Feb 13, · Essay On Corporate Strategy. 1. Introduction. This paper supports the argument that companies outside the industry sector can draw useful lessons from the strategies used by Canon in its own industry. This paper will also discuss some of the strategic areas that may be of interest to other industries and the limitation of using the said Sep 05, · Marketing strategy includes all activities aimed at the increase in sales and a sustainable competitive advantage based on the selected marketing mix that consists of 4 Ps or product, price, place, and promotion (McCarthy). All elements of the marketing mix are equally important and must be harmonized in order to achieve the marketing goals The different strategies discussed mainly evolve around the mentioned concepts. 1 - Strategy in terms of the positioning of an organization within a competitive market. 2- Strategy in terms of necessitating trade-offs in a competing environment. 3- Strategy as a
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This idea of blue ocean strategy was initially introduced in by Prof. Charles W. Hill from Michigan State University and eventually developed in strategy essay the blue ocean strategy book. The book metaphorically compares the market today to red and blue oceans, strategy essay. It covers the formulation and execution of strategies that are exclusively geared towards steering existing companies from red oceans to blue oceans as well as ensuring that new companies are founded on blue oceans. The red oceans represent niches already filled in the market by existing enterprises. These have clear cut paths and limitations are also preset, strategy essay.
The space they occupy is evident and mapped out within the confines in the global market space. There is a lot of competition as most companies occupy these waters. This metaphor comes from the idea that when there is stiff competition the game eventually becomes dirty and the water muddied. Strategy essay is unexploited market space in the commerce world, the space that no one ventures to, strategy essay. There are industries that have not yet been established, strategy essay. Companies should not be established from already evident needs but require the formulation of new needs thereby creating a demand, strategy essay.
Order custom essay Blue Ocean Strategy Essay with free plagiarism report. This is the ideal market where demand is ample. Industries that venture in the blue markets grow very fast. There is no competition because the companies set the trends of the market. The idea of value innovation is introduced in the book as a need for these businesses that venture in the blue waters. There is room here for companies to navigate clearly and avoid accidents, strategy essay. For this to happen there is need to create and establish value in their products so that a genuine interest is created within the client.
The need to create value is evident and a necessity incase the company hopes to create irrelevance of already existing products in the market, strategy essay. The book emphasizes the need to have businesses that are willing to put value in their services and products regardless of whether this will increase the production costs. They propose that industries can find value if they strategize in offering low costs and yet maintaining the highest value in their products. Cirque du Soleil is given as an example of a company that succeeded in reinventing itself and making a successful trend into the blue oceans by reinventing itself for the market.
It achieved this by replacing the animal and star performances with better quality ballet and opera combined with an even better circus strategy essay. These strategies when applied, appealed to a wider population and by adding value to their services, even though their costs went higher they were eventually able to make an even greater profit and occupy their own niche in the market, strategy essay. They did not enter a pre established niche but instead created their own demand by offering a product that no other company was offering at a low price. The book is clear on the importance of businesses focusing on achieving and sustaining high performance, strategy essay.
In strategy essay to do this there is need for them to get rid of strategies that are geared for succeeding in the already crowded niches. There is an urgent need for them to strategy essay blue oceans which they will occupy and freely navigate. By creating these canvasses it becomes possible for these markets to capture new opportunities and experience growth. If these companies focus on competition strategies with already existing businesses, they will be confining themselves to the structuralists view or environmental determinism by assuming that the structure of the company is preset in the market and they are therefore confined within these structures.
Companies in this area focus not on leading or excelling but merely staying afloat in the market by trying to formulate strategies that strategy essay them stay ahead of the competition by acquiring a bigger share of the already crowded market. Competition with the other existing companies determines the core on which everything else rotates. The company has to scrabble for market place by displacing already existing companies otherwise it cannot exist. Cost and value are not significant, strategy essay. Companies center on capturing and dispensing wealth rather than creating wealth. Their focus is on getting a share of the red ocean where conditions for their strategy essay are not conducive.
Companies need to adapt the Blue ocean strategy where the confines strategy essay a market are nonexistent and the idea of structuralism is viewed as misleading to the company. Companies are in a position to create their own boundaries and structures by changing their operation and the products they bring to the market. This is referred to as the Reconstructionist view, strategy essay. It allows the management to expand their views beyond what they can see at the moment. Demand can be created and that should be the focus of every business. Value innovation steers the company towards creating demand. Apart from focusing on value innovation these companies also need to focus on tipping point leadership.
This is derived from epidemiological studies that stipulate that fundamental revolutions occur simultaneously when the ambitions, strategy essay, focus and the goals of a particular group of people bring about en mass movement towards a common goal. To explain the applicability strategy essay this in a business situation, the authors give a strategy essay study of William Bratton who was appointed as a police commissioner of New York City in February At the time of his appointment the department was faced with seemingly insurmountable hurdles, strategy essay. Within two years of his appointment the commissioner was able strategy essay bring a complete turnaround in the police force.
In a study, the authors examined the strategies he employed in order to bring change and proposed them to organizations as tipping point management strategies. For any company to thrive there strategy essay need to change the management and strategy of the company. Management needs to isolate the critical areas and accord them a special focus, strategy essay. Communication within the organization is vital as it ensures a free flow of information. There is need to delegate and put people within the organization into first contact with the problems.
This stimulates them to come up with problem solving inventions. To maintain motivation among the strategy essay, promotions and other incentives have to result from performance and bias has to be removed. These strategies led to a turnaround of the New York police force and when applied to the Boston and Los Angeles police force they had the same positive effects of strategy essay crime and maintaining motivation within the workers even with a seemingly low budget. These changes outlasted him and were evident even after he left the two police forces. Companies also need to implement the fair process strategy. This involves recognition of knowledge as a resource and cultivating it from the employees to benefit the company. It is therefore crucial to create an environment in which employees aspire to share ideas, knowledge and expertise.
The management needs to work towards creating an environment of trust to allow the workers to feel safe and share ideas. This will enhance overall company productivity. This can be achieved by having specific ventures that would require team formulation within the company, strategy essay. It is important to make the employees feel like they belong and that they are valued by the company. This can be done by strategy essay them in decision making as much as possible especially in strategy essay that involve their wellbeing.
A company cannot afford to undermine the role of communication in its success. The book prescribes a number of tools for all businesses that wish to excel in the market, strategy essay. They advocate for businesses to create a strategy canvas by identifying the areas that they compete on with other companies thereby creating a strategic profile. By forming a link between these factors the company can develop a distinctive strategy that differentiates them from other companies while allowing strategy essay to capture an untapped market, strategy essay. The four actions framework is also recommended, strategy essay. This is explained as an eliminate-reduce-raise-create grid. Companies need to evaluate themselves on this grid and employ strategies in the four areas so as to formulate a new curve for value.
An example of Casella wines which is based in Australia is given to explain how this is possible. This company was able to evaluate itself on this grid and create a blue ocean for itself by producing a new non traditional wine that was appealing to a larger majority. They did this by conducting an intensive study among the general population on the already existing wines. They discovered that majority of the population did not like the traditionally produced wines. Companies need to look at the areas strategy essay need to be eliminated, which factors should have their focus reduced, which ones need added attention and what products need to be conceptualized that the company has never offered before and these will help it create a demand for its product.
The litmus test for BOS should be used to check whether a company has a strategy. The company has to have a clear focus and divert from the norm, strategy essay. It is mandatory to have a clear tagline. In the case of Casella wines the tagline was to produce a fun quality yet fun wine for strategy essay occasions, strategy essay. They maintained a focus on this and it appealed to the target market, strategy essay. Another essential tool that managers need to familiarize themselves with is the four hurdles tool, strategy essay.
Management ultimately affects the performance of a company. It is crucial that the leaders are conversant with the operations of the company to ensure the company succeeds. Management of any company faces major four hurdles that they strategy essay conquer so strategy essay to lead the company to blue waters, strategy essay. The cognitive hurdle involves sharing the vision of the company with the employees and helping them realize the need to have a shift in company and individual strategy, strategy essay. Limited resources are another hurdle that management has to surmount, strategy essay. Companies always have bigger budgets than what the available resources allow, strategy essay. Change does not necessarily have to result from resources.
The leaders need to find a way to work around limited funds and still maintain value strategy essay. Motivation is a crucial factor for all employees. Management needs to find an effective way to motivate the individual key players within the organization to greater productivity. Politics is also strategy essay hurdle that most organizations grapple with. Having the know-how of how to avoid and overcome these hurdles ensures that the company can concentrate on the main objectives and set in place strategies towards acquiring them, strategy essay. The use of a pioneer-migrator-settler PMS map aids the company in its pursuit of profit, strategy essay.
There is a need for companies to focus on establishing pioneer business for they offer the blue waters. For a business to experience profits it has to have a high growth trajectory and this can only result from having more strategy essay than migrators and settlers.
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, time: 9:42Essay On Corporate Strategy - blogger.com
Jan 01, · A strategy is a plan of action designed to achieve a particular goal. The word strategy has military connotations, because it derives from the Greek word for general. Strategy is the mean or the tool by which objectives are consciously and systematically pursued and obtained over time. A strategy is a long term plan of action designed to achieve a blogger.com proudly offers an open-access catalog of free essays on Strategy intended to demonstrate students what proper academic papers of diverse types look like, be it in high school, college, or university. Check out this samples directory, select an essay about Strategy that suit your needs, and use it as a prototype to follow while crafting Business Strategy Essay. Words24 Pages. 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
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