Industry Competition And Price Sensitive Customer Trend

‘Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through it’

turnover, which is made possible by low prices and limited product selection. This business model is appealing for them and has many benefits. Firstly, by setting up the business approach to rapidly

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).

The second strategy is product differentiation; this is where the firm highlights the differences between their products and those of the competitors. By highlighting the distinctive qualities of their product it allows the firm to make their microwaveable meals more appealing to the consumer. Since this market segment concentrates on the healthy aspects of food the company should strive to use spices and healthy ingredients. By highlighting the different spices and ingredients the consumer sees these products as unique and different. A third pricing strategy is competitive-based. This strategy is employed when there is little difference between products in the market. The consumer buys the cheaper product regardless of the brand. The finally pricing strategy is a temporary discount pricing strategies include coupons, cents-off sales, seasonal price reductions and even volume purchases (Suttle, 2015). This strategy involves periodic pricing differentiation, where the company occasionally changes the pricing of its products to cater to different consumers. For example, the company may offer seasonal price reductions after the holidays to capture the annual diet market. A volume discount may include a buy-two-get-one-free promotion. In this situation, the company would have periods where they reduce the price by a certain percentage, offer coupons, or volume purchases to entice lower spending customers. This

The business model was to generate high sales volumes and rapid inventory turnover by offering members very low prices on a limited selection of nationally branded and select

Strategy refers to the plan or action taken to achieve organizational goals. When Ellen took over Tufts-NEMC, the hospital was struggling with payroll and scale. Ellen had to focus on meeting payroll, a short-term strategy, and could not focus entirely on the longer term. She took some immediate measures to help cut cost

Offer the same or similar products for much cheaper, due to their private in house label that people have grown extremely fond of (Lutz, 2015)

According to Meyer, (2010), strategy is the action that company can take to achieve its desired goals. When it comes to a company, thinking can be said to be either long-term or short-term. When translated into action, it is what is called operations or projects. However there are differences between operations and

an assortment of products at a low cost, but also maintain the fact that their products are

Price discrimination is charging different people for different price for the same products or services. In this modern years, an enormous measure of buyer particular information has been gathered by retailers and advertising organizations. By utilising information mining methods organisations have the capacity induce from these gigantic databases the inclination of individual purchasers. Firms which do not gather information themselves can even now buy pertinent buyer particular data from immediate mailing databases authorities. Online retailers can distinguish the sources through which clients go to their site and price in like manner. For example, the client comes through a Comparison Shopping Engine (CSE) which they will

The implementation of correct strategy in an organization is of vital importance. The reason for this is that strategy helps an organization to reach goals and it helps an organization to prosper. The correct Strategy and implementation also helps an organization to have a competitive advantage over its

The choices an organization makes about its strategy rely heavily on its culture – just as patterns of behavior can emerge as strategy, patterns of thinking will shape an organization 's perspective, and the things that it is able to do

There is no exact definition for Strategy because it is defined in different ways as some people think that make a plan to get success in future is a strategy while others think that future is hard to predict. Exceptionally, some Japanese companies have no strategies though these companies have a good cost and continuous improvement. The definition for strategy is to explain the direction and scope of any company for the long term to achieve advantage for the company or to fulfill the needs and expectations. Strategy is different from Operational effectiveness and they work in different manner in the companies. Michael Porter, who is a professor at Harvard Business School and a strategy expert, says that it should determine how organizational resources and skills should create advantage. Accordingly, Strategy can also be defined as an organizational change during actions in the organizations for better and advantageous results or to determine how we win and get success in the future period. It is a needful developed plan with respect to market to compete the world. Organizations should be responsible for competitive changes according to the market. It is the main goal for any Organizations. Business/IT strategy is very important to know the success rate of your business. Apart from Business Strategy, the other two main types of strategy are Corporate Strategy and Team Strategy. These strategies give competitive advantage of cost leadership, differentiation and focus. The

Johnson, Wittington, Scholes, Angwin and Regnér (2014, p. 3) defines strategy as ‘the long-term direction of an organisation’.

A strategy, according to Robbins and Barnwell (2002, p. 139) is “the adoption of courses of action and the allocation of resources necessary to achieve the organisation’s goals”.