Business Strategy And Trendy Word Assessment Answer
Answer:
The strategy is not like tactics, goals, or threads. In recent years, Strategy might have become a trendy word. The strategy is a Greek word. And it’s like an art of war. In the Art of War- winning is just the best. Like generals dictate to the team to make them win like in wars- General strategize and coordinate all the pieces and resources to make sure everything is achieved. Executive nowadays need to make a strategy by making clear and concise answers to- where we compete and how, our unique value, our resources, and capabilities we can use and sustainability. Organizations should know what they have to do and they should not. Intended, Emergent and Realized Strategy should be taken into account. A well-orchestrated staff will do the wonders. The four questions we need to answer is something which will give us the best strategies. (Kryscynski, 2015)
Paragraph 2: Organization where Ideas can be put:
IKEA has a great offering which has been using strategies by using economies of scale and their USP is their stores which are fun. They also have an inexpensive manufacturing as they have economies of scale. Their shipping costs are very low. Also, they can easily ship and send in mass volumes as they can produce a lot. IKEA doesn’t compete in a high level of products and services. They design their products but not manufacture. Thus their strategies are very clear.
Also if we talk about Suzlon- energy giant, should actually see to it where they need to apply their resources. That company having tons of resources and capabilities should actually know where their expertise lies. They have a great base of customers and more but if they strategies well they can actually do a lot of wonders in terms of cost cutting. (Engardio, & Keenan, 2002)
Business Model Innovation:
Answer: Paragraph 1: Ideas Extracted:
Today’s success is the enemy of tomorrow’s success. Innovation creates a high customer perception value. Innovation doesn’t stems from ideas and we don’t need high-level technology to make something innovative. Leaders combine many ideas from the old ideas which make innovation. Business model innovation is something that who is your target, what your product is and how you change perception. There are so many companies that have changed business models like Tom and tom that has changed navigation. Flat rate, supermarket, razor and blade pattern etc. have changed the models. The ink- jets printers like have innovation. Initiation, ideation, integration and implementation are something which you need to do to develop and change your business model to have innovation. You need to return to deign your to make sure that you can have innovation. (Burt, 1987) Change initiatives do fail. Only implement one model and communicate nicely. Don’t emphasize, get top level trust, and overcome the not here syndrome. Innovation is the key factor to make sure you are in the market. You should learn from other and reinvent so that you can do wonders by following the main 4 steps. Apply innovation patters and start implantation. Make sure you innovate and learn from your leaders. Think big, think different. (HSGUniStGallen, 2013)
Paragraph 2: Organization where Ideas can be put:
Dell uses this model by made to order. E-bay has changed the trade way.
The one company should use it is non-other than Corus. They should actually go for a turnaround strategy as overall industry is also falling. (Kenny, 2009) Because with the current organization structure and strategy they can’t compete in the international market with steel companies as this is now known as the Tata Europe steel company as the joint venture with Tata has broken down almost. (Raustiala & Sprigman, 2012) They should go for trunk around and divestiture strategy in some of the offerings as they have to focus on the core competing for business with a business model innovation is the main key here. As Tata Corus was one of the main employers in the steel industry in Europe, after the inconvenience and end of this merger. They should go for something which no body has thought of and should combine many ideas to gain their position again. (Shenkar, 2012)
Pankaj Ghemawat: CAGE framework to evaluate international trade opportunities-
Paragraph 1: Ideas Extracted:
This has been researched on international economics. How to countries
Culture, Administrative/ Political, Geographical and Economic (CAGE) as a framework, can be used in two companies who are in similarly sized countries. Two companies can have trade and not just trade but other exchanges as well are usually dampened because of differences in countries like in GDP etc. and it can flourish if they have legal administration same and similar languages- then they flourish. (Bowen, et. al, 2015) If we see economically, this framework for the countries to trade like between in Canada and Mexico. (Carlson School of Management, 2015)
Organization where Ideas can be put:
Paragraph 2: Like the example of China and India, trade in toys and this is only because of the demographics being same in this segment. Here we talk about the same size of the countries, the similar kind of population numbers and loads more. This helps the companies to trade nicely and in abundance. Also due to the similarity in countries, the companies trade more and more. (Scott, 2014)
References
Engardio, P. & Keenan, F. 2002 ‘The Copycat Economy’, Bloomberg Businessweek. Last viewed on 23rd August, 2016 https://www.businessweek.com/stories/2002-08-25/7-the-copycat-economy
Raustiala K. & Sprigman, C. 2012 ‘The Knockoff Economy: How Imitation Sparks Innovation’, Oxford University Press: New York.
Shenkar, O. 2012, ‘Just Imitate It! A Copycat Path to Strategic Agility’, Ivey Business Journal
Scott, M. 2014, ‘Copycat Business Model Generates Genuine Global Success for Start-Up Incubator’, The New York Times. Last viewed on 31st March, 2016 https://www.nytimes.com/2014/02/28/technology/copycat-business-model-generates-genuine-global-success-for-start-up-incubator.html?_r=0
Kryscynski, D. 2015, what is Strategy? https://www.youtube.com/watch?v=TD7WSLeQtVw. Last viewed on 23rd August, 2016
Carlson School of Management, 2015, Pankaj Ghemawat: CAGE framework to evaluate international trade opportunities, https://www.youtube.com/watch?v=7FpUJaG7uMk, Last viewed on 23rd August, 2016
HSGUniStGallen, 2013, Business Model Innovation, https://www.youtube.com/watch?v=B4ZSGQW0UMI, Last viewed on 23rd August, 2016
Burt R.S. 1987, Social Contagion and Innovation: Cohesion versus Structural Equivalence. The American Journal of Sociology, 92 (6), 1987, 1287-1335.
Gibbons, P., 2015, Science of Successful Organizational Change, The: How Leaders Set Strategy, Change Behavior, and Create an Agile Culture, Pearson, USA
Bowen, Harry P. ; Bake , H. Kent & Powel , Gary E. , 2015, Globalization and diversification strategy: A managerial perspective, Scandinavian Journal of Management, vol.31, Issue no. 1, pp. 25–39
Kenny, G., 2009, Diversification Strategy: How to Grow a Business by Diversifying Successfully, Kogan Page
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