Read the assigned chapter and together with your group of co-managers, decide ho

Question

Read the assigned chapter and together with your group of co-managers, decide how you group will manage the company.  You may now use the Groups folder to help you communicate. Select a name for your company that begins with your company letter and use this name to identify your company. For this assignment you will prepare a memo (800-1200 words) discussing your strategy using the following discussions points.

1. Describe your strategic approach and how it will set your company apart from your competition to give you a competitive advantage.

2. Explain how you will execute your strategic approach.

3. Detail what methods you will employ to monitor the effectiveness of your strategic approach and the frequency of these methods.

4. Discuss your Business Model.

5. Explain why your strategy will be successful enough to take business away from your competition.

How do I attach the pdf file?

Explanation / Answer

1.strategic approach to give a competitive advantage:

Competitive Advantage is about defining how you’ll “differentiate” your offering and create value for your market. It’s about carving out a spot in the competitive landscape, putting your stake in the ground, and winning mindshare in the marketplace – being known for a certain “something.”

A good positioning strategy is influenced by:

2. Execute of strategic approach:

When your market clearly sees how your offering is different from that of your competition, it’s easier to influence the market and win mindshare. Without differentiation, it takes more time and budget to entice the market to engage with you; as a result, many companies end up competing on price – a tough position to sustain over the long term.

One of the key elements that many small to mid-size companies overlook is how they provide value at the highest level. There are three essential methods for delivering value: operational excellence, product leadership and customer intimacy.

Here is a hypothetical example of each type of value.

i. OPERATIONAL EXCELLENCE:

Herringer customers don’t want bells and whistles; they just want a good product at the lowest possible price.

Herringer focuses on operational excellence so they can continually offer the lowest price in the market. For example, they just patented a new machine that dramatically lowers their manufacturing costs. They’re not trying to create new or better products; they just want to produce more volume at a lower cost.

Herringer’s method for delivering value is operational excellence; it’s a key driver of their long-term strategy, and their positioning reflects it.

ii. PRODUCT LEADERSHIP:

Orange Technology’s customers care most about quality – they want the best product.

Orange is completely dedicated to innovation and quality. They’re constantly working on product improvements and new ideas to bring to market.

They know what their competitors are doing and are completely focused on staying one step ahead in order to capture a greater share of their market.

Orange’s brand and culture is all about product leadership; their market recognizes it and is willing to pay for it.

iii. CUSTOMER INTIMACY:

Starboard’s market is flooded with products at all points of the price spectrum.

Yet, Starboard’s customers want more than a product off the shelf; they want customized solutions. So Starboard’s strategy is to know as much as possible about their customers’ businesses so they can deliver the correct solutions over time.

Starboard knows that they can’t just say “We offer great service.” Starboard delivers on their strategy in every interaction with their market.

3.Methods to monitor the effectiveness of your strategic approach :

Before you begin

Your competitive positioning strategy is the foundation of your entire business – it’s the first thing you should pin down if you’re launching a new company or product. It’s also important when you’re expanding or looking for a new edge.

Profile your market

Segment your market

Define how you deliver value

Evaluate your competition

Stake a position

Select the mindshare you want to own, and record your strategy

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.