Discuss about the Technological Forecasting and Social Change.
The most important thing that any business requires for its success is a proper strategy. The word strategy comes from the Greek word strategies which means strength. Right from the time of the ancient Greeks and Romans, it is a known fact to people that in order to win over the battles with the enemies, one need to find out ones hidden strengths and implement them in the exact manner (Casadesus?Masanell and Zhu 2013). This paper deals with the companies J&J and Nike’s business strategies that have helped them to attain success in their path.
The very name Johnson and Johnsons needs no special mention as it is a widely popular company. Over centuries it has been thriving towards satisfying its goal of customer satisfaction and caring for the environment around it. The very mission statement f this company defines its purpose, it says “caring for the world, one person at a time”. It is the leading procedure of the well being products and products of health and safety. People have vested their trust in this company for years. The main reason behind my choosing of this company is the immense service that it has been providing to the customers over years, Johnson & Johnson is the name that is always present at the tip of the tongue of every one of us when it comes to baby health care products and it is only because of the pioneering work that it has done (Bocken et al 2014). Their main focus is
- Improving the lives of women and children
- Boosting the health care workforce
- Prevention from diseases.
Nike is the name that crops up anytime and every time we think about athletic products. This company has worked immensely hard in bringing a huge plethora of innovation and modifications and up gradation to inspire every athlete in the world. They believe that they will be creating innovative products today to solve the problems of tomorrow’s generation. The reason why I have selected this organization is mainly because of its top priority directed over sustainability, which has become a game changer for them (Zott and Amit 2013).
In the modern day scenario when the huge corporate giants are mainly concerned about money making, Nike is one among the several companies that has not gone astray only after their own profit maximization but has given sufficient importance to pollution reduction thus encouraging sustainable development (Hernes and Metzger 2017).
Business is termed as the modern day war and in order to win over this war; companies need to frame out a strategy that would enable them to grow and develop in the long run. It must be a set of tactics that would enable to attain victory over the other competitive firms in the long run. A strategy is something that will help answer four different questions like
- Where do we compete?
- What unique value do we bring?
- What resources do we utilize?
- How do we sustain unique value?
The moment a business strategy is helpful in answering all these questions, the company will know that it has been successful in implementation a correct and innovative strategy.
This company knows very well its area of working that is its area of expertise is health care and current records suggest that it is competing in full one third of the universal health care marketplace (Näyhä and Pesonen 2014). This indeed is a very significant and sensitive area in the modern day context (Carcary, Doherty and Conway 2014) . In the present day scenario, health and wellbeing has become of the major issue and people all around the world are victims of the increasing amount of pollution and diseases and are always demanding for product s that would enable them to keep healthy and have a disease free life and this demand has been beautifully fulfilled by this company. Speaking about the value that this company has added is immense. It always tries its level best to stay true to its mission of “caring for the world, one person at a time” which means that they care for each and every customer (Marcantoni 2014). They try to bring several innovative ideas in order to satisfy the needs of their customers and promote people’s health and well being which is their major concern. It is for the superior quality of their products that the customers restrain from switching over to other alternatives. They also maintain strong networks with the best R&D centers to develop prpoducts keeping in mind the health of the patients.
Nike has also been successful in maintain a proper nusiness strategy-Firstly; it always puts the customer benefits first. Nike always develops products that suit the personal benefits of their customers (Markides 2013). Secondly, it has based its business on a felt need, it is because of the expanding white collar workforce that has created an immense need for the Nike products, a good example can be the Nike jogging shoes. Thirdly, it knows how to satisfy the customers and cater to their modern and changing needs, Nike always uses up all the newest technologies for their production and promotion.
A good business model is one that mainly deals with
- who is the targeted customer
- what do we offer to the customers
- how to create value proposition
- how do we generate revenue
Both Johnson & Johnson and Nike have been able to build and maintain a good business model. It is about learning from others and reinventing oneself with the new innovative ideas. As far is J&J is concerned, it has targeted the health and well being aspect of all the individuals particularly the babies and the patients and they know that their products will best suit to the demands of their customers. Similarly, Nike has targeted the athletes and the sports people and their products will best suit to the demands of the customers, they also promote the usage of sustainable products by reducing the carbon emissions while considerable increasing their revenue. They also make sure that they have good corporate partners to invest in them as without proper sponsorship, no business model can prosper.
Both J&J and Nike have been influenced a lot by the cultural concepts, they have always kept the customers at the top of their priority list. These companies have branches at different places all across the globe so that customers located in different parts of the world can have access to it. These companies make sure that the way they administer their business, the customers stay totally satisfied with their products rather than switching over to any other alternatives available in the market. Talking about the economic aspect, both these companies make sure that their business satisfies both, customer needs and profit maximization. They also believe in adopting cost intensive business plans.
Thus, it can be concluded from this paper that a company needs to find out all its strength ij order to win and achieve its goals and objectives. In order to do this, each and every company must have a well constructed business plan which is also to be properly implemented in the company. It must be the sole objective of every company to place the customer satisfaction as their top most priority.
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Marcantonio, G., 2014. Development of framework for the manufacture of customized titanium cervical cage implants using additive manufacturing(Doctoral dissertation, Stellenbosch: Stellenbosch University).