Business and Marketing Discussions 2 (Coursework) (Coursework Sample)
1. What role do long-term objectives play in helping the enterprise make appropriate strategic choice decisions? How do distinctions between value disciplines, and generic and grand strategies help build competitive advantage? 2. What type of organizations typically develop efficiency innovations? Why? How do industry leaders compete against efficiency innovations?source..
Business and Marketing
Long-term objectives and strategic planning are two aspects of business management that go hand in hand. When a business makes strategic decisions, the long-term objectives play a great role of ensuring that all the staff and their efforts are focused onto the achievement of the long-term goals. At the same time, the effectiveness of the strategies devised are evaluated on their effectiveness in achieving the long-term objectives. Ideally, the long-term objectives act as guidelines during the development and implementation of the strategic decisions.
Value principles underline the kind of strategies that a business is using to stay ahead of the pack. Companies that are looking to move products in the highest quantities through an extremely efficient chain, use the Operational Excellence Value (Johnson, 2014). This means that, they take a lot of pain in developing the best hustle free buying and selling channels for the highest convenience to their customers, compared to their competitors. Those that use the Product Leadership Value are more of the market innovators, who work in dynamics markets, where cultures can change. In the last place are those companies that take their customers very seriously with reference to creating customer intimacy. As such, these are companies that try to create the best relations with their customers as a way of gaining competitive advantage.
Companies that rely on the Grand Strategy, mostly devote all of the resources towards the development of a single product, which they sell in a single market segment using a dominant technology. This is mostly influential in the event that the industry in question tends to be restrictive of huge advances. At the same time ,the product in question have to be very unique such that the competitors do not have much of a chance in that segment. The company would also have to effectively manage the aspects of the price, quality and quantity (Hopkinson, 2013). The firms that chose the generic strategies rely on having the lowest possible prices, while at the same time selling products that allow diversification to take care of the diverse market needs as their competitive edge. Companies that operate in market that are quite dynamic, have to rely on their innovative strategies to stay ahead of the competitors. These are mostly companies that heavily rely on technology, which in this case changes quite fast and what is advanced today can be obsolete in week’s time. Massive resources are devoted to research projects where new ideas are developed into commercial entities. At the same time, the companies in this industry have to try to improve...
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