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byEconomist —May 02, 2023 0

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Med B Strategy Rediafile

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A business strategy is an outline of the actions and decisions a company plans to take to reach its goals and objectives. A business strategy defines what the company needs to do to reach its goals, which can help guide the decision-making process for hiring as well as resource allocation.

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Areas of activity development

The company has 3 main choices to pursue the development of its activities:

Focus on the growth of existing activities;

Maintain its activities at their current level in order to stabilize the business;

Give up some activities to refocus on others.

To implement these lines of development, it must adopt a strategy and determine the means to be implemented to achieve the set objectives. Here are the main business strategies

Company strategies

The strategy deployed by a company must enable it to seek to obtain competitive advantages. The goal is to set yourself apart from your competition, to do at least as well as them, if not better. A company has an interest in preserving its success factors by making them difficult to imitate.

The main business strategies are as follows:

The cost domination strategy,

The innovation and technology strategy,

The differentiation strategy

Cooperation strategies.

The cost domination strategy

The innovation and technology strategy

The differentiation strategy

Cooperation strategies

Definition of the strategy, the ODA model It is about building an economic model "ODA", Original, Sustainable and Acceptable.

Original: it is closely aligned with the identified strengths of the company and the expectations of customers. Sustainable: it offers a model of value creation that is difficult to imitate or replace in the short and medium term.

Acceptable: it is realistic and the expected cost-benefit ratio leans very clearly in favor of the benefits. The strategy is actually a 4 phase loop

Giving meaning and meaning Orientation, purpose, definition of performance, information sharing.

make choices Question, collect, compare, develop alternatives, explore doubts, assess risks and build the business model.

make it achievable Implement, assign the appropriate personnel, ensure the means, allocate sufficient resources and manage performance.

Correct, improve Analysis, collective creativity, reframe strategy, grasp emerging strategies.

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