Question

Reflect for a moment upon the traditional and more innovative business strategy approaches and paradigms to which you have been exposed in taking any buisness strategy. Put yourself in the position of a consultant who is attempting to gain a contract with a medium-sized Information and Communications Technology (ICT) firm, which you hope will hire you to devise a comprehensive business strategy approach. Incorporate the concepts and models from all types of buisness strategies(Blue,Red,Green,Black,Grey,White Ocean) into a personal statement that denotes your summative understanding of business strategy and the potential value-added that the particular approaches, metrics, and concepts might bring to the firm under your advice. The statement should comprise approximately 4-5 substantive paragraphs.

Answer 1

Business strategy is the steps that the company is going to take in order to reach its business objectives. This can be done by building a vision of the company then focussing on the most important objectives. Then the attack has to be planned for which a strategic framework has to be developed.

In the field of ICT, the competition is tough as there are several companies in the market that deal with this sector. Moreover, the changes in this sector are so quick that one has to be on one's toes to be relevant in the market. The market is huge as there is a requirement and application of technology in all sectors. But unless one is at par with all the new changes and modifications in technology, the survival of the company will become difficult.

If a company wants to survive in the market then it will have to plan its business stratrgies intelligently. There are different types of strategies. Some of them are: red ocean strategy and blue ocean strategy. Red ocean strategy refers to thw cut throat competition that occurs when there are many competitors in the market and each of them wants to get the business of the other. On the other hand a blue ovean strategy is when a company creates a new market for itself thus making its competitors irrelevant. The red ocean strategy is applicable to the ICT sector as there are too many competitors in the market.

Business strategy is needed not only for the development of the business but also for expansion of business. In today's world, the world has become a global village. Everything has become reachable and the companies want to expand their business to other countries as well. Therefore, business strategy like greenfield strategy should be known to the company. It means that the business has expanded by creating its production facility in that new place or foreign country.

Thus, business strategy is important and its knowledge is inevitable for the company. The business strategy will only help the company to expand business, earn more profits and perform better.