STRATEGIC MANAGEMENT IN QWERKYWRITER
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Strategic Management in Qwerkywriter
Strategic management can be defined as the formulation and implementation of goals set by the organization top management on behalf of the owners. It includes the consideration of the available resources and assessment of both internal and external environment that the organization competes with.
Qwerky industry mainly deal with the production of QwerkyWriters such as tablet keyboard that works like a typewriter. These industrieshave put more consideration into production of their goods mainly in China, India, and Thailand. Like any other industry, they face different forces in the field, for example, they are facing stiff competition from their competitor who are the Apple company, Samsung company and many other companies who that are producing typewriters, this is because they are both fighting to have the largest market for their product in the world hence making them work even harder to fit in the field.
In addition to that, qwerty industry is also facing the threat of substitution whereby some organization are producing good that is almost similar to what they produce, this makes the customer purchase goods from the other company because some customer doesn’t actually consider the company from which the products are produced but instead look at the service they want, this poses a major threat to the qwerky industry.
To add to that, the qwerky industry faces the threat of entries of a new company in the industry. This is because many investors have realized that many people are sensitive to the advancement of technology and that the market for the product is high, this makes them willing to invest so that they can make the profit. These new entries will affect the qwerky industry in that, there will be increased competition for customers and many customers might turn and start purchasing products from the new industries because these new industries always do heavy advertisement hence making their goods more appealing.
Nevertheless, the qwerky industry also faces the forces from the bargaining power of buyers, this is because buyers in many cases dictate the prices of commodity in the market, some buyers, especially bulk buyers may demand the qwerky product at a given price which is lower that the marked price, if denied the will switch to other company with similar product making the qwerky industry to lose major customers and might result to making the industries price for products in the process of ensuring that the industry don’t lose potential customers.
Besides that, bargaining power of suppliers can also affect the qwerky industry, this is because qwerky industry depends on suppliers to provide them with raw materials for the production of their goods, therefore they must ensure that good relationship is always maintained with the suppliers. Depending on how this industry is dynamic, suppliers may dictate the prices of the commodity, this is because if they increase prices of raw material, production cost will increase hence resulting in increasing priced of the qwerky products.
Because of the above forces, it is advisable that the qwerky industry nominates a business level strategy that would help them to establish a competitive advantage over their rivals in Thailand, China, and India. To start with, it may adapt and adopt the cost leadership strategy to compete for large market based on their prices. Price in many cases is based on the internal efficiency so has to have a margin that is likely to yield above average returns and low cost to the consumer so that the customer will buy those products. This strategy works effectively where the products are standardizing, they can have generic products that are acceptable by a wide range of consumer and can also be offered at a lower price. Putting more effort in lowering prices relative to those of competitors is increasingly important in order to effectively become a cost leader. This may include putting efforts in maintaining strict control in production and overhead cost, minimizing sale costs and building of art efficient facilities which might be too expensive for the competitor to imitate.
Consequently, the qwerky industry can also use the differentiation strategy in Thailand, China, and India whereby they will provide values to customers by use of unique features and characteristics of that industry product instead of prices that are lower. This can be done by ensuring high customer service, quick innovation of product, high quality features, use of advanced technology and also ensure proper image management. High quality can be ensured by making sure that the product doesn’t easily break down and also a faster response to any problem that may arise. Differentiation can also be achieved by ensuring that buyers performance are raised in that, they get high enjoyment using the qwerky industry product. Coupled with that, they can also create some barriers in terms of reputation and uniqueness.
Correspondingly, the qwerky industry can apply the focused low-cost strategy in Thailand, China and India to outdo their competitors. This can be done by studying and selecting a small market segment for example only the Germany market. This is essential because it will have enough time to study the market to have sufficient knowledge of what is required by the consumer in that market, it will also promote the relationship with that market in that, the qwerky industry will be in good terms with the suppliers of that market and will always buy product from that given industry. In addition to that, it will make their product more appealing to the customers in that market hence new entrance in that market will have little or no effect on that industry.
Besides that, since the qwerky industry cannot base their competition in differentiation only in Thailand, China and India, there is a need to use a focused differentiation whereby a focus is put in serving a need of a particular customer segment, for example, a federal government. By doing this qwerky industry will be able to serve a small segment as compared to a competitor who will be serving a wider segment. This is easily applicable where special needs are required and cannot be met by the industries with wide competitors in that, they cannot be able to provide specifically required products. By serving this segment that was once poorly segmented, the qwerky industry will have the unique capabilities to serve the niche hence faces very little or no competition in their operation.
Additionally, the qwerky industry can also apply the use of integrated low-costin countries such as India, China, and Thailand whereby they ensure that they are dynamic in that, they can be able to change and adopt any environmental changes that may take place by ensuring that they learn new skills and learn to use advanced technology in production. They can also ensure more operative control in major competencies through the organizational units and products lines which should help the firm to produce products with differentiated features and at a lower cost. This will make the consumer to realize the value grounded onthe product features and also the low prices. However, the qwerky industry must be careful so that it doesn’t get stuck in between, that is, not being in a position to successfully manage all the five competitive forces hence not achieving competitiveness strategies. It will be important to ensure that it is able to consistently minimizing cost while maximizing differentiating feature.
the main objective of marketing strategy is to categorically identify a target market and create a marketing mix that will be appealing to the potential buyers. The decision on the most appropriate marketing mix can be systematized in terms of price, product promotion and finally place. However, the main objective of marketing strategy is not just coming up with a specific strategy but also to put emphasis on the provision of values to their potential market segment. Therefore, marketing strategies will help qwerky industries in promoting market for its qwerkywriting materials in the Europe, Oceania and Unites States in the following ways;
To start with, marketing strategy will help qwerky industries in identify its strength, weakness, opportunities and threats. This is vital in that, it will enable them to identify the problem they are likely to encounter while expanding their business to countries such as Europe, Oceania and Unites States and come up with strategies that will help them to get rid of those uncertainties hence get rid of events that might result in financial loss.
Additionally, marketing strategy will help qwerky industry to easily penetrate into the markets in Europe, Oceania and United States by using strategies such as doing more aggressive marketing, increasing and improvement of renewal rates or involving activities that attract competitor’s clients directly
Comparatively, marketing strategies will help the qwerky industry in developing the market for its qwerkywritter in the Europe, Oceania and United States by obtaining more information about the target customer and do heavy advertisement to reach them in that international market. Dissemination of information to a wider market will make customers have prior knowledge on that product and will be willing to buy.
Coupled with, marketing strategy will help the qwerky industry in developing their product in Europe Oceania and the United States. This can be achieved by working close with their customers and finding more innovative ways to improve the quality of their product hence making them be more satisfactory to their customers hence making them be willing to buy that product again and again hence increased market.
Also, marketing strategy will help the qwerky industry to diversify their product in Europe, Oceania and United Stated market, this is because diversification will help them to completely start new business lines which new goods in the market. They can do this by mitigating risks that are related to an economic variable, for example, recessions. Mitigation of these risk will reduce the chances of making loss hence encouraging them to invest.
It is also very essential that the qwerky industry understands the market segmentation best practices which include the naming of wide product market so as to make it easy to select a target market. When doing this, it is important that, qwerky industry to evaluate promising market opportunity, look for a definition that is broader that the industry current goods market but not too wide that the industry cannot handle the demand in case it is generated but work to attain a slightly wider definition of the current market for their goods.
To conclude, it is very important that qwerky industry like any other industry put the above factors into consideration and put some emphasis so as to ensure its success.