Role of a good strategy
Different strategic initiatives need to be taken to ensure that the business is not just running but is successful in running a business. The different kinds of strategies work together to make the company run smoothly. According to the business model, the strategy needs to be chosen because it can affect the work’s scope.
Following the top, the three most useful strategies are mentioned and discussed to explain every process’s effect and use in the business and each strategy’s impact. The method chosen should be done carefully to make sure that it suits the business entirely and will help in its growth and expansion.
The Three Strategies
The three most effective strategies are mentioned below:
- Corporate Level Strategy
This strategy is mostly concerned with the kind of businesses and the market that a company wants to enter. This strategic initiative can quickly answer this question and help penetrate the market and target the right people for your product or service.
There is a metaphor used for this particular strategy. The analogy is the Red Ocean, Blue Ocean. A Red Ocean is a market where competitors fight with each other in the nastiest way to win the market share. A Blue Ocean, on the other hand, is the opposite of the Red Ocean. It is a business place that is considered to be ever-growing; it has immense growth opportunities. In addition to this, the market is new, so the competitors are also not yet identified by the business.
- Business Level Strategy
Business Level Strategy is a different kind of strategy. It’s different from the corporate-level approach, and instead of providing options, this strategy is more concerned with working and planning to succeed in the specific markets.
The business goal is simple and easy. To put together a simple business goal and put in all the efforts to achieve it.
- Functional Level Strategy
This strategy is more concerned with the functions of the business. It is focused on making changes and improvements to the company’s various parts that tend to support and run the business’s different strategies. The functional approach includes IT, marketing, human resource, and operations.
The functional strategy also works regarding the expenses of different expenses, including the operation costs, and suggests continuous improvements.
When the best strategy is used, it does take a bit of time for the business to succeed, but success is confirmed.
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