Competitive Strategy : Business Trend and Innovation
Answer:
What is Strategy?
Normally, we often confuse strategies with tactics, goals or objectives. These are not strategies in true sense, but small components of strategies. The video explains about the meaning of strategy and associated factors to it. For instance, a company intends to be the best in the market. This is not the strategy of the company; it is the goal of the company. The strategy of the company needs to lay down several ways to be on the top by beating the competitors in the industry. The companies prior to launch their products and services in the market would require justifying some important questions for attaining the positive results. These include: 1) where do
we compete - choosing the right market, 2) what is the unique we bring- coming out with an unique point to enable the customers to choose your products, 3) what resources/capabilities are basically utilized: This covers how to effectively utilize the resources. This can be use of superior technology or human capital depending on the business. 4) How do we sustain the ability to provide unique value: If the strategy works, there are chances that the competitors may apply your strategy to attract the customers. It also explains the requirement that the identification of the appropriate market for launch of the product is the crucial step and should be done properly in the phased manner. By identifying the environment and industry’s market, the sustainability aspects should be demonstrated on the broad level (D’Souza, 2014). Therefore, it is very important to sustain the ability of uniqueness to continue to win over time. Clear answers to these questions provides for good strategy. It is often believed that strategy is something we intend to do, but as per Henry Mintzberg, a well-known business strategist strategy is something you actually do instead of intend to. According to him, sometimes a real strategy doesn’t place as per our plans. Lastly, for the strategies to work, it is important to implement it at a proper timing, otherwise it may not bring desired results.
This is the best time for Yahoo to design and implement a strategy for sustaining the ability to provide unique value and get the desired results (Spangler, 2016). The organization requires a rational strategy. There is an increase in demand from the investors to sell its core business. It has to build a strategy like Apple did; Apple had think different slogan when it turned out to be a world leader. Yahoo requires a similar strategy that will give a grip to control its varied and unconnected activities. The coming years are important for the company; therefore as per the learning from the article, it is important that Yahoo adopts a clear cut strategy that is unique rather than throwing 10 rocks against the wall and assuming that one would hit the target.
Business Model Innovation
By this video, Dr. Oliver Gasman has described the role of the business model in fetching the rebellion in the market. There are situations when top-most or highly successful companies also falls. The examples of these companies are Nokia, Kodak and blackberry. The main reason behind their shocking downfall was due to lack of innovation. When a company is busy entertaining the existing customers without thinking of the future, in such cases of downfall tends to start or continue. In a highly competitive market, innovation is very important. Innovation has the potential of either increasing the customer value of a product or service or it may lower their cost thereby bringing the competitive advantage. For instance, Apple’s innovative products have helped in creating the customer value while Dell has reduced their product cost by build to order processes. It clearly implies that Innovation is not necessarily about having new ideas, but the ability to learn and combine. It is not only about bringing in new technology, but having a business model which can successfully contributing to the success (Kordamentha, 2014). The innovative model via video clearly categorically answers to four questions, who are the target customers, what is offered to them and how to create value proposition and generate value for them. It is very essential to consider the change of at least two out of these four dimensions while innovating.
For explaining the business model innovation, the three essential aspects are 1. Innovation which starts from ideas cannot be generated on the technical level, 2. Innovation also needs the assistance of the resources and 3. Innovation can be supported by the appropriate technology for the development and growth (Stahler, 2016). Here, the organization which is willing to create innovation in their business model is Pizza hut. There was a time when the Pizza hut was strongly dedicated to control what their franchisee is providing (Santiago, 2015). They didn’t believe in providing home delivery services. It was successful and had created a niche market, but business models needs to keep innovating or else today’s success becomes tomorrow’s failure. Therefore, the competitors such as Dominos came up and bought different variations in their product and services according to the requirement and changing needs of the customers. Pizza hut was ardent of not letting go of its then success formula therefore the margins started to toughen up and sales has dropped down, therefore as per the learning provided it is very important to change at least two dimensions out of the four dimensions listed above. People have lesser time and therefore, are more comfortable with the quick deliveries. Hence, it was important for Pizza hut to increase the customer value of its product and service.
Bibliography
D’Souza, S., 2014. Australian Business Trend: Deloitte, Available at: https://www2.deloitte.com/content/dam/Deloitte/au/Documents/strategy/deloitte-au-strategy-business-trends-2014.pdf
Kordamentha, 2014. Business model innovation, Available at: https://kordamentha.com/docs/default-source/publications/issue-14-05-innovation_part-4.pdf
Santiago, J., 2015. Which country spends the most online?. Which country spends the most online?, 18 September.
Spangler, T., 2016. Yahoo’s False Prophet: How Marissa Mayer Failed to Turn the Company Around. Yahoo’s False Prophet: How Marissa Mayer Failed to Turn the Company Around, 24 May.
Stahler, P., 2016. Steve Jobs on values in your business model. Steve Jobs on values in your business model, 20 June.
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