Strategic Management
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- Date Submitted: 12/08/2010 06:58 AM
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Questions to ask when developing your strategy
What changes are taking place in our business environment? Are these opportunities or threats?
What are our strengths and weaknesses?
What do I want to achieve? Set clear, realistic objectives.
What are customers looking for? What are their needs?
Which customers are the most profitable?
How will I target the right potential customers? Are there groups that I can target more effectively?
What's the best way of communicating with them?
Could I improve my customer service? This can be a low-cost way of gaining a competitive advantage over rivals, keeping customers, boosting sales and building a good reputation.
Could changing my products or services increase sales and profitability? Most products need to be continuously updated to maintain competitiveness.
Could extending my product list or service provision meet existing customers' needs more effectively? Remember that selling more to existing customers is generally more cost effective than continually trying to find new ones.
What else are our customers interested in? Quality? Reliability? Efficiency? Value for money?
Bellevue Ltd manufactures Hi-Tech screens for computer arcade games, laptop computers and specialist medical equipment. Two years ago the company successfully launched a new type of screen that is easy to manufacture and offers improved image quality. The new development was based on very simple technological improvements and the company looked forward to a prosperous future.
Bellevue ltd has been successful in all the three markets which was a major success for the company and the market growth attracted new firms to enter into the market. Bellevue had to face a major competition. Bellevue should have analysed the threats. Imitation of the product is a major threat for any organisation. As we see that the medical equipment screen market has gone from slow growth to zero growth while arcade machines show strong growth and demand for laptop...
What changes are taking place in our business environment? Are these opportunities or threats?
What are our strengths and weaknesses?
What do I want to achieve? Set clear, realistic objectives.
What are customers looking for? What are their needs?
Which customers are the most profitable?
How will I target the right potential customers? Are there groups that I can target more effectively?
What's the best way of communicating with them?
Could I improve my customer service? This can be a low-cost way of gaining a competitive advantage over rivals, keeping customers, boosting sales and building a good reputation.
Could changing my products or services increase sales and profitability? Most products need to be continuously updated to maintain competitiveness.
Could extending my product list or service provision meet existing customers' needs more effectively? Remember that selling more to existing customers is generally more cost effective than continually trying to find new ones.
What else are our customers interested in? Quality? Reliability? Efficiency? Value for money?
Bellevue Ltd manufactures Hi-Tech screens for computer arcade games, laptop computers and specialist medical equipment. Two years ago the company successfully launched a new type of screen that is easy to manufacture and offers improved image quality. The new development was based on very simple technological improvements and the company looked forward to a prosperous future.
Bellevue ltd has been successful in all the three markets which was a major success for the company and the market growth attracted new firms to enter into the market. Bellevue had to face a major competition. Bellevue should have analysed the threats. Imitation of the product is a major threat for any organisation. As we see that the medical equipment screen market has gone from slow growth to zero growth while arcade machines show strong growth and demand for laptop...