Discuss the Strategy of JUMP through Competitive Strategies and Functional Strategies

Discuss the Strategy of JUMP through Competitive Strategies and Functional Strategies 1. Competitive Strategies (analysis through Miles and Snows, Porters Generic Competitive Strategies, and Other Competitive strategies): 1) Miles and Snows strategies: Strategies organizations successfully use to adapt to their uncertain environment: *prospector, *defender, *analyzer, *reactor – prospector Organization seeks innovation (broad product lines); Demonstrated ability to survey dynamic environment and develop new product-service to fit the changing environment (creativity orientation over efficiency); Frequently and continually innovating, developing, and testing new products/services and new markets; Competitors are uncertain about prospectors future strategic decisions and actions. – defender Searches for market stability Produces only a limited product line for a narrow segment of total potential market; Seeks to protect (defend) its well-established business (cost orientation); Does whatever necessary to aggressively prevent competitors from entering their market; Can carve out and maintain niches within its industry that competitors find difficult to penetrate. – analyzer Strategy of analysis and imitation; Thoroughly analyzes new business ideas (products, services, markets) before deciding to jump in; Watches for and copies the promising and successful ideas of prospectors (combines efficiency and innovation in different industries). – reactor Lacks coherent strategic plan; Simply react to environmental changes; Makes strategic adjustments only when finally forced to do so; Unable to respond quickly to environmental changes because resources-capabilities are lacking or are not developed or exploited properly. 2) Porters Generic Competitive Strategies include: (very important) – Cost Leadership strategy – Differentiation strategy – Focus strategy 3) Other Competitive strategies – First Mover to the market – Followers (second mover, late mover) 2. Functional strategies – Production-operations (Process-capacity-location-work design-layout-operations.) – Marketing (Segmentation-Target market selection-differentiation-Positioning-Marketing mix.) – Human resources (Workflows-Staffing-Employee Separation-Performance Appraisal-Training & development-Compensation-Employee & labor relations-Ethics & employee rights.) – Research & development (Emphasis-Timing-Process) – Information systems (Technology-Type of information) – Financial-accounting (Performance Evaluation-Forecasting, planning and budgeting-capital structure.)