Competitive Strategy Australian Business Review

Question: Describe about the Competitive Strategy for Australian Business Review. Answer: Week 3: E-learning materials Key ideas from the e-learning activity Strategy in general Strategy derived from a Greek word Strategis which means: The art of the General. A strategy emphasize on various components such as low cost, global approach, regional acquisitions, healthy competition, first mover and industrial application (Hambrick and Fredrickson, 2001). A good strategy A good strategy is the one which answers these four questions mentioned questions in a clear and concise manner: Where do we compete? This question focuses on the selection of market, industry, product market and geographical market in which the organization wants to set up. What unique value do we bring? This question focuses on the reason that why any customer will choose the products and services of this organization instead of the competitors products and services. It includes various components such as cost for differentiation, reliability, customization, styling etc. What resources or capabilities do we utilize? This question focuses on the resources and capabilities we use for delivering the value such as exceptional human capital, superior technology, unrivaled network connections, unique reputation etc. How do we sustain unique value? This question focuses on the factors which allow an organization to continue to win overtime. It includes components such as identification of the competitors weaknesses and moves, rivals capability to imitate the products and services etc (Kryscynski, 2015). Application of the key ideas in an organization Broadband Solutions is one of the telecommunication organizations of Australia. The key ideas extracted from the e-learning activity can be directly implemented over Broadband Solutions (smartcompany, 2016). Being founded in 2005, the company has established its roots successfully. There are various learning and strategies which can be implement by Broadband Solutions for achieving success in long run such as the company can provide the customers with uniqueness by offering customized and tailored services by offering various innovative plan to differentiate the services from other telecommunication companies. Secondly being operating in Australia, Broadband Solutions should extend its regional acquisition by providing services through niche marketing and focusing on the deprived regions (broadbandsolutions, 2016). Thirdly to have a greater customer acquisition, Broadband Solutions should have low prices as the renowned telecommunication organization, Telstra has comparatively high p rices so if Broadband Solutions will offer services at lower prices it will able to acquire more customers (Adhikari, 2016). And by providing effective and satisfactory customer services the company will able to build its reputation in the market and can achieve success in longer run as well as it can also opt for globalization once it acquires the regional markets successfully. Week 4: E-learning materials Key ideas from the e-learning activity Reason behind letdown of big firms There are various successful companies who have suddenly lose their edge and experience a downfall such as Kodak, Nokia any many others. The only reason behind their letdown was not the insufficient resources, incomplete knowledge of market or any other. Rather all the organizations who experience downfall has one thing in common and that is they miss the moment of innovation as they were too busy in managing their daily business instead of envisioning the future opportunities. Innovation Presently innovation is widening in all the industries of business, without innovation it is merely impossible for the organization to sustain in upcoming future. Innovation either lowers the cost of products and services or increases the customer value and hence builds a competitive benefit. Misconceptions about innovation There are several misconceptions which are associated with the concept innovation. These are: Firstly the wrong concept that innovation stands only personal and it is particularly that which has never been had before by any other company. Secondly the notion that for achieving big success there is mandatory to have big resources. Thirdly the belief that innovation breakthrough the always based technologies Business Model Innovation A business model innovation is the one which give clear and concise answers to the below mentioned four major questions: Who should be your target customers? What you are for to the customers? How do you create the value prepositions? How do you generate revenue? Innovating a business model Following are the four major steps to innovate a business model. These are: Initiation Initiation focuses on analyzing the current business model in terms of the above mentioned 4 questions. Ideation Ideation focuses on confirming this business model with the established 55 Business Model Innovation patterns and develops new models. Integration Integration focuses on checking the consistency of the business model. Implementation Implementation requires high focus, there are various things which need to be in mind while implementing the business model such as only implement one business model at a time, clearly communicate the new business model and the need for change, dont adopt shortcuts as innovation needs time, there should be top management commitment i.e. the sponsorships are necessary and lastly the organization should overcome the not-invented syndrome (HSGUniStGallen, 2013). Application of the key ideas in an organization Top juice is one of the companies in the retail and consumer products industry which was founded in 2008. It has established itself on the grounds of innovativeness for proving salads, smoothies and healthy juices (smartcompany, 2016). The company will be able to effectively implement the key ideas extracted from the e-learning activity. There are various notions and concepts on which Top juice can work and can attain a successful business run such as it the initiation process company must analyze what all kind of beverages and products it is offering and it can offer and it must target its customers first as people of Australia prefer juices and salads very much but then too Top juice should segregate the regions where it can attract the customers more such as societies who are health conscious or who prefer dietary foods, the company must establish its branch at that place. Secondly it should confirm its business model with those set 55 Business Model Innovation patterns and must c ompare at what all places it lacks something and must develop its plans accordingly (Gassmann, Frankenberger and Csik, n.d.). Thirdly during integration it should check whether customers are attracting towards the products and services or not and also evaluate the reliability of the model. Lastly during implementation Top juice should put its entire focus over the dietary and healthy foods only rather than including other fast-food substances just to extend its chain and from time to time the company should develop its products so that there maintains an innovativeness (topjuice, 2014). References: Adhikari, S., (2016). Telstras mobile, net prices under fire. The Australian Business Review, Accessed on: 22nd August, 2016, Accessed from: https://www.theaustralian.com.au/business/telstras-mobile-net-prices-under-fire/news-story/13a8c25a10660e86adf73b865dfe4dca Broadbandsolutions, (2016). About Broadband Solutions, Accessed on: 22nd August, 2016, Accessed from: https://www.broadbandsolutions.com.au/about-us Gassmann, O., Frankenberger, K. and Csik, M., (n.d.). The St. Gallen Business Model Navigator, pp.14. Hambrick, D.C. and Fredrickson, J.W., 2001. Are you sure you have a strategy?. The Academy of Management Executive, 15(4), pp.48-59. HSGUniStGallen, (2013). Business Model Innovation, Accessed on: 22nd August, 2016, Accessed from: https://www.youtube.com/watch?v=B4ZSGQW0UMIfeature=youtu.be Kryscynski, D., (2015). What is Strategy?, Accessed on: 22nd August, 2016, Accesssed from: https://www.youtube.com/watch?v=TD7WSLeQtVwfeature=youtu.be Smartcompany, (2016). SMART50 AWARDS 201, Accessed on: 22nd August, 2016, Accessed from: https://www.smartcompany.com.au//smart50-awards-2015/ Topjuice,(20140. About us, Accessed on: 22nd August, 2016, Accessed from: https://www.topjuice.com.au/about-us/