Question:
You have spent the past several weeks assessing the different aspects of XYZ Company, including marketing, operations, globalization, laws, ethics, leadership, economics, and information systems. All of these comprise the overall strategy of the organization.
For this assignment, prepare a written report for top management with your recommendations for XYZ Company regarding the overall strategies for the organization, including strategic leadership, functional level strategy, global strategy, business level strategy, and corporate level strategy.
Length: 5 – 7 pages, not including title page and references. Please use the concepts from the Peregrine Modules as well as five additional scholarly sources for support throughout your presentation. Additional reliable sources may also be used.
Your response should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.
Answer:
Introduction
Integration works towards shaping all the operations undertaken by a business organization thus it is always given the weight of a major strategy. This is a report of research which was carried out to investigate several aspects of a company as obtained from the findings provided here from a certain company. The firm has put in place various strategies which enable it to perform well and always be among the leading ones in the region. Different aspects of a company such as marketing, leadership and information systems are put into a test to come out with the final appropriate business integration and strategies (Chang, 2016). Various concepts from several scholars including the peregrine modules have examined these aspects as discussed below. The main aim of every business organization is to make profits and acquire a competitive advantage over the other firms in the market. Business integration and strategies are in this case implemented to achieve this dream as they enable in cross-training the management for enhancement of effective communication, interpersonal correlation, and creation of teamwork amongst the employees. Integration of business strategies also helps the company in saving money, labor and time that could be used in case of business failure. This report will provide the information on organizational strategies that are effective in the management of business operations, including strategic leadership, functional level strategy, global strategy, business level strategy and corporate strategy among others and finally giving the author’s recommendations pertaining the strategies.
Peregrine modules give the concepts applicable to mark the success of any business enterprise, and which the XYZ was found to be using. They discuss in details these strategies which have been tested and proven to be successful and productive, providing a competitive advantage in the market as well as the realization of the company’s set goals and objectives. The strategies include;
Strategic Leadership
Leadership is the determinant factor in the success or failure of any business organization. Hahn, (2014) argues that leadership is essential in business administration as it legitimizes the bad aspects that might be brought about by the employees. Strategic leadership involves selection of the best leaders and ensuring that there is effective coordination among the staff, a factor that has impacted positively to the examined company. Good leadership will automatically result in high overall yield and realization of maximum profits as there is proper coordination between the management and the employees (Svensson & Biert, 2014). Peregrine module discusses the various types of leaders, accompanied by their character traits and effectiveness in managing business operations. One of them being transformational leadership where the leader represents a positive change in the organization, still possessing a big charisma and will of the clients and the employees.
Business Ethics
Business ethics can be defined as accepted codes of behavior applied in the business, by either the management, employees or the customers. This module discusses the conceptualization of these ethics through proper training of the employees including program types and goals that best suit the venture. Ethical standards when monitored, examined and implemented brings about noticeable continuous improvement as it was the case in our firm here (Schneider, 2015b). Companies exercise ethical behavior through the provision of the correct information concerning a product in the market, giving facts and respecting every player in the industry to win their interests.
Functional Level Strategy
This strategy is normally based on a certain department such that it is granted the mandate to perform various tasks in ensuring the success of the organization. The department may either be finance, human resource or any other in the organization. Small companies opt to apply this strategy as it makes it suitable for managing their constituent organizations and creation of a network of the sub-companies (Rikkonen & Varho, 2014). The management also gets an opportunity to assess the strengths, weaknesses, opportunities, and threats in the market.
Marketing
The area where one sells their products and services is referred to as the market. It doesn’t specifically focus on the geographical coverage but majorly on the people who purchase the sales. Bharadwaj & Venkatraman, (2013) emphasized that digital business strategies are of great importance in the business and thus they should be highly embraced especially when it comes to marketing. When it comes to market research, the business should always be in a position to provide the products adequately and also make sure that they don’t overproduce with a large margin. All the goods and services advertised should be available even before the actual marketing begins. Proper supply chain management should also be put into practice to ensure smooth and transparent transactions between the sellers and the buyers (Min, 2015).
Economic Aspects
Peregrine module concludes that different consumers attempt to maximize utility to avoid any loss or existence of unsatisfied customers as well as discussing the fixed, variable and total costs and how they should be managed to bring the success of the organization. Identification of economics in the business and how it affects different consumers, and even the owners of the organization are very important (Schneider, 2015a). Utility theory is best applicable in this case as it is adaptive and reflects the performance in the changing business world, in terms of demand and supply. Economic aspects enable the business to research and determine various consumer variables which acknowledge the specific roles of supply and demand in economics.
Overall strategies for the organizations are not only discussed in peregrines module but also by the several scholars. This has been a topic of research up to date since the business world 9is growing day by day. The aspects are discussed below.
Global Strategy
Over the past two decades, globalization has become a debatable topic regarding its contributions to integration and international economies, its benefits outweighing the costs. By definition, globalization is the integration of the business people in the world, the business enterprises itself and the government. Globalization emphasizes on the availability of Heuristic and other psychological aspects of investors where they have been granted an opportunity to transact their business operations freely (Kliger & Kudryaytsev 2016). Closer ties between the companies and the clients are normally created by virtue of globalization where the business world is technologically made a small globe such that there is an interconnection between the key players. The company being examined here has adopted this aspect though still much needs to be done to improve the interrelationship with other businesses. Globalization enables a firm that used to be selling its products locally to start opening new markets across the globe, which automatically results to the realization of large profits as well as playing the role of a competitive advantage over the other local firms (Rosenzweig 2013).
Business Level Strategies
Business level strategies can well be understood through the generic strategies which address the mechanisms which a firm should employ to compete favorably in a certain industry. These strategies should put into practice the business models which encourage proper supply chain management for full customer satisfaction. The executive committee of any business organization focuses on the core elements and concentrates on what is of positive impact on the business activities, ignoring the useless, by the application of these strategies. According to Lopez et al., (2017), the key competitive forces in the business level strategy are the source where the firm acquires a competitive advantage and the operational scope of the firm, all basing their argument to the four generic strategies namely; focused differentiation, focused cost leadership, differentiation and the cost leadership. This has been conceptualized in this company, bringing about high yields and a competitive advantage too.
Business Information Systems
An information system is essential to the success of the business, may it be oral or computer generated. Basically, today’s businesses use computers to generate data and process it to useful information which is finally used in decision-making and solving the problems that may arise within the organization. Marketing is enhanced through the application of technological advancements including the production of business brochures, website marketing among others (Peppard & Ward, 2016). Networking among various organizations creates a link for business transactions and coexistence among various firms hence acknowledging the importance of proper and reliable business information systems (Bharadwaj et al., 2013).
Corporate level strategy
Strategic decisions that a business makes for the overall performance of the organization is specifically what the corporate level strategy is concerned with. Tasks performed financially, the management of workforce in the organization and generally the allocation of resources to various departments within the organization are among most valuable aspects of this strategy. There are only three types of corporate level strategies which if effectively applied in a business can cause a great positive impact. They include;
- Value-creating strategy.
This is the strategy put into practice to specifically gain a competitive advantage over the other firms as well as gaining a larger position in the market share. Real and perceived values are therefore added to the business enterprise by actually demolishing the economies of scope.
- Value-neutral strategy
This kind of strategy is established where the business is focused on maintaining its current position in the market and not always concerned with the allocation of a workforce to the organization.
- Value- reducing strategy
This is a very rare case in any business organization and it only happens if there is the need. Mostly the reason to reduce the value in the business maybe just because it is getting too large such that it’s only the top management who enjoy the benefits of diversity in case it is applicable
Recommendations
Proper business organizational strategies should always be embraced through the employment of favorable aspects such as effective marketing, application of the accepted business ethics and productive leadership strategies. XYZ here has not well exploited the required capacity to fully market and avail its goods and services to the customers and needs to establish better business level and functional level strategies. Peregrine module concepts are very effective, and I believe that when utilized by this company, a competitive advantage over the other firms in the industry will be noticed as well as maximization of profits. It should not be assumed, under whichever circumstances. Proper transmission of information is an essential aspect of the business as it keeps the customers informed of the existence and in case a new product is brought into the market. Some improvements on this issue should be exercised in this firm especially in using the current technologies.
Conclusion
Organizational strategies are very important to the success of every business organization as this is the only aspect which provides a sense of direction of where the firm should strive towards. Without proper strategies, the realization of the company’s set goals and objectives becomes unachievable. Organizations generally benefit through the construction of a strong foundation to perform its tasks, avoiding any inconveniences in delivery or customer relations and maintaining the good image of the company. Generally, it is evident from the research that organizational strategies are the key determinant factors for the success or failure of any thriving business organization. Other benefits associated with organizational strategies include evaluating the progress and enhancing proper and effective strategic planning process
References
Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. V. (2013). Digital business strategy: toward the next generation of insights
Chang, J. F. (2016). Business process management systems: strategy and implementation. CRC Press
Chen, S. H., Wen, P. C., & Yang, C. K. (2014). Business concepts of systemic service innovations in e-Healthcare. Tec novation, 34(9), 513-524.
Hahn, R., & Lülfs, R. (2014). Legitimizing negative aspects in GRI-oriented sustainability reporting: A qualitative analysis of corporate disclosure strategies. Journal of Business Ethics, 123(3), 401-420.
Kliger, D., & Kudryavtsev, A. (2016). The Availability Heuristic and other Psychological Aspects of Investors’ Reactions to Company-Specific Events. Behavioral Finance: ‘Where Do Investors”Biases Come From?’, 287.
Lopez, K. J., Pletcher, G., Williams, C. L., & Zehner II, W. B. (2017). Ferengi business practices in Star Trek: Deep Space Nine-to enhance student engagement and teach a wide range of business concepts. The E-Journal of Business Education & Scholarship of Teaching, 11(1), 19.
Min, H. (2015). The essentials of supply chain management: New business concepts and applications. FT Press.
Peppard, J., & Ward, J. (2016). The strategic management of information systems: Building a digital strategy. John Wiley & Sons.
Rikkonen, P., & Varho, V. (2014). Renewable energy futures in Finland: business concepts and opportunities for growth up to 2025. In 5th International Conference on Future-Oriented Technology Analysis (FTA)-Engage today to shape tomorrow, Brussels, 27-28 November 2014. European Commission.
Rosenzweig, E. D., Roth, A. V., & Dean, J. W. (2013). The influence of an integration strategy on competitive capabilities and business performance: an exploratory study of consumer products manufacturers. Journal of operations management, 21(4), 437-456.
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