Assignment Example on Strategic Management

Describe firms that have successfully combined multiple strategies.

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Various multinational companies have adopted the decision to use multiple strategies which contribute significantly to their success. For instance companies such as Nike, Red bull, Dominos, Airbnb, Apple, Starbuck, and Wal-Mart among others. Ideally, a strategy refers to a plan that is established with the aim of helping the organization to achieve their long-term goals and objectives. Therefore, multiple strategies thus relate to the situation where a firm utilizes various techniques to enhance it operational sustainability in the industry. By looking closely, the firms above use multiple strategies in their operations. As these companies continue to expand globally, they adopt various products lines that support their revenues in each of the geographical locations (Hamilton, 2016). Take for example; Dominos uses the multiple strategies to achieve its success whereby it provides various pizza flavours depending on the market. For instance, dairy, bread, and cheese are common Pizza toppings, but dairy products are not acceptable in China. For this reason, Dominos adopts a different strategy that suits this particular target market. Similarly, in India, the standard food is seafood, hence Dominos changes their strategy to satisfy the needs of this market segment and so on.

Do multiple strategies seem to help their performance? Why or why not?

Yes. In my opinion, multiple strategies appear to be playing a significant role in boosting the performance of these companies. It is because, for instance, as given in the case of Domino's Pizza, they use multiple strategies to serve the needs and preference of each customer segment. As a result, it leads to customer satisfaction regardless of diverse consumer needs especially as dictated by their cultural settings. Usually, customer satisfaction is directly linked to increased market share, increased customer loyalty, increased sales revenues, and increased operational efficiency of the firms (Hitt, Ireland, & Hoskisson, 2013). It thus explains why these multinational firms are the business leaders in the industries they operate. Additionally, they are successful in various countries across the world due to adopting multiple strategies in their operations.

What are your observations regarding the role of senior-level managers in formulating multiple strategies in terms of growth?

My observation is that the senior level managers of the firms that utilize the multiple strategies play a significant role in devising these plans (Paroutis & Pettigrew, 2007). Usually, the top level management has the duty and responsibility to ensure that the organization formulated plans and policies that support the mission and vision of the firm. In this case, the senior managers thus take part in formulating these plans. Their contribution can be either directly through suggesting ideas or indirectly through supporting other ideas from other people in different levels of management within the organization. These managers value the contributions of each of the employees and embrace the fact that even common employees can provide an idea that is vital in developing multiple strategies. Therefore, the efficiency of the senior managers is critical in formulating effective strategies.

Do senior managers appear to use multiple strategies for the sake of growth, from egotism, as anti-takeover tactics, or for what is really best for the organization?

The senior managers use multiple strategies for both the growth and for the best of the firm. Furthermore, the senior management is responsible for ensuring that the organization maintains and implements effective strategies that aim at achieving the core goals and objectives. Consequently, following the turbulence of the external environment, senior managers use multiple strategies to adapt within the frequently changing environment. For instance, due to globalization and technology advancement, the methods of operations are changing due to the changing consumer needs and preferences. When faced with such challenges, the senior managers adopt multiple strategies to ensure that they fit in the changing environment (Hamilton, 2016). This is exactly what the best is for the organization is since enhancing sustainability boosts the growth and ensures that they maintain a competitive advantage.

References

Hamilton, R. (2016). Consumer-based strategy: using multiple methods to generate consumer insights that inform strategy. Journal Of The Academy Of Marketing Science, 44(3), 281-285. doi: 10.1007/s11747-016-0476-7

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2013). Strategic management: Competitiveness & globalization. Mason, OH: South-Western Cengage Learning.

Paroutis, S., & Pettigrew, A. (2007). Strategizing in the multi-business firm: Strategy teams at multiple levels and over time. Human Relations, 60(1), 99-135. doi: 10.1177/0018726707075285