Strategic initiatives can be defined as the means through which a vision is translated into practice and are collections of finite – duration discretionary projects and programs, outside of the organization’s day – to – day operational activities, which are designed to help the organization achieve its targeted performance (en.wikipedia.org).
The strategic initiatives from our list include the following:
1. Efficient Consumer Response (ECR): Lean Manufacturing Japan (2008) stated that ECR “is a strategy to increase the level of services to consumers through the close cooperation among retailers, wholesalers and manufacturers. Lean Manufacturing Japan (2008), also stated that “ECR reduces the opportunity loss, inventory level, and entire
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7. E-Business: is a useful means to extend business efficiency via internet- based application. It promotes faster information, operational efficiency, expands firm’s market share (Mohamad & Ismail, 2013)
A case study of Strategic initiative can be seen in Breakthrough Inc (2008).
“Ron and his team worked with the senior management team of a group at Agilent Technologies to create a shared vision and establish strategic initiatives focused on servicing global customers better.
Breakthrough, Inc. helped reorganize the customer team. They worked with all the functions (initiatives) involved to clarify roles, responsibilities and rules of engagement to implement the new way of doing business that dramatically improved business results.
As a result of the work done, the Group demonstrated superior account management, which led to increased market and customer satisfaction and greater product competitiveness”.
(Breakthrough, Inc. 2008)
With all these definitions from different scholars and the case study, I will conclude by saying that strategic help to achieve operational excellence and improve management practices in reconciling market requirements and operations resource capabilities
References:
1. Breakthrough, Inc. (2008) ‘Accelerating Revenue Profitability: Making changes that dramatically improve results’ [Online]. Available from:
Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. It gives the organization a sense of its objectives and a sense of how it will achieve these objectives. For Michael Porter, one of the leading strategy gurus, strategy is about achieving competitive advantage through being different. This means offering buyers a unique value, to increase their number and keep them as customers. For example, Southwest Airlines, and Ikea have developed unique, internally consistent, and difficult to imitate systems that have provided them with sustained competitive advantage..
In its efforts to maintain optimal customer service, it uses an innovative strategy to meet customer needs. The company’s
Will ensure that all parts of our business work together cohesively to deliver customer-centric outcomes to support the initiatives in our Future Strategic Business Plan.
Strategic planning examines all business aspects and is more than envisioning the future, because it requires setting goals and establishing critical success factors and actions necessary to reach those goals. Goals and actions are tactical plans updated annually or semi-annually to track progress. Strategic plans are made according to
During my tenure, I also worked on numerous customer projects. These projects required a strong understanding of the need of the client. I had daily interaction with these customers ensuring their needs were not only met, but exceeded. In turn, I would communicate their requests to our internal engineering team to execute the design of the product. I would push for quick turnarounds, drive the team to make improvements wherever possible, ultimately resulting in a happy client. This also allowed me to work closely with our sales team to ensure we were delivering based on the customer’s
My key responsibility was to understand the business scenarios of customer & net-new accounts to identify operational/business issues in various lines of businesses. Identifying key pain areas or future IT projects of customers/prospects and preparing Market intelligence report on it and work in line with respective IMR (Inside Marketing Representative) to facilitate customer engagement ahead. Working with technical & industry experts to analyze & understand the customer requirements and map suitable applications. Using strong prospecting and account management to achieve monthly, quarterly and yearly pipeline and forecast goals as well as other defined objectives by management. Over-achieved pipeline revenue opportunities ( 214%+ of expected
In response to a loss of clientele to competitor firms, Ken Winston (C&B’s Boston Sales Office Director) assembled the five most successful salespeople into a Key Accounts Team (KAT). Having previously enjoyed the autonomy of selling a diverse array of products to their own clients, these five ‘Generalists’ would now ‘Specialize’ only in one specific
COMBE, C. ( 2006). Introduction to e-business : management and strategy. Amsterdam ; Boston: Butterworth-Heinemann.
The second share goal was to improve the relationships with customers and suppliers. This would allow for better use of current customer service information, as well as, create an opportunity to acquire new customers. In order to more effectively track customer information, the company must focus on larger accounts, have the ability to examine trends throughout accounts to determine which packages better suits each client, improve billing accuracy, and offer current customers addition value through new products. Sales processing and acquiring new accounts can be improved by examining purchasing trends,
The Customer Management allows the customer value teams to position themselves to liaise with customers and manage 118 customers inquires with a 24-hour response window-time. Lastly, this resulted in almost no revenue impact for the company which is means the company’s Innovating Resiliency Management was efficient, and very effective.
E-business uses the digital technology to optimize the business activities of organization in order to increase the efficiency and effectiveness of operation and gain competitive advantages. E-business provides the solution that allows the organization to instantly share database, information of products and services, financial figures and data and nearly anything else that the organization may need to operate the business activities effectively and efficiently (Nguyen, 2013). E-commerce which is the abbreviation of electronic commerce is the subset of e-business. It focuses on the online transaction which includes selling of products or service by using computer network, primarily the Internet.
Strategic management can, through long-term objective planning and strategic implementation, provide an organization the grand strategies needed in meeting its business mission, goals, objectives, and ultimately increase shareholder wealth (Pearce and
With our vast array of highly skilled individuals we are able to provide quality services to our clients. Our success is built on our team helping our clients to understand their goals and long term objective’s, and finding a viable investment solution for them.
Our success is built upon a clear strategic direction and a shared commitment to the company's vision, mission and values.
Over the past decade or more, the readily available and accessible Internet has revolutionized the current marketing environment (Sunhilde, & Hajnalka, 2011). According to Sunhilde and Hajnalka (2011), e-business is defined as “how businesses are managed electronically, and using Internet based technologies” (p. 35). Therefore, the fast paced life of consumers no longer relies on the long waiting period for purchasing in-store goods; instead they prefer their one click technology on their smart phones or gadgets. Another significant factor that has contributed towards this change is the widespread use of credit cards and other secured sites such as PayPal (Sunhilde, & Hajnalka, 2011).