Introduction to new Operational Strategies
5 Core Operational
Strategies
1. Corporate Strategy
- is the direction an organization takes with the objective of achieving business success in the long term. Recent approaches have focused on the need for companies to adapt to and anticipate changes in the business environment, i.e. a flexible strategy.
- Corporate strategies involve seeing a company as a system of interconnected parts.
2. Customer-driven Strategy
- are market segmentation, targeting, differentiation, and positioning. It also lists and discusses the major bases for segmenting consumer and business markets
- To meet the needs and desires of a target market.
3. Developing Core Competencies
- The concept of CORE COMPETENCE was introduce to management literature in 1990 by C. K. Prahalad and Gary Hamel. They defined it as "an area of specialized expertise that is the result of harmonizing complex streams of technology and work activity
- Core competencies are the strengths and resources within a company.By identifying core competencies, a company can develop processes such as customer satisfaction, product development and building professional relationships with stakeholders.
4. Competitive Priorities
- Creating competitive advantage requires a determination of the factors that may put a firm in a better position in relation to its competitors in the marketplace. Four strategic capabilities which can be considered as competitive priorities are identified by low cost, quality, quick delivery and flexibility
- To create competitive priorities, an organization evaluates operational costs, the quality of a product or service, the time it takes to develop and deliver a good or service and the flexibility of a good or service with regard to variety, volume and customization.
- Should include being able to provide a quality product or service at a fair cost that consistently meets the needs of a customer.
5. Product and Service Development
- New product and service development is a crucial process for a business' success. The process begins with generating an idea and defining a concept, and finishes with the product's introduction to the market.
- Companies should consider packaging it with immediately observable and psychological benefits and support services.
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