Strategy formulation means a strategy formulate to execute the business activities. Strategy formulation Includes developing: The considerations for the best strategy formulation should be as follows: Allocation of resources Business to enter or retain Business to divest or liquidate Joint ventures or mergers Whether to expand or not Moving into foreign markets Trying to avoid take over Strategy Implementation:
That was true for most of the first half of the 20th century. Orcullo states that the notion of strategic management did not became popular in business until s. Before that, many of the businesses operated as independent entities, with each having its own products and markets without much competition or constraints.
In those days, all an organization needed was a corporate and business plan and feasibility to initiate and operate a business. Such was the case of Eastman Kodak, a photograph company established in by George Eastman.
However, the ever growing population primes up the demand for a variety of products and services and thus more and more businesses start to take advantage of market demand. Other businesses have to create a demand for their products and services as well which heightens the level of competition in markets aggravating the concerns of all the businesses for outcompeting each other.
This renders strategy as the most critical factor for organizations. This essay focuses on the strategic challenges faced by Eastman Kodak throughout the past three decades and critiques upon its viability. Definition of Strategy Despite being one of the most explored phenomenons in business management, it is quite ironic that there is not much agreement for the definition of strategy.
According to Johnson, et al. Company Profile Throughout the first three quarters of the 20th century, Kodak remained the market leader in photograph imaging business.
The company pioneered the chemical-based film technology and was the first to develop a digital camera in Kodak simplified the art of photography, enabling the masses to capture images with just a click of a button. The company enjoyed a phenomenal success.
Indeed, as mentioned earlier, the company was the first one to produce a digital camera and many of the technologies used in Apple, HTC and BlackBerry products are allegedly patented by Kodak. Thus its failure is largely due to its strategic management. The following part of the essay applies several management theories and tools to assess the strategic development of Kodak.
It and analyses the challenges faced by the company and appropriateness of its responses. Product life cycle theory The product life cycle model points out that every product or a service in any industry or sector has its own life cycle.
The central theme of this model is that there is no such product, market or industry that can continue to grow for an infinite period, or that it will never come to maturity, peak and decline Orcullo, As it reaches its peak, new products should be developed so that when the previous product reaches its maturity, the new product should be ready for launch while the old one moves toward a decline and is eventually retired.
Business strategists have to be prepare of the end of every product Orcullo, The following figure fig 1. Wootton and Horne, in Orcullo, In an era when innovation is being deliberated with much enormity and rapidity, the life cycles of products have been shortened.
Moreover, the shortened product life cycles have also reflected upon the life cycles or organizations, their strategies and business models.
More and more businesses are being disrupted by extraneous forces such as globalizations, technological shifts and cut throat rivalries. Failing to keep up with the pace of the market renders any business as irrelevant and obsolete.
With the beginning of the new 21st century, Kodak was faced with the challenge of reinventing it business model and introducing new products due to the declining life cycle of both its products and its business model.Strategic Management at UNIQLO Introduction Dubbed as Japan’s retail success story in the new millennium, UNIQLO is a % consolidated subsidiary of Fast Retailing Co.
Ltd, a Japanese retail holding company. Market strategies of apple inc. Print Reference this Ansoff Matrix wgif. Apple could use each of these four categories in order to manage its existing products and develop new products/ services If you are the original writer of this essay and no longer wish to have the essay published on the UK Essays website then please click on.
Current competitive strategies of Samsung and Apple Essay. Based on this, the first weakness of Apple Inc.
Definition of product diversification: Diversification may be achieved by entering into additional markets andor pricing strategies. Importance of Vision and Mission Statements One of the first things that any observer of management thought and practice asks is whether a particular organization has a vision and mission statement.
In addition, one of the first things that one learns in a business school is the importance of vision and mission statements. Apple Inc. is a multinational company that specializes in the manufacturing of electronic equipment like smartphones, software and computers.
The company is well known to everyone for products like iPhone, Macintosh, iPad and iPod. Marketing Theories – Boston Consulting Group Matrix. Visit our Marketing Theories Page to see more of our marketing buzzword busting blogs..
If you are working with a product portfolio you have a range of tools at your disposal to determine how each one or a group of the products are doing.