Digital marketing Strategies in Marketing, Essays (high school) of Business

Download Digital marketing Strategies in Marketing and more Essays (high school) Business in PDF only on Docsity! ab Xe, BUSINESS STRATEGY Student Name: Course Business strategy Course Instructor: Title of the Assignment: Date of Submission =e [DATE] [COMPANY NAME] [Company address] Question 1: Evidence from empirical studies of mergers and acquisitions suggest that acquirer firms fail to achieve expected benefits and create value. Despite this, mergers and acquisitions remain a favoured method of corporate growth. In the context the statement above, evaluate Ansoff’s market/growth matrix and the alternative methods of corporate growth. Answer There are four main directions of strategic growth of Ansoff, based on new and/or existing products and markets. These are: Market e Penetration This method means that Ansoff should acquire more customers with the existing products to generate revenue. @ Product Development This method involves diversifying the product range and thus penetrating into markets by making new or innovative products. e Market Development This stands for proposing new products and gaining monopoly by creating an entirely new market. ® Diversification This means that Ansoff can make different types of products belonging to different markets and thus generating revenue through multiple markets. Methods of growth are internal (organic) or external. Choice of direction and method of growth are strategic in nature and should be evaluated as part of the decision making process. Organic Organic growth is the growth a company achieves by increasing output and enhancing sales internally. Often, the organizations don’t consider involving the whole team while making plans. This makes the team feel left out and as a result not following the plan and strategy efficiently. Question 4: Do you agree that the changing external environment has shifted the relevance of a pure generic strategy? Answer The Generic Strategies can be used to decide your organization's direction (strategy). Michael Porter proposes four strategies from which a company can pick. He believes that in order to outperform the competition, a corporation must chart a clear direction. However, with today’s rapidly changing business environment, it might not be very wise to stick to a single strategy. However, one can form set values and improvise the generic strategies to the need of the hour. Many businesses use a more "hybrid" strategy, in which they combine different (components) of Porter's four broad strategies. This flexibility, the capacity to switch fast and respond to the market and demand, appears to be a key feature of running a successful firm in a continuously changing market. These strategies make the companies of the same market survive. For example, when flying, there are many options. Some passengers prefer a low-cost, some no-frills airline or some prefer more expensive airline with excellent service and maximum comfort. Would you ever contemplate working for a tiny business with only a few routes? Of course, the decision is yours. However, the point is that when it comes to booking a flight, there are a variety of options. Why is this the case? Each of these airlines has selected a different strategy for gaining a competitive advantage in a crowded industry. Reference McCormick, B., 2002. Ben Franklin's 12 rules of management. [Place of publication not identified]: BNI. Question 5: does the type of industry a company belongs to, have an impact on the choice of strategy the company will implement to have a superior performance? Or is the choice and performance of the pure or hybrid strategy dependent on the company itself? Answer Uncertainty is, without a doubt, a major issue in long-term planning. However, the greater the level of uncertainty, the more strategic preparation is required in order to prepare for the unknown. How can we be certain that our preparations will be fruitful? Even in the presence of a formal strategic planning process, it is possible to develop unsound, ineffective plans and/or fail to implement them. However, the choice of strategy is subjective. It depends on the company; its goals, values, target market, its customers and its mission. A company working in a hierarchical system can not have the same strategy as the one working under design management. Thus, the type of management and leadership also affect the choice of strategy. Thus, it is safe to say that the matter of choosing the right strategy is subjective to the organizations. A company should articulate a vision and a mission, Identify its stakeholders, scan its internal as well as external environment before making a strategy that an fit its functioning the best. Reference McCormick, B., 2002. Ben Franklin's 12 rules of management. [Place of publication not identified]: BNI Question 6 Write a short (300 words, no need references) Journal Entry to explain: The key things you learned during the last two weeks (based on the PPT) ® Howcan they relate to the workplace? The theories of management learnt and the structure of organization have a very important role in practical life. In the management of innovative era, the decision of what type of management should be implemented under certain circumstances such as merger and acquisition is very critical to run smoothly as an organization. For example, with the spread of pandemic, the companies whit the knowledge of management styles, theories and applicability were able survive contrary to those who weren’t prepared for it. This, thus explains the importance of knowledge of different aspects of management and leadership under various circumstances. @ How they can aid your personal and professional development? As a manager, one should keep in mind the possible management styles, the circumstances to which a certain type of management and style of leadership works the best. This is important in personal dealing as well as there are different types of people and different scenarios in which a professional might have to deal in. For example, while dealing with someone with innovative mind, one can delegate authority, assign task and give independence. Here, design leadership or transformative leadership style can work the best. However, in order to deal with people when strictness of rues is needed. One can adopt the rules of administrative leadership. @ Remember to be specific and give examples