century, e–business has suddenly become an important means of conducting business transactions given the big difference in both businesses and consumers' way of living prior and during the advent of technology. According to (Wickramasinghe, 2007) since the various e–business models were tested to deliver outstanding and beneficial results in any organization, big or small, many organizations has strived to develop value–driven...show more content... Consider for example a businessman who intends to pursue a particular opportunity for his firm. His plan was to provide a highly–integrated set of services in all wireless networks in specified locations within the United States. Initially, upon looking at the firm's business model for this specific project, the model seems to be perfect and is consistent with the core goals and logic for coming up with such a plan (Shafer et al., 2005). When asked however of his plans in addressing the possible incompatibilities in terms of the standards among wireless networks, the businessman merely stated his assumption that everything will flow smoothly as planned. On the other hand, thee truth is that there is a huge possibility that his business model will not work a hundred percent as planned due to discrepancies and incompatibility issues in wireless networks (Shafer et al., 2005). The point in giving this example is that any businessman who intends to use a business model must not expect that the model itself will work by itself and that certain issues and disadvantages will not be encountered especially in the process of building or developing an e–business strategy. Among the main issues that a businessman is most likely to experience in developing an e–business strategy for either a B2C e–business model or a B2B e–business model is the major Get more content on HelpWriting.net
  • 3. Economics and Business Strategy ECONOMIC CONCEPTS AND BUSINESS STRATEGY 1.0 Introduction Business strategy is inextricably linked with the market structure and other factors in the economic environment. The competitive environment determines the degree to which the firm can pursue a profit maximization or sales growth strategy. The factors of competitiveness are also developed in accordance with the nature of the market and the competitive strategy of rival firms. It is also important for firms to note that their business strategies would be different in an environment of perfect competition than in other forms of market structure where they may be able to exert some form of political power over competitors and the buyers. 2.0 Competitive Environment Business organizations are institutions through which the providers of capital seek to achieve their economic aims. These aims include a fair return on their investment and protection against illegal activities and unfair practices by other competitors. In order to achieve these aims, it is vital for a competitive environment to exist for business organizations to operate in. Business organizations develop their strategy after considering the political and economic environment in addition to other features of the environment. Hence, the competitiveness of the environment serves to shape the business strategy to a large extent. In this way, the competitive environment is strongly associated with the economic environment and business strategy. A Get more content on HelpWriting.net
  • 4. Strategy Analysis : Business Strategy Essay Strategy is the overarching plan followed by a business that dictates the direction for the organization. From the business strategy; all decisions in other areas of the organisation, from marketing to operations will follow as each department creates their own more specific action plans derived from the overall strategy that dictate how they will perform to shape their piece of the puzzle. The strategy an organization commits itself to is important because it is the "how" in 'how are we going to get to where we want to be?'. Effective strategy requires the right actions at the right time, even the right action if it is at the wrong time ( a technology at the wrong time or before it is fully perfected such as the Sinclair C5 (Marks, 1990 )) is likely to fail. In fact around 80% of strategies fail anyway (MacIntosh and O 'Gorman, 2015, pp. 25–38). It is the personalisation of the relationship between each business and its' own strategy that lends weight to the argument that management is an art. All strategies begin with goals. These goals are set in relation to a certain set of circumstances which the business is facing. To begin making strategy, a grasp of the issues facing the business must be established. This diagnosis is reached by examining three areas of the business. Firstly, relevant performance indicators are taken, usually over a period of time to establish if performance is improving or decreasing as facts on their own don't provide any context. Second the Get more content on HelpWriting.net
  • 5. How Business Strategy and Choices should be made How Business Strategy and Choices should be made Business policies refer to the guidelines which are developed by an organization in order to govern its actions/operations. They help in defining the limits within which decisions can be made in accordance with Management Study Guide, (n.d). On the other hand, business strategy refers to a long term plan of action/s designed to achieve a certain goal or set of goals or even objectives (Rapid Business Intelligent Success, RBIS (n.d). The policies and strategies should be made in line with guiding principles. In business sphere, a business policy should be specific or definite. Making policy choices that are uncertain would imply that implementation would be difficult. Additionally, a...show more content... The choices are to be made in such a manner that the business is put on a competitive edge. Moreover, strategic choices are made according to the capabilities of the business to build and maintain in the competitive environment. Lastly, it is of great importance to consider the available management systems which are readily available in operation in order to build and maintain the key capabilities. We have several examples to illustrate the choice of policies and strategies. For instance, Corning Incorporated case study by Rebecca, Henderson and Cate (2009) has its strategic choices in innovation because it has a strong team of scientists in the research and development section. This is a strength to them and hence a capability. The policy of constant innovation makes the employees be regarded as career employees for long service. We also look at the case study of DDD (Anju, Grate and Jaime, 2009). The strategic choice to expand globally was due to its highly trained staff. However, its social policy and financial constraints impeded it from recruiting the best staff. Lastly, Compsis at crossroads (Jonathan and Paul, 2009) had strategic choices of expanding its ETC business to more powerful, flexible and user friendly SICAT due to the financial constraints it was facing. In a nutshell, strategic choices and policies are very important driving forces in a business enterprise. A business policy to be Get more content on HelpWriting.net
  • 6. Strategies For A Successful Business In order to have a successful business, then one must have a strategy to follow to bring in business that will help to create longevity for the company. Subsequently, the following strategies make up strategy formulation plan: directional strategies, adaptive strategies, market entry strategies, and competitive strategies. First, one must create directional strategies to help define the purpose of the business. Consequently, one must create a mission, vision, and values statement, which will help to give a sense of direction to the employees and management of the company. In doing so, this will give a purpose to the employees when business can be chaotic to unforeseen circumstances in the external environment. Moreover, this will give the employees a sense of direction when implementing their own work habits within the company. For instance, the employee has a better sense of direction when they have mixed feelings about how to care for the patient. Next, the adaptive strategies will help the company achieve the directional strategies that were set forth by the creation of the mission, vision, and values statements. In other words, the adaptive strategies are more specific on how the company will achieve their vision of the future. In order to help create an adaptive strategy the company needs to look at the external and internal environment. In doing so, this allows the company to forecast a projected future and create contingency plans based on a possible future. In Get more content on HelpWriting.net
  • 7. 3M company business strategy Essay Abstract The company 3M is a diverse company that was incorporated on June 25, 1929 with presence in more than 10 industries alone. "3M products are sold through a number of distribution channels, including directly to users and through wholesalers, retailers, jobbers, distributors and dealers in a range of trades in a number of countries worldwide" ("3M Co," n.d., para. 1) The company head quarters is located in St. Paul Minnesota, however 3M has locations all over the United States. 3M is best known within the consumer industry with brands such as Post–it, Scotch, Scotch–Brite, Filtrete, O–Cel–O, Nexcare, and Command. "3M is one of 30 companies in the Dow Jones Industrial Average and also is a component of the Standard & Poor's 500...show more content... 4) "The safety, security and protection services segment serves a range of markets for the safety, security and productivity of workers, facilities and systems. The product offerings include personal protection products, cleaning and protection products for commercial establishments, safety and security products (including border and civil security solutions), and roofing granules for asphalt shingles, corrosion protection products used in the oil and gas pipeline markets, and track and trace solutions." ("3M Co," n.d., para. 4) "The display and graphics segment serves markets that include electronic display, traffic safety and commercial graphics. This segment includes optical film solutions for liquid crystal display (LCD) electronic displays; computer screen filters; reflective sheeting for transportation safety; commercial graphics sheeting and systems; architectural surface and lighting solutions; and mobile interactive solutions, including mobile display technology, visual systems products, and computer privacy filters. The optical film business provides films that serve numerous market segments of the electronic display industry. 3M Get more content on HelpWriting.net
  • 8. Business Strategy Essay HND in Business and Finance Unit Name: Business Strategy – 7 Assessors: Egya Gyamfi Student: Sulaiman Adebakin Introduction In this part of the assignment I will be defining and explaining mission, vision, objective, goals & core competencies, I will also be distinguishing the difference between each point and the role they play in the operation of a business, I will be reviewing the issues involved in strategic planning and explain the different planning techniques. 1.1 Explain strategic contexts and terminology – Missions Visions Objectives, Goals, Core competences About Walkers Walker is a British snack food manufacturer operating in the United Kingdom and Ireland and to a lesser extent on the European...show more content... There are many different types of objectives such as long–term and short term objectives. Long–term objectives focus on the desired performance and results of the organization on an on–going basis. An example of a long term objective setting out customer service goals by doing this you will be able to make sure that your organization aims to receive positive customer service feedback. Short–term objectives are concerned with short–term performance targets that the organisation is working towards in pursuing its strategies. Short–term objectives tend to last up to six months or a year. Core competence The core competences of an organisation are the things that the organisation is particularly good at, that is, the resources, processes and skills which give it a competitive advantage. It is very important to identify and build on these core competences because they are what enable them to stand out from other organisations. Apple being one of the most well–known brands will mean that customers will have high expectations on their products. Apple having distinctive features on their mobile phones (IPhone) will enable them to have a competitive advantage on their competitors. A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices. 1.2 Review the issues involved in strategic Get more content on HelpWriting.net
  • 9. Aligning IT with Business Strategy Essay Is it smart for companies to invest heavily in information technology (IT)? Numerous studies indicate that excessive IT spending will usually reduce company profits and slow productivity. According to an article in the MIT Sloan Management Review, "Avoiding the Alignment Trap in Information Technology," IT can become a huge bottleneck to growth in companies if they focus on the wrong remedies for their IT problems (Shpilberg, Berez, Puryear, & Shah, 2007). The article first focuses on Charles Schwab and its IT struggles during the early 2000's. Then, it presents a study on 504 companies, and IT's effect on their revenue growth. Lastly, it covers the steps to ensure success in IT's effectiveness. Charles Schwab is a Fortune 500 Company...show more content... In addition, aligning each department to a different system or standard doesn't work because a company needs all departments functioning at the same pace and every department must rely on each other. The largest group (about 75% of surveyed companies) spent the average amount on IT, but growth was slightly below average (Shpilberg et al., 2007). Companies in the "The Maintenance Zone" have IT systems that are less aligned to business objectives and are, as a result, less effective as a whole. The authors state that the group treats IT more like plumbing, "bumping along" until something bad happens. However, since the group's deviation of IT spending and revenue growth from the average is minimal, the article doesn't put much focus on the "The Maintenance Zone." The next group, experiencing "Well–Oiled IT," were more focused on execution and effectiveness at getting IT projects up and running (on a budget). They spent 15% below average on IT, yet revenue growth was 11% above average (Shpilberg et al., 2007). Although the group's revenue growth was above average, the companies just didn't spend enough on IT to maximize their potential. More specifically, they didn't spend enough to align the effective IT systems to their business objectives. The final group of companies, in the "IT–Enabled Growth" zone, experienced the upside of keeping IT highly aligned Get more content on HelpWriting.net
  • 10. Business Strategy Essay If you are looking to grow your business, then acquiring another company is the fastest way to expand. An acquisition, however, can take a lot of work. Moreover, it must be a sensible business decision. By employing the following strategies you can ensure that any business you are considering acquiring is the right choice for you. Know What You Want There are a number of reasons why you may want to buy another company. For technology and pharmaceutical companies, gaining access to technologies or medicines that you do not have can be accomplished through an acquisition. It may be more cost effective to buy a competitor than to develop a new product on your own. You may also have found that your human capital needs can be satisfied by...show more content... Perform Due Diligence Due diligence begins even before you make it known to a company that you want to acquire them. Likely, you already have some competitors in mind that you would like to acquire. You need to know as much as possible about these companies, including their size, locations, the number of employees, products and services, and markets served. This information should be easily available. You should also find out if the company has a favorable outlook. This does not preclude you from taking over a distressedbusiness, but you should know as much as possible what those challenges are apart from hearing that information from the company directly. Once you have a company in mind, then you will be ready to approach them with your intent to acquire their business. This means speaking with senior managers, reviewing their financial reports, getting a feel for their personnel and determining if the acquisition would be a good fit. Make Your Offer If the acquiring company is receptive to your acquisition, then you are ready to move forward. Determine the company's value and make a preliminary
  • 11. offer based on what you know. There is no need to offer a full amount up front– you might come in 10 to 20 percent under value to give yourself some room to negotiate. If your offer is in the ballpark, then you can expect a counter offer. If the counter is too high, you can make a case for how much the acquisition will cost your business and what the value of the Get more content on HelpWriting.net
  • 12. Essay about Business Strategy Trader Joe's questions; 1. How do firms in the supermarket industry make money? 1. Please conduct a financial ratio analysis using the data in Exhibit 2. How do the results reflect different strategies pursued by the 4 firms? 2. What do the results say about how firms in this industry can deliver strong financial returns in different ways? 2. What are the key sources of Trader Joe's competitive advantage? 3. What are the main threats to Trader Joe's competitive advantage? Is their advantage sustainable? 4. How would you modify Trader Joe's strategy moving forward? What are the key sources of Trader Joe's competitive advantage? Trader Joe's Competitive Advantage Their competitive advantage stems not...show more content... We celebrate the special way we treat and relate to our customers. We think retailing is all about customer experience, and that is what really differentiates us. We hate bureaucracy. We give everyone a license to kill bureaucracy. All officers are in cubicles. The CEO is in a conference room. We have very few layers–a very simple organization. Kaizen. Each one of us every day is trying to do a little better. This is infused into our training programs. We really stress teamwork and working together, while we do not does elaborate budgeting at the store level. Treat the store as the brand. Individual products are not the brand. The store is. Brand is really the covenant between the company and the customer, and the real key is day–to–day consistency in meeting and satisfying needs. Last year we were very surprised and proud when an article came out in Entrepreneur magazine said three companies that got branding right were Krispy Kreme, Nike, and us. We are a "national/neighborhood" company. Our customers benefit from our national buying ability, but we want each store to be close to the customer and really a part of their neighborhood. To ensure that these values are real and not words on a piece of paper, Bane visits each store every year and spends two to three weeks a year physically in the stores bagging groceries and listening to customers. He sees his job as making sure the company's values are real and that people are held to that Get more content on HelpWriting.net
  • 13. Business Strategy According to Michael Porter, "Almost no consensus exists about what corporate strategy is, much less about how a company should formulate it"[1]. This is due to a combination of factors that relate to strategy terms, concepts and principles В– and their practical application. This article is designed to provide executives with a better understanding of the nature and purpose of strategy and draws on Jack Welch 's record at GE, as well as examples from other companies, to show how these strategy–related terms, concepts, and principles apply in practice. The terms, concepts and principles of strategy From my work as a strategy consultant, executive, and professor of strategy in graduate and executive programs, I have found that...show more content... MatГ©riel includes capital, physical plant, raw materials, and parts, and less tangible components such as distribution networks, technology, human resources, market data, market reputation, and the ability to borrow. Methods includes a range of management, manufacturing, and marketing functions and processes, such as motivational, negotiating, and alliance skills, and other intangible resources that are covered by the terms "benchmarking," "best practices," "outsourcing," "ISO 9000," "total quality management," "core competencies," and "competitive capabilities." A company 's resources make the formulation of corporate and unit strategies possible and give effect to strategy implementation. Resources are the sine qua non of strategy: without resources, strategy can achieve nothing. Because resources are a means for implementing strategy, they can be confused with tactics. Both resources and tactics are related to how strategy is achieved, but tactics (from the Greek taktikos, of order or arranging) refers to the detail of strategic designs and to the detailed actions that are needed to effect strategy implementation. Tactics are the detail–how of strategy, whereas resources are strategy 's with–what. The resources element of the PSR Troika provides the with–what for implementing strategy and, therefore, for achieving policy. It is strategy, however, that drives decisions relating to the acquisition, development, and deployment of a company 's resources; and it Get more content on HelpWriting.net
  • 14. Business Strategy Essay 1.0 Introduction This report is based on a Strategy Simulation Management where you put your decisions and this program interprets it in real life industry. StratSimManagement ties all functions together: Marketing, Operations, Finance, HR. Basically it is a cross functional long term strategy. StratSimManagement is based on automobile industry, В•two markets: consumer and fleet (B2B), В•consumer market of 150 million people, В•B2B market of numerous fleet contracts В•Currently GDP, inflation growth rates В•Demand sensitivity on GDP, Interest rates and the decisions that the firms makes The products are cars and trucks and some of their characteristics are vehicle class, size, engine/performance, interior, styling,...show more content... Then services which includes areas of services such as after–sale, complaint handling. Internal analysis of this service helps the firm identify gaps and add importance to minimise those gaps. 3.1 PESTEL PESTEL stands for Political, Economic, Socio–Cultural, Technological, Environmental and Legal. This important tool not only outlines a list of influences but also help the business understand key drivers of change which has differential impact on industries and markets. Eventually focus in on future impact of environmental factors. United States has a political stability but there are decisions made from the government that can affect the firm. Factors which can affect the firm can be minimum wage, petrol, health and safety, and other regulation which the government can amend at anytime. For example minimum wage can touch costs of labour if is to go up. Let's look at petrol as is a necessity for a car to drive for example prices are rising everyday and the control over price is all on governments' hands. Economical considerations consists a wide range of factors that affect businesses in this case the car industry. In USA climate of the economy influences how the consumer behaves within the society. Whether the economy is a boom or recession will also affect consumer confidence and behaviour. Interest rates tend to affect consumers expenditure В– if it goes high people with mortgages hold back as their disposable income is being affected. Get more content on HelpWriting.net
  • 15. The Purpose Of Business Strategy 1. The purpose of business strategy is to ensure that the business achieves its goals. It is the method by which goals are achieved. The business strategy helps decide how to use the resources of the firm. The strategies also lay down what a firm will produce and the manner in which it will produce. For example, a company making cars may decide to invest in a large plant to realize economies of scale and reduce costs so that either it can lower its prices to gain a large market share or it can earn higher profits and grow financially. A differentiation strategy is one where the firm differentiates its products in some way to compete successfully. The differentiation is achieved by using expert technical expertise, talented personnel, or...show more content... Top quality and continuous improvement in quality are important mission components (Farhad Analoui, Azhdar Karami, 2002). Another important trend is to make the vision statement an important component of the mission. The vision shows the aspirations of the top management. It shows what the company is striving to become. The vision is combined as a part of the mission statement. A company philosophy is the distillation of its culture into a group of core values that affect all aspects of its business. The company philosophy guides the employees in their decision making. In contrast company image refers to the perception of the company 's identity in the minds of the public. It is a combination of the company name, logos, its advertising campaign, the publicity about the company, its products, its outlets, and its dealings with its stakeholders. Both the company philosophy and public image should be kept in mind when developing a mission. The mission is the purpose of the company. It guides the actions of the company. The actions must be guided by the company philosophy because it represents the culture and it should also consider its public image because it relates to the perceptions of the company. Unless both these factors are balanced the mission statement will not be effective. 3. Some fundamental ethical approaches that managers should consider is to consider ethical approach as a company philosophy. In this context the managers should consider Get more content on HelpWriting.net
  • 16. Business And Military Strategies One agrees that both organizational systems are awfully similar to one another. The military strategy is exceptionally strategical and tactical. Furthermore, the strategy highlights clarity to the mission and includes a fast past objective by using the nine key phases. The business approach capitalizes in set objectives. However, a business strategy needs to convince the organization to join the journey; which in turn creates a mission statement by more embellished. Both set of ideas, business and military, when implemented correctly can complement each other in any organizations. When organizations are developing for the future, one of the ways to make a business successful is to build a glide path that will pave the way for effective objectives Get more content on HelpWriting.net
  • 17. IntroductionKnowing your business–level and corporate–level strategy can maximize the life of your organization. The business–level strategy focus on creating a value offering that is appealing to consumers while also being cost–effective. The business–level strategies determine who they will serve, what product or service will meet the needs of their targeted customers, and how they will keep their customers satisfied (Harvard, 2012). Corporate–level strategies help drive an organization and help determine what types of business and functional–level managers will choose to maximize on long–run profitability. Corporate–level strategies allow the organization to select the right pricing option that will allow them to maximize on...show more content... This is because new product and service requires additional testing and more advertising expense (The Differences, 2012). Related diversification is when a business adds or expands its existing product lines or markets. With related diversification you have the advantage of understanding the business and of knowing what the industry opportunities and threats are. This is why the performance level on related diversification is higher than that of an unrelated diversification (The Differences, 2012). Reference Core Competencies. (n.d.). QuickMBA: Accounting, Business Law, Economics, Entrepreneurship, Finance,Management, Marketing, Operations, Statistics, Strategy. Retrieved October 3, 2012, from http://www.quickmba.com/strategy/core–competencies/ Harvard Business School – Institute for Strategy and Competitiveness. (n.d.). Harvard Business School – Institute for Strategy and Competitiveness. Retrieved October 3, 2012, from http://www.isc.hbs.edu/firm–corpstrat.htm Lacoma, T. (n.d.). Business Level Strategy Vs. Corporate Level Strategy | eHow.com. eHow | How to Videos, Articles & More– Discover the expert in you. | eHow.com. Retrieved October 3, 2012, from http://www.ehow.com /info_7900064_business–vs–corporate–level–strategy.html#ixzz28HWKyVa0 The Differences Between Related Diversification and Unrelated Diversification. (n.d.). Get more content on HelpWriting.net
  • 18. Strengths And Weaknesses Of Business Strategy Companies in the global seem themselves operating in an environment that is altering quicker than ever before. The procedure of analyzing the implications of these alters and changing the manner that the company responds to them is known as business strategy. Good performance within a company is the outcome of accurate interaction of business management with its internal and external environment. The identification of internal strengths and weaknesses, in addition to external opportunities and threats, takes place on the basis of a SWOT process. However, in spite of their significance, many companies often just have ambiguous ideas of their competitive strengths and weaknesses, opportunities and threats. Value of the SWOT method lies in evaluating...show more content... To begin with, the first disadvantage is that SWOT data collection and analysis involve a subjective process that reflects the biased individual opinion. For example: What can be considered as a strength or a weakness to somebody, can be insignificant to somebody else, or maybe it being a weakness or an opportunity to somebody else. Hence, the SWOT manner is a subjective way, which it may differ from person to person about several aspects. One person accomplishes the SWOT analysis may show with a different conclusion and strategy to the next person making the analysis so as to meaningfully influence company performance, making decisions of business have to be founded on relevant, reliable and similar data. In addition, information in the SWOT process may get outdated rapidly (Brady, et al. 2009). Also, the second drawback is that the SWOT analysis arrives to four individual lists of strengths, weaknesses, opportunities and threats. Moreover, the device gives no mechanism so as to arrange the consequence of one element against another in some lists. Accordingly, element's true influence on the goal cannot be decided. In addition, the SWOT matrix makes a one–dimensional way that each drawback attribute is observed as a strength, weakness, opportunity and threat. As a result, each attribute is observed to have only one effect on the drawback being Get more content on HelpWriting.net
  • 19. A business–level strategy is an integrated and coordinated set of commitments and actions that firms use to gain a competitive advantage by exploiting core competencies in specific product market. Only firms that continuously upgrade their competitive advantages over time are able to achieve long–term success with their business–level strategy. Effectivemanagement of customer relationships help the firms answer questions related to the issues of who, what, and how. Customers are the foundation or essence of an organization's business–level strategies. Who will be served, what needs have to be met, and how those needs will be satisfied are determined by the senior management. To make this decision, companies divide customers into ...show more content... Firms use core competencies which are how, to implement value–creating strategies and thereby satisfy customers' needs. Only those firms with the capacity to continuously improve, innovate, and upgrade their competencies can expect to meet and hopefully exceed customers' expectations across time. Other than who, what, and how there are also five generic strategies that are used to help organizations establish a competitive advantage over industry rivals which are cost leadership, differentiation, focused cost leadership, focused differentiation and integrated cost leadership/differentiation. Firms may also choose to compete across a broad market or focused market. Cost leadership: Organizations compete for a wide customer based on price. Price is based on internal efficiency in order to have a margin that will sustain above average returns and cost to the customer so that customers will purchase your product/service. Works well when product/service is standardized can have generic goods that are acceptable to many customers, and can offer the lowest price. Continuous efforts to lower costs relative to competitors are necessary in order to successfully be a cost leader. For example: В•Building state of art efficient facilities (may make it costly for competition to Get more content on HelpWriting.net
  • 20. Objectives Of A Business Strategy Essay Plan – Company Direction Much like the traditional marketing sequential process, the innovation processes mentioned earlier are all centered around creating a valuable product, with varying levels of attention on the define and design stages. However, what these processes seem to lack is a step for strategic positioning. "Too many organizations try to be everything to everyone, wasting resources in markets that may never provide a worthwhile return on investment" (Stanleigh, n.d., para 1). The types of innovation outlined in the first section of this paper are often used for this purpose, but fail to provide direction on how to arrive at those conclusions. The purpose of the Plan Phase is to create a clear strategy that will serve as the basis for setting business direction and priorities (and resource utilization). This is done through three sub–steps: Review Business Strategy, Identify Target Audience and Define Position. Innovation requires leadership at the strategic level. Senior managers should act as innovation champions and contribute to an organizational culture that expects, supports and rewards innovation. Top management is responsible for supporting middle management by setting the strategic focus and priority, providing the proper infrastructure and resources needed, creating policies and procedures for implementation and for eliminating obstacles where possible. The early phases of the innovation process – namely, idea gathering, idea development, and idea Get more content on HelpWriting.net