Tarirai Chinyepe -DBA 806(Thursday, 24 January 2019 00:20)
A strategy is a way that describe how things are done. It is a long-term plan that one creates to provide a vision for the specific action plan by the company so that it can meet its desired
objectives.
Strategies will help to provide a road map to success by trying to address questions like who-what-when to take up initiative about the company's products or services. A well planned strategy will be
able to account for existing barriers and resources so that informed economic investment decisions would be drawn on how to spend the money.
We need to look at business-level strategy as an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific
product markets.
There are important tenets of business-level strategic options that are available to business or firms that will help to achieve the objectives of the firm.
In a battle you need not to fear the battle ahead of you but you need not only to take a good fight but also win it. A businessman has to develop a strategy that is capable to take on the
competitors.
I will need to look at the following strategies as briefly discussed below:-
a) Cost leadership differentiation strategy:- it is an integrated set of actions designed to produce or deliver goods or services with features that are acceptable to customers at the lowest price
relative to competitors. This can only be achieved by putting in place a low cost position strategy that is valuable to outperform defensive rivals. Cost leaders are in a position absorb supplier
price increase and relationship demands. Due to volumes, cost leaders can force suppliers to hold down prices. So one should price product in such a way that it is a win-win scenario for both
business and customers. Cost leaders hold on attractive position in terms of product substitutes with the flexibility to lower prices to retain customers.
b) Product differentiation strategy:- is an integrated set of actions designed by a firm to produce or deliver goods or services at an acceptable cost that customers perceive as being different in
way that are important to them. This strategy is about offering the product that is unique in which competitors could not offer. The firm should provide appealing products with unique features that
create customer loyalty and this can be in the form of packaging designs and market target.
c) Focused or growth differentiation strategy:- is an integrated set of actions designed to produce or deliver goods or services to a narrow or niche target customers based on specific differences in
the market. The focus strategy allows a firm to successfully position itself within the five porters' competitive forces model with parallel approaches outlined in the cost leadership and
differentiation strategy. The aim would be to act as disruption innovation that specifically target a market segment to ensue that there is growth and profitability.
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Tarirai Chinyepe -DBA 806 (Thursday, 24 January 2019 00:20)
A strategy is a way that describe how things are done. It is a long-term plan that one creates to provide a vision for the specific action plan by the company so that it can meet its desired objectives.
Strategies will help to provide a road map to success by trying to address questions like who-what-when to take up initiative about the company's products or services. A well planned strategy will be able to account for existing barriers and resources so that informed economic investment decisions would be drawn on how to spend the money.
We need to look at business-level strategy as an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets.
There are important tenets of business-level strategic options that are available to business or firms that will help to achieve the objectives of the firm.
In a battle you need not to fear the battle ahead of you but you need not only to take a good fight but also win it. A businessman has to develop a strategy that is capable to take on the competitors.
I will need to look at the following strategies as briefly discussed below:-
a) Cost leadership differentiation strategy:- it is an integrated set of actions designed to produce or deliver goods or services with features that are acceptable to customers at the lowest price relative to competitors. This can only be achieved by putting in place a low cost position strategy that is valuable to outperform defensive rivals. Cost leaders are in a position absorb supplier price increase and relationship demands. Due to volumes, cost leaders can force suppliers to hold down prices. So one should price product in such a way that it is a win-win scenario for both business and customers. Cost leaders hold on attractive position in terms of product substitutes with the flexibility to lower prices to retain customers.
b) Product differentiation strategy:- is an integrated set of actions designed by a firm to produce or deliver goods or services at an acceptable cost that customers perceive as being different in way that are important to them. This strategy is about offering the product that is unique in which competitors could not offer. The firm should provide appealing products with unique features that create customer loyalty and this can be in the form of packaging designs and market target.
c) Focused or growth differentiation strategy:- is an integrated set of actions designed to produce or deliver goods or services to a narrow or niche target customers based on specific differences in the market. The focus strategy allows a firm to successfully position itself within the five porters' competitive forces model with parallel approaches outlined in the cost leadership and differentiation strategy. The aim would be to act as disruption innovation that specifically target a market segment to ensue that there is growth and profitability.