Business Strategy Sample
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14671 Downloads I Published: 24 May ,2016
For a business organization to survive in this competitive era, it is important that they have a proper strategy in place. This is the only way through which they can ensure that firm goals and objectives can be attained. Implementing strategies is one of the most crucial and important tasks because of the reason that it entails a lot of aspects to be kept in mind by the management (Lynch, 1999). This report has been conducted on Sony Ericson; an attempt has been made to evaluate whose business strategy. Study has been divided into two parts. First assignment discusses about mission, vision statement of the company and its goals and objectives. While in the second part various strategies which can be applied by management in firm, so that it is able to grow have been depicted.
Main purpose as to why the company exists in market is that management aims at creating wealth for their numerous stakeholders and shareholders. For any business organizations, these days the most important task that they have to do is to be able to create wealth. It is a very effective strategy for substantive growth. If the company will focus on generating wealth for their stakeholders, then it will be able to attain its goals and objectives far more easily (Matson, 2001). It will enrich resources of the organization and help them to reach a whole new level in terms of usage. Management of Sony Ericsson will have to focus on this phenomenon, and then only the company will be able to walk on path of substantive growth. Moreover by using this strategy, firm will be in a much better position to earn profits and generate loads of income. Furthermore, due to this technique, they can provide much better pay/compensation to their employees and thus improve their lifestyle and living standard. Substantive growth is a strategy on which organizational goals and objectives can be determined. But it can be made far more effective, if the management is able to prioritize between such targets and aims. This way they will be able to provide a much clear and focused approach, and help them in attaining set targets (Aaker, 2004). The management will be able to direct resources and efforts of human resources to accomplishing high value targets.
On the other hand, merger and acquisition is also a very good approach through which Sony Ericsson can achieve growth. This is a very positive approach to strengthen strategies and operations of the company. Through it, company will be able to get information of more number of options. Mergers can be done either in the same industry or in some other sector of economy. Limited growth is another strategy which can be done through market penetration and/or developing the market (Martin, 2013). Joint Ventures and Strategic Alliances can also prove to be a very useful method. Retrenchment is a strategy which can be used when management decides to discontinue one or some of their business operations and divest from it or sell it.
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Sony Ericsson operates in such a market which is highly unpredictable and extremely vulnerable to the external environment. Due to this very reason, there are chances that the organization may have to face a lot difficult times, where in their sales may drop, cell phones may not function properly, or the company might lose its market share because of reason that it might be selling such products that may be obsolete according to the market trends and scenario (Smith, 2005). To survive in this extremely competitive market and lose its edge over other companies, it is essential for management to realize fact that they, at some or the other point of time, may have to use different strategies and tactics. Therefore it is advisable to company that its management focuses on market development and product development as their main strategy to remain competitive in the market. This is a very good way through which the company can not only innovate its products and launch something extraordinary in market, but also that its market share can be increased further. Herein, top authorities will have to find and identify such markets or areas that have been left untouched by any company involved in mobile phone industry.
There are a lot of roles and responsibilities that will have to be played by management of any organization, so that such business strategies can be implemented properly and maximum benefits can be taken out of it. For the purpose of this question roles and responsibilities that must be completed by authorities of Sony Ericsson and British Petroleum will be considered. But largely they will be more or less similar to each other (Marren, 2012). But at this stage one thing must be kept in mind by management of firms that it will be their performance in this regard that will be considered while implementing and measuring effectiveness of these strategies. So extra caution and attention must be paid to the process, or else results can be very damaging for companies.
Herein major responsibility which will have to borne by the management of both these companies include some very basic elements like communication, motivation, etc. Such roles and responsibilities are pretty much similar to one another; they only differ in way of their execution and scale of operations. One of the major responsibilities of top management will be to handle all operations of the company properly, so that a quality standard can be maintained. Also they will need to take quick decisions so that various environmental forces can be countered and decisions be implemented at the workplace (Coulter, 2001). Communication also is a very important responsibility that will have to be carried out, so that strategies can be developed and implemented. All the obstacles are required to be avoided on the ground of communicating the strategies and implementation plan (Teece, 2010). Retrenchment strategy is major for the company because it is not applying on the complete hierarchy it is just related with the products of the company. Those products which are not performing well in the market or have become obsolete can be withdrawn (retrenchment strategy) or can bring can develop the existing product and re-launch it in market (Marren, 2007).
Another responsibility that will have to carried out pertains to arranging for and allocating resources to different operations of the company. This is a very major and important duty which will have to be carried out (Hansen and Smith, 2006). For implementing any kind of strategy in company, acquiring different resources is very much essential (Kambli, 2008). Or else the whole procedure can start to falter. Management will have to obtain resources like manpower, finance, raw material, etc.
There are a lot of resources that have to be obtained by management of the company, just because of reason that it is due to these materials only can various operations and tasks of the company be carried out. From this regard it can be said that arranging and acquiring such resources can be a very critical and tricky task, as there are a lot of facets that are involved in this process (Johnson and Scholes, 2002). Herein attention will be to be paid and ensured by management of the company, that resources they have obtained can fit in and aid in successful completion of various tasks and duties. Following are some of the major resources that will have to be acquired. Each one of them are very important from company’s point of view.
It is a known fact that they are the most important assets that an organization can lay its hands on. In this regard, it may not be wrong to say that obtaining them is the most complicated task. For the company, it will be the employees who will perform and carry out various tasks and activities, so it is in benefit of company that they are well maintained and satisfied (Foss, 2007). While obtaining them, manager(s) of the company will have to ensure that they hire only those people in firm who have the right skill sets and ability. If not then results can be very bad for organization.
Another very important ingredient to implementing a new strategy is obtaining money or finances from different sources. They are so important to be arranged for because of reason that only due to them can various activities be carried out and tasks be performed. Without paying for, no duty can be accomplished, or tasks be completed on time. There are various sources through which they can be arranged, like bank loans, creditors, investors, etc (Masanell and Ricart, 2009).
Management of the company will have to arrange for tools, equipments and machineries, so that decision that has been taken is implemented across the firm. Considering the nature of market that Sony Ericsson operates in, it can be said that obtaining different kind of technology is very important, not only to implement a new strategy, but also to survive in market. If the firm does not acquire new resources and continue to use ones that have become obsolete, then it won’t be able to function properly or survive in the market (Schwarz, 2011). Industry in which the company functions is so volatile and unpredictable that for the company it becomes essential that they have access to the latest technology and tools. Thus these are the main resources that will have to be acquired by management of the company.
For proper and effective implementation of strategies as discussed above, it is imperative for company that there is a monitoring procedure in place. If an effective monitoring process has been applied at workplace, then the company can also enjoy benefits and privileges of it (Rowley, 2002). There are a numerous methods and tools which can help in making monitoring process a lot easier and useful to the company. Management of the company will have to ensure that all goals and objectives are attained within the set time frame, if it is found that they are not met, then the strategies will have to be evaluated again. In this regard, Balanced Score Card approach can also be used. It is seen as one of the major tools through which implementation of various strategies can be measured (Thompson, 2001). The whole structure of internal businesses of the company can be managed through this approach.
The above study was conducted on Sony Ericsson, one giant of the mobile industry with an objective to analyze different strategies that can be used by the company. It is a known fact that for any business organization, plans, tactics, strategies play a very important role in its success or failure. During the course of study, it was seen that since Sony Ericsson operates in a market which is extremely vulnerable and volatile, it needs to adopt strategy of either market development or product development. For that they will have to arrange for a lot of resources.
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