Question

Reflect for a moment upon the traditional and more innovative business strategy approaches and paradigms to which you have been exposed in taking any buisness strategy. Put yourself in the position of a consultant who is attempting to gain a contract with a medium-sized Information and Communications Technology (ICT) firm, which you hope will hire you to devise a comprehensive business strategy approach. Incorporate the concepts and models from all types of buisness strategies(Blue,Red,Green,Black,Grey,White Ocean) into a personal statement that denotes your summative understanding of business strategy and the potential value-added that the particular approaches, metrics, and concepts might bring to the firm under your advice. The statement should comprise approximately 4-5 substantive paragraphs.

Answer 1

As I am working as a business consultant, thus I am having a comprehensive knowledge about the conventional and various innovative business strategies which can be executed in almost each and every type of industry. The different types of challenges which can be encountered by a business organization during its different phases in the lifecycle can easily be addressed with the help of these business strategies. The main focus will be on start-ups and those business organizations which are at the maturity stage of their life cycle, in my opinion, in both of these cases, the focus should be on growth and product differentiation business strategies

I would recommend the Growth Business Strategy for ICT firm to adopt as It is a medium size organization. In this growth business strategy, the attempts must be made by the organization to improve its market share with the help of new product introduction and providing innovative services to the customers. Once the company implement this strategy, then it can be followed by the Price Skimming Strategy in the later part so that the profit margin can be improved significantly. As the organization is a mid-sized organization, thus the company can think of executing the M&A strategy of this is allowed under the corporate strategy. In fact, more information about the market situation will help in facilitating greater advice.

If it is required, then I can provide my suggestions about the corporate strategy which is in sync with the organizational mission and vision. The main focus will be on sales-marketing method and with the help of sophisticated technology, better distribution methods can be facilitated. The competitive strategy and corporate strategy both should be based on product leadership, operational excellence, customer intimacy which will help the organization to have the competitive advantage for the long term.

Implicit or explicit business strategy which is employed by the organization can also be improved as I have a better understanding of business strategies. Some sort of researches can be conducted if the viability of the strategy is under question mark and this will help in finding and implementing more sophisticated business strategy within few months. Both the customer base and market share of the organization will be improved significantly with the help of this new business strategy and the organizational structure can also be changed if there is a need of doing so. This will help in having a better working environment in the organization and this will result in improved productivity.