The E-learning Activity Free-Samples for Students-Myassignment

Question: List the key Ideas you have extracted from the prescribed E-learning activity. Answers: Introduction Business strategy is the process of creating a plan in order to achieve an objective (Henry, 2011).Business model is the conceptualisation of the core architecture of all activities of business(Wikstrm, 2016). A good business model and proper strategy can help a business to create competitive advantage. Ideas generated from the e-learning activity week 3 Business strategy is a complex issue(Bamford West, 2012). Most business organisations confuse goals with business strategies. They formulate goals for example, to become a low cost provider and remain in misguided belief that they have formulated a strategy. Strategy can be considered as art of war where the goal is to win. Strategy is to bring out own strengths against the weaknesses of the competitor to win over the customer(Henry, 2011). For a strategy to succeed, various departments like marketing, sales and human resources have to work together. In strategy formulation the role of the managing director or the CEO is of chief importance. The CEO provides direction to strategic formulation through a vision(Hill Jones, 2012). It is the CEOs job to coordinate the whole organisation into a direction of achievement of strategy. A good strategy gives a clear and concise view of four key issues. These are the market base, the competitive advantage like differentiation, cost or image, resources at the disposal of the organisation and the capability to use them and sustenance of competitive advantage(Thompson, 2010). In addition to defining what the firm must do, a good strategy also formulates what the business should not do .Therefore, strategy is about planning the actions necessary to attain goals which are aimed at competitive advantage. Application of above ideas an organisation The four core issues of strategy formulation can be applied to a chosen organisation. For example, Dominos is one of the largest fast food pizza chains in the world(Domino's, 2017). Its objective is to give good quality pizza for low price. Growing in the business of fast food is another objective(Domino's, 2017). Consequently, based on these ideas a strategy can be formulated by answering the four key questions of creating a strategy. First key question is regarding the market base. Market for Dominos comprises of young students and professionals. The second key issue is the competitive advantage. Dominos has ruled the pizza market because of its unique master franchisee model. The firm has tied up with one restaurant chain in each region and created a master franchisee. The master franchisee has to work according to standard specified by Dominos and has to share a part of the profit with the firm(Domino's, 2017) . The third key issue is the resources and capability. Dominos has an excellent training methodology for its staff(Domino's, 2017). Additionally, it has a huge brand name and reputation which can help the firm in generating new customer base. Dominos needs to sustain its competitive advantage with marketing campaigns and customer service and it will be able to stay ahead of the competitors(Ferrel, 2012). Hence, a clear strategy for Dominos would include using its resources like brand name to serve the customer at lower cost through use of marketing in order to stay ahead of the competition. Ideas generates from e-learning activity week 4 The business world has seen many successful companies like Nokia failing as they failed to recognise the need for radical changes(Wikstrm, 2016).Current success need not mean future success. Innovation can lead to future success as it leads to higher customer value(DeFillippi, 2014). Innovation need not be a completely new idea. It can be creative adaptation. Big success in innovative business need not require big resources and innovation need not be based on technology; it can be based on business model(Wikstrm, 2016). Business modal innovation changes two of the four key issues of business. These issues are, target customer, product offered, value proposition and revenue generation(Wikstrm, 2016). Most business model innovations are creative adaptations of existing model. For example, many companies like HP adapted the razer and blade business model of Gillette where the main product was cheap but the refill was expensive(Gassmann, et al., 2014). Innovation in any industry can be b rought about by following four steps. In identification the current business model is assessed. Under this the four core issues stated above are identified. In ideation this business model is compared to other innovative business models. Under integration all four issue are assessed with the new business model chosen. Finally, the new business model is implemented after a pilot study(Gassmann, et al., 2014). Therefore, by undertaking an innovative business model a firm can tap new business opportunities. Application of above ideas to an organisation Adapting an innovative business model can help create new business opportunities and sustenance of a firm(Wikstrm, 2016). The concept of adaptive business model innovation can be applied to Marks and Spence (MS). MS is a UK based highly reputed apparels retail chain with stores across the globe(Marks Spencer, 2017) MS procures its products from suppliers and sells to the customers through traditional methods of retail stores (Marks Spencer, 2017). Its current business model is successful. The target is high end customers. The product offered is clothes of high quality. Value proposition is quality and revenue generated is high(Marks Spencer, 2017). However, current success need not mean future success and for sustained success a firm needs to tap new opportunities (Gassmann, et al., 2014). MS can creatively adapt the e-commerce business model of Dell and provide its products through online ordering(Dell, 2017). MS can use an adaptive version and use online channel but need not sel l made to order. This will increase the customer base of MS as many people now want to purchase from the comfort of their home(Wikstrm, 2016). Lower price can be added as a value proposition as this model cuts middle man costs. It can lead to high revenue generation due to increase in customer base(Wikstrm, 2016). MS is already a reputed brand name. Hence, if it adapts this new business model there are chances of long term sustenance. Conclusion A Good strategy can help a firm in creating customer value and competitive advantage. An innovative business model can help the firm in tapping new opportunities. Therefore, a firm needs to develop a sound strategy and a good business model. References Bamford, C. E. West, P. G., (2012) Strategic Management : value creation, sustanability, and performance. New York: Cengage Learning. DeFillippi, R., (2014) International Perspectives on Business Innovation and Disruption in the Creative Industries: Film, Video and Photography. Cheltenham: Edward Elgar Publishing. Dell, (2017) About Us. [Online] Available at: www.dell.com [Accessed 29 April 2017]. Domino's, (2017) About Us. [Online] Available at: https://www.dominos.com.au/ [Accessed 28 April 2017]. Ferrel, O., (2012) Marketing Strategy. New York: Cengage Learning. Gassmann, O., Karolin, F. Csik, M., (2014) The Business Model Navigator: 55 Models That Will Revolutionise Your Business. Londom: Pearson UK. Henry, A., (2011) Understanding Strategic Management. Oxford: Oxford University Press. Hill, C. Jones, G., (2012) Strategic Management: An Integrated Approach. New York: Cengage Learning. Marks Spencer, (2017) About us. [Online] Available at: www.marksandspencer.com/ [Accessed 15 March 2017]. Morabito, V., (2014) Trends and Challenges in Digital Business Innovation. New Tork: Springer Science Business Media,. Thompson, J. L., (2010) Strategic Management: Awareness Change. London: Cengage Learning EMEA. Wikstrm, P., (2016) Business Innovation and Disruption in the Music Industry. Cheltenham: Edward Elgar Publishing.