What Is The Unique Value Which The Company Should Bring To The Customers?
From the E-class, one of the key points I extracted from the video is the definition of strategy. From the definition, I realized that strategy is formulation of plans to establish success in a particular activity (Edna, 2013). The video also explains the origin of the word strategy. It says that this word originated from a Greek word ‘stratigos’. Because sometimes people think that business is a modern day war, modern executives need to develop a set of strategies which can enable their organizations to succeed in the competitive markets. From the video, there is an explanation of what good strategy entails. For example, a good strategy should provide answers to four key questions. The first question should be do we compete? This involves the types of market which an organization operates. The second question should be what is the unique value which the company should bring to the customers? This includes the reasons why the customers prefer choosing your products rather than those of your competitors in terms of differentiation. The next question in this case should be what are the resources/capabilities which the company should utilize to achieve value? This should include capital, superior technology, and unique reputation. Resources generally will mean the things that the company has, both tangible such as machineries and intangible such as reputation. Capabilities in this case refer to the things which the company can do (Küster, 2011). The final question should be how the company can sustain its ability to bring unique value. This involves factors that can keep the competitors from willing or able to replicate the value which the company creates to its customers. The last question focuses on the factors which make the company to continue winning over time. Based on how IKEA operates, one can learn that strategy involves techniques which challenge competitors from imitating products of another company. For example, the complex interdependence strategy makes it difficult for competitors to imitate. If the competitors must imitate this company, they must change how they design and ship their furniture. Other strategies used by IKEA include avoiding competing in the high furniture business. A clear strategy should include what the company does and what it does not do to maintain its success. From henry mintzberg’s view, sometimes a strategy can be more about what one does instead of what one intends to do (Thomas, 2015). This mostly occurs when your strategy emerges when what you intend to does not line up with your plans. There are various important aspects which should go along with strategy. For example, timing is imperative because executing plans without proper time management may make one fail. Another aspect which is important in establishing strategies is opinions from experts (Anand, 2015). Since one cannot adequately cover every expert’s opinion in minutes, it is important to focus on the four questions discussed earlier. When analyzing competitors and coming up with strategies, one need to come up with answers to those questions. Like for example where do we compete, what unique value do we bring, what are the unique resources and capabilities do we utilize and finally how do we sustain our value.
From this video, I believe proper strategy formulation can assist one to not only attain organizational goals but also to attain success in other aspects. For example, coming up with good strategies assists students to attain their academic goals. Strategy goes along with proper time management, analyzing what one wants to attain, and knowing resources and capabilities that would be needed to attain the best (Cater, 2010). From my experience, I think coming up with good strategy can assist students especially those who do not perform better to attain excellent results. One of the companies which I believe can use these ideas to improve its performance is 1-page limited. This company provides cloud based human resources software products which assist HR departments in sourcing and qualifying applicants as well as engaging their workforce. By the end of 2016, this company experienced serious decline in sales because of not having good strategy and other factors. Application of various ideas from this video like for example coming up with the four questions and finding their answers can assist this company to succeed. 1- Page limited should ensure all employees are engaged in working towards the success of this company through telling them the importance of working based on the organizational strategy (Kumar, 2012). The management should also apply different ideas contained in this video to not only in the production department but also in other departments. The company must understand its goal, like for example what it wants to attain in a particular time (Brian, 2012). The management should also plan how to use its resources and capabilities when formulating its strategies. From the video, it was clear that strategies work better with good time. This means when executing strategies, it is imperative to ensure proper time management is highly considered. Another way which these ideas can be applied in this company is by making the products unique to the customer and ensuring its competitors are not able to replicate them. One of the factors which triggered sales decline in this company was lack of proper planning (Marijana, 2014). Therefore, applying these ideas can assist 1-page limited to attain both long and short term goals. Most of the ideas relates very closely to various topics I have learned in this subject. For example, the definition of the word strategy, how functions in an organization and what organizations can do to make their strategies are closely related to what I have learned in different topics in this subject. The ideas provided in the video seem to be a summary of various things I have covered in this subject. From this subject, I learned that strategy is an important factor for organizations which wish to attain both long-term and short-term results. From this video, I have also learned the same thing. Generally, by relating the ideas contained in this video and what I have read in different topics of this subject, I believe the importance of strategy is uniform.
Anand, T. (2015). THE NAVY'S SUCCESS SPEAKS FOR ITSELF? the German Navy's Independent Energy Security Strategy, 1932-1940. Naval War College Review, 68(3), 89-98.
Brian, H. (2012). Good Strategy/Bad Strategy: The Difference and Why It Matters. Irish Journal of Management, 31(2), 34-78.
Cater, D. (2010). Factors of Effective Strategy Implementation: Empirical Evidence from Slovenian Business Practice*. Journal for East European Management Studies, 15(3), 123-156.
Edna, B. (2013). Repositioning Strategy for Malaysian Companies Internationalization. The South East Asian Journal of Management, 3(2), 344-389.
Kumar, P. (2012). Collaborative Strategy - the Way Forward in Alliances and Joint Ventures: A Concept Note. IUP Journal of Business Strategy, 9(2), 95-123.
Küster, N. (2011). The Market Orientation-Innovation-Success Relationship: The Role of Internationalization Strategy. Innovation : Management, Policy & Practice, 13(1), 56-78.
Marijana, B. (2014). Analysis of Cross-Sector Differentiation during Strategy Formulation. Journal of Economic and Social Development, 1(1), 67-89.
Thomas, F. (2015). Verbeke, A., International Business Strategy: Rethinking the Foundations of Global Corporate Success, 2nd Edition. Management International Review, 55(1), 45-67.
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