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¶ … strategic choices made in the modern corporate world today are what separate success and failure for most companies. The importance of strategic efficiency and its regular evaluation can never be overestimated in the context of modern competition. This paper will hence focus on numerous potential strategic approaches that an organization can take in order to not only attain success but also sustain and increase it in the long run. The paper will focus on four primary strategic domains, which are: generic, value-based disciplines, grand or macro and multi-business strategies. Each of these strategic domains is discussed below.
Potential Generic Strategies
The generic strategy of a company is primarily its 'core idea'. In other words, the generic strategy of a company forms the basis for any and all grand strategies, long-term goals and image that it wants to project onto the market. The generic strategies also help identify the specific target clientele that the company aims to serve in the short and long run (Pearce and Robinson, 2011a). Some of the basic potential generic strategies that organizations must employ include the following:
Implement 'Low-Cost' Leadership: Good leadership is vital for the success of any and all organizations. When we talk about low-cost leadership, we simply mean innovative leadership that employs unique skills in different situations in order to assert an edge over its competitors. Such skills could include a wide variety of aspects like having a trusted...
The values disciplines that a modern contemporary organization must at all times try and adopt include: operational supremacy, customer intimacy and product leadership.
The main aim of these three variables is the same: sustained profits. In order to attain a sustainment of profits, these variables thus focus on certain functions i.e. organizational supremacy mainly deals with designing and producing reliable products in a timely manner and promoting them in the right way to the right audience. Similarly, customer intimacy deals with the focus on understanding…
References
Pearce, J.A. And Robinson, R.B. (2011a). Strategic Management. Formulation, Implementation, and Control, Twelfth Edition -- Chapter Seven 'Long-Term Objectives and Strategies'. McGraw-Hill Company.
Pearce, J.A. And Robinson, R.B. (2011b). Strategic Management. Formulation, Implementation, and Control, Twelfth Edition -- Chapter Eight 'Business Strategy'. McGraw-Hill Company.
Pearce, J.A. And Robinson, R.B. (2011c). Strategic Management. Formulation, Implementation, and Control, Twelfth Edition -- Chapter Nine 'Multi-Business Strategy'. McGraw-Hill Company.
Strategic Choices at HD Motorcycle Corporation Harley Davidson's strategy to become a successful organization The corporate strategy is developed in accordance with the business strategic vision and mission. The organizations also establish business strategy to respond internal and external elements of their operating environment. Harley Davidson is an organization that has a long history of operations and also faced challenges from external and internal environments. The business has also adopted changes
Additionally, it has been observed that whenever companies implement strategies of CSR, they do this not out of individual choice and desire, but as a result of imposed legislations. "All of these decisions are made under the mandatory legal rules embodied in employment and labor law, workplace safety law, environmental law, consumer protection law, and pension law. Such rules, because they often apply to all businesses, are not susceptible to
Strategic Impact on Globalization Globalization is a process that brought in changes in all walks of human existence the world over. The liberalization has created a global community and brought in the IT revolution and new forms of services like outsourcing. The changes in the world outlook and technology changes have changed the way business and international trade is done and has thus revolutionized the strategies and corporate behavior. It has
Mercedes-Benz determined that an annual increase in the score of a corporation of a single statistical point on the customer satisfaction barometer five years consecutively corresponded to more than an 11% increase in profitability (Ross, 2002). Mercedes-Benz also determined that generating positive attitudes among its employees was essential to achieving high employee retention rates and to maintaining a positive work environment (Russell-Walling, 2005). The company determined that this is particularly
In summary, we recommend that the IESBA reconsiders the proposals in the Exposure Draft and provides more guidance on safeguards applicable to sole practitioners and small accounting firms to ensure that the benefits of the changes outweigh the costs to SMEs. Under a principle-based approach, there should be safeguards and practical relief for all practitioners rather than rules-based outright prohibitions. The rewrite of this Independence component of the Code
Corporate Strategies: Why are they so Important? Domino's Pizza Strategic Leadership Strategic Entrepreneurship Innovation Applied What is your biggest Professional Accomplishment? Organizational Design and Culture The 80s and Deregulation The Election of Barack Obama US rise as a world super power Domino's Pizza Dominoes use the strategy by depending on the population and household. They believe that the population and household income are what needs to help when it comes to figuring out if people are willing to pay the pizza