Introduction To Business Strategy
Business strategy is considered as a management game plan for strengthening the performance of organization and it also helps the business to reach towards long term goals and objectives. The subsequent research report is made to comprehend the nature of strategic planning and its need in Sony Corporation. Furthermore issues related to strategic planning will also be mentioned in the research alongside roles and responsibilities of each and every staff members in implementing appropriate strategies. In such manner, the contribution of SMART objectives will also be mentioned in the research study. Later on description is also there in the study concerned with different types of resources that are essential at the time of implementing growth strategy.
Being a largest mobile corporation, Sony has been emphasizing on competitive strategies so that to enhance the possibility of success and growth. The main aim of developing growth strategies is to enhance the success and progress aspects of the business and it is also the best way to reach towards long term sustainability. The subsequent part will be emphasizing on specific growth strategies which could help Sony Corporation to reach towards future growth and success. In order to maximize the ratio of profits, it is very much essential for Sony Corporation to get assistance from strategic aspects as through this; long term sustainability can also be acquired (Delener, 2000).
This includes market entry in which it is essential for Sony Corporation to undertake future growth strategy in which diversification as well as product development would be the one. With the help of market entry strategy, Sony Corporation will be able to get numerous advantages as this ensures development of business identity in corporate market. in market entry strategy, Sony could consider business expansion and product development strategy in which it is essential to allocate resources in appropriate manner so that progress rate can be increased. In product development strategy, Sony needs to add several innovative elements in the existing mobile categories so that to make it more differentiate and competent to others (Tallant, 2011). This will also assist the business to persuade huge range of customers from different categories of market and this also enhances the success facets.
Substantive growth strategies on the other side help the business to maximize wealth ratio and also to enhance the probabilities of success by focusing only on developmental dimensions. The strategy is useful in increasing the ratio of sales and profits and through this; Sony would be able to maximize investment capacity (Tallant, 2011). In many cases, it has been observed that substantive growth strategies are helpful for Sony in promoting the mobile phones in different segments and this will also increase the ratio of existing customer base. Moreover, the organization would also be able to ascertain the life cycle of products in the mobile world.
Limited growth strategy can be implemented in the business processes of Sony only for the purpose of recovering debts and this is also useful in enhancing the ratio of investment. This also ensures huge investment in introducing new techniques and applications which makes the business quite competent as compared to the other players in mobile world. A big drawback to limited growth is that aggressive competitors might leave company. Sony would be able to capture market share with diverse processes as the strategy aids in investing in different projects. Business would be able to expand and diversify the operations in different market entities and thus the ratio of brand assessment can be developed. Moreover this is also beneficial in retaining the existing customers for longer period. It is essential for Sony to ascertain the terms and conditions of market prior to working with the existing strategy (Simerson, 2011). Limited growth strategy is also useful in enhancing the degree of innovation.
This particular strategy is useful at the time when business desires to reduce the number of operations in the existing market. This is also helpful in reducing the possibilities of business dissolution and insolvency. Using such strategy states that Sony is not able to survive in the existing market which is the main reason for adopting retrenchment strategy. This also leads in customer switch over and at the same time this reduces the terms and conditions of business expansion in different markets.
On the basis of entire discussion in the above part, it can be said that substantive strategy would be suitable for Sony Corporation as that also helps in enhancing growth and success aspects (Merrilees, Getz and O'Brien, 2005). The business has been trying to expand its business operations in different areas therefore considering diversification strategy; Sony Corporation can do this on effective basis. This will help Sony to implement the resources in appropriate manner and thus it aids the opportunities of capturing huge market share. With the help of diversified portfolio, Sony would be able to minimize risks and this in turn would definitely maximize profit ratio.
Through this, stakeholders can be retained for longer period; therefore long term sustainability can be derived. This will also assist to emphasize only on innovative facets for the purpose of making the business able to accomplish greater market share. This is such a strategy that aids the business to maintain cordial relationships with that to the customers as well as other corporate clients (Ketzes, 2003). Though the customer base of Sony is also encouraged with the existing categories of products (mobile phones); however implementation of such strategy helps in reaching towards the corporate objectives.
All the employees of Sony play different and imperative roles in the strategic implementation process and all have to consider their roles and responsibilities in efficient manner so that to opportunities of deviations and roadblocks can be eradicated. It is essential for Sony to allot duties and responsibilities to each and every employee so that organizational functions can be managed. The process of planning, directing and controlling is required at each level in the process of strategy implementation (Hunger and Wheelen, 2001). Operational level managers and employees of Sony Corporation are required to identify the allocation of resources in each and every activity. They are also required to monitor and controlling the activities which are involved in strategic implementation process of substantive technique. These employees are also required to monitor each and every activity so that which lies under the strategic implementation process of substantive strategy. The employees working in operational level are also accountable to assess whether the strategy is implemented in appropriate manner and thus this aids in identifying the areas of improvements (Johnson and Scholes, 2002).
Other then operational level, the employees working at managerial level are also required to allot duties and responsibilities to each and every person so that the strategy can be implemented in appropriate manner. Managerial level on the other hand is also required to evaluate the effectiveness of strategy and what benefits can be acquired from it. They must have to check the important elements of the strategy and how best it can be implemented for suitable outcomes. Managerial level employees are required to integrate all the strategies with mission and vision and they must ascertain the advices of all the employees so that to make the decision making process more effective. They are only responsible to plan and formulate different types of plans and policies so that business processes can be managed successfully. The employees are also accountable to emphasize on proper working so that needs and aspirations of the strategy can be fulfilled.
Strategic level managers area also involved in such process wherein they have to direct all the employees to focus on strategic facets so that corporate goals, visions and missions can be accomplished. The tactical (strategic) level employees are accountable to manage the quality of services within the organization (John, 2005). Moreover they are also accountable to emphasize on technological aspects and what can be done to reach towards long term sustainability. They also need to emphasize on delivering quality products so that the ratio of customer loyalty can be increased and this will also maximize profitability aspects. It is the duty of Sony to manage each and every facet in appropriate manner as through this, organizational goals can be acquired in appropriate manner. All the managers of Sony Corporation have to make effective decisions related to marketing of mobile products and this also involves all the subordinates to take part in decision making process so that success aspects can be increased.
At the time of implementing substantive strategy, it is essential for Sony to make arrangement for different types of resources as through this, success and growth opportunities can be enhanced. Here is the list of significant resources which Sony Corporation needs to consider for the purpose of implementing substantive strategy in efficient manner. One of the most imperative resources is the human resources which helps the business to manage each and every activity in appropriate manner (Jansson, 2008). It is essential for Sony Corporation to allocate different roles and responsibilities to each other so that all the departmental workforces can contribute in organizational success. With the help of human resources only, Sony can acquire limited market share and this will also assist in managing all the activities in appropriate way. Human resources plays crucial role in managing competency of the business operations and they also helps in enhancing the ratio of competitive advantage.
Alongside human resources, financial resources are also efficient as that is the core essentiality and without it, no business functions can be performed. Finance is the essential element as without it, Sony would not be able to manage the marketing process which might hamper the distribution aspects of mobile products. The business spends huge resources in identifying the needs and demands of customers and through this long term sustainability can also be acquired. The firm has to make arrangement of finance so that to manage different operations such as workshops, training and coaching sessions. Hence amid all, the major resource of Sony is financial possessions which allow the business to invest in different projects and this will further help in capturing market share (Ireland and et.al., 2008). With the availability of such resources Sony Corporation will only be able to manage its duties and responsibilities in appropriate manner and thus innovative products can also be produced at market place.
Physical resources are also essential to consider as through this, Sony could manage entire processes concerned with product production and distribution (Johnson and Scholes, 2002). It is must for Sony to make arrangement for such products as through this only; the company could come out with different sorts of mobile phones; therefore it would highly satiate the needs and demands of customers. It is essential for Sony Corporation to manage tools and equipments for producing the best results.
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At the time of introducing any new business object, it is crucial for Sony to develop some objectives and goals and also to determine several strategic directions as through this, long term goals can be acquired. In such manner, the business must have to develop SMART objectives so through this, several types of benefits can also be acquired.
- While implementing the strategy it is essential to commence with specific activities only as this will contribute in reaching towards goals and aims.
- The outcomes need to be measured in terms of financial aspects which will also assist in evaluating profitability ratio (Hunger and Wheelen, 2001).
- All the workforces of Sony Corporation are also required to attain the strategic directions so that to reach towards long term facets.
- Only realistic objective are required to formulate so that customers can rely on it.
- The business must have to complete the project in appropriate time periods so that goals can be accomplished.
Sony would be able to acquire huge profits through the implementation of substantive strategy and thus appropriate and accurate returns can be provided to the stakeholders. Prior to entering in any of the project, it is essential for Sony to ascertain the financial aspect of business so that issues and market constraints can be analyzed.
- John, R., 2005. Global Business Strategy. Cengage Learning EMEA.
- Johnson, G. and Scholes, K., 2002. Exploring Corporate Strategy. Prentice Hall.
- Ketzes, S., 2003. Optimising business performance through innovative workplace strategis. Journal of Facilities Management.
- Merrilees, B., Getz, D. and O'Brien, D., 2005. Marketing stakeholder analysis: Branding the Brisbane Goodwill Games. European Journal of Marketing.
- Simerson, K. B., 2011. Strategic Planning: A Practical Guide to Strategy Formulation and Execution. ABC-CLIO.
- Tallant, J., 2011. The Importance of Strategic Planning in the Business Environment. GRIN Verlag.
- Delener, N., 2000. Strategic Planning and Multinational Trading Blocs. Greenwood Publishing Group.