Coordinating Business Strategies and Operational Needs in Business
Recently, new innovations and transformations in the global business arena have created a fast-paced business environment which now requires managers to be acutely resourceful and proactive to make headway. This recent development might very well explain the pervasive application of time-tested organizational strategies such as Porter’s Five Forces Model primarily designed to aid managers to align set business strategies with the prevailing operational needs at a specific point in time. The rationale behind the application of this particular framework is often to promote inter-organizational and intra-organizational cooperation while also aspiring to improve an organization’s capacity for identifying its own potential strengths and weaknesses.
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I thus contend that proper coordination of business strategies and operational needs is a valuable and much-needed step towards organizational growth and development and a prime reason why it is quite fundamental to discuss some of the most efficient business coordination available today.
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Creating Competitive Advantage within a Given Business Sector
One of the key initial strategies for managers to adopt in the pursuit of coordinating business strategies with actual operational needs is to first ensure their core defining objective is to create a degree of competitive advantage for the company. This process would normally entail maintaining team fully aware of their roles and responsibilities while also proving capable and competent enough to aligning personal goals with organizational objectives. Managers should, therefore, consistently strive to compete with potential rivals in their sector as one of the most reliable strategies to securing a substantial and lucrative market share (Griffin, 2013). Nevertheless, they must strive to consistently operate within the confines of the law; observing key industry regulations and best practices as a fulfillment of obligations associated with business ethics.
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Identify Potential Challengers and New Entrants in the Market
Managers can also coordinate set business strategies with operational needs in business by adhering to an operational framework where potential entrants are immediately identified and strategies adopted to counter their influence. Major fast-food franchises, such as McDonalds and Dominos, have mastered the art of identifying new potential entrants in the market as an important step towards the threat posed to their dominance (Greve, 2017). It is only after identifying any new entrants and their influence in the market that they are able to proceed with their business strategies especially since they are now able to gauge the breadth of their operational needs. However, a sizable portion of dominant companies and organizations benefit from the very fact that the potential growth of new entrants in a given market is ordinarily hindered and challenged by the prevailing state of a regulatory environment.
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Identifying Reliable Suppliers and Maintaining a Loyal Clientele
While attempting to determine the practicality of operational needs as they relate to business strategies, managers should always remain poised to identifying reliable suppliers in the market while maintaining their customer base. Reliable suppliers are an invaluable asset for any given organization primarily due to their ability to fulfill major labor requirements and proceeding further to fulfill raw material requirements. Besides, supplier are also a valuable asset for major companies functioning as industrial hubs. They are tasked with managing company infrastructure, sanitation, providing catering services, and providing key amenities in their role as service providers. Before aligning operational needs with business strategies, businesses must also remain cognizant of the power and importance of customers in the success. For instance, the flag carrier WestJet recently attributed its $10.3 billion annual profit the presence of a loyal customer base contented with services on offer (Davenport, 2021). This, eventually, shapes the response of industry leaders; especially when attempting to implement customer-friendly initiatives.
Awareness of Threats to an Organization’s Position
Prior to implementing economically-sound business frameworks and coordinating them with business strategies and operational needs, business managers should always remain cognizant of potential threats to their position. One of the main threats to the existing dominance and hegemony of a business within any given sector is the presence of substitute products within their sphere of influence. These products are typically lower in price and often present a much-needed alternative for any given target market. Gephart & Saylors (2020), noted that the emergence of cheaper substitute modes of transportation, such as steamers, electric trains, and Eco-friendly electric cars, pose a major threat to the commercial airline industry simply because what they offer is a “likable” alternative. Such threats are best addressed by always relying on shrewd leadership based on a functional organizational framework with a clear figurehead and elaborate departmentalization within the existing organizational structure.
In conclusion, attaining organizational success is a methodical process which often calls on managers to develop sound business strategies before proceeding to align them with a set of organizational needs. Attaining this objective may partly rely on how well an organization is able to implement key strategies such as those espoused by Porter’s Five Forces Model. Yet, some of the most important steps to consider include focusing on creating competitive advantage, identifying new entrants in the market, identifying reliable suppliers and a loyal clientele, and being aware of possible threats to an organization’s dominance.Order Unique Answer Now