Business Strategy - Research Paper Example

Business Strategy Techno Electronics Ltd has been in the market for more than ten years and it deals with the manufacturing, designing and developing healthcare products, telecommunications, weighing instruments as well as electronic scales. The company’s objectives include; increasing productivity through reduction of production costs via use of quality human resources and advanced technology, engage in nonstop research and development (R&D) in order to improve innovation and quality of products and growing the demand for company products via extensive product and company promotion and marketing strategies.

The paper assesses the company strategy employed at Techno Electronics Ltd during its ten year tenure in business as well as providing recommendations for realizing further success in the international market. Business StrategySelect a company to which you have been loyal for several years. Assess the company’s current strategy and the effectiveness of the strategy execution. Techno Electronics Ltd’s strategies of product innovation and product development are employed via the R&D team which has been spearheading the series production of quality products produced over the past years.

At Techno Electronics Ltd, large sums are invested into the manufacturing and R&D team in order to enhance the company’s manufacturing set up, economic sourcing and prototyping of components, product design and development, lean production as well as its total quality management in order to timely deliver quality products as per the customers specifications and or needs (Singer, 2008). The company’s long existence in the market is an indicator of the success of the employed strategies. Suggest a modification that company should make to its strategy and how it may impact the success of the company.

Techno Electronics Ltd has been able to survive the tough and speedy growing world of technology. According to Kaplan and Norton (2008), the use of advanced technology in the production phase can increase the company’s productivity as well as reduce the cost of production. In addition, Porter (2008) suggests that the human resource strategies the company should take into consideration should involve training of employees in order to increase productivity and gain global competitive advantage as well as cut on the high cost of hiring labor.

Other strategies include international marketing communication to market the products as well as build the company’s brand image in the international market (Köksal and Özgül, 2007). Pricing strategies involving high product pricing should be employed to tone down the high production cost. With the continued growth in the use of social networks, the company should use these services as marketing tools for expanding into fresh markets. Furthermore, online marketing helps build the company’s brand and image (Singer, 2008).

ReferencesKaplan, R. S. & Norton D. P. (2008). “Mastering the management system” Harvard Business Review, 63-77.Köksal, M. H. & Özgül E. (2007). The relationship between marketing strategies and performance in an economic crisis. Marketing Intelligence & Planning 25(4), 326 – 342.Porter, M. E. (2008). “The five competitive forces that shape competition”, Harvard Business Review, 79–93.Singer, J. G. (2008). What strategy is not: technology- or platform-driven strategy is a fasttrack to commoditization.

MITSloan Management Review 49(2) p. 96.