Response to Classmates Discussions

Week 3 - Discussion

Guided Response: Respond to at least two of your fellow students’ posts in a substantive manner and provide information or concepts that they may not have considered. Support your position by using information from the week’s readings. You are encouraged to post your required replies earlier in the week to promote more meaningful and interactive discourse in this discussion forum.

Deontray Johnson

Greetings all,

According to Goran, those in charge of a company need to understand what they are in business, to whom they are catering, and what makes the customers continue to be loyal to that particular brand (2017). Both products and companies have a lifecycle, some quicker than others (Dempsey, 2018). Without a clear vision and purpose, it is hard for a company in this day and time to stay competitive in this market. There are companies on the market; they have the mindset that they can do it better, cheaper, and faster. 

Aileron states that without a plan or vision, it is hard for both people and a company to move forward (2011). When we as leaders become comfortable, we lose sight of what is most important, the people that we serve. People are loyal to particular brands but are will to make changes when things go wrong (Aileron, 2011). Aileron later goes on to say that reviewing is a key step that should not be overlooked. We should continue to plan, prepare, and execute if we plan on staying competitive. 

On the other hand, Uggla talks about the company brand and how it works for the company (2015). Reading a Forbes article, Coco-Cola had to distinguish itself from all other fizzy drinks on the market (Mclaughlin, 2011). Anybody or any company can be just good at what they do, but the question is, what does a company do best to stand out amongst its competitors. Going back to Aileron, it is important to know what drives your customers, and therefore research may be required. Today this theory is much easier as technology drives the majority of this. It is important for stores that are both brick and mortar and online to stay current with the market. We live in a time where convenience is a plus; shop online, and it is delivered to my front door. 

A business strategy today would probably outline such as this:

1. Who are my competitors, and what are they doing to increase their market share?

2. Who are our customers, and what do they like/dislike about our products?

3. What is the next phase of our product?

4. Are we cost-competitive in our sector?

5. What can we do to improve our carbon footprint?

6. Where do we see this company as opposed to where we would like to see this company short term over long term?

References: 

Aileron. (2011, October 25). Five steps to a strategic plan (Links to an external site.). Forbes. Retrieved from https://www.forbes.com/sites/aileron/2011/10/25/five-steps-to-a-strategic-plan/#3199e5254645

Dempsey, B (2018, January 11). Business Life Cycle Spectrum: Where are You? Forbes. Retrieved from https://www.forbes.com/sites/theyec/2018/01/11/business-life-cycle-spectrum-where-are-you/?sh=57132f1ef5e8

McLaughlin, J (2011, December 21). What is Brand Anyway?). Forbes. Retrieved from https://www.forbes.com/sites/jerrymclaughlin/2011/12/21/what-is-a-brand-anyway/?sh=5b68b5f52a1b

Paunovic, G. (2017, December 6). The single strategy you need to fuel business growth right now (Links to an external site.). Forbes. https://www.forbes.com/sites/forbesagencycouncil/2017/12/06/the-single-strategy-you-need-to-fuel-business-growth-right-now/#35b9fdd42c59

Uggla, H. (2015). Aligning brand portfolio strategy with business strategy. IUP Journal of Brand Management, 12(3), 7-17. Retrieved from http://www.iupindia.in/Brand_Management.asp

Lisa Schreiner

A business strategy is an organization’s pathway to achieving success. This pathway maps the step-by-step process business leaders determine the company’s current state and how they intend to reach the future goals set forth. Intend is the keyword here since the business strategy must be nimble to absorb changes as the business or environmental climate deems necessary. A well-thought-out, achievable, and reasonable business strategy consists of various components. For example, how the organization will brand its product name or service logo. Uggla (2015) discusses branding through acquisitions, co-branding, and expanding an existing brand’s offerings. According to Aileron (2015), “determine where you are, identify what’s important, and determine who is accountable” (para. 5-10). Mistakes companies make when developing their strategies is ignoring the customer experience strategy that is essential to any organization (Paunovic, 2017, para. 18). Branding strategies also find their downfalls. According to Uggla (2015), “Premature co-branding or co-promotion can however be extremely dangerous for

the long-term business strategy. By over-leveraging and capitalizing on major artist brands in this way, major sales opportunities at real musical retail stores were lost in favor of a short-term channel leverage through co-branding with McDonalds” (p. 13).

 

References

Aileron. (2011, October 25).  Five steps to a strategic plan . Forbes.  https://www.forbes.com/sites/aileron/2011/10/25/five-steps-to-a-strategic-plan/#3199e5254645 (Links to an external site.)

Paunovic, G. (2017, December 6).  The single strategy you need to fuel business growth right now (Links to an external site.). Forbes.  https://www.forbes.com/sites/forbesagencycouncil/2017/12/06/the-single-strategy-you-need-to-fuel-business-growth-right-now/#35b9fdd42c59 (Links to an external site.)

Uggla, H. (2015).  Aligning brand portfolio strategy with business strategy . IUP Journal of Brand Management, 12(3), 7-17.  http://www.iupindia.in/Brand_Management.asp