Competitive Strategy Asian Perspective

Question: Discuss about the Competitive Strategy for Asian Perspective. Answer: Business Strategy: Business strategy can be defined as the planning for long-term business. Strategy is like a buzz word which is used when any company wants to demonstrate its business. A business strategy is concerned about business activities i.e. how to raise fund and what and where to produces to get profit etc. In modern day business, executives have to develop a set of tactics to achieve the goals of business. A good strategy consists of four key questions: Where do company compete, What unique values the company is providing to its customers, What resources and capabilities do company utilize, How does the company sustain unique values (Kryscynski, 2015). From the first question, company tries to identify the target market i.e. the market that will be suitable for the company to achieve its targets and from where the company will be able to generate revenue. . From the second question, company will be able to know that what unique values i.e. cost, images, style etc should be provided to the customers in its products so that they choose its products compared to competitors. Simply, it means that how the company is different from its competitors. From the third question, company will be able to identify that what type of resources like technology, Connections Company have to compete in the market. Capabilities refer to the ability of the company to serve its customers and how uniquely a company serves to its customers. From the fourth question, company will be able to identify the limitations and barriers the company is facing to provide the unique values to its customers and what are the problems company is facing in giving services t o its customers (Mun, 2010). Applications of keys in organization: These four keys of business strategy can be applied on a famous pharmaceutical company, Pfizer. The target market of this company is pharmaceutical market by manufacturing unique medicines and vaccines. Company provides unique values to by offering four approaches beyond medicines: treat, treat, build and serve. Company has smart labs for manufacturing medicines. With this, it has strong sales, marketing infrastructure and RD department. But company takes much time in development of new medicines so RD department should decrease its time in development (Pfizer Inc, 2016). The company has unique resources and technology to serve its customers. Company always takes feedbacks from its customers and community pharmacists to increase values among them. According to their feedbacks, it has also given opportunity to pharmacists to give their contribution in the dealings of the company (Australia unlimited, 2015). Business Model Innovation: Business model innovation refers to innovation in the current business model of particular business to increase customer values and satisfaction and to create competitive advantage. By innovating new products, company can deliver high customer value. Sometimes innovation is not about new technologies, research and development, or creating new ideas (HSGUniStGallen, 2013). Most of the time innovation is about learning from others and re-inventing business model keeping in minds success factors. Business model consists of four main questions: Who are the target customers of the company, What the company is offering to the target customers, How does the company create the value to the customers, How does the company create value? Business model innovation changes at least two of the dimension from four questions. Most of the business adopts, refines and combines the business model patterns which are identified by other successful industries. Companies often apply creative innovations by comparing with identified 55 business models patterns. Business innovations have four main factors to innovate business model: Initiation: Analyze current business model, Ideation: Compare current business model with identified 55 business model patterns to change basic assumption and to learn from other industries, Integration: need to check consistency of current business model to get details about raising questions, Implementation: Time to implement new innovations in business model. It is important to not only gain qualitative and quantitative data to verify the assumptions about new business model but also not to forget about the soft assumption about the innovations. Soft assumptions are that one model should be implemented at a time, innovation needs time and it is not short-time process, and there should be commitment of top management in new business model (Dodgson, Gann, Phillips, 2014). Applications of keys in organization: The assumptions of business innovation model can be applies on the Australian company Planet innovation. The company is famous for Biomedical and Hi-tech devices. It is Australias most innovative country (Langsdon, 2015). The company is also famous for developing commercialized products which creates positive impacts on the society. Company has also full engineering capabilities which are required to develop the devices. In the initiation part, by analyzing that many high growth companies achieve success with changed business model, company has also changed its business model. Company has analyzed its current business model and then compare to other business model patterns. In ideation, it learned that serving companies are moving into selling products, products companies are selling hybrid and companies are creating new channels to attract customers directly. In integration, company got knowledge about changing business models of other companies like home automation industry is also selling technology products, in medical diagnostic industry is moving to service model and product business is also creating a new business model by offering hybrid products at home service. By all these analyze, company has also implemented new features in business model. It has established design and manufacturing facility for medical devices and combined commercial model and product innovation. It introduced hybrid pr oduct model, the mixture of product, subscription and service (Elliott, 2014). So, it can be analyzed that business strategy and business model are the essential part of any particular business. Without perfect strategy and planning, company will not be able to compete in the target market. To survive in the market is like to fight in the market war for the industry. By the perfect innovation in the business model, a company can be able to compete with its customers and it can be able to generate revenue from new business model. References Australia unlimited, (2015), Australian science shines for Pfizer, accessed on 22th August 2016 from file:///C:/Users/Guest/Downloads/Invest_CaseStudy_Pfizer_March2015.pdf Dodgson, M., Gann, D., Phillips, N (2014), The Oxford Handbook of Innovation Management, UK: Oxford university press Elliott, S., (2014), accessed on 22th August 2016 from https://static1.squarespace.com/static/5509ff29e4b0ed764d676b33/t/55358914e4b0e7346a9d3cd8/1429571860072/pi_presentation_airg_26_aug_2014_-_elliott.pdf HSGUniStGallen, (2013), accessed on 22th August 2016 from https://www.youtube.com/watch?v=B4ZSGQW0UMI Kryscynski,D., (2015), accessed on 22th August 2016 from https://www.youtube.com/watch?v=TD7WSLeQtVw Langsdon, R., (2015), Planet Innovation again named Australias Most Innovative Company, accessed on 22th August 2016 from https://planetinnovation.com.au/planet-innovation-again-named-australias-most-innovative-company/ Mun, H., (2010), Global Business Strategy: Asian Perspective, Singapore: World scientific publishing co. pvt. Ltd. Pfizer Inc, (2016), Pfizer Expands RD Equity Investment Strategy to Access Early-Stage Scientific Innovations accessed on 22th August 2016 from https://www.pfizer.com/news/press-release/press-releasedetail/pfizer_expands_r_d_equity_investment_strategy_to_access_early_stage_scientific_innovations