Competitive Strategy Marketing Strategy and Management

Question: Discuss about theCompetitive Strategyfor Marketing Strategy and Management. Answer: Introduction The report is based on the learning activities about Competitive Strategy and its application on an organization. For a business to sustain in the market in the long run, it has to gain a competitive advantage over others. A perfect marketing strategy helps in surviving the competition, provided it has to be unique. The report consists of definition of Strategy, how companies formulate strategy to gain a competitive advantage, a Company that adopted a unique marketing strategy and gained a competitive advantage. Suggestions to one such company that needs a good marketing strategy. Business Model Innovation, why companies need to be innovative and how it helps in gaining competitive advantage. Key Ideas of Business Strategy Strategy involves the action plan- Strategies are nothing but action plans company for buildingcompetitive advantageand increasing itstriplebottom lineover the long-term. The objectives of action plans- These action plans relate to achievement of the economic,social, and environmentalperformanceobjectives; in essence, it helps bridge the gap between the long-term vision and short-termdecisions.(Baker 2014). Establishing Tactics- The executives establish difficult tactics that would help the organization to achieve their goals and thus lead them to victory (Madsen and Walker 2015). Application of the Key Ideas of Strategy There is not much difference between the pizzas served by dominos and pizza hut but dominos is gaining competitive advantage in many countries over pizza hut due to its marketing strategies. What Pizza hut needs to do to gain competitive advantage is firstly it needs to improve its customer service that is not as good as Dominos, including more choices to their menu. Thirdly the most important one is Pizza hut needs to promote its brand more aggressively in order to gain a competitive advantage over dominos, by advertisements and unique offers it can get back its position in the market. Key Ideas of Business Model Business model Innovation Reshaping the Industries- Innovations have reshapedentire industries and redistributed billions of dollars of value.Yet cases from well-established companies, like Apple,are rare. An analysis of major innovationswithin existing corporations overa decade shows that precious few havebeen business-model related. Objectives of Business Innovation models- American Management Association studydetermined that no more than 10% of innovationinvestment at global companies isfocused on developing new business models (Ritcher 2013). Business model innovation is about fundamentally rethinking your business around a clearthough not always obviouscustomer need, then realigning your resources, processes and profit formula with this new value proposition.(Maglio Sohhrer 2013). The aim of business model innovation is to identify new income sources by product value improvement and what are the ways it can be delivered to the customers. Innovation key to financial success - It has become the key to financial success of a company (Markides 2013). For instance we can take the example of Apple which began in early 2000s . The introduction of iPhone, iPod and iTunes expanded the product line of the company beyond desktops and computers, iPhone was a breakthrough in smart phone industry. Successful innovators - Successful innovators learn, recombine and apply it to their own industry, they always do not need to be a pioneer in their industry (Speith, Schneckenberg and Ricart 2014). Innovative companies apply creative innovation to their business model. There are four steps involved in developing business model innovation, Initiation, ideation, integration, and implementation (Tucci and Massa 2013). Application of Key Ideas of Business Model Innovation Android phone companies like Samsung and Apple iPhones can be taken, Apple iPhones are definitely better than Samsung because of its unique features and the innovative ideas were put for designing it. Better hardware and software integration, live photo features and many more. For Samsung to gain competitive advantage, it needs to work on its features like battery backup features, it can modify the app stores modify its software and hardware( Deyslas and Sako 2013) Business Innovation means creative imitation, this is what Samsung can do to beat the harsh competition. References Baker, M.J., 2014.Marketing strategy and management. Palgrave Macmillan. Desyllas, P. and Sako, M., 2013. 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