Week 6 - Final Strategic Plan
Running head: Strategic Plan 3: Business, Corporate and Global Strategies 1
Strategic Plan 3: Business, Corporate and Global Strategies 7
Business, Corporate and Global Strategies
Introduction
The concern of this project is to provide an evaluation of potential strategy levels of Voxx International Corporation is a celebrated global distributor of manufacturer automobile and electronic and consumer’s accessories industries (Voxx International Corporation, 2019). The company grew over 30 brans globally over the years; thus, achieving international and regional image. The corporation indulges in myriad business strategies to ensure enterprises prowess, continuation, and competitive advantage within the market proliferation and free-market competition appraisal. Potential business strategies levels provide basic information for corporate levels, possible global strategies levels, and a prerequisite step in business plan and organization performance at internal and external standards. The purpose of this strategic plan discussion is, therefore, to provide pragmatic and hypothesized levels of Strategies for the corporation regarding competitive advantage, productivity reinvention, and proactivity in business performance and measure of the quality outcomes. The strategy Voxx International employs within the business – level, corporate level, and global level leverage the strategies fundamental in further recommendations.
Strategic Business Level
The business strategy level provides fundamental measures to counteract potential rivalry by providing substantial techniques to leverage performance and profitability. The firms decide on the appropriateness of the strategies either differently from the rivalry companies or in even means with advanced application to outweigh the competitor's analysis. Therefore, Voxx International Corporation employs myriad techniques to achieve a competitive advantage at the business label. The corporation produces goods and services for the external market to obtain a position in mission and objective accomplishment. There are various bruises- level strategies that the company uses to achieve competitive advantage (Ritson N, 2011). The approaches include unit cost and peculiarity in performance. Therefore, the corporation chooses on significant and narrow competitive analysis in the market. The concepts incorporate fundamental business strategies such as charge leadership approaches, differentiation approaches oriented low-cost methods, and focused separation strategies in the market. Therefore, the company employs the strategy to achieve the advantages of business-level strategies such as low cost of production, the good business investment return, and business continuation.
At the business – level strategies, Voxx International employs significant techniques to impact market competition and penetration relative with the competitors positively. The employment of the Voxx family brands is an essential strategy in unique of the branding fundamental for market penetration and retention. The brand portfolio establishes robustness in-market acquisition and retention to meet global market demand. Moreover, Voxx International Corporation, the company provides bottom-line performance to sustainable performance of the shareholder return strategies for a collaborative and cohesive work deliverable. Therefore, the company employs leadership and differentiation strategies to facilitate a business-level approach in the production and continuation of the business.
Corporate level strategies
The organizational approach is fundamental to establish the business firm indulges in and formulation of the firm structure and performance influencing internal and external activities in myriad dimensions. Therefore, Voxx international Corporation accommodates corporative strategy for the formulation and structure planning of the business to provide critical managerial and cohesive workforce management and product production synergies. The firm developing healthy, organizational culture and workforce synergies is necessary for the output performance and deliverables in the market acquisition and deliverables relating to product production structure and formulation (Awino Z, Muteshi M, Kitiabi R & PokhariyaL, G, 2018). Therefore, Voxx international employs various techniques to facilitate production planning and performance formulation. The corporation articulates the persuasion of strategic and complementary acquisition; maintains the acquisition criteria to avoid pricing and actuation predatorily. The concept facilities the corporate strategy level in Voxx international to establish a robust product and market retention in automobiles, customer accessories, among other products and services.
Global strategies for the organization
The development of market proliferation and world economy leads to adaptation of the multinational enterprise (Yaprak, A., Xu, S., and Cavusgil, E. (2011). The implementation of global strategies provides international performance strategies and management in business applications. Voxx International Corporation manufactures and distributes automobiles and customer accessories, among others, within the global platform. Due to documentation, the corporation provides a universal image for market penetration, global standards, and rules and regulations recommendation. The corporation delivers a strategy to leverage domestic and international networks of distribution to establish a robust relationship within international and local market coverage. The company employs networks such as Car Dealers, OEMs, retailers and a comprehensive chain of distribution. The plan is essential at the international level in proving goods and services. The strategy of worldwide presence is a fundamental approach demonstrating myriad techniques in performance and continuation of business at Voxx International Corporation. The availability of physical presence in Europe, Canada, and China strategy creates comprehensive business appeal due to physical transactions and contracts. The corporation employs myriad techniques to facilitate the international market, customers, and satisfaction for global image and profitability.
Recommendations
Levels of strategies such as business, corporate, and global are integral approaches in the use and development of positive performance in a Corporation. The company requires synergies in the levels of the strategies to facilitate the all-inclusive and comprehensive market acquisition, maintenance, and production. Therefore, an integrated platform for the business, corporate, and intentional levels are fundamental in strategic planning and leverage in business performance. For instance, Voxx employs a business strategy level in the acquisition of the market through low unit cost and unique performance to facilitate competitive advantage, ensuring profitability and business continuation.
Similarly, the application of the corporate strategy level is vital in business management and leadership synergies for formulation and business structure. The global strategy provides international image and appearance of the company to accommodate proliferation and free-market standards without involvement in antitrust violations such as pricing predatory. Therefore, the corporation should employ an integrated strategic plan to include business, corporate, and global approaches in market management.
References
Awino, Z., Muteshi, M., Kitiabi, R., and Pokhariyal, G. (2018). Firm-Level Strategy, Organization Culture, and Performance of Food and Beverage Manufacturing Firms in Kenya. International Journal of Business and Management. Vol. 13, No. 8. -ISSN 1833-8119
Ritson, N. (2011). Strategic Management. Neil Ritson & Ventus Publishing ApS: ISBN-978-87-7681-417-5
Voxx International Corporation. (2019). VOXX International Corporation sets a date for Its Fiscal 2020 Third Quarter Results and Conference Call. Retrieved from: https://investors.voxxintl.com/node/14516/pdf
Yaprak, A., Xu, S., and Cavusgil, E. (2011). Effective Global Strategy Implementation: Structural and Process Choices Facilitating Global Integration and Coordination. DOI 10.1007/S11575-011-0071-6