Competitive Strategy Business Process Management

Question: Discuss about the Competitive Strategy for Business Process Management. Answer: Introduction: It becomes more important for any marketers or researchers to understand the meaning of the strategy of a company. There are some companies whose fundamental strategy is to provide products at low cost. The strategy is the process through which a company can able to set their main acquisition to provide a good quality service to their customers. However, the strategy is not only a tactic. Actually, it also describes the goals of the company. The idea of making a strategy has come from the art of the war of SUNTZU. According to the war of SUNTZU, winning is a good strategy and losing is a bad strategy. A good strategy is that which can able to evaluate the given set of desired questions regarding the company (Dekker, 2013). By the help of this strategy, the companies can able to differentiate the similar products within various different organizations. To prepare an effective strategy for the company, they should need reliability, desired satisfaction level from the customers and clie nts and sensation. The company also needs a great brand image which is the very important factor at the time of preparing a strategy for that particular company. According to the several numbers of renowned researchers, brand image is a very important aspect for any company which can help the company to grab a huge number of customers by attracting them towards their products and maintaining a good relationship with the organization and their customers. By the help of this brand image, the company can able to draw a good reputation within the market which also help the company to develop customer trust and belief on their performance and products. According to this research study, the strategy which is implemented within IKEA will help the researchers and marketers to understand the application of it within an organization. The company deals with a business of contemporary style furniture basically the domestic furniture at low cost that is at a reasonable price. The key strategy of this company is to sell their products at a reasonable price in their showrooms just to reach the level of desired orders. Alternatively, the company also has an effective marketing strategy to develop their company. By the help of their effective strategy, they can able to provide first class quality of furniture to their customers for capturing the whole market segments (Liu, 2009). There also have some more strategies which help the company to sell their products which have unique designs and can able to develop the Scandinavian design. The company also accepts the issues regarding the quality of the service to their customers and the complexity of the design about their products within the market. By the help of Henry Mintzberg, the company can able to recognize the differences between the realized strategy, emergence strategy, and intended strategy. According to the researchers, these strategies help the IKEA Company to estimate the desired growth and development of the company in future. Business Model Innovation It has now become a trend to do innovative works that legitimates a company to sustain and grow on the continuous basis. Researchers have found that to be rigid at the company's vision and mission statement, one can lose the innovative idea which gives an edge to other companies to grow and set an extreme competition environment (Zenger and Stinnett, 2010). In a general term, innovation' means a new perspective or idea about the product to be launched across the world market, which certainly has the power to allure customers. Innovation ideas actually help the company in reducing production costs or getting a higher number of customers. Such an example is Apple Inc.' a mobile company which made such innovative mobile phones that increased the customer numbers almost double, which also increased the stocks in the stock market. Without lowering the price of mobile phones Apple Inc' has accumulated the global customers only through the help of peer innovation. Dell' is a company which m anufactures personal computers, laptops, etc has innovated an awesome product called built5 order processes and the sale of which in fact reduced the operational cost and other incurred cost to an extent where the company can work and show a profit in the annual financial reports. These both companies actually changed the traditional trend of making customer friendly products (Bonavina, 2012). There are three points which define how the innovation should be conceived, that is, first point one is that idea should be unique in nature and nobody have had any such thought first, the second point is bigger success comes with bigger resource, may it be the superior knowledge of technology in respective fields, and the third point elaborates that innovation has the history to put the superior companies out of the market periphery, just because of having introduced a new innovative product (Lee, 2010). It has been seen that the company who sought collaboration in different market strategies tend to rise enough then the big giant companies which were once at the top of the consumer's preferences. Such example would be of Nokia' company' which did not change itself according to the market trend whereas Samsung' altered its product design simultaneously and randomly which in return got a huge market credibility by giving eminent services to customers. An innovation-led business model exclusively focuses on initiation, ideation, integration, and implementation of the prospected idea (Dekker, 2013). The first action should be to plan and collect all relevant data regarding the desired precut, then integrate the various idea into a reasonable task, then initiation of proposed strategies, then at the end comes the implementation part which incorporates all the above-mentioned strategies to yield the proposed outcomes. The IKEA Company has truly achieved by implementing all the proposed strategies, as well as eBay. References Bonavina, L. (2012).Innovation in esophageal surgery. Milan: Springer. Dekker, E. (2013).World of Warcraft gold strategy guide. Birmingham: Packt Pub. Driving the economy through innovation and entrepreneurship. (2013). New Delhi: Springer. Jordan, J. (2012).Information, Technology, and Innovation. Hoboken: Wiley. Lee, G. (2010).Business process management of Japanese and Korean companies. New Jersey: World Scientific. Liu, L. (2009).Emerging nanotechnology power. New Jersey: World Scientific. Rud, O. (2009).Business intelligence success factors. Hoboken, NJ: Joh Wiley Sons. Zenger, J., and Stinnett, K. (2010).The extraordinary coach. New York: McGraw-Hill.