Understanding the Definition of Strategy Formulation - Free Essay Example

Sample details Pages: 5 Words: 1546 Downloads: 7 Date added: 2017/06/26 Category Education Essay Type Narrative essay Did you like this example? Strategic formulation is the process of determining appropriate courses of action for achieving organisational objectives and thereby accomplishing organisational purpose. In a business context, it means what are the products and services the organisation will deliver, what type of market they will entry, which capabilities are required, how will they allocate the resources, and what the returns organisational seeks? Strategic formulation is very important as it is the crucial part in the strategic management. A good and effective strategy is very important to the organisation because it helps the organisation handle threats, seeking and grab the opportunities, and solve the weeknesses and enhance the strengths of the organization in order to survive in the competitive environment. 3.1 Distinction between Business Strategy and Corporate Strategy Business strategy is a long-term plan of action designed to achieve a particular goal or objectives. Corporate str ategy is the scope of the different industries and markets the organization competes within in order to achieve its organizational purpose. Normally, corporate strategy is supposed to be determined before the marketing strategy. In strategy formulation, it must included three stages of strategy. There are business level strategy, corporate level strategy, and international or globalisation level strategy. 3.2.1 Business Level Strategy Business level strategy is an integrated and coordinated set of commitments and action of the organisation uses to gain a competitive advantage by exploiting major competencies in specific products and services. It is concerned with how the organization business competes in a specific market. It also concerned the strategic decisions about the product choices, meet the customer expectations, exploiting or creating new opportunities, and gaining competitive advantages. Besides, it is refers to the aggregated strategies of single business firm o r a strategic business unit (SBU) in a diversified corporation. According to Michael Porter, an organisation must formulate their business strategy into three generic strategies to achieve a sustainable competitive advantage and long-term success. The three generic strategies are cost leadership, differentiation strategy, and focus strategy. 3.2.2 Cost Leadership The first generic strategies in business level strategy which are identified as Porters Five Forces is known as cost leadership strategy. Cost leadership is involving a firm being the lowest cost producer within the industry. This allows the firms to outperform rivals within the industry because it can be charged in lower prices. Although, the firm charge in lowest cost base, it stills can earn a profit. A dominant market share allows the firm to accumulate the greatest experience and the market share can continuing to grow to increase the cost advantages. A strategy of growth which enhance the accumulative experience and further lowers costs. A cost leadership strategy allows an organization to generate above-average profits even it is intensive rivalry. A low cost producer will be in a better position in relation to the threats of new entrants and or substitutes. Cost leadership risks can be expensive as the organisation continually updates the capital equipments. The activities of the cost leader maybe easy to imitate. 3.2.3 Differentiation Strategy Differentiation strategy is aimed at a broad market and involve the organisation competing on the basis of a unique or different product which is sufficiently valued by customers for them to pay a premium price. A major advantage of producing differentiated product is vitals will find it difficult to imitate. Besides, they also required different resources, capabilities, and organisational arrangements than cost leadership. There are some several types of differentiation strategy that are design or brand image, customizing products to suit the customers in specific requirements, state-of-the-act of technology, marketing ability, reliability, products engineering skills, and creativity. A differentiation strategy provides a defence against competitive rivalry because it creates brand loyalty which helps to protect an organisation from price competition. The brand loyalty is to be overcome by defence against new entry and substitutes. The buyers are constrained by a lack of alternatives and premium price are easier to pay back for suppliers. Differentiated strategy has inherent risks. The high or premium price charged for differentiation cannot be too expensive above the competitors that it results in reduced the brand loyalty. Competitors may narrow the attributes of differentiation which results in customers being faced a viable substitute. 3.2.4 Focus Strategy Focus strategy occurs when an organisation undertakes either a cost leadership or differentiation strategy but within only a narrow segment of the market. It also can be defined as market niche strategy, concentration on specific geographical market, isolating a unique segment product line, and isolating a specific buyer group. By focusing on a niche of the market, the organization must be placed to meet the buyers expectation. By focusing on the needs of specific segments that exist in the industry, the organisation can achieve competitive advantage either through lower costs or differentiation. The risk of following in focus strategies are the customer preferences may change and the niche player may be unable to respond, broad-based competitors believe the segment represents an attractive submarket and outfocus the focuser, and the difference between the segment and the main market narrows leaving focus-based competitors at a disadvantage. 3.3 Resource-Based Approach to Strategy Formulation The two fundamental reasons for making the resources and capabilities of the firm the foundation for its strategy are inte rnal and capabilities provide the basic direction for a firms strategy. The resources and capabilities are the primary source of profit for the firm. Resources are the inputs into the production process while capability means the capacity to perform some task. Resources are the source of an organizations capability but capabilities are the main source of an organizations competitive advantage. The value of resources and capability of a business are sustainability and appropriability. Sustainability included durability, transparency, transferability, and replicability. 3.4 Corporate Level Strategy Corporate level strategy means overall scope of the different industries and markets the organisation competes within in order to achieve the organisational goals. Corporate strategy decisions included investment in diversification, vertical integration, acquisitions, and new ventures; the allocation of resources between the different businesses of the firm, and divestments. 3.5 Growth Strategies Growth strategies have four strategies that an organization might follow that are market penetration, market development, product development, and diversification. 3.5.1 Market Penetration Market Penetration is to increase market share in your existing markets using your existing products. This strategy relies upon the organization existing resources and capabilities and therefore is relatively low risk. 3.5.2 Market Development Market Development means entering new markets with your existing products. This can be targeted the new market segments and new geographical area, or devising the new uses for the products. 3.5.3 Product Development Product Development is developing the new products to sell in your existing markets. The ability to innovate is crucial in developing products for rapidly changing customer markets. 3.5.4 Diversification Diversification is developing new products to serve new markets. This will involve greatest level of risk it may be necessary where the organization existing products and markets offer little opportunity for growth. There are two diversification strategies such as related diversification and unrelated diversification. Related diversification refers entry into related industry which there is still some link with organizations value chain. It is included vertical integration and horizontal integration. Unrelated diversification refers to a situation where organisation moves into a totally unrelated industry. It can be called conglomerate diversification to reflect that managing a portfolio of companies. Thus resulting four core categories of strategy alternatives can be achieved internally through investment and development, or externally through mergers, acquisitions, and strategic alliances 3.6 Portfolio Analysis Portfolio analysis is simply different business units that organisation possess. The two primary models are the Boston Consulting Group Matrix and The General Ele ctric-McKinsey Matrix.T he business portfolios overall uses is to determine whether the combined growth and profitability of the businesses in the portfolio will allow the company to attain its performance objectives. 3.7 Corporate Parenting Corporate parenting is concerned with how a parent company adds value across the businesses that make up the organisation. Corporate parent refers to all those levels of management that are not part of customer facing and profit run business units in multi-business companies. The concept of corporate parenting is useful in helping an organization to decide which new businesses it should be proceed on. It also helps parent company decide how to manage the business. 3.8 International Level Strategy International level strategy refers to the linkages between markets that exist across worldwide. What happens in one county has an impact on occurrences in other countries. These linkages may be economic, financial, social, political, in eff ect, anything that leads to increased interdependence among nations. These strategies have included four types of international strategy that are multidomestic strategy, global strategy, and transnational strategy. 3.8.1 Multidomestic Strategy Multidomestic strategy is aimed at adapting products and service in national markets. Thus, responding more effectively to the changes in local demand conditions. The local manager needs to determine how the products and services can meet the local customer expectations. 3.8.2 Global Strategy Global strategy is the organisation provides a standardised products and services for international markets. An organisation seeks to have their own manufacturing, marketing, and RD centralised in a few locations. A combination of standardisation with centralised facilities and functions enable them to reap substantial economies of scale. 3.8.3 Transnational Strategy Transnational strategy is seeks to simultaneously achieve global effici ency, national responsiveness, and worldwide leveraging capabilities of its innovations and learning. Don’t waste time! Our writers will create an original "Understanding the Definition of Strategy Formulation" essay for you Create order

How Gender Can Make A Visual Statement And Representation...

This essay will examine how gender can make a visual statement and representation of ones identity. Gender identity is a personal conception on ones self as either male or female or possibly both or neither. Gender diversity (2016) â€Å"Unlike biological sex—which is assigned at birth and based on physical characteristics—gender identity refers to a person’s innate, deeply felt sense of being male or female (sometimes even both or neither). While it is most common for a person’s gender identity to align with their biological sex, this is not always the case. A person’s gender identity can be different from their biological sex†. In relation to fashion, gender identity can come out of the norm, the stereotype of what a woman or a male should wear and what is socially acceptable, although this has changed over time .For example it is now more socially acceptable for a female to wear trousers where as in the earlier days it was seen as unfeminine. Going back to gender there is an identity that is referred to as gender fluid. Gender fluidity is an identity that refers to a gender that changes over time; this could be random or could change in response to a circumstance. A gender fluid person can possibly identify at any time as male, female or Neutrois.com (2016) neutrois, which is considered to be neutral or null gender. Identity is who a person is, or the qualities of a person or group that make them different from others and subculture is a group that has beliefs and behaviorsShow MoreRelatedThe Impact Of British Art On The World Of Art And Opportunities1677 Words   |  7 Pagesrespected across the world for it’s unique techniques and skills used for painting. A lot of artist from around the world visit Britain for it’s thick culture in the world of art and opportunities. Almost all ‘Minority art’ made in Britain falls into one of the two baskets, either it is created by an artist from an African- American/ Caribbean origin, or by the common people of the Indian-sub continental background. Despite of the attempts made to accumulate these two inconsequential groups togetherRead MoreThe Representation Of Gender Masculinity1729 Words   |  7 PagesThe representation of gender in a masculine context in New Zealand is constructed through hegemonic constructions formed thro ugh colonisation. Due to being constructed by this dominant ideology, which in terms of a New Zealand context is Pakeha and male (Hegemony), the construction of masculinity appears natural. This hegemonic masculinity is so naturalised it becomes invisible and we don’t see or think about it. Law, R (1997) states that â€Å"The concept of hegemonic masculinity allows for us to theoriseRead MoreThe Affect of Cultural Ideology on The Way We Perceive Images1420 Words   |  6 PagesRe-Vision, written by Adrienne Rich, she uses varying images in her poetry to describe women and the voice open the window into her self-perception and how cultural ideologies change. John Berger writes in, Ways of Seeing that the relationship between the image and the person is an individual interpretation. Hunger as Ideology, by Susan Bordo, tells how the image is used to show cultural ideologies, especially for women. In art, literature, and in the media, images that are perceived visually orRea d MoreThe Lgbt Of Lesbian And Gay Youth1469 Words   |  6 PagesDid you know that lesbian and gay youth are four times greater to commit suicide, rather than their straight peer counterparts? There are a vast number of lifestyles that thrive in the world today, however, one is hit with numerous setbacks daily. This lifestyle is society is the LGBT+ community, that is gaining recognition at a fast rate. The LGBT+ community has begun to speak out more about injustices that are put into place to stop the progress that has been going on for a while. This comes inRead MoreThe Individual And Cultural Identity1565 Words   |  7 PagesThe Individual and Cultural Identity as Viewed through the art work of Matika Wilbur and Rebecca Belmore â€Å"Fringe.† Cultural and individual identity is one of the themes that have been highly focused by artists. Regarding cultural identity is as a positive value is very important for the coexistence of people. Cultural identity helps us to understand that an integration of ethnicity race and culture can create a multicultural society that is beneficial to everybody. When people come to accept themselvesRead MoreRepresentation of Different Masculinities2539 Words   |  11 PagesRepresentation of Different Masculinities It is contended that elements of Rutherford’s statements are invalid when applied to contemporary media representations of masculinity. Rutherford’s argument is threefold. Firstly, he contends that his contemporary media portrayed two polarised images of men; they were either sensitive â€Å"new† men or they were more stereotypical, patriarchal â€Å"retributive† men, arguing that there is no grey area in between or overlaps apparentRead MoreFashion : The Window Of The Soul Essay1639 Words   |  7 PagesFashion: The Window to the Soul Fashion is a combination of Art, love and History. It gives a person a voice without speaking and a purpose. Fashion has been around for decades before it was given a name. In Queen Elizabeth I Era one s clothing showed social status, individuality, and grace. Women were mostly into fashion, their clothes were unrealistic ; wide hips and small waist (corset). Another glamorizing or disfiguring tool used by fashion-conscious women was the corsetRead MoreWhat Are Sexist Culture Is Perceived As Normal And Why It Keeps Happening Essay2271 Words   |  10 PagesAll aspects of visual culture can be looked from a variety of perspectives. One view I often tend to look at first is through the feminist lenses; is what I’m looking at showing equality of the sexes? Why or why not? A lot of times, what we’re looking at can be sexist without even realizing it, mostly because it’s seen as fitting with the relative culture. I found that one of my most favorite t elevision shows is full of sexism and stereotypes. So why is it still my favorite show? I don’t condoneRead MoreVisual Portrayals Of Female Media1772 Words   |  8 PagesVisual portrayals of females in mass media have been a focal point of discussion for many scholarly articles and debates for more than 5 decades (Mager Helgeson 2010). Earlier females were portrayed to play the roles that were more stereotypical representing a domestic field with weak and dependent traits (Easton Toner 1983). However with the progression of time, women crossed this boundary and earned the respect in professional arena (Thurm 2001) with attained traits of being strong and autonomousRead MoreThe Eyes And The Gaze Of The Male Psyche1985 Words   |  8 PagesThe word Gaze can be defined as:† to look steadily and intently, as with great curiosity, interest, pleasure, or wonder.† When using this definition in a theatrical sense it is imperative to determine who is the one gazing and who is being gazed at. In the instance of David Bowie and Enter Achilles the gaze and subsequent objectification varies due to the performers wished effect. For instance they each use techniques to garner their desired gaze from the audience through the use of clothing and

Factors In International Community Play †Myassignmenthelp.Com

Question: Discuss About The Factors In International Community Play? Answer: Introducation It is imperative to note that factors in the international community play a significant role in the economy of Australia. Although the global macroeconomic conditions appear to be improving, sustained geopolitical risks accompanied by policy volatility has created uncertainty in the countrys economy. More precisely, the continued policy uncertainty between Australia and the United States, Europe and the United Kingdom has extensively affected the macroeconomic conditions in the country. More precisely, the recent presidency of Donald Trump, the Brexit and the inconclusive G20 meetings has had significant effects on the level of consumption in the country. By and large, the election of Donald Trump created uncertainties about the future direction of the countrys trade policy. For instance, the Trump administration has seen the extraction of the US from the Trans-Pacific Partnership (Vidot, 2017). In addition, it has summoned for the renegotiation of the North American Free Trade Agreement (Vidot, 2017). It is worth noting that these decisions have led to an increase in trade barriers between Australia, the US and the rest of the world and, thus, have adversely affected its economic performance. Consequently, this has reduced the level of consumption in the country, characterized by the contraction of the GDP at the beginning of the year. Graph showing annual GDP of Australia Source: (Trading Economics, 2017). In the same way, it is worth pointing out that Brexit has created significant uncertainties in the Australian economy. Immediately after the exit of the UK from the European Union (EU), the nation experienced a short period of volatility in its financial markets (Huang and Black, 2016). Primarily, this period of uncertainty was characterized by drops in share prices and falls in Australian bond yields. In addition, the countrys currency depreciated (The Conversation, 2016). Markedly, this negatively affected the Australian economy (Hutchens, 2016). More precisely, the depreciation of the Australian currency has made imports more expensive. In turn, this has led to a reduction in the consumption of imports from other countries. On top of this, the sudden fall in share prices and bond yields created fear and uncertainty among the Australian people, thereby forcing them to reduce their spending to conserve their wealth. Consequently, their consumption level reduced significantly. Graph showing effects of Brexit on Bond yields Source: (Financial Times, 2017). ccording to the Department of Foreign Affairs and Trade (2017), Australia places a high importance on the G20 as a primary forum for worldwide economic integration. However, recently, the G20 meetings have been marred by a series of inconclusive conventions. In turn, it has adversely affected the Australian economy which largely depends on its decisions for sustainability and growth (Financial Times, 2017). More specifically, the level of consumption in the country has reduced significantly following uncertainties in the global economy. Households and businesses are consuming less in preparation for harsh economic times (Department of Foreign Affairs and Trade, 2017). Consequently, the low level of consumption has led to the contraction in the countrys GDP. Graph showing GDP of Australia Source: (Trading Economics, 2017). Reference List Carroll Odea Lawyers. Impact of Brexit: The Australian Economy. [Online] Carroll Odea Lawyers. Available at: https://www.codea.com.au/publication/impact-brexit-australian-perspective/ [Accessed 14 August 2017]. Department of Foreign Affairs and Trade. The G20. [Online] Australian Government- Department of Foreign Affairs and Trade. Available at: https://dfat.gov.au/international-relations/international-organisations/g20/pages/the-g20.aspx [Accessed 14 August 2017]. Financial Review. (2016). Brexit Fears are Back Sending Global Bond Yields. [Online] Financial Review. Available at https://www.afr.com/markets/brexit-fears-are-back-gold-surges-sterling-dives-asx-slides-20160706-gpztg2 [Accessed 14 August 2017] Hutchens, G. (2016). Brexit and Australia: what would be the consequences if Britain left the EU? [Online] The Guardian. Available at https://www.theguardian.com/australia-news/2016/jun/23/brexit-and-australia-what-would-be-the-consequences-if-britain-left-the- [Accessed 14 August 2017] The Conversation. How a Brexit could impact on Australia. [Online] The Conversation. Available at: https://theconversation.com/how-a-brexit-could-impact-on-australia-61301 [Accessed 14 August 2017]. Trading Economics. Australia GDP Annual Growth Rate. [Online] Trading Economics. Available at: https://tradingeconomics.com/australia/gdp-growth-annual [Accessed 14 August 2017]. Trading Economics. Australia GDP Growth Rate. [Online] Trading Economics. Available at: https://tradingeconomics.com/australia/gdp-growth [Accessed 14 August 2017]. Vidot, A. (2017). Trade in Trumpworld: Will US President keep his promises, and what does it mean for Australia if he does?. [Online] ABC News. Available at https://www.abc.net.au/news/rural/2017-03-14/trade-in-trump-world-what-does-it-mean-for-australia/8351876 [Accessed 14 August 2017]. Wells, P. (2016). Australian government bond yields hit record low. [Online] Financial Times. Available at https://www.ft.com/content/882049c4-8482-3930-817d-d1407d69bd47 [Accessed 14 August 2017]

Plato Vs. Descartes Essays - Thought, Ren Descartes, Epistemology

Plato Vs. Descartes Descartes vs. Plato In the field of philosophy there can be numerous answers to a general question, depending on a particular philosophers views on the subject. Often times an answer is left undetermined. In the broad sense of the word and also stated in the dictionary philosophy can be described as the pursuit of human knowledge and human values. There are many different people with many different theories of knowledge. Two of these people, also philosophers, in which this paper will go into depth about are Descartes and Plato. Descartes Meditations on First Philosophy and Platos The Republic are the topics that are going to be discussed in this paper. In Meditations, Descartes brings doubt to everything he believes because it is human nature to believe that which is false. He states that most of what he believes comes from the senses and that a lot of times those senses can be deceived. His conclusion of doubting everything is based on his example of a basket of apples. It goes as follows; you have a basket of apples but you fear that some apples have gone bad and you dont want them to rot the others, so you throw all the apples out of the basket. Now that the basket is empty you examine each apple carefully and return the good apples to the basket. This is what he does with his beliefs, he follows and keeps only those beliefs of which he is sure of. Our beliefs as a whole must be discarded and then each individual belief must be looked at carefully before we can accept it. We must only accept those beliefs we feel are good. Descartes does realize, though, that we cant throw every belief out because they are a part of us, unlike the apples. If the beliefs were not a part of us we would have no basis for recovering any of the discarded beliefs because we are unable to justify anything. He states that no belief based on sense-perception is free from doubt, it is possible that this life is all a dream and we are being deceived into thinking it is reality. Descartes also finds that anything that exists physically is false, even including his own body. The only things we should trust are those beliefs that can be held up to rational scrutiny. Thus Descartes doubts everything but himself, he feels himself is the only thing in this life which cannot be proven false. He states that if he had no knowledge of himself than nothing can be certain. If he himself can doubt than he must exist and in cannot be proven false. Another proof that he exists is that in order to be deceived one must be able to exist. Descartes states in his famous quote, I think, therefore I am. What was just explained above is Descartes first step to gaining knowledge, that is to build on what you know is certain and use yourself as the foundations. Now his second step he tries to show how we know bodies through reason and now through our senses. He uses a piece of wax to demonstrate this theory. A piece of wax place by a fire will in time change form and shape and thus lose all its specific properties, yet it is still known as wax. In order to understand what wax is you must be able to know it in all its forms and anticipate its changes. But Descartes argues that the shapes and forms that the wax could take are infinite. Thus, one can only know what an object is through understanding, rather than through sense-perception. In his third meditation Descartes discusses the topic of God. Me makes the argument that God exists, he makes two points with this argument. The first being that we have an idea of God and the second being that the only way to have an idea of God is if God exists. To have an the idea of God than we have the understanding of the infinite. We cannot understand the infinite through the finite, only through the infinite, thus God must also be the cause of the idea of God. By following