Video Discussion 1
Business Studies Video Discussion 1
A company’s business model; in the video, Simon Sinek describes a business model as a way through which a company generates, captures and delivers value in different contexts such as economic, cultural and social perspective, and it can also be part of business strategy. Primarily business model can be used to refer to essential business features such as the target customers and other operational processes (Sinek, 2009). The idea of business model has been merged with accounting standards and is used in determining whether some assets should be measured in fair value or remunerated costs.
Realized Strategy; this is the strategy that guides the firm in its operation. A realized strategy always comes from the company’s intended strategy as the firm still recognizes its strength from what it is doing. A company like Apple started by making great and beautifully designed computers and by venturing into other business like making, iPad, iPhone which is a realized strategy gave them an advantage over other software companies, and they have been able to earn their customer’s trust from the realized strategy.
Company Values; they are the essential beliefs of a company. The values are guiding principles, and they determine how the firm is being run. A company’s values help the company in determining whether it is on the right track and whether it is meeting its goals or it’s going off the track. A company’s core values help the company in remaining in its line of operation without venturing into some business practices which it was not meant for (Sinek, 2009).
Business Strategy; a business strategy which is also known as strategic management is the art and science of forming, assessing and putting into action the decision and the plans that will help the business in realizing its short-term and long-term objectives. The business strategy supports the company in recognizing and specifying its goals, mission, and its vision. Through strategic management, the manager will coordinate the different activities within the firm to achieve both the long-term and the short-term objectives (Sinek, 2009).
Macro-environment; a business micro-environment are the factors that do not affect the business’s operations directly. The forces are out of business control. They can be classified as the economic and non-economic environment. The economic macro-environment comprises of political stability of the country, financial system and government policies (Sinek, 2009). The non-economic macro-environment includes cultural values, technological advancement, and demographic forces. The macro-environment of a firm also affects the business’s performance. Therefore, the company should also put them into consideration for it to prosper.
Key success factors; the key success factors depend on what the organization does and what the firm is. There are five major organization success factors. 1. Developing and managing people. Leaders must understand that people of today need freedom and some inspiration in the process of developing and implementing their skills. Therefore the managers should not manage people in a given direction; they should lead each person according to his or her needs. 2. Strategic focus. Leaders should focus on achieving the company’s objectives such as an increase in profit and sales by utilizing the available resources. 3. Operations. Leaders should ensure that the firm is operating effectively by letting the customers get what they want, on time and the prices of the products should fair. 4. Physical resources. Resources such as facilities, equipment and funds should be utilized, and leaders should ensure that are efficiently used in the business. 5. Customer relations. Customers are a very important to every business, as they are the reason why a business stands or falls. Customers should get what they want and in the way they want for a business to have a successful customer relation (Sinek, 2009).
Resources; it is a productive factor that is needed to complete an activity or an element that can be utilized for a company to realize its intended outcome and to achieve its objectives. Resources can be categorized as renewable and non-renewable depending on their availability (Sinek, 2009). They can also be classified as potential or actual resources depending on origin and use. When a company utilizes the available resources, it can easily attain its short-term and long-term objectives.
Benchmarking; this is the process of assessing a company’s products and services and its other operations with those other companies that are considered to be best in the production of the services and the products. The main aim of benchmarking is to help in recognizing chances that the company can utilize to improve its performance. Benchmarking is crucial as it helps one company to grow in its operation and it can up its game and produce goods and services that are of a higher quality as compared to what it provided before, and this will help the company in conquering the market (Sinek, 2009).
Competitive strategy; this is the long-term plan adopted by a specific company to outdo its competitors in the same industry after a given period. It is crucial for companies that operate in a very competitive market so have such plans for it to dominate the market or for it to have more customers for its products than the companies in the market. Competitive strategies may include cost leadership where the company gives high-quality products at a fair price (Sinek, 2009). Differentiation leadership where the company provides a different brand of products as compared to its competitors, cost focus where the firm focuses on providing products at a lower price than its rivals. These strategies will help the company in triumphing over other companies as customers will prefer their products to the products of the rival firms in the industry.
Best cost provider strategy; this is where the business provides its customers with high-quality products at a lower and affordable price. This strategy can work very well in markets where the consumers are very keen about the price, and there is also very high competition such that consumers prefer to buy products from the business that offers them in low quality. For a firm to adopt the best cost policy, they have to do the following; add different features and services to your product that is not available in the products of your competitors. Advertise your product and let the customers know the difference between your products and those of the other competitors in the industry and let consumers know that you are offering the best products at a lower price (Sinek, 2009). Get views of your customers on the products you provide and what they like to see in the product that is not available. With this strategy, a business will be able to achieve its objectives and increase the profit level, though the business sells its products at a lower price, the sales volume is high making it possible to get higher profits.
Sinek, S. (2009) start with why-how great leaders inspire people to take action/TEDxpugetsound https://www.youtube.com/watch?v=u4ZoJKF_VuA
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