A business strategy is an intentional structured plan which helps a company to achieve a specific long term vision and purpose by writing a business plan to implement that business strategy. However, a business strategy, most times, does not follow a straight path, and successful implementation will help shape it throughout the way. Business strategy case studies provide vivid examples of the application of this concept in business history. Business Strategy Case Studies illustrates the use of strategic planning, marketing strategies, financial engineering and other methods of business development, and the results achieved, as well as pitfalls encountered.
What is the best strategy for your organization? That question can be answered in many ways. But, let us focus on one approach that can answer the question: what is the best strategy for your organization to differentiate itself from its competitors? By developing and implementing a good differentiation strategy, your company can become known as a leader in its industry, while achieving cost savings and increasing market share at the same time.
Marketing Strategy Case Studies describes four business strategies that differentiate organizations, as well as how those strategies were applied in practice. The examples include four marketing strategies: Brand differentiation, Affinity marketing strategy, Market evolution strategy, and Value creation strategy. Each strategy addresses one or more dimensions of marketing. These strategies can be further categorized into four more detailed strategies: Brand differentiation, Affinity marketing strategy, Market evolution strategy, and Value creation strategy.
Brand differentiation refers to using different names, symbols, colours or styles to market the same product or brand to different markets. For example, Peapod Beads (an example of an Affinity marketing strategy) could be marketed as a “green” product to the healthcare target market, and “silver” to the cosmetic target market. Affinities are a two-way street. On one hand, branding is a way of promoting your products to customers. On the other hand, differentiation is the process of creating a distinction so that you do not startle your potential customers when they use your products.
The second strategy in the four business strategies strategy categories is cost leadership. Cost leadership is the adoption of an economically viable strategy for increasing sales. Examples include reducing costs in areas such as fixed assets, inventory, transport and re-supply. As an overall business strategy, cost leadership can increase the profitability of your operation and improve your customer satisfaction.
The third strategy in the four business strategies is market evolution strategy. This strategy can take on different names, but essentially it is the execution of an overall strategy directed towards decreasing cost while increasing profitability. Some examples of market evolution strategies include cost management, market insight, value capture, and supply chain management. This strategy can reduce or eliminate operational expenses and at the same time increase profit margins.
The last strategy in the four business strategies is differentiated products. A differentiated product is one which has been uniquely designed and developed in order to meet certain pre-defined business requirements. Examples of differentiated products are medical devices and industrial goods.
Each of these four business strategies can be effective depending upon your target market, the existing competitive environment and the resources available to you. Differentiation can increase market share and therefore profitability, while cost savings can reduce your operating expenses. In addition, all four business strategies can generate substantial cash flow if implemented correctly. In order to apply any of these strategies, you should first develop a clearly defined business strategy and then identify the resources required for implementation.
If you are not familiar with each of the four strategies mentioned above, you should consider hiring a consulting service that will provide you with a comprehensive guidebook on business strategy. By engaging a business consultant early on, you can ensure that you have a clear understanding of your business models and how the strategies can be implemented. Moreover, you can make sure that your company remains competitive.
To understand which of the strategies is best for your business, you first need to define your business objectives. Next, you should develop a clearly defined vision or business mission statement. Once you have a strong business objective in place, you can move on to the development of a business strategy. Finally, you should identify the appropriate competitive advantages you can leverage to get a competitive advantage. By identifying the key competitive advantages and developing concrete plans to exploit them, you can ensure that your company remains a profitable competitor.
Although most businesses go through an organizational crisis at some point, there is a much more important battle that must be fought in order to maintain a competitive edge over competitors. Simply recognizing an opportunity does not make it so. In order to ensure that your company remains competitive, you must do everything possible to take advantage of that opportunity. Regardless, of whether your business is growing or contracting, if you have a clear direction and roadmap to get to your desired goals, you will be able to build a sustainable competitive advantage over others.