Notes and Summaries for Strategic Management and Decision Making Analysis || 1
1. Strategy :- It includes competitive moves and business approaches that managers adopted because of satisfying the needs of the customer and to achieve objectives of the organization. According to William F. Glueck “A unified, comprehensive and integrated plan design to assure that the
A strategic group is a collection of firms in an industry with similar approaches and market positions. It is a
technique for displaying the different markets and competitive positions
that the rival firms are occupied in the industry. An industry includes only
one strategic group when all sellers have identical strategies and comparative market positions.
· Stability Strategy :- In the present competitive era, one of the important objective of an organization to remain stable in the market to safeguarding assets, to continue in the chosen business path, to maintain efficiency, to maintain the position which already reached and to get better returns on the resources. It is the best alternative during the time of recession. During recession business faced reduced demand of its products even at low price. Funds are become scare and profit declines and organization is tried to reduce its cost. They work hard to maintain their existing market share so that company survive in the market.
1. Marketing strategy formulation :- It constitutes different processes, functions,
activities for satisfying the needs of the individuals and customers. According to Philip kotler , marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others. One of the important concept of marketing strategy is marketing mix which is describing here as under:
Competitive advantage is the unique position of the firm from which it attract more customers towards its products or services. Competitive advantage means the firm has something which does not has with other firms e.g. very low cost leadership among all firms in the industry. It is very important position to maintain and sustain market position. It is the ability to offers buyers something new and different which provide more value of money to the customers. This position is also helpful for increase the market share and demand of products or services.
1. Six sigma is nothing but providing defect free products or services. Six sigma is a process that help in developing and delivering near perfect products or services. The main objective behind six sigma is to meet and improve quality and cost in outputs of the organisation. In six sigma enterprise has continuously revising the current standards and establishing higher once. It aims in improving customer satisfaction. For implementing six sigma there are two methodologies which are as (i) DMAIC (ii) DMADV