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Business Strategy - Essay Example

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Merck Company follows cost leadership which is strategy that requires competing based on price to target a narrow market without necessarily charging low prices within the industry but charges low prices relative to other firms that compete within the target market, this is seen…
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Business Strategy
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Merck Company Business Strategy Merck Company follows cost leadership which is strategy that requires competing based on price to target a narrow market without necessarily charging low prices within the industry but charges low prices relative to other firms that compete within the target market, this is seen in their total revenue which is the third best compared to the companies under the project.
The strength of the value chain supports the strategy of the company. For example, the market ratio of the company is considerable stronger than the competitors. Examining the total market size, market growth rate, market share as well as market segmentation, clearly, all these are the strength that are enjoyed more by Merck company as compared to the competitor.
The company needs to reexamine the top-down aspect in relation to bottom up perspectives as it operation strategy. The decisions that are made by the organization from the top are very important for the company (Hynes, Michael, 23). In order to be able to set general direction for the company, and ultimately influence the overall strategy of the company, then there is a need to interpret clearly the functional areas of the company, including operations, finances as well as marketing.
Another very critical area that needs to be explored by the Merck Company is to balance the market requirement and the operations resources. The strategy that has been adopted by Merck needs to examine and reflect on what the company is actually doing in relation to what the market requires. From the analysis, the company is much focused on cost than any other aspect.
Work Cited
Hynes, Michael. Transitioning NAVSEA to the future strategy, business, organization. Santa Monica, CA: Rand, 2010. Print. Read More
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