Competitive Strategy : YouTube e-activity

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In the given YouTube e-activity, the concepts, and ideas related to strategy is discussed by the author. For example, the ideas related to what is the actual meaning of a strategy and what should considered by the business firms in crafting of a strategy. Moreover, it is analyzed that, how to formulate a strategy and what is the important role of strategy in the success of the company. A strategy should be applied by the companies as an attractive method that can help in addressing the boundary lines of an organization (Amason, 2010). In this way, it should offer strategic direction about the competition in the market so a firm can be able to take core competitive advantages. A strategy should also be related with the innovative business practices of a company (Carayannis, 2010).  For example, a strategy should analyze overall business situation of an organization. The second element of strategy is about delivering the value for the customer. It means what types of value would be offered by the company to the customer to encourage them. On the other hand, the third element is about organizational capabilities and resources. Simply, a strategy must offer scope to companies to effective utilize the organizational wide range of resources. The final element is about sustaining the unique value. So, all these are the major tools of a strategy that should be considered by any organization in crafting and developing strategy (Kryscynski, 2016).

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The above concepts extracted from the e-learning would be applied in the Telstra that is largest fast growing and leading communication and Media Company in the Australian market. For example, by using the concepts associated with the strategy and strategy formulation, the company would be able to make attractive, dynamic and customer oriented business strategies that would help in achieving the competitive advantages over the competitors. Additionally, the concept of strategy would also assist the employees of the company in fulfilling the organizational long term objectives in a more dynamic manner. Additionally, it would also play a key role in overcoming the organizational error and improving the brand reputation in the whole market. The concepts of strategy would also assist the company in reducing the operational additional costs by utilizing available resources. Moreover, the company would also have specific market opportunities in order to generate long term profit effectively. For case, this would help it in enhancing the goodwill in the market(Sadler, 2003). On the other hand, the company should also focus on using all the elements of strategy formulation in order to maximize the market share. For case, the concept of strategy formulation would assist the company in analyzing both internal and external business situation and adopt specific methods to overcome business issues. Moreover, the company can be able to overcome its major strengths by reducing the weakness and getting the opportunities. Along with this, the idea of strategy would also suggest the company about what kinds of products and services should be delivered by the company for the customer to improve company image effectively(Kryscynski, 2016). Apart from this, the company can also bring innovation and development in its current organizational business process, methods and strategies by adopting such concepts. Hence, the company must effectively adopt such concepts in order to gain competitive scope.

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The given e-activity suggests that, Cultural, Administrative, Geographic and Economic differences are the four major and specific CAGE Frameworks that must be applied and used by business firms in order to gain global and international business opportunities. Moreover, all these should also be used by the international business firms in developing and design of global business strategies. It is essential and more valuable for the companies because this framework allows international organizations to effectively understand the aspects of international trade, people flows, capital and information. Moreover, with the effective use of this CAGE framework, the business manager can also analyze as well as access the influences of distance on various business industries (Ghemawat, 2011). In the same way, a manager can be able to see potential business issues and challenges and adopt specific strategies to overcome such issues. Simply it can be said that, business manager can be able to get potential profitable opportunities in the foreign market by using this framework in an effective and proper manner. Moreover, based on this CAGE framework, the managers can make decision about the locations by considering the different elements such as raw material costs, access to markets or consumers, or other key decision criteria (Ghemawat, 2016).

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The above learned new concepts would be applied in the NBA (National bank of Australia). For example, in the current time, NBA is using this CAGE framework in order to achieve competitive advantages and creating unique image in the eyes of customers. Moreover, with the help of cultural distance, NBA is able to searching dissimilarities in relation to the way individuals from different countries observe certain values and behaviors (Dobson, Starkey,& Richards, 2009). On the other hand, thorough cultural distance, NBA is finding the differences existing in relation to the way individuals from different countries observe certain values and behaviors. Additionally, through, administrative distance, NBA is able to find the information related to the historical and present polit­ical and legal associations between trading partners. Moreover, geographic distance helped the NBA in identifying the size of the country, differences in climates, and nature of transportation and information networks. Finally, economic distance provided information related to fundamental differences relating to income, the distribution of wealth, and the relative purchasing power of segments of a geographic market. Overall, it can be said that, NBA is using CAGE framework in making the global business banking strategies and tactics that helped in improving the market share, improving the customer satisfaction rate, enhancing the profit, marketability and revenue at the global level in an effective and proper manner (Ghemawat, P. 2015).

References

Amason, A. (2010). Strategic Management: From Theory to Practice. UK: Taylor & Francis.

Carayannis, E. (2010). Strategic Management of Technological Learning. USA: CRC Press.

Dobson, P.W., Starkey, K. and Richards, J. (2009). Strategic Management: Issues and Cases (2^nd ed.). UK: John Wiley & Sons.

Ghemawat, P. (2011). World 3.0: Global Prosperity and how to Achieve it. UK: Harvard Business Press

Kryscynski, D. (2016) What is Strategy. Available At: https://www.youtube.com/watch?v=TD7WSLeQtVw[Accessed on 20Aug 2016].

Varbanova, L. (2013) Strategic Management in the Arts. UK: Routledge.

Sadler, P. (2003) Strategic Management. USA: Kogan Page Publishers.

Ghemawat, P. (2015). CAGE framework to evaluate international trade opportunities. Available At:https://www.youtube.com/watch?v=7FpUJaG7uMk[Accessed on 20Aug 2016].

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