Identify which ofthe five ‘Generic Strategies’ you believe best meets the target organisation’s needs going forward. You
must justify your decision by discussing all five Generic strategic options.(4OO words)
Please use Coles(Australia) as organisation to
describe and explain.
The five ‘Generic Strategies’
1. Low-cost provider strategies: striving to achieve lower overall costs than rivals
on products that attract a broad spectrum of buyers.
2. A broad differentiation strategy: seeking to differentiate the company’s product
offering from rival’s with attributes that will appeal to a broad spectrum of buyers.
3. Afocused (or market niche) low- cost strategy:
concentrating on a narrow buyer segment and outcompeting rivals on costs, thus being in position to win buyerfavor by means of a lower-
priced product offering.
4. Afocused (or market niche) differentiation strategy: concentrating on a narrow buyer segment and outcompeting
rivals with a product offering that meets the specific tastes and requirements of niche members betterthan the product offerings of
rivals.
S. A best – cost provider strategy: giving customers more value for the money by offering upscale product attributes at a lower cost
than rivals. Being the “best – cost” producer of an upscale product allows a company to underprice rivals whose products have similar
upscale attributes. This option is a hybrid strategy that blends elements of differentiation and low- cost strategies in a unique
way.
Question 2. Develop a new ‘Vision Statement’ for the organisation and identify the most important strategic and financial
objectives for the organisation for the next five years.(350 words)
Please use Coles(Australia) as organisation to describe and explain.
The
strategy – making, strategy-executing process
Stage 1: developing a strategic vision, mission, and values (developing a strategic
vision;communicating the strategic vision;crafting a mission statement and linking the vision and mission with company values).
Stage 2:
setting objectives
Stage 3: crafting a strategy to achieve the objectives and move the company along the intended path
Stage 4: executing
the strategy
Stage 5: monitoring developments, evaluating performance, and initiating corrective adjustments
Revise as needed in light of
the company’s actual performance, changing conditions, new opportunities, and new ideas.
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