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.)
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