Business Studies Coursework - 825 Words

Business Studies (Coursework Sample) Content: Business StudiesStudents NameInstitution Affiliation6.1The applied strategies in broad business generic are independent of the industry or firm. Among these is the cost leadership strategy, which demands low production cost for a specified quality level. For example, the products from the firm would be aimed for prices, which result in profits above those of rivals or just less than the industry prices to attain a market share (Rothaermel, 2013, p.592). Ensuring cost advantage practices include enhancing efficiency in processing, accessibility to unique low cost materials, avoiding unnecessary expenditures, and promoting vertically integrated decisions. Among the risks involved in low-cost strategy as part of the broad generic strategy is the competition from other firms. For example, companies may equally lower their costs. Production capacities are bound to be leapfrogged by competition, particularly with the improving technology, thereby eliminating the competitive advantage (Rothaermel, 2013, p.603). In addition, some firms with a focus strategy and numerous narrow markets as their prime targets are better placed to experience a lower cost in their respective segments and by extension, gain more market share. On the other hand, differentiation strategy, which promotes service and product development with unique attributes that are favorable among customers compared to those of competitors, may have risks in implementing it. Among these are the potential changes in the taste of customers regarding the products produced by the organization or imitation of the same by competing organizations. Alternatively, many firms geared towards focus strategy may achieve greater differentiation within their market segments. 6.4Chain value involves activities taken by a firm in a certain industry in the pursuit of ensuring valuable services and products are made available to customers. The business unit forms the ideal level at which value chain constructi on can be done. This means that products are taken through different chains of activities where value is added at every activity stage. A firm using cost leadership strategy would engage in activities that enhance the value chain through establishing access to a bulk source of high quality material at lower costs and hiring and training expertise personnel in manufacturing; this is less costly than acquisition of highly trained personnel (Rothaermel, 2013, p. 611). A firm using differentiation would ensure value chain implements activities that give preferable and unique attributes to the services and products provided to gain competitive advantage. For instance, they would introduce cutting of diamond, which is a less costly activity, but has an additional value to the final product. A firm employing the integration business-level strategy may incorporate the various levels of technology and new skills in enhancing the value chain and product quality at large.7.1As a small firm wis hing to unseat Windows in the market, through introduction of faster and better operating system for netbook, it is important to acknowledge the presence and competition posed by Microsoft Windows as the incumbent in the business. Undoubtedly, there is an initial conception that this firm enjoys numerous advantages, amongst which is ample relationship with clients decision makers, better knowledge of customers most preferred business environment, as well as a better success record of accomplishment. However, studies reveal that clients are highly willing to move to the professional service firms, which exhibit the slightest provocation in the products and services provided (Rothaermel, 2013, p. 686). Therefore, the new firm will have to develop ways of creating a competitive edge over Microsoft in order to unseat it.Knowledge of the clients needs is very important for the firm venturing in business in terms of creating sales cycle. However, considering the strength of Microsoft in t he market, it is necessary that the process of sales qualification is prioritized, and this should be done through testing of the clients knowledge about the new firm, to help discern their intents. It should also seek to obtain the attention of the prospective clients through demonstrating beyond any doubt that the firm has the potential to achieve exceptional results in this largely monopolized market. 7.2Product cycle encompasses a comprehensive framework in marketing where products go through different stages namely introduction, growth, maturity, and decline. The initial stages of product introduction into the market are characterized by attraction and growth of customers for the product before the product eventually becomes mature and stale (Rothaermel, 2013, p.702). Over time, the product may be overtaken by introduction and development of superior competitors, thereby leading to the ultimate decline and withdrawal of the product from the market. In this regard, the strategie s employed in marketing are significantly dynamic to suit the prevailing climate of the time, as prompted by the age of the industry.During the introduction phase, product promotion is prominent with the sole objective of creating awareness and developing a market for a new product. During the growth phase, the firm seeks to increase its market share through building brand preferences. There is a characteristic increase in product demand, and the firm develops more channels of distribution for a broader product audience. The maturity phase is comprised mostly of the long-lasting products, which endured the early stages of the cycle (Rothaermel, 2013, p.728). The phase is marred by decreased growth in sales and possible competition from similar products. The major objective of the maturity phase is to protect the market share while ensuring maximum profit. The decline phase is characterized by market downturn, such as the introduction of more products together with the changing consu mer taste. Price-cutting on products intensifies, and eventually, the products are withdrawn from the market. The phase has reduced or there is no marketing as a measure of compensating for the costs cut on the product.7.4Standardization is an important practice in any industry. Standards provide business benefits, which include the solid foundation onto which new technologies can be developed, as well as enhancing the practices in place. For instance, standards ensure open access to the market, promote innovation, offer economies of scale, and increase the awareness concerning technical initiatives and developments (Rothaermel, 2013 p 745). They give the foundation on which new options and features can be developed, thereby enhancing the consumers choice of products. There is a significant variety in accessibility and type of goods for consumers when standardization is put in place. Standards are important in ensuring reliability and safety of the products, and this increases consu mers&rsq...