Business strategy is a term which depicts the unique ideas and steps which the business plans for being the best in the industry. The strategy can also be known as a pattern of decisions taken by the business. Business strategies are made so that the business can make maximum profits and significant position in the industry (Agrawal, 2016). Business strategy has three main elements which impact its effectiveness. These elements are Globalisation, Innovation and Sustainability. These elements have evolved in recent decades. These are newer terminologies which are not even considered by many of the business firms but these elements play a huge role in the success or failure of business strategies.
It is seen that most of the business firms were only concentrated on fulfilling the needs and demands of the local markets and the competitors. They had no idea of going global and serving the international markets earlier. Exports were done by some of the businesses only when there was a demand for particular product in some other country (Muciimi & Ngumo, 2014). Exports were also popular in few countries like the Unites States and many other countries were not also aware of the term and concept. But after the year 1990, the whole scenario changed and Globalisation came into the whole picture. It is believed that the Internet has acted as a catalyst for the growth of Globalisation. In the present, the growth of business without globalisation keeping in mind is not possible. The rise in technology and innovation has aided globalisation and even the smallest companies are not able to manage their businesses now without the concept of globalisation (Pisano, 2015).
Innovation is another element which refers to the birth of something new. It can be new products and services, new business processes, new business models and new changes in the existing products and services. Innovation is necessary to fulfil the ever changing demands and needs of the customers. It is necessary so that the companies can meet the competition in the industry. Every company has to focus on innovation so that it could foster sustainability in the organisation (Hajar, 2015).
Sustainability can be defined as maintenance of resources or growth at a certain level without compromising with anything else. In the case of business, sustainability has to be maintained by managing an optimum level of profits or losses or by managing its social responsibility and environmental responsibility. Social and environmental responsibility is the elements which can provide success to the business in the long term (Kohl, 2013).
When the business is socially responsible, it means that it is able to keep its employees more engaged with the job and they work in collaboration. It also means that empowered and engaged employees are able to make the firm more innovative and its image will improve in the market. The customers of these firms are also highly engaged. An environmentally responsible firm takes care that no activity of the business is providing harm to the environment (Nyakoa, 2013).
The business is affected by globalisation which means the exchange of ideas, products, labour, culture, etc. between the countries. The strategies of the business are affected by globalisation because the businesses get more exposure, cheap labour and capability to become more competitive (Ahlstrom, 2010). The structure of management needs to be changed. It has to train its staff for wider business goals. The technological innovation has to be updated and the business has to invest more in technology. This ensures that the business will get an advantage over its competitors. Globalisation has enabled businesses to expand their operations worldwide which provided more value to the business (Wheelen & Hunger, 2012). The businesses are now able to procure cheaper labour and material which helps in the reduction of overall costs. For e.g. the companies in the USA hire cheap labour from China where labour is in abundant. This helps in reducing the manufacturing costs and the companies can invest this amount in the development of technology rather than wasting it. This also helped economies to grow significantly.
The companies use innovation to increase their competitiveness and to sustain themselves in the markets. Innovation is a strategic process and innovation is always adopted to meet the objectives of the business. Innovation is an integral part of the business strategies because without innovation it is not possible to form strategies for business in the future. Innovations help the companies in delivering what the customers desire from them. In the present business environment, innovation can only encourage and support the business and its growth (Ahlstrom, 2010).
Sustainability helps in understanding what should be the main objective of designing strategies of the business. It is seen that the companies ignore the sustainability practices and they do not consider long-term commitments towards society and planet. But the term sustainability used for building future strategies of business help it in maintaining its commitments and in maintaining corporate ethics, citizenship, governance and care of society and planet. It increases the credibility and trust of the public for the brand and also generates empowerment within the employees (Wheelen & Hunger, 2012).
Globalisation, Innovation and sustainability assist the business in seeking opportunities and in addressing the social and environmental issues. It also helps in the reduction in costs which lead to better strategy development for the business. The successful strategies will result in more productivity and profits for the business. It is like a key partnership between these elements and the business strategy which makes an organisation insightful and forward thinking. It helps the business in becoming the leader and capturing the most of the market (Nyakoa, 2013). Every business needs innovation to move ahead in the market. In the world of globalisation, it is a challenge for the business to convert its ideas and knowledge into the improved products and services. Without innovation and a concept of sustainability in the business, there would be no chances of improvement in the business strategies which would lead to the death of business in the market. That is why, globalisation, innovation and sustainability and all interconnected and affect the understanding of business strategies.
Agrawal, H O (2016). An Approach to Business Strategy. Handbook of Research on Promotional Strategies and Consumer Influence in the Service Sector, 154-182.
Ahlstrom, D (2010). Innovation and Growth: How Business Contributes to Society. Academy of Management Perspectives.
Hajar, I (2015). The Effect of Business Strategy on Innovation and Firm Performance in the Small Industrial Sector. The International Journal of Engineering And Science. Volume 4. Issue 2.
Kohl, K (2013). How Sustainability Strategy Impacts Your Corporate Brand and Ranking as an Employer of Choice. Sustainable brands.
Muciimi, E N & Ngumo, E M (2014). Implications of Globalization for International Business Strategy: A Multi-Sectoral Approach. International Journal of Science and Research. Volume 3 Issue 4.
Nyakoa, O M (2013). The effect of Globalisation on Strategic management at Ernst & Young. School of Business, University of Nairobi.
Pisano, G P (2015). You need an Innovation Strategy. Harvard Business Review.
Wheelen, T L & Hunger, J D (2012). Strategic Management and Business Policy Toward Global sustainability. 13th ed. Pearson.
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