Dec 29, 2019 Dec 29, 2019 at 7:19pm
A company should always have a strategy in place; focusing on what your company could actually be good at and how to distribute valuable human and financial resources to accomplish this (Aileron, 2011). Companies should start with where they are when developing a strategic plan rather where they want to be; internal and external audits can help to accomplish this (Aileron, 2011). It is also important to decide what is important and set the mission and vision of the organization; priority issues can be identified on which to focus (Aileron, 2011). The company should then define what should be achieved and decide who should be accountable; then review and monitor one’s progress (Aileron, 2011).
According to Paunovic (2017), in order to drive brand differentiation and business, the needs and experience of the customer matters the most (Paunovic, 2017). Most companies view improving customer experience as a top priority and start by first defining the customer experience then identifying market trends (Paunovic, 2017). Uggla (2015) explores the significance of aligning the brand with the business strategy to maximize market demands (Uggla, 2015).
References
Aileron. (2011, October 25). Five steps to a strategic plan.
Forbes. Retrieved from https://www.forbes.com/sites/aileron/2011/10/25/five-steps-to-a-strategic-plan/#3199e5254645
Paunovic, G. (2017, December 6). The single strategy you need to fuel business growth right now.
Forbes. Retrieved from https://www.forbes.com/sites/forbesagencycouncil/2017/12/06/the-single-strategy-you-need-to-fuel-business-growth-right-now/#35b9fdd42c59
Uggla, H. (2015). Aligning brand portfolio strategy with business strategy.
IUP Journal of Brand Management, 12(3), 7-17. Retrieved from http://www.iupindia.in/Brand_Management.asp
Yesterday Jan 9 at 9:55pm
Various components compose a sound business strategy. One that will not only sustain but will thrive in the marketplace. These strategies consist of creating a sound SWOT analysis, remaining customer-focused, clearly defined objectives, and standing on core values. According to Pochobradska, “The SWOT analysis is a highly useful and simple tool for identifying the actual state, the necessary changes, potential risks, and the necessary steps to turn weaknesses into strengths and eliminate risks” (Pochobradska, 2019, p.44). The SWOT analysis will help improve operations as well as discovering new opportunities.
Customer focus is the foundation of most major corporations. Paunovic states, “A well-crafted CX strategy should be deliberate, authentic and consistent, delivering the ideal environment to a consumer” (Puanovic, 2017). Customer experience is the driving force behind brand differentiation when different brands market the same product. Next, an organization should have a set of clearly defined objectives as part of their business strategy. This will help in creating the right measurable targets to measure a company’s growth and performance. This, along with core values, are what helps guide the company to a successful outcome.
A common mistake when developing a business strategy would include emulating plans from years past. An organization should always evolve with the current trends of the marketplace. Another mistake when creating a business strategy is overcomplicating tactics and strategy. Plans should be clear, concise, and practical.
References:
Paunovic, G. (2017, December 6). The single strategy you need to fuel business growth right now. Forbes. Retrieved from https://www.forbes.com/sites/forbesagencycouncil/2017/12/06/the-single-strategy-you-need-to-fuel-business-growth-right-now/#35b9fdd42c59
Pochobradska, K. (2019). Swot Analysis as Tool for Evaluation of Process Supply and Strategy Design. Economics & Management (1802-3975), (1), 44–51. Retrieved from http://search.ebscohost.com.proxy-library.ashford.edu/login.aspx?direct=true&db=bsh&AN=138683717&site=eds-live&scope=site