Competitive Advantage for Strategic Management - myassignmenthelp

Question: Discuss about theCompetitive Advantage for Strategic Management Journal. Answer: Organizational Strategy: An organizational strategy can be defined as the computation of actions of an organization intending in taking to attain goals of lo0ng-term. Mutually, these actions have been making up the strategic plan of a company. Strategic plans of an organization take a year to comprehend, needing participation from all the levels of the company. This is the first question that the company tries to answer is identifying the size of the market and the areas for focus, indicating the required scale and investment timing (Schneider and Spieth 2013). It is significant for the company in differentiating the obtainable and addressable markets. Addressable market can be defined as the opportunity for overall revenue for the product and service. The available market is referred to as the segment of the addressable market for which one can compete in realistic fashion. Organizations have this intent in competing on the basis of the core proficiencies instead of the aspects that differentiates in the ey es of the customer. It is important to build a core competency in areas like the training of employees and manufacturing distinction and improvement within the management control (Cummings and Worley 2014). The resources that are required by the organizations to compete are financial resources, human capital and intellectual property. Companies need to have ample revenue in supporting the improvement of fresh products and revenue streams along with the workforce being skilled and loyal to the customer. Companies should look for cost-effective ways in manufacturing better products that would enhance its brand recognition (De Medeiros, Ribeiro and Cortimiglia 2014.). Value creation needs to be the primary focus for companies as generating value for customers would help the company in selling its products and services. In the present scenario, reprocessing and preserving energy have been the standard practices that generate positive public relations (PR) for shaping positive public opi nion. Coca Cola and strategies: The company makes use of the segmented revenue enlargement strategies across the business in ways of differentiated market sort. In the emerging markets, the company focuses on augmenting the volume, keeping the beverages reasonable and strengthening the establishment of the future accomplishment. In the developing markets, a balance is being maintained between pricing and volume. In developed economies, the company relies on price factor and developing the profitability factor through provision of more small parcels like aluminum bottles and glasses. The core competencies of the firm takes into account the process, product and administrative competencies. The company is able to manufacture products that taste better and is being liked by people. The company boasts of a well organized configuration that gives it administrative proficiency, ensuring the company performs well. It also takes in franchise system, controls of cost, network of distribution and administrative power. At Coca Cola, the main focus has always been on innovation that creates value in economic sense, building equity in the brands and shaping the repute of the business (Goetsch and Davis 2014). The marketing investments are being planned to improve the awareness of consumers and increasing their preference for the brands, producing long-term growth. Sustainability and corporate responsibility is essential for Coca colas culture. It helps in guiding their decisions and investments of long term ensuring they transport lasting value. The sustainability approach of the company is promotion of wellness and health, minimizing the environmental impact and giving something back to community. Coca Cola is a huge brand existing all across the globe with their refreshing strategies and innovative thinking. Business Model Innovation: Business model innovation can be defined as the improvement of fresh, unique thought that supports the financial feasibility of the company taking its mission and the procedure for bringing in the concepts to completion. The fundamental goal of the model of business innovation is realizing sources of new revenue through development the value of products and the ways products are being delivered to customers. The 4Is of the business model innovation are initiation, ideation, integration and implementation. Initiation takes in the present business model getting answers for targeting customers, value-propositions and contributions along with revenue (Casadesus?Masanell and Zhu 2013). Ideation is more about confrontation of what is and the improvement of fresh models. Integration is involving the verification of the consistency of the model of business like the targeted customers, its offerings and the revenue factor. Implementation is crucial in designing models, building and testing pi lot, returning to the drawing board and gaining quantitative and qualitative data for verifying the assumptions. The main steps involve implementing one business model at one single time, communicating clearly the new models of business and require to alter, getting the commitment of management. The 55 companies that have been identified has given the world 55 patterns of business models like flat rate, super market, experience selling or the e-commerce among few (Christensen, Bartman and Van Bever 2016). It is about learning from different industries and identifying the right model for a particular business. Companies have been learning from other industries, checking the consistency of the business model before implementing the same. There are certain rules that need to be kept in mind for the companies for reinventing the business model, applying the 55 different models, keeping in mind the benefits and the pitfalls. Finfrock Business Model Innovation: The construction market in all probability would slow down in the coming year, with Finfrock wanting to win it big through manufacturing of engineered precast prestressed solid components. During a meeting it was discussed the ways Finfrock could make millions out of a developers project they were dealing with through shaping in precast instead of the solution of the project as proposed by project architect (Kastalli and Van Looy 2013). The developer was happy with less time required and less cost meaning higher return on investments. However, things turned a bit ugly two weeks later when the contractors bid documents arrived at the mailbox of Finfrock of the drawing the company shared during the meeting. The CEO was livid as through that drawing the developer would make millions and nothing for Finfrock. The company decided on reinventing its business model. The business model of Finfrock was not like its competitors, selling off its components to the generalized contractors. The se lection of Finfrock was based on the least risk factor at competitive outlay. The main profit of Finfrock was from the stronger markets demanding outstripped supply. The CEO decided that keeping a broken business model is more risky. The company improved its vertical selling process to the owners and developers with initiation of faster completions, less plan risk and leftover of more money for features related to designs (Schneider and Spieth 2013). They changed their ways of dealing with subcontractors whose work has been mainly interdependent on structure. This new model implementation made competitors hard to copy the model with this have closer alignments of the sales executives, engineers, precast generating leaders and project managers pulling time and risk of schedules. Reference: Casadesus?Masanell, R. and Zhu, F., 2013. Business model innovation and competitive imitation: The case of sponsor?based business models.Strategic management journal,34(4), pp.464-482. Christensen, C.M., Bartman, T. and Van Bever, D., 2016. The hard truth about business model innovation.MIT Sloan Management Review,58(1), p.31. Cummings, T.G. and Worley, C.G., 2014.Organization development and change. Cengage learning. De Medeiros, J.F., Ribeiro, J.L.D. and Cortimiglia, M.N., 2014. Success factors for environmentally sustainable product innovation: a systematic literature review.Journal of Cleaner Production,65, pp.76-86. Goetsch, D.L. and Davis, S.B., 2014.Quality management for organizational excellence. Upper Saddle River, NJ: pearson. Kastalli, I.V. and Van Looy, B., 2013. Servitization: Disentangling the impact of service business model innovation on manufacturing firm performance.Journal of Operations Management,31(4), pp.169-180. Schneider, S. and Spieth, P., 2013. Business model innovation: Towards an integrated future research agenda.International Journal of Innovation Management,17(01), p.1340001.