Competitive Strategy: Business Trends
Answer:
Strategy and aspects related to strategy
Key Ideas:
The meaning of strategy and the aspects related to the strategy are being analyzed with the help of the video. The video is prepared by the Krysynscki to define the different strategic aspects of the organization. The basic key idea of the video is to provide the suitable outline related to the strategy. Through one diagram, the basic approaches related to the strategy are defined but, the aspects shown in the diagram only work as the supportive elements. In this video, the traditional approaches are also being identified to understand the actual meaning of the strategy. According to the Greeks, the strategy is known as the “Strategos” and according to Chinese, the Strategy is considered as the “Art of War”. Similarly, there are various approaches identified for defining the strategy. But, all are not able to generate the specific ideas about the strategy. Some of the ideas related to the strategy are 1. The strategy should be clear and concise before presenting into the market, 2. The suitable identification of the customer’s aspects should be done to manage the performance of the product in the market, 3. The identification of the suitable market for launching the product should be identified in an appropriate manner. With that, the suitable sustainability aspects are also identified on the wide level, 4. To define the basic idea related to the strategy, the example of Ikea is also defined by explaining the strategy used by them to sell the inexpensive products in the retailing market, 5. The strategic difference by the Henry is also explained in which the suitable differentiation of the strategy is done in which the intended, emergent and realized strategy are differentiated on the wide level and 6. finally, the video ends up with the aspects that are required in the complete strategic process.The place for competition, identification of the values, aspects of the contribution and identification of the sustainability (Kryscynski, 2015).
Implementation of ideas:
The video is helpful in showing the strategy related to the traditional and the customize approach. Various aspects defined in the videos are used by the organizations to manage their strategy. The wide list of organizations is identified which are currently using the different methods of the strategic planning defined in the video. Deloitte is one of the renowned company of Australia, which is currently using the strategic approaches in a different manner (D’Souza, 2014). As shown in the video that the strategic planning includes the elements like customers, market study and the other elements in their process, the organization is using the same approach in the working procedure. Other than this, the organization also believes in pursuing the most promising aspects of traditional approaches which are defined in the video. The ideas defined in the video are applied in the global manner. The global strategy for the appropriate purpose is defined which is helpful in managing the international strategic aspects of the organization. By this, the exchange of the views can also become possible in an appropriate manner. By using these traditional and custom approaches, the suitable global identity can be managed (Leong, 2016).
Business Model Innovation
The E-learning activity is mainly related to the business model innovation. Through this video, Dr. Oliver Gasman defines the role of the business model in bringing the revolution in the industry. In this video, it is clearly defined that the innovation can impact the business in both positive and negative manner (UniStGallen, 2013). It means innovation can able to provide the positive as well as negative feedback. The business innovation model also explains the competitive advantages related to the current market scenario. By considering the example from various sources, the strategy regarding the business model innovation is defined in a suitable manner. For explaining the business model innovation, the three essential aspects are 1. Innovation started from ideas, it 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. The explanation of the business model innovation is defined by considering the different sources and the approaches. The organizations like the Dell, Cisco, Google and many others are considered in the video for defining the business model innovation. Due to misconceptions, the suitable output is not generated. To avoid this misconception, some of the questions are also defined . In short, it is also explained that the existing business can be innovated by bringing the suitable revolution in the process. To improve the process of the business, the 4 I’S can be helpful which can able to improve the current aspects which are known as the initiation, ideation, integration and implementation (Stähler, 2016). By these aspects, the business model innovation can easily grow. To manage the suitable aspects related to the business, few more things should also be considered which are selection of the suitable business model innovation from various models, suitable communication regarding the model, Innovation needs the small KPI’s, the sponsorship from the top management and overcome the negative situation. By following all these aspects, it becomes possible to manage the aspects related to the business model innovation.
There are various small and medium size enterprises benefited from the business innovation model. There are various business models defined in the wide range from which the selected models are used for gaining the competitive advantage (KordaMentha, 2014). All the approaches related to the business model defined in the video will be helpful in promoting the major aspects related to the business. To manage the revolution in the suitable manner, it is essential to consider the appropriate aspects related to the model. It is not essential that all the organization will adapt the similar models for their growth perspectives. The selection and the allotment of the models can be done as per the requirement of the business. In fact, for the small enterprises, the business innovation model is defined for creating the appropriate aspects for the enhancement of the business. The wise use of the business model innovation will provide the most suitable growth to the business.
Bibliography
D’Souza, S., 2014. Deloitte strategy business trends: 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
Kryscynski, D., 2015. What is Strategy?,Available at: https://www.youtube.com/watch?v=TD7WSLeQtVw
Leong, J., 2016. Singapore, Australia conclude discussions on Comprehensive Strategic Partnership. Singapore, Australia conclude discussions on Comprehensive Strategic Partnership, 06 May.
Stähler, P., 2016. Steve jobs on values in your business model. Steve jobs on values in your business model, 20 June.
UniStGallen, H., 2013. Business Model Innovation, Available at: https://www.youtube.com/watch?v=B4ZSGQW0UMI
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