Establishing an efficient and effective business strategy is essential for any organization that seeks to remain viable for many years. In this regard, here are nine business strategies examples and why you need one right now:
1.Cost Leadership
Example: The company embraces a low-cost strategy Walmart seeks to sell products at the lowest possible prices.
Why This Strategy Is Essential: The strategy in this case is aimed at targeting a wide range of customers by putting lower prices than the rival companies, thus enhancing the market share and the volume of sales.
2.Differentiation
Example: The sophisticated innovations in products such as iPhone designs and features by Apple Inc.
Why This Strategy Is Essential: Differentiation is beneficial since it helps to position the company from the competitors in the market, building a brand and allowing premium pricing.
3.Focus(niche) Strategy
Example: The luxurious brand cars produced by Rolls Royce automobiles
Why You Need It: Companies do not view them from the same prism and this creates the need of launching a separate product in the different segmented market.
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4.Expanding Every Possible Direction – Growth Strategy
Example: Amazon’s incessant diversification both geographically and in its product lines.
Why You Need It: Growth will assist the organization in increasing its market share as well as making their product range wider and gaining economies of scale
5.Implementation of Change – Innovation Strategy
Example: Tesla’s focus on electric vehicles and clean energy.
Why You Need It: Competition in the marketplace is fueled by innovation which guarantees that the company will always have new and improved products or services to offer irrespective of the fast changing demands of consumers and the industry.
6.Business Process Optimization
Example: McDonald’s emphasis on systems and structures for delivering speedy and uniform services.
Why You Need It: Operational excellence improves the efficiency of doing something, tends to cut down costs and increases the satisfaction of the consumers and as a result increased profitability.
7.Client Centricity
Example: Ritz-Carlton’s story of Alicia the ‘Idiot’ who elevated customer service to a ‘cult’ standard.
Why You Need It: This approach provides an excellent platform for building customer loyalty which in turn earns repeat purchases and positive referrals.
8.Strategic Approach towards sustainable development
Example: Environmental protection and corporate responsibility as the main principles of Patagonia.
Why You Need It: Sustainability strategy empowers protective image for the company, promotes green consumers and assures market existence thanks to environmental and social issues consideration.
9.Harnessing the Digital Shift
Example: The evolution of Netflix, an online DVD rental service to a dominant subscription video streaming service.
Why You Need It: Digital adoption enhances current operations, improves customer satisfaction levels as well as creating additional opportunity for generating income within the organization.
Reasons Why You Must Have A Business Strategy As Soon As Possible:
1.Direction and Attention: A well-defined strategy is akin to a map, helping everyone in the organization to work towards common objectives.
2.The Upper Hand: Competition means that some strategizing must be accomplished to figure out the best offer and not remain stationary.
3.Resources management: Good strategies also try to provide for the most effective use of resources, the most productive activities being funded first.
4.Innovation: Effective implementation of a strategy allows the organization to strategize and expect changes in the environment.
5.Longevity: The practice of strategic planning is dissuading people from short-term focus and encouraging extending towards the future instead.
Business strategies are necessary to assist the organization in dealing with challenges and taking advantage of opportunities in its quest for continuous growth and development.
