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(p. 96) They are pivotal in generating competitive advantage because they reinforce an organization’s functions such as marketing, production or research and development. For instance, in the marketing department, the strategy would work by featuring real-life customers in direct-response print and television advertisements that would steer them towards the company website. In the application of a functional management strategy, the functions as well as the roles assigned will be able to manage corporate level strategies and their activities in such a way that they optimize their functional performance resulting to positive results that contribute to the overall company performance.
Ray maintained that there are two kinds of competitive management strategies: the offensive and defensive strategies. The first is concerned with the strategy that usually takes place in an established competitor’s market location, while the latter takes place in the organization’s own current market position as a defense against possible attacks by a rival. (p. 13) However, the case is, the goal is the same: to secure market share, acquire new customers, maintain current ones and cultivate customer loyalty. In the case of this company, a combination of these two strategies would be used, although with more emphasis on the offensive strategy, considering the fact that most of its products claim less than 3 percent of the market, with only one product dominating 40 percent in its own market location. In terms of offensive strategy, the competitive advantage that drives the attraction of new customers is fuelled by innovation and customer value. Currently, the focus of the organization on innovation has been reaping rewards already.
According to Pieper, corporate strategy is the setting of a company’s long-term goals, major policies and plans, and the
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This means that strategic management brings together the mission, objectives, and vision of a firm and develops policies and plans then allocates resolves to allocate resources to the set plans and policies in order to ensure their implementation (Wheelen & Hunger, 2011).
Strategic Management Name: Institution: Strategic Management The success of any organization regardless of its affiliation depends on how it conducts its strategic management. This allows an organization to analyze all the key initiatives that the top management of the company undertakes on behalf of its key stakeholders.
The purpose of strategic management is to create new and different opportunities for the organisations to sustain in its usually competitive environment. In brief, the notion of strategic management is fundamentally described as the procedure of devising along with executing effective strategies with the intention of supporting an organisation to attain its expected business targets (Nag et al., 2007).
Crisis management plan must be prepared keeping into consideration the overall safety of the strategic planning process. The aim of the strategic management in such needful situations is to enhance the organizational capacity in responding to the crisis and make strategic plans to effectively overcome from the identified obstacles (European Interagency Security Forum, “Crisis Management of Critical Incidents”).
Main products of the company are printers, personal computers, network management software, high end servers etc. Company is operating its business globally in several areas like printing, computing, digital imaging. Beside this, the company is also providing software and services.
Strategic management in the public sector is a complex process since there are multiple stakeholders with varying needs and limited resources available. There are various approaches to strategic management in the public sector.
In an article published in the Wall Street Journal on 7 May, 2009 and titled Arbitron, Looking To Make Strategic Investments, Takes Page From Cisco, Ty McMahan wrote about the recent decision that had recently been taken
r changing surroundings, managers need to constantly analyse and decide on the actions that would increase the efficiency of a firm’s operations and enable it to survive the competition. This is where strategic management play a vital role in the organisation’s survival. The