Ib Competitive Strategy For An Organization

(P1.1) In formulating a business strategy, it is a crucial factor to determine what the organization’s mission, vision, objectives and core competencies are because it sets an idea on what the organization should do and what purpose do they have in the industry to contribute to their customers. It also helps what markets should they target and what action should they plan to have a competitive advantage.

Strategy is a set of complicated tactics formulated by the executives of a company directed towards the achievement of company’s goal (Salmela, 2002). It is about all the path ways that a company would follow to reach its ultimate goal. It is a company’s strategy which helps to identify what it does better than the other companies in the industries, which may be different from what it does best. For successful strategy formulation and implementation, a company should know the needs of customers and should have knowledge of its competitors. Through a good strategy a company would identify that opportunity which makes it different from the others (Thompson, 2005).

Each organization has or should have a distinct business strategy to ensure they reach their desired goals and objectives. Uniquely, the business strategy, or competitive strategy, should include their target consumers, the product or service desired by their consumers, and their roadmap to remain competitive in the market (Parnell, 2014). However, strategies may be difficult to determine when the organization is engrossed in one industry, but decides to dip their toe in another industry (Bethel, 2016).

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).

When a business forms a strategy they are producing a large scale plan with plans to achieve one or more goals set by the business. The factors that affect the plan, in both negative and positive ways, are uncertain. So when making a strategic plan a business will have to take into account all factors and plan for them. Strategy is imperative for a business as not only does it give them a sense of direction and some goals to achieve, but also resources are usually limited so you have to a strategy will help to guide the business and make the best use of the resources that they have. Strategy give the business direction, it helps them to see whether they are over achieving/under achieving and meeting the goals they have set themselves. If a

Strategy may be one of the most misinterpreted concepts in buiness which are essential in every facet of an organization. In general, it is nothing but an obligation towards a set of logical policies meant for accomplishing a definite competitive goal. To be more specific strategy is to convey the distinctive blend of values by picking a diverse set of activities (Porter, 1983). If the strategy is good it helps to prioritize the objectives and to promote alliance within the diverse organization. A company’s successful endeavours in their accomplishments, a well- driven strategy is essential and the various internal departments should have to support it. Irrespective of your part in a firm, strategy plays a crucial role for your

Is our strategy pertinent to our opponents? What is the core of a good strategy? (Porter, 2015) So, on and so forth. Get together as a complete team, using communication. There are mutual mistakes made by executives daily, by perplexing the strategy with the goal. Is the company’s strategy comprehensive? Always remember that, activities are dissimilar from the strategy. The strategy is more than a mission statement, or a vision statement. A good strategy is very precise. Focus on the ability to make good selections and the company will contend, and differentiate itself from the opposition. This is vital to the accomplishment of the company. The core levels of our strategy are how we compete in the industry. A.K.A. Business Strategy. You need a strategy for each separate business within the company. Bring these businesses together successfully, we then create value? That’s corporate strategy.

‘Essentially, developing a competitive strategy is developing a broad formula for how a business is going to compete, what its goals should be, and what policies will be needed to carry out those goals’ (Porter, 1980, p. xvi). The strategic aims of strategy can be very different depending on the needs of the business; however, they may include expansion, market leadership and brand building. There are different views on strategy and how they can be implemented, which are explored in this start of this essay.

A Company can only gain its market position and to survive in business through sustainable business development. Hence, to gain competitive advantages, it is essential that every company has a better strategy which will finally help them to turn their weakness in to strengths and threats into opportunities. According to Johnson and Scholes, he defines strategy as “the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations" (tutor2u, 2015). In order to determine and identify the best strategy, internal and external environmental factors that affect company should be fully understood. A thorough strategic analysis needs to be done to help businesses understand where their companies best fit into the wider marketplace. The strategic analysis of the company aims mangers to think about the key influences on the company's current position and to begin thinking about how those influences can be manipulated to get the company where it wants and

Every organization should have laid down strategies that will help in the achievement of the goals of a company. The first thing for a company is to set up its goals. The goals will help in determining the strategy that will be used in a company. A company

In term of business strategies, there should be hundreds definitions, especially in such a huge field as marketing. Marketing strategy is the process that the firm uses to translate its business objectives and strategies into market activities. To be more specific, a marketing strategy enables the company to select a target segment and localize the desired position that the products aim to target customer then specify the plan for the promoting activities to get the goal (Silk, 2006). The key for the managers and their business to achieve success is to understand how to harness the organization’s resources to meet customer’s needs using marketing analysis, understand competitors, consider political issues, technological and external and internal changes, government actions as well as globalization (Gauzente et al., 2004)

“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).

CHAPTER 1 WHAT IS STRATEGY AND WHY IS IT IMPORTANT? 1. Understand why every company needs a sound strategy to compete successfully, manage the conduct of its business, and strengthen its prospects for long-term success. 2. Develop an awareness of the four most dependable strategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage.

This strategy defines the company’s strengths and weaknesses, as well as opportunities and threats. It is important to identify the target market based on the product that the company sells and trying to achieve the goals by staying within the current budget of the business.

A strategy is said to be a plan that is made for the long term success of a product or brand. It is extremely important to have a strategy in order to figure out a direction towards which any company is able to focus all its resources efficiently and achieve desired outcomes. Formulating effective strategies is a considerably long process in itself that combines analysing several factors, situations and issues that are already present in a company and looking to improve on them alongside trying to implement various innovations and ideas to collectively create a direction towards which they can move and direct the resources available to them.