Unit 4 Strategic Mngmnt At the center of a business strategy is the objective of
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Question
Unit 4 Strategic Mngmnt
At the center of a business strategy is the objective of developing a firm-specific business model that enables a company to gain a competitive advantage over other firms operating in the same market. As our textbook states: "A business-level strategy is an action plan the firm develops to describe how it will compete in its chosen industry or market segment".
As we noted earlier in the semester, the way that strategic managers define their company's business is important as it relates to defining a business-level strategy. The process of this definition entails decisions made in the following key areas:
Customers' Needs: What is to be satisfied?
Customer Groups: Who is to be satisfied?
Distinctive Competencies: How will customers' needs are to be satisfied.
The text describes five generic business strategies that are typically used by firms. Pick one of these strategies and discuss a particular company that is utilizing such a strategy.
Discuss it in terms of "evidence" you see that the firm is using such as strategy. Discuss the "What", "Who" and "How" (see above bullet points). Do you agree/disagree with the strategy? What would you do differently?
At the end of your post, pose a question to your fellow students about the company you chose and its strategy.
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Explanation / Answer
Business strategy: Business strategy is defined as firm's plan to achieve their objective/aim. Simply called as long term planning. It includes major resources issues like raising the finance and are also concerned with the scope of business activities. In todays competitive world in order to survive in market , every company has to follow a business strategy to achieve its aim .
As everycompany need some planning to operate their business and strategies which they will apply and make in order to achieve their aims. business strategy is very important for every company.
In today's modern world every company is following and creating business strategy according to their objective.
--> STRATEGY USED BY COMPANY: VALUE BASED STRATEGY BY PATANJALI
Today in India Patanjali is giving toughest competition to cosmetic companies. within two years they have extended their business so much that almost in each locality one their is a patanjali store specialy in Delhi. If not then other stores has included patajali products in their shops. so that their product is easily available in each shop/Store and can reach their customers easily.
VALUE BASED STRAGTEGY because it has created trust in people's mind by always saying Organic and healthy and as its an Indian product that also by Baba Ramdev he is already a well known person in India and he himself comes in advertisement which obviously create trust among people. Each advertisement has focus on organic and healthy word like Honey/Ghee/Toothpaste/Facewash/Facepack.
So its started by creating trust among people and that's why its value based strategy and no doubt its now growing very extensively in India and giving competetion to companies in cosmetics or other food items.
I totally agree with their stratgies as at the end customer is looking for good quality product which is low in cost and Patanjai is providing both things at the same time though nowadays many negative reviews are also coming against their products but till the time patanjali is able to maintain trust and quality it would not affect their brand value.
Patanjali has opted best strategy according to their business so according to me no need of doing any changes in their strategy till the time customers are satisfied they will maintain their goodwill trust in market.I also personally use some Patanjali products and if they are not herbal then atleast its indian brand and i am helping country's economy as other international company are also using chemicals product and that are quite costly so Indian brand at good cost is best according to me.
I have tried to answer all the parts. let me know the feedback as well Thanks,
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