Reflect for a moment upon the traditional and more innovative business strategy
ID: 3715463 • Letter: R
Question
Reflect for a moment upon the traditional and more innovative business strategy approaches and paradigms to which you have been exposed in taking any buisness strategy. Put yourself in the position of a consultant who is attempting to gain a contract with a medium-sized Information and Communications Technology (ICT) firm, which you hope will hire you to devise a comprehensive business strategy approach. Incorporate the concepts and models from all types of buisness strategies(Blue,Red,Green,Black,Grey,White Ocean) into a personal statement that denotes your summative understanding of business strategy and the potential value-added that the particular approaches, metrics, and concepts might bring to the firm under your advice. The statement should comprise approximately 4-5 substantive paragraphs.
Explanation / Answer
Business strategies: Before starting a new project or setting new goals the organization should be clear about the requirement. To be successful in the market there are several strategies for stability, growth, efficiency. To expand the business in can expand markets, products, and services. It needs to set clear procedures and goals to stand ahead in the market. Including all these, there are other factors also which is used to determine the business strategy.
Red ocean strategy is a competitive strategy. Blue ocean strategy is nothing but monopoly strategy, Green ocean is called sustainable strategy. Purple is nothing but the combination of blue and green. Unethical one is the black ocean strategy. Organizational should follow all these strategies to make it successful and any failure of using this strategy it may result in tremendous losses and put the company at risk.
Metrics is one of the major factors in maintaining the software quality standards. These are the metrics which can be used in an organization to offer better customer reliability. Accounting, IT operation strategies, Improve effectiveness and quality, increasing value creation and understanding issues.
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