Business
Strategies
Some of the factors that should be evaluated when
evaluating and conducting a competitive business strategy of a business include
the product quality. For a business to be able to stay ahead of the competing
companies in the market there is a need to make sure that it is able to
maintain the quality of its products. Products that are defective can cost
company money when it comes to repairs or replacements, and also they cost the
customers’ money as well as time. It is important to make sure that occasional
inspection is conduct to ensure that the standard of manufacturing meets the
level of demand in the marketing environment (Bungay, 2011). Taking an example
of Starbucks, it maintains customer loyalty by focusing on the quality of its
product. It does this by making sure that the quality of coffee is at all times
high. Customer service is also another element to consider when it comes to staying
competitive. This will create a sense of appreciation and high customer rating.
For this to be practical, it is important to have a clear and good plan of
everything, as well as train employees to have a welcoming attitude to
customers. Apart from this, it is also important to have a clear focus that
will act as a guide from the way the business is done. Without a good business
plan, it is possible that the business will lose its competitive grip. Lastly
is it also important for the business to consider the market share. A business
should try as much as possible to attract as many customers by updating its
systems to match the current technological trends and many other dynamics
present in the evolving world.
I think that a business strategy indeed based on the
type of industry. This is because of the market structure and the type of
demographics that the business controls (Thompson, Strickland, & Gamble,
2010). An example is the coffee industry which is depended on consumers and
producers pulling together and engaging in the same philosophy in regarding
cooperation. Looking at Starbucks, it knows that it is through their effective
provision of customer service, respecting them and caring for all their needs,
that they can be able to maintain the royalty.
References
Bungay, S.
(2011). How to make the most of your company’s strategy. Harvard Business
Review, 89(1/2), 132-140.
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