Sample Business Studies Paper on Strategy in Business

Strategy

The strategy I would focus on is one driven by the external factors such as the customers and trends in the market. This type of strategy to be employed is one of broad differentiation based on the needs of the customers. There is always a particular trend that is favored by the customers mostly promoted by the current technology in the market. Trying to look at innovation from the viewpoint of the consumers makes it much easier to come up with a service or product that would appeal to their wants and desires. At the same time, it is possible to come up with a product without considering the whims of the clients, but one that they have yet to experience (Wang & Chien, 2006). A need can then be developed in the clients through the use of creative and interactive marketing. One of the strengths of this approach is that it is not possible for the company to become obsolete in terms of services and products made available to the clients. Another strength is the greater likelihood of the consumers appreciating the efforts made by the organization, as it reflects their needs.

The immediate things that should be focused on to actualize this plan include researching the external environment of the organization and also soliciting information from the clients using the social networks. It would be better if a portion of the customers are given rewards to motivate them to provide information and opinions to the organization. Once this information is collected, it is analyzed and actionable measures derived from it (Tsai & Liao, 2016). With regards to long-term strategy, The possible future technological developments and how they are going to impact a particular industry should be considered. These are then incorporated in the future plans of the organization to ensure that the products and services given are always in line with the future needs of the clients. This means that a significant amount of capital will have to be invested in the research and development department.

 

 

References

Tsai, K., & Liao, Y. (2016). Sustainability Strategy and Eco-Innovation: A Moderation Model. Business Strategy And The Environment26(4), 426-437. http://dx.doi.org/10.1002/bse.1926

Wang, T., & Chien, S. (2006). Forecasting innovation performance via neural networks—a case of Taiwanese manufacturing industry. Technovation26(5-6), 635-643. http://dx.doi.org/10.1016/j.technovation.2004.11.001