Competitive Strategy Strategic Management Theory and Application

Question: Discuss about the Competitive Strategy for Strategic Management Theory and Application. Answer: Introduction: Key Ideas: The video tells us about the meaning of strategy and the various factors related to the strategy. This video is prepared by David Kryscynski to make us understand about an organisational strategy and the various aspects depending upon which the strategy works. In this video, it is shown that the strategy comes from a Greek word Strategos. According to Greeks, Strategos means an art of the general and according to Chinese, the strategy is considered as the Art of War. With the help of a diagram, various approaches related to the strategy are introduced in the video(Kryscynski, 2015). A good strategy is to see or to judge something special which others cannot. Diagram in this video shows various aspects related to the strategy, which fails in describing the strategy completely and only works as the supportive elements. Various aspects shown in this video are not able to generate the specific idea about the strategy. Some of the ideas related to the strategy are 1. The strate gy should be an easy one and should describe itself easily, 2. One should completely identify the needs of the market to manage the performance of the product, 3. Product launched must fulfil all the requirements of the customer, 4. Product should have some unique values, so that a customer uses our manufactured or designed product not others, 5. The strategy used must tell us about various capabilities of a firm, which helps in presentation of a product in the market, 6. It should provide an idea for utilization of the resources before presenting into the market, 7. Finally, a good strategy is that which gives a clear description about place of competition, resources require, capabilities and method to sustain a unique value (Suttle, 2015). Implementation of ideas: What does strategy means and how it is related to various approaches, is clearly described in this video. Use of the strategy by an organisation following various aspects and to make that strategy stable is explained in the video. According to the video a large number of organisations are using different-different methods for planning their strategy (Mckeown, 2013). As an example, we can consider Deloitte an Australia based company using different approaches of strategy at present. In the video, it is shown that a strategy must provide a clear judgement about unique values that can be added to the product at the time of manufacture (Kalpic, 2002). A good strategy helps to judge something different which others cannot. The ideas are being applied globally in various organisations, followed by various factors of traditional approach. By the use of custom and traditional approaches capabilities of an organisation can be maintained and further, it helps in mainta ining the sustainability. Business Model Innovation Key Ideas: The video is completely based on business model innovation. Material used in this video is written by DR. Oliver Gasman. He has written this to help an industry to revolutionize its productivity by using a business model innovation. Business model helps an industry in managing their daily business and clients (UniStGallen, 2013). It also describes about various opportunities and provides many advantages to an industry. Business model innovation gives a description about introducing new technologies to the business. According to Oliver, the day success is the enemy of success tomorrow. Innovation increases the customer value of a product or service and lowers their cost (Kemmis, 2012). Therefore, we can say it creates a competitive advantage. Misconceptions related to innovation are like ideas that nobody had before, requirement of big resources for a big success, etc. According to the video, some important aspects of business model innovation are the maximum part of innova tion is based upon different ideas used, support of resources is also necessary in innovation and growth of an industry depends upon the method and technology used in the innovation model. Implementation of ideas: An example of companies like Google, Dell, Cisco, etc. is considered in explaining the business innovation model in the video. Innovation mainly depends upon the type of market and customers with whom one wants to carry its business, type of Customer service being provided to the customers against their product and revenue generating methods. For the development of a business one should follow four steps which are Initiation, Ideation, Integration and Implementation. Initiation In this process the main focus of an organisation is to analyze its current business model and to make the important changes in the model from time to time if required. Ideation In this process an organisation compares their model with the models being used by other organisations and creates a new model according to the requirement (Kaplan, 2012). Integration In this process a new model is generated by collecting information from various models present in the market and consistency of the model is checked. Implementation - This is the final step, in this step the newly created business model is implemented in that particular organisation. An organisation should implement one business model at a time and it should clearly communicate the need of that model. It is must for a company to give some time for the implementation a new business model, because innovation need time to be implemented. An organisation needs to overcome the negative tasks and must have the top management who can provide them sponsorship. The model being used in any small, medium or large enterprises directly depends upon the requirement of that organisation. Therefore, the development of an organisation is highly affected by business model innovation. References Kalpic, B., 2002. Strategic management theory and application, Available at: https://www.diversus.biz/publications/Strategic%20mngm_2004.pdf?bcsi_scan_f5761508bdf24bd5=0bcsi_scan_filename=Strategic%20mngm_2004.pdf Kaplan, S., 2012. The Business Model Innovation Factory: How to Stay Relevant When The World .... :John Wiley Sons. Kemmis, D., 2012. Business Model Innovation: Australian business foundation, Available at: https://www.aciic.org.au/assets/Publications/2012/Business-Model-Innovation.pdf Kryscynski, D., 2015. What is Strategy?,Available at: https://www.youtube.com/watch?v=TD7WSLeQtVw Mckeown, M., 2013. The Strategy Book ePub eBook: How to Think and Act Strategically to Deliver .... :Pearson UK. Suttle, R., 2015. Different Types of Business Strategies. Different Types of Business Strategies, Available at: https://smallbusiness.chron.com/different-types-business-strategies-4634.html UniStGallen, H., 2013. Business Model Innovation, Available at: https://www.youtube.com/watch?v=B4ZSGQW0UMI