Nobody downloaded yet

Strategic Management - Essay Example

Comments (0) Cite this document
Summary
MANAGEMENT STRATEGIES Name: Institution: Date: Strategy for a business undergoing change For the success of any business, a good business strategy has to be developed and implemented. Strategy involves a set of ideas done with a purpose of meeting the goals or objectives of a certain business…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96% of users find it useful
Strategic Management
Read TextPreview

Extract of sample "Strategic Management"

Download file to see previous pages The company should use the generic strategies to achieve competitive advantage. These generic strategies include; differentiation, focus and cost leadership. Cost leadership strategy strongly emphasizes on working towards a goal of producing low priced products. Many people would be attracted to companies that offer lower prices for their services and products. For example, South West airlines have used this strategy, and the profits have grown immensely through application of cost leadership strategy. Differentiation strategy emphasizes on production of unique products and services that are better than their competitors and are valued more by customers. For a company that wants to make great changes, differentiations of their products is very important. Focus strategy means developing a certain market target. A focused strategy targets market segments which are less vulnerable to any substitutes or in situations where competition is weakest. This will enable a company to attain competitive advantage. For a business that is undergoing large change, marketing strategy implementation is also very important. A company may be undergoing a change like change of product, change of process; change of location change of product composition etc. customers may not be aware of these changes and may become reluctant to buy their products (Paley, 2006 pp.21). These changes may have a negative impact on the company if they do not follow well defined strategies. The initial purposes for change which in most cases are done with an aim of increasing profit may not be met if they are not well advertised. For example; a company may decide to change their products. When these products get to the market customers who are not aware of them may be reluctant to buy. Buyers have to be made aware of the products through good marketing strategy. They need to be made aware of the benefits of using the products. Advertisement is a good marketing strategy in the business set up undergoing massive change. Appealing means of capturing people to buy your product cannot be under weighed (Foxall, 2005).The advertisements should be made in such a way that it targets many people. For example; advertising in popular television and radio programs can capture millions of people. Similarly, advertisements can be done by use of large and attractive billboards in busy streets. For example; using a popular celebrity in your advertisement billboards can attract more attention. Good marketing strategy should be based on well developed ideas and well budgeted. It would require a good sum of money especially if large commercial advertisements have to be done. It should also ensure that the targeted population is reached. For example; a product that targets youth should have marketing strategies that adequately draw their attention more. Strategic management theory Strategic management is the approach and the process of pointing out the objectives of an organization and implementing policies that will ensure achievement of these objectives. In broad term, it can be seen as a combination of the formulation, implementation and evaluation of the strategy. Management theory provides a framework for knowledge organization. It also provides blueprint for actions that can guide organizations in achieving their objectives (Parnell, 2004 pp.34). Many managers rely on these contributions that were made by past industrialists. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Strategic Management Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Retrieved from https://studentshare.org/management/1398751-strategic-management
(Strategic Management Essay Example | Topics and Well Written Essays - 1000 Words)
https://studentshare.org/management/1398751-strategic-management.
“Strategic Management Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/management/1398751-strategic-management.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Strategic Management

Strategic management

...? Strategic Management College: Question one a) Yes, cooperation in a finitely repeated game can be sustained in a sub-game perfect Nash equilibrium, for instance, if the stage game has many Nash equilibria, if uncertainty about players’ preference exists, or if the number of times to be played is not common knowledge (Norman, 2011). In addition, when players have other regarding preferences, cooperation can be sustained. b) No, every Nash equilibrium is not sub-game perfect in an extensive form game, but the other way round. Nash equilibrium is a sub-game perfect if its restriction to every sub-game is Nash equilibrium of the sub-game. This is because every finite extensive form game contains at least a...
6 Pages(1500 words)Essay

Strategic management

...?Strategic Management Table of Contents Table of Contents 2 Introduction 3 Overview of British Airways and Its Success Story 3 Analysis of British Airways 4 PESTLE Analysis 5 Porter’s Five Forces Model 7 Value Chain 9 Evaluation of Business Strategy 12 Porter’s Generic strategies 12 Recommendations 13 Conclusion 14 References 15 Bibliography 17 Appendices 18 Introduction Overview of British Airways and Its Success Story British Airways is one of the leading British airline companies, which was established in the year 1971. British Airways is a full service international airline of the United Kingdom. The head office of British Airways is located in Waterside of Harmondsworth of England. British Airways...
14 Pages(3500 words)Essay

Strategic Management

...Strategic Management PART A The ment is quite true and encompasses most of the activities of corporate governance. Corporate governance is indeed an internal system of rules and regulations meant to fulfill the needs of the shareholders and the stakeholders. However, corporate governance is also depended greatly on the external environment in order for the development of the rules that are made in view of the existing rules and the strategic position of the company. The given statement does not take into account the fact that the strategy of the organization impacts the development of corporate governance. The existing laws and regulations have to be followed by the organization and the...
3 Pages(750 words)Assignment

Strategic Management

... Strategic Management Question 1(i) Structural characteristics of the TV manufacturing industry from the point of view of the Five Competitive Forces (Porter) framework Threat of New Entrants Low Rivalry Moderate Bargaining Power of Suppliers Moderate Bargaining Power of Buyers Moderate Threat of Substitutes High Source: (Marconi, 2010). Question 1(ii) Sony Strategy Using the Resource-Based View of the Firm Framework The resource-based view is quite significant in comprehending how to make use of the capabilities of the firm so that it can accomplish sustainable competitive benefit. It comprises tangible resources, intangible resources as well as human resources. The strategies implemented by Sony will...
6 Pages(1500 words)Case Study

Strategic Management

...? The aspect to establish competitive management is placed in the desire to articulate new measures to be appliedin the advertising venture. Products presets variable challenges and behavioural traits within the market, and their impact on consumers depend on the nature of the establishment. The strategy applied in presenting the product to the market affects the results gained within the established platform and the need to apply marketing ventures to retain a consumer trend. With the theories of marketing strategies implemented within the environment, there may be measures presented to determine the progress of the company. Basing the argument of first mover and late mover’s theories, this paper issues the careful presentation... on the...
5 Pages(1250 words)Essay

STRATEGIC MANAGEMENT

.... Managing E-commerce in Business. Juta and Company Ltd. Botten, N. 2009. Enterprise Strategy: Strategic Level. Elsevier. Dave, C. 2008. E-Business and E-Commerce Management. Pearson Education. Epstein, M.J. 2004. Implementing Ecommerce Strategies. Greenwood Publishing Group. Goi, C.L. 2005. Marketing Mix: A Review of ‘P’ [online]. Available at http://www.arraydev.com/commerce/JIBC/2005-08/goi.htm [Accessed on: 31 July 2012]. Heinemann, G. and Schwarzl, C. 2010. New Online Retailing: Innovation and Transformation. Springer. Hills, C. and Jones, G. 2009. Strategic Management Theory: An Integrated Approach. Cengage Learning. Hoffman, D.L. and Novak, T. “How...
24 Pages(6000 words)Essay

STRATEGIC MANAGEMENT

...?Strategic Management Executive Summary The study is related to the McDonald’s business operations and strategies that have been implemented during the development phase of McDonald’s. The focus has been upon the period when Jim Cantalupo was the CEO of McDonald’s. The strategy applied by him in developing the business of McDonald’s are discussed. In the subsequent section, the newly implemented strategies of McDonald’s (after Jim Cantalupo’s death) have been discussed by using McKinsey’s 7S framework. Ansoff Growth Matrix has been used to recommend and critically analyse various strategic approaches that could have been implemented by leaders of McDonald’s after 2004. Table of Contents...
8 Pages(2000 words)Essay

Strategic Management

...?Strategic Management Table of Contents Introduction 3 Broadcasting Business of TNC 4 Question 6 Generic Strategy of News Corporation 6 Other Strategies Applied by News Corporation: Diversification through Acquisition 8 Question 2 9 Reasons behind Diversification Strategy 9 Advantages of Diversification 10 Disadvantages of Diversification 10 Conclusion 11 References 12 Introduction News Corporation is an international media company. They operate in several business areas such as television, cable network, direct broadcast satellite, magazines, newspapers, book publishing and films. The company operates over 25 TV stations. It is one of the leading publishers of English newspaper in the world. Few major...
7 Pages(1750 words)Assignment

Strategic Management

...?Strategic Management “Argos” analysis” A brief of the organization Argos, one of the largest general merchandise retailers of the UnitedKingdom was founded in 1973 (Argos Website, n.d.). Today, this company is a multi-channel retailing organization, selling general merchandise and products for the home from over 700 stores throughout the United Kingdom and Republic of Ireland, online and over the telephone (Argos website, n.d.). Being a part of the Home Retail Group, the market leader in the home and general merchandise market, Argos serves over 130 million customers a year through its stores and takes 26% of sales through the internet channel alone (Argos website, n.d.). Large customer bases across the...
12 Pages(3000 words)Assignment

Strategic management

...through limited capacity in the emergency room as well as the lack of adapting new technologies have made it relatively difficult for the hospital to keep pace with the larger hospitals. Recruiting and retaining skilled physicians as well as nursing staff at relatively affordable cost was another operational issue faced by hospital. Due to the structural changes in the healthcare industry overall availability of the physicians declined due to reduction in their wages. It is also important to note that the increasing influence of the managed care organizations is also sited as one of the operational issues faced by EMC. The overall influence of the managed care therefore is forcing the hospitals to offer...
3 Pages(750 words)Article
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Strategic Management for FREE!

Contact Us