Grand Strategies

Firms must consider many strategies when attempting to realize growth. Depending upon the stage of

Services, Customer focus, Growth platforms, and Globalization. Immelt implemented a six part growth process, shown in Figure 3 below.

Growth – The process of improving some measure of an enterprise’s success. Business growth can be achieved either by boosting the top line or revenue of the business with greater product sales or

Having a generic business strategy will cover a vast amount of products or services, but in the end will not stand out due to it being so broad. With this type of strategy businesses will find themselves in an undesirable predicament because the consumers of the organization will not have an understanding of the firms core competencies. Incorporating to many strategies as seen from a cost perspective, is not a sound solution for any organization to engage upon. That’s due to the rise in cost will negatively impact value created, by suddenly limiting it. Also, not differentiating between products will cause a

Strategic planning is crucial for the success of all business endeavors. Analyzing currents trends in technology, consumer markets, competition, and the workforce can play a pivotal part in whether or not the organization can survive. Overtime, strategic planning strategies must be modified in order to compensate for changes in the industry. Goals and strategic planning often necessitate change to ensure that the organization is performing at peak level, while offering the most beneficial and quality services to consumers.

Discuss the strategic decisions that firms in this sector may be facing. What future strategies can firms pursue to try to secure their competitive advantage and long term survival?

A company with a business diversification consistently grew its profit by developing a diversified expansion plan beyond its core boundary compares to a new initiative. Repeatability allows a company to learn the mistakes made and support the systematic growth of the business a complex process. (Zook and Allen, 2003)

To develop such strategy mix of strategic options will be applied including Integration to deal with competition and Intensive + Diversification strategies for product and market development.

According to Slack et al. The corporate strategy or business strategy is the guide lines for the whole corporation’s businesses in relation to its markets, customers, and the competitors (2007). In the same context, the same authors discussed the link between the corporate strategy and

The three generic strategies were identified by Porter (1985), who argues that in order to sustain

Strategy formulation has been acknowledged as one of the most crucial factors of ensuring the long-term growth of the business. However, the manner in which strategy is formulated, and most importantly, the nature of the strategy chosen for the company determines its future position in the marketplace (Grant, 2005).

I. Introduction 1. There are several basic approaches to competing successfully and gaining a competitive advantage, but they all involve giving buyers what they perceive as superior value compared to the offerings of rival sellers. 2. This chapter describes the five basic competitive strategy option for building competitive advantage and delivering superior value to customers – which of the five to

“Competitive strategy involves positioning a business to maximize the value of the capabilities that distinguish it from its competitor’s” (Porter 1980:47). A successful business plan requires first and foremost the formation of an appropriate strategy. Through the implementation of a suitable strategy, the company is able to obtain its own industry niche and gain an understanding of its customers (Porter 1985). Whichever strategy is adopted it must be adequately integrated within the firms goals and missions to achieve a competitive advantage (Parker and Helms 1992).

According to Porter, strategies allow organizations to gain competitive advantage from three different bases: cost leadership, differentiation and focus. Porter calls these bases as generic strategies.

Take a look at Canon, its strategies over the years have been very effective in balancing growth of market share and profit in the imaging industry which made Canon a leader in the imaging industry group. Other than the imaging industry, Canon also took a piece of pie in business machines (printer, photocopier) markets and industry machines (semiconductor production equipment, medical equipments…etc) markets (see Picture 2.1). Canon has since late 1960s been focusing on strategic planning process, gradually expanded its business into business machines market and adopting a corporate level strategy of horizontal diversification based on its core competencies. Such continuous development and adoption of various strategies keeps