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Strategic Management: key to success - Essay Example

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Till not so long ago, business jargon was largely dominated by war terminology. Phrases like 'capturing the market', 'annihilating the competition', 'trade secrets', 'closing in for the kill' were commonplace in businesses, as were reading recommendations like Carl von Clausewitz' 'On War' and Sun Tzu's 'Art of War.' Today the emphasis is more on cooperation and collaboration…
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Download file to see previous pages The pie is enormous, with enough and more for everybody. So, in this globally competitive environment, is competition or collaboration the key to success
In business, as in war, there are winners as well as losers, but ultimately, both suffer causalities, often with the customer being the beneficiary. Take the case of the price war between US airlines in the early 90s. The industry is commonly known to have lost more money in three years than it had previously made in all the time since the Wright brothers' inaugural flight at Kitty Hawk nearly 100 years ago. (Nalebuff and Brandenburger 3)
Today it's a known fact that most businesses succeed only if others also succeed. "The demand for Intel chips increases when Microsoft creates more powerful software. Microsoft software becomes more valuable when Intel produces faster chips. It's mutual success rather than mutual destruction. It's win-win." (Nalebuff and Brandenburger 3).
This does not mean that the time for war is over. On the contrary, fierce competition between parity products such as Coke and Pepsi, Nike and Reebok, exists. It is between complementary businesses that strategic alliances happen. For example, between Bank of England and Tesco, whereby the bank's services are available throughout Tesco's not inconsiderable chain of supermarkets, or ebay, an online trading company, and PayPal, an online finance company, where the complementary nature of the business is obvious. In these alliances, the key factor for success is that each organization has their own unique core strengths that taken together result in increased mutual and individual benefits.
"Few firms have all the skills and resources to develop technologically complex products themselves. Increasingly, firms choose to concentrate on core technologies and opt to collaborate with others to gain access to complementary skills and resources." (Collaboration.htm). Paradoxically, though "in some companies, collaborating can be seen as a sign of weakness. () collaborative capability is a competitive advantage today." It is a means to the end, to enable a business to maximize commercial success and mitigate risk. It is not about being nice. It is "an inclusive and reciprocal approach to getting what you want." (Shuman and Twombly)
There are many other advantages to a strategic alliance, "they involve little immediate financial commitment; they allow companies to put in their toes into new markets before they get soaked; they offer a quiet retreat should a venture not work out as the partners had hoped. () (But) the most popular use for alliances is as a means to put a toe into a foreign market." (Hindle 207)
When an organization wants to get into a foreign market, a whole new set of strategies need to be developed. But first, should it enter as a multinational, or as a global entity The vital difference between the two is that in a multinational operation businesses are not linked together, separate strategies are developed for each country where the business exists, with separate investment decisions and autonomous operations, whereas global strategies are evolved and implemented on a global scale, in a global arena. (Aaker 255)
One of the best examples of strategic alliances in a global scenario is a company that has teamed up with just about ...Download file to see next pagesRead More
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