Cost leadership strategies
Which choice might be categorized as cost management strategies, differentiation, focus?
Cost leadership strategies can be achieved via numerous option. By increasing the profit earned by using reducing the cost whereas changing industry-average prices. Similarly, via expanding the market share, which is accelerated by a decrease in costs while making profits. Moreover, in the differentiation strategy, conducting a proper research, innovation and development is a essential option in this approach. The firm must be able to supply high-quality merchandise to the customers. Consequently, having effective marketing and sales for the market to apprehend the differentiated products. In focus strategy, understanding the needs of clients and the dynamics of the market, as well as developing well-specified goods for the market.
Have you identified strategies for each generic category?
Yes. Understanding the competitor's strategies and finding how StilSim can do to better than them to acquire a competitive advantage. The firm should focus more specifically on improving their services differentiation by entering new markets (Rothaermel, 2015). Similarly, concentrate on the niche market segment like fashion and consulting industry. These would alter many customers into the firm thus increasing the profits. StilSim should ponder more on the customers’ needs and expectations to satisfy them hence build a healthy relationship (Rothaermel, 2015). Likewise, they should keep up with the innovation by using current technology to compete effectively. Moreover, promote their product through mass media and internet to reach the entire customer and build a good relationship. StilSim should focus on the use of technology to reduce workforce thus reduce the cost incurred.
As you have worked through the StilSim Personnel simulation, what corporate strategies have you already identified?
Considering the current situation and general overview of the company, according to my views stilSim has been run single handed by the owner after the death of his partner.
From the attached presentation, what other strategies might be suggested?
StilSim should focus more on a narrow industry which they have not entered and acquire other firms to facilitate smooth entering into new markets (Rothaermel, 2015). As some of the workers think social media is a waste of time, they can develop their software to change the running of the company to catch up with the evolving business conditions.
References
Rothaermel, F. T. (2015). Strategic management. McGraw-Hill Education.
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