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Electronic Retail Company has been in the competitive market for over a decade and its critical analysis in the past gives a clear report on its progress to date. It is therefore important to present this report which explores the company’s current strategic passion…
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MANAGEMENT STRATEGY By of the of the School ERB Ltd. Electronic Retail Company has been in the competitive market for over a decade and its critical analysis in the past gives a clear report on its progress to date. It is therefore important to present this report which explores the company’s current strategic passion. This will be incorporated into the critical review of the strategic directions of the operations in the last 5 periods. The successes and failures of the firm that are based on the information provided in the business simulation would be discussed in depths.
1 INTRODUCTION
In respect of ERB Ltd. Electronic Retail Company, Strategy is the direction and scope of the firm over the long term preferably over five years which achieves advantage in changing environment through its configuration of resources and competencies with the aim of full filing stakeholder expectations (Kaplan & Norton, 2001, pg.7). This explains why the past 5 years of ERB Ltd as been put under critical discussion and analysis (Crosetto,2005,pg.38).
2 CURRENT STRATEGIC POSITION
The Strategic position of ERB Ltd. considers the influence on strategy on the external environment, the organisation’s goals, culture and strategic capability, which will include the resources and competences of the organisation (Abrams, 2003, pg.121). This is significant towards its continued competitive strategies in this dynamic business society influenced by globalization.
The ERB Ltd. strategic position is concerned with the impact on strategy of the macro environment, internal resources and competences, expectations and influence of stakeholders (Abrams, 2003, pg.258). The Macro environment factors and competencies of ERB Ltd. are studied using Pestle, Swot, Porter’s 5 Forces, Strategic Capabilities Analysis and Stakeholder mapping.
3 STRATEGY DIRECTION AND DEVELOPMENT
3.1 Cost leadership
Our company follows cost leadership strategy. The reason of our choice is that we achieve to be supplied with products from manufacturers at lower cost. In addition, we do our best to offer the products to customers at the lowest possible price (Schermerhorn, 2010, pg.223). Since we are focussed on selling quality products and offering outstanding customer service to our clients, marginal cost pricing technique is paramount in respect to our continued profit margin. As accost leadership strategy believer, the company observes the pricing behaviour of other firms and set prices slightly below the market average thereby attracting more customers and realizing greater sales (Hill & Jones, 2010, pg.157). ERB Ltd reconciles the idea of affordability of their products with their relatively cheaper purchasing cost and this has significantly boosted its market size in the industry.
3.2 Market penetration
ERB Ltd decided that Market Penetration is the best corporate level strategy for growth because the company has a defined range of products in a defined market, and its purpose is to increase market share and beat its competitors (Schwenker & Spremann, 2009, pg.219). Since there is no introduction of new products, market penetration is the most suitable strategy to retain customers and grow the business with minimum risk if the firm is to gain higher returns (Iacobucci & Churchill, 2010, pg.157).
3.3 Organic Development
ERB Ltd decided to go for organic development to develop its strategy of combating the emerging market dynamics. Organic development is a concept of developing the organization’s own capabilities (Mognetti, 2003, pg.12). It is imperative that financial aspects are linked to make it more strategic supportive and sufficient funds need to be invested on personnel, equipment, facilities and other resources for the success of strategic plan (Birkin,et al.2002,pg.157). ERB Ltd decided to invest its profits back by spending on research and development to bring innovation in its products quality and services. The company also planned to achieve steady growth by penetrating more in to regional market to expand its customer number.
Bibliography
Abrams, R. M. 2003. The successful business plan: secrets & strategies. Palo Alto, Calif, The Planning Shop.
Birkin, M., Clarke, G., & Clarke, M. 2002. Retail geography and intelligent network planning. Chichester, Wiley.
Crosetto, G. 2005. The process-based organization: a natural organization strategy. Amherst, Mass, HRD Press.
Hill, C. W. L., & Jones, G. R. (2010). Strategic management theory: an integrated approach. Boston, MA, Houghton Mifflin.
Iacobucci, D., & Churchill, G. A. 2010. Marketing research: methodological foundations. Mason, OH, South-Western Cengage Learning.
Kaplan, R. S., & Norton, D. P. 2001. The strategy-focused organization: how balanced scorecard companies thrive in the new business environment. Boston, Mass, Harvard Business School Press.
Kozami, A. 2005. Business policy and strategic management. New-Delhi, McGraw-Hill Published.
Mognetti, J. F. 2003. Organic Growth Cost-Effective Business Expansion from Within. Chichester, John Wiley & Sons. http://public.eblib.com/EBLPublic/PublicView.do?ptiID=141610userid=^u.
Schermerhorn, J. R. 2010. Management. Hoboken, N.J., Wiley.
Schwenker, B., & Spremann, K. 2009. Management between strategy and finance: the four seasons of business. Berlin, Springer. Read More
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