Lesson: generic business strategies

9 Views
0 Downloads
0 Favorites

Lesson Objective

generic strategies

Lesson Plan

Generic business strategies are useful in planning, execution, and monitoring an organization's strategies. They can help the organization to maximize the potential for profit and increase the odds of success in competitive markets.

Cost management - When the main competitive advantage of an organization lies in its relatively lower costs than what its competitors have to offer, cost management is a key to success. Differentiation strategy - When an organization is in a highly competitive environment, it needs to focus on developing the ability to differentiate itself from its competitors. It can achieve this by developing or improving its products or services. Focus strategy - when an organization lacks the right kind of expertise or lacks the right product or service, it should be able to focus on developing the capability to provide that specific thing that the other organization is providing.

Generic Strategy - is designed to help organizations perform at their maximum potential in a competitive environment. It helps to manage the organization's resources to bring down expenses while maximizing profit. It includes a series of processes designed to increase productivity. These processes include: (I) identifying what an organization's strengths and weaknesses are; (ii) developing strategies that address these strengths; (iii) developing a program that is designed to improve overall productivity and efficiency; and (iv) developing measures and standards that are designed to monitor and evaluate the performance of the process programs. These procedures are used to help an organization to improve its capacity to meet the demands of the marketplace and stay at the forefront of the competition.

Generic strategies may also include the development of policies and procedures that ensure compliance with legal requirements and regulations, which help to protect an organization from liability. It may also include the identification and analysis of risks that an organization faces in relation to its operations, its product offerings, its research and development efforts, and its strategic alliances. These policies and procedures can also include the development of policies that will help the organization to improve its product development and innovation practices and its strategic alliances.

Generic Strategies can be divided into three different types. Generic strategic alliances:

Organizational alliances - These types of strategies involve creating a relationship among competitors or organizations that share similar goals, which is designed to enhance the competitiveness of the organization and its products or services. Strategic alliances are often referred to as strategic relationships because they involve the interaction of two or more businesses that share a similar set of activities. The main purposes of such strategic alliances are to provide the competitor with a better choice, reduce risk, promote better quality, reduce costs, and improve service to customers, reduce customer support costs, and increase productivity, reduce or improve market share, and to improve the quality and reliability of the products or services offered by the competitors.

Generic strategies - A generic strategy that involves the interaction between an organization and another organization, without regard to its size, scope, or industry, to enhance the quality of an existing product. In general, a generic strategy involves a relationship that provides the company or the alliance with access to the resources, knowledge and experience of the other organization in order to develop a solution to the problem.

Generic strategies also include a series of procedures designed to develop and implement a strategy that meets the needs and demands of the marketplace. These procedures involve research, analysis, formulation, implementation, monitoring and evaluation of the strategies, and implementation of the strategies. The methods and practices employed in the execution of such strategies, along with the results, impact on sales and profits, and the development of new services are also part of the process of evaluating and improving strategies.

Lesson Resources

No resources at this time.

Close

 
Something went wrong. See details for more info
Nothing to upload
details
close