HI6006 Competitive Strategy Assignment Help
Strategy Development Tools
Students are required to write a comprehensive discussion of any three of the strategy models, with practical applimtion to current business example.
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In the recent times, it is noticed that the organizations are facing multiple challenges in their respective work environment. They thereby need to either deploy new business frameworks or implement strategic tools that will allow them to not only overcome the challenges but also assist in achieving the required objectives (Adenugba, Fadoju, &Akhuetie, 2017).
The role of the top-level management and the HR department will be crucial as they will be formulating proper objectives in this direction. It will be the operations department that will decide on selecting the required strategic tools so that they can be properly implemented in a given environment(Adenugba, Fadoju, &Akhuetie, 2017).
There are several such tools that will assist the operations team in this task; hence, it will be crucial for them to first determine the needs of the organization, the future expectations of the concerned stakeholders, and finally, overcome the challenges of the workplace environment. This report will thus focus on selecting the best strategic tools that an organization can implement in their challenging work environment.
Selection of Strategic Tools based on their Needs
As mentioned earlier, it is often found that due to different changes taking place both in internal and external work environment, the organizations often fail to perform as per the expectations. The recent advent of new technologies has also demotivated certain staff to perform on the given new tools (Aranda& Sewell, 2015).
Thus, the role of the Human Resources (HR) department at this juncture will be crucial; they not only need to motivate them but also train them on the different IT modules. In some of the challenging work scenarios, it will be difficult for the staff members to carry out their daily routine tasks(Aranda& Sewell, 2015).
Hence, during that time, the role of the HR team will be to define the scope of the work and accordingly design the strategic framework to solve the given problems. The usage of strategic tools is not only to formulate strategies but also ensure that all the employees are able to perform on their respective work modules(Aranda& Sewell, 2015).
Further, the usage of strategic tools is also to improve communication between different departments, develop trust values between staff and thereby assist them in completing the allocated tasks. It will thereby save on time and efforts within the given organization.
SWOT analysis is the third strategic tool that is used by the organization in the modern-day time. It refers to the major strengths that the organization possesses, the weaknesses that they find while operating in the market scenario, the new opportunities that are arising in the present and future time, and the internal and external threat factors (Brookfield et al., 2014).
Now, for any given company, the major strengths will include - products, product offers, price range, advertising and promotions, and better services(Brookfield et al., 2014). It will be important for that firm to maintain their strengths to achieve desired bottom-lines for the organization.
Amid the given competitive scenario, the weaknesses will comprise of - unclear vision and mission, inability to perform based on the needs of the customers, changing regulating framework, and limitation of required resources to perform. However, there will be different opportunities arising amid this challenging environment; these include - new geographical scenario, new product launch, new offerings, promotions, and services for the customers, and also adapting to technological ways to save time and overall efforts(Brookfield et al., 2014).
Finally, the threats could be both internal as well as external in nature. Hence, it could be associated with - change in demands of customers, change in level of competition, and increased conflicts among employees of different departments(Brookfield et al., 2014).
Thus, based on this framework, the team will be able to define and implement only those strategies that will focus on strengths and opportunities available to a given firm.
Porter's Five Forces
This is another strategic tool that is often used by the organizations. There are certain factors that will create challenges or could possibly hamper during the entry of the organization in a given market. Hence, it will be important for the management team to address each of these factors and thereby overcome the challenges associated with it.
From the rivalry perspective, it will be found that there will be existing rivalry from the players that are operating in a given market scenario (Cankovic, 2015). Hence, it might happen that any new company that is entering into the market will face difficulties against these existing players of the market. The role of the strategic formulation team will be vital as they need to address these challenges and accordingly deploy strategies that will allow the organization to sustain in a given market scenario.
Second, from the perspective of threats of new entrants, it might happen that the new company will fail to adhere to the regulation norms, government policies, and even acts of the legal system (Cankovic, 2015). They will even face issues related to brand loyalty and product switching and thus becomes necessary for the senior management to define appropriate working policies for the organization.
From the perspective of threats of substitute products, the organization will face issues related to - relative price performance, relative features, and total number of such products available in the market (Challagalla, Murtha, &Jaworski, 2014). From the perspective of bargaining power of suppliers, there will be fewer issues but still could pose many challenges for the given firm. These include - relation between supplier and company, type of materials provided by the firm could have defects and similar issues, and also price challenges.
From the perspective of bargaining power of buyers, the company needs to carefully formulate their strategies. The different customers will have different demands and thus will not agree to the products or services offered to them (Feng, Morgan, &Rego, 2015). There are no specific challenges of any customers but all of them are unique. Hence, the role of the strategic formulation team will be to manage these challenges and subsequently exceed expectations of the customers.
There are several strategic tools that can be used and implemented in a given organization. PESTEL Analysis is one of them and it comprises of different factors that could possibly impact on the overall working approach and functioning of the organization. From the political perspective, the company will be required to adhere to the governmental norms and policies of the regulating authorities(Feng, Morgan, &Rego, 2015).
If they fail to perform such functions, it could possibly create legal challenges for the firm. From the economic perspective, the company needs to define their economic policies. They even need to ensure overcoming of challenges arising from - interest rates, unemployment issues, and economic policies of the government(Feng, Morgan, &Rego, 2015). Further, from the social perspective, the company needs to devise policies that will fulfil the socio-cultural needs of the employees.
They even need to analyse on the health and other such determinants that could impact on the working of the staff. Hence, the role of the HR team will be to overcome the challenges associated with this social factor and subsequently motivate the staff to perform on the given tasks (McBride et al., 2017). From the technological perspective, the company might be implementing new technologies in a given firm. Hence, it will be the responsibility of the IT department and the HR team to train the staff in this direction.
Besides, the HR team will even need to inform the staff about the benefits of the given system. Only then they will accept working on the new systems and thereby will deliver work on time.
From the environmental perspective, the given firm needs to address major environmental challenges, control their pollution, limit their industrial and other such activities below control levels, and thereby adhere to the given regulations(McBride et al., 2017). It will thus preserve and protect the environment for the community.
From the legal perspective, the organization needs to follow legal norms, deploy legal practices as required, and overcome challenges related to staff from legal perspective(McBride et al., 2017). It will be crucial to deploy ethical principles under the given legal framework of the organization.
Recommendations and Conclusion
This report provides information on the different strategic tools that are often used by the companies in the present time. With changing work scenario and with new business frameworks emerging, the role of strategic team will turn crucial. They need to address changing needs of the customers, focus on the changing work scenarios, and also determine ways through which they will be able to capture new opportunities for the given firm (Oteros-Rozas et al., 2015).
For this purpose, they need to increase stakeholder participation in all the concerned processes; they also need to implement a flexible approach to provide more authorities to the ground-level staff. The different strategic tools so far discussed will then allow the strategic formulation team to address the major problems faced by the firm(Oteros-Rozas et al., 2015).
It will also evaluate different mechanisms applied in the organization for monitoring purpose. It will allow them to determine any major loopholes in the core functional processes. They can accordingly provide recommendations for improvising the future outcomes and final results to the given firm.
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