As a CEO of the company that is dealing with jewelery production, and as the person who is responsible for the growth of the company, strategic planning is crucial in order to meet customer expectation and manage competition. Jewelry business has become a trend in the market as not only female customers are supporting it, but more male customers are interested in the business.
A growth strategy is a long term success plan and managing competitors. If the plan is without a vision and mission, it might not work in some cases. For a business to maintain a growth for a long term, we must first verify and validate on what is that one thing that sets us apart from our competitors. We must first understand the very basis oh why a customer decides
…show more content…
And it is quite a normal way of customers to pay attention to the designs and the affordable price. As such when looking for growth the competitiors strengh is a must to focus and to see what are the areas that we need to improve in order to stand before the competition. And we need to ask ourself whether the changes and the new ideas that we have decided to engage is any different from them. At times the changes that failed the competition , might work well with our business depending on the in depth knowledge on the product. The location where the customer has purchased the product with the competitior might be advantage for our company as customers in various locations probably will have a different taste. Having uniqueness in the jewels that we produced is an essential step that should not be …show more content…
With growing demand of unique products, we should be using reverse engineering to market our products. For example, a diamond ring that is too common for customers could be modified into entirely a different item with specific modification. Thus making us different from other providers in the same market. Creatively adapting the reverse engineering knowledge and applying it to the other related products will ensure expansion of the company. This could also lead to creative thinking of the company employees. And this goes back to hiring the right talents at the right time. Being resourceful in a business that is product related is crucial , which means we must be an eye opener to grasp any opportunities that comes our way. Being resourceful also simply means that you are able to face struggles and difficulties in a way that it becomes a second
...design are lower than other competitor’s. For example, they have ultra fast computing power but our brand just has high speed computing power. Thence, some competitors which Workhorse chose their product are just they want and need.
Strategic planning is crucial for the success of all business endeavors. Analyzing currents trends in technology, consumer markets, competition, and the workforce can play a pivotal part in whether or not the organization can survive. Overtime, strategic planning strategies must be modified in order to compensate for changes in the industry. Goals and strategic planning often necessitate change to ensure that the organization is performing at peak level, while offering the most beneficial and quality services to consumers.
(Yoder-Wise, 2015) During the process of planning you need to assess your internal and external environment, identify any opportunities and threats. Then you want to create your plan and identify your goals and objectives, implement the plan and lastly you evaluate and make any necessary changes. In strategic marketing, you want to identify your target market and research it. When planning you identify your strategies and objectives you identify what services you will provide and at what cost an how you’re going to market your plan. You can evaluate by getting feedback from consumers through different
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
Rather than launching a group of disparate projects set for pure monetary growth, the company should be aware that an overall strategy must be set in order to guide the growth into the future.
A company must identify its strengths and weaknesses in order to develop growth. Downsizing products is more important than developing new products. A company must be able to identify where there weak markets are at. Times change and so do products. The products that are less profitable or simply aged are the ones that must be downsized in order to make way for a different, more innovative market. When developing growth strategies a company must use the product/market expansion grid. First the company has to figure out whether they can have better market penetration, second they must consider looking for market possibilities for current products. Third they must develop their products into innovative products that people can’t live without having. Lastly they need to be diverse with their company, therefore expanding and including different features to the company could draw more attention from different
So, for the future, she must implement his strategies to continue and improve his efficacy and efficiency. To propose achievable strategies, we will use Ansoff matrix. This tool allows to classify and explain the different growth strategies for a company. Ansoff 's Matrix is also known as the market options matrix (Lynch, 2009, p.313) and is designed to identify “the product and market options available to the organization, including the possibility of withdrawal and movement into unrelated markets”. It is represented diagrammatically as follows.
According to the book, to gain competitive advantage a few rules to follow are: basing innovations off of experience, focusing on products that have been overlooked, be sure that there is a market for the product, and focusing on new ideas that lead to more than one product. Once the company was able to get the equipment they needed, the candles came in all shapes and sizes to extend the product line. Beckey and Kim knew that they needed to create different types of candles with different scents. Beckey 's twenty years of experience in oil landscape painting gave the company the advantage to know what types of oils that needed to be used. Kim 's decorative touch gave the company an advantage to keep the product line elegant, which is what they are known for. They wanted to keep the elegant look of the candles, but hopefully give more options to customers and wholesalers. This gave the company the competitive advantage over their
There are a variety of challenges that firms may face when attempting to be the best in their specified industry. Economic and political challenges can make it difficult for companies to maintain a competitive advantage. In addition to maintaining a competitive advantage, some firms also find difficulty in keeping its branding alive and by attracting customers as their strategies, products, and management change over the course of time. Industries such as the automotive industry, healthcare industry, retail industry, and many more experience a variety of challenges based on their competition. Firms must create successful strategies in order to maintain competitive with their competition and in order to gain advantages in their industry (Hitt, 2013).
On the Ansoff matrix below is shown what growth strategies for new and existing products and markets can be used from the company.
Growth strategy is the organisation formulating their plan to accomplish their objectives and goals to grow in revenue and size of the business. However according to (Bridge, O’Neill and Cromie 2003), she defines growth strategy as a “...the movement of the business into bigger premises, taking on more staff, significant increases of turnover, taking on a new product line or lines, buying another business, and so on” Growth Strategies are important for businesses as they allow the business to move in a formal direction. Businesses can easily be affected by the smallest of changes for example new customers or the arrival of new competitors which could have a negative impact, so planning is very important and takes care of additional effort and resource for faster growth. With these growth strategies, organisations try to achieve numerous things for example, obtaining economies of scale, attaining market leadership and retaining talented staff.
The key role in solving strategic tasks belongs to strategic planning, which is the process of developing and maintaining strategic balance between organization’s goals and resources in the changing market environment. The purpose of the strategic planning is to determine the most promising fields of activity providing its growth and prosperity. Strategic planning is a component of a broader concept “strategic management”. All four management functions (planning, organizing, leading and controlling), when talking about strategic management include strategic orientation. When viewing strategic planning from the highest level possible within a company, the planning function is the area that stands out as the most important area which involves a great deal of development and focus.
...c management or planning presents a structure or agenda for dealing with issues and solving problems, therefore, understanding potential risks or pitfalls of strategic management and being prepared to deal with them is critical and vital to success. Strategic management not only permits top leaders and managers to be more proactive than reactive in building or developing their own potential or outlook in an organization, and it also lets them to make the first move and influence activities, consequently, executives and management can control or in charge of the company’s own future, and achieve its main goals and objectives. Overall, increasing cost-effectiveness and efficiency, improving the value for its stakeholders, and advancing customer services and management excellence are the key objectives of strategic management and decision making in an organization.
A successful business strategy will identify changes in the external trends in the market place. Plan out what the company’s future direction is. Set out the goals for the management team. It will identify a vision of where the company wants to be in the future. Keep all employees informed of the direction of the company.
Within an organization, different types of planning are necessary to help establish the visions and goals a company has. Strategic and operational planning is essential for the success of a business. For example, Sports Authority has recently filed for bankruptcy, which is likely due to a lack of planning skills. With the addition of strategic and operational planning, the risk of going bankrupt could be significantly reduced. The many planning steps and strategies involved in these types of planning are what eventually produce the most success.