HI6006 Competitive Strategy, Holmes Institute, Australia
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Essay— Key Strategy Development Tools
You are required to write a Comprehensive discussion of any four of the strategy models, with practical application to current business examples. This assignment aims at ensuring that you have familiarised themselves with the foundational strategy development models and are able to relate them to current practical business examples.
Write an essay explaining what the main strategy development tools are and how they are used in business. Your essay must contain a comprehensive discussion of 4 of the following: PESTEL, Five Forces, Resource-Based View, PROFIT, Input/Output, SWOT Analysis (you may include Cross Impact Analysis), Generic Strategies, Ansoff, Ghemawat, with reference to academic journals and practical examples from industry.
Answer : Strategic development
The growth and development of an organisation completely depends upon the strategy the that is undertaken as per the requirement of the external and internal environment of an organisation. Strategic management is one of the key of long term success of business organizations. In this study the tools that are essential for strategic management such as Porter's five forces, SWOT, resource based View and porter’s generic strategy will be discussed in relation to tech companies.
Strategic Management is very important due to the fact that it forces to assess the objectives of the brand and take actions accordingly. In addition to this, it is also responsible for decision-making process as well, which leads to successful achievement of organisational objectives and goals. In this study Apple a successful technology organisations has been selected for analysing how it utilises strategic management tools for competitive advantage in the market. Tech industry is very dynamic and therefore it requires better strategic planning and management for success.
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Resource based View
Resource based view is a managerial framework that allows the organisation to utilise their resources strategically. This is also a way to obtain better competitive advantage in the market. This is also a heterogeneous due to the fact that it allows the firms to deal with multiple strategies.
For instance, brands like Apple have been successful due to the fact that they utilise their potential resources to for strategic marketing. This makes the brand stand out among its other competitors (F Hair Jr. et al.2014). Some of the examples of better strategic management through resource-based view for Apple is building a great brand portfolio and using teamwork for better results. There is also excellent leadership that is also part of the success of these strategic management tools. Apple has been using its tangible and intangible resources successfully (Rosemann & vom Brocke, 2015). It has used its advanced technology for making the product portfolio unique and better than others make, in addition to this the brand has also utilised tangible resources such as human resources for marketing and overall management of the brand image.
SWOT is a great technique to analyse and understand the potential strength and weakness of a brand. This is also a great tool that helps understand the potential opportunities in the industry. Similarly, it is also a way to determine the threats (Ahmedet al.2014).
- Unique design and hardware
- Powerful brand image and marketing campaigns
- Strong and loyal customer base
- Huge distribution network worldwide
- High competition in the market
- High price
- Development of new product lines
- Cheaper price of technology in the current industry
- Rising new tech companies with potential
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SWOT has clearly indicated the advantage and the disadvantage of the brand. Based on the disadvantages the brand can undertake new strategies to overcome them. It will also help them deal with threats in the industry and develop new products based on the demand of the customers as well. However, it is a simple tool and therefore the complexity of the tech industry is not as decipherable by this strategic management tool (Veitet al.2014). Therefore, though this tool can give basic understanding of the advantages and disadvantages of a brand it cannot always lead to better solutions to manage it (Khan, Alam & Alam, 2015). In addition to this, the tool is also prone to ambiguity as well, which is why it is not a perfect tool for determining the position of the brand in the current market.
Porter’s Five Forces
Porter’s Five Forces helps in determining the attractiveness and likelihood of profitability within an industry. Here are five primary forces such as competitive rivalry, supplier power, buyer power, threat of substitution and threat of new entry.
For instance if Apple wants to analyse the tech industry it can understand the current position and also forecast future condition for its brand. Firstly, Apple can understand the power of the competitors in the market and determine pricing and other strategies depending upon that (Tanejaet al.2014). Then the supplier power gives broad understanding of the size and number of supplier, which is also something that affects the pricing of the product. In the current situation, particularly supplier power matters a lot due to the fact that pricing manipulates the tech industry heavily. In addition to this, there is also buyer power, which is also related to the price sensitivity of the products. Last but not the least there is threat of substitution and new entry (E. Dobbs, 2014). A lot of apple features are of being replicated by other companies therefore the threat of substitutes can affect the profitability if the brand heavily. Similarly currently there is trend of tech start-ups that is rising therefore it can be said that tech industry is becoming more accessible to people. Therefore, the new rivalry can be faced by this brand, which has rules the market for a long time (Tanget al.2017).
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Porter’s Generic Strategies
As per the Porter’s generic strategy, a firm can have two-major strength that distinguishes them from other competitors in the market. The two major strengths are cost advantages and differentiation strategy. Therefore, it implies that a firm can focus on either cost leadership or making their product unique and different in the market depending on the target market they want to obtain (Gavetti & Menon, 2016). Cost leadership strategy suggests that instead of selling the products at an average industry price it can choose low cost pricing which attract a particular target market (Dälkenet al.2014). However,the level of quality becomes a question in that case. Therefore, Apple has been always choosing premium pricing for ensuring better quality in the market.
On the other hand, there is differentiation strategy, which focuses on the uniqueness of the products mainly. Apple has definitely used this as their focus strategy. Therefore their products are always ahead in the in terms of advancement and up gradations, which makes unique. In addition to this there is also very big impact of quality and innovation which also differentiates their brand in the market very. Therefore, this adds to the corporate reputation of the brand very much. However, there is also risk of imitation that regarding this strategy and change is customers taste becomes a factor as well (Moonet al.2014). For instance, Apple currently is facing huge competition from the Android OS smartphones by Google, which shows that there is slight change in people change towards the tech industry.
Strategic management has been one of the major process that has forced organisations to set objectives and measure success. This allows them to reflect on their process of development and undertake adequate measures as well. In this context, there are four essential tools that have been analysed, which are majorly used by organisations for gaining competitive advantage in the market. This also helps in addressing any issue that may affect the growth and development of the organisation as well. However, it is not always sure that how the future may unfold as well. Therefore, in case of changing environment it can invalidate the undertaken measures by the organisations. Similarly, the strategic management frameworks are often meant for long-term success and may not result in any immediate benefit either.
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