Importance of Using Appropriate Strategies in a Competitive World - Example

Name Course Tutor Date GLOBAL STRATEGY AND COMPETITIVENESS Over the years, companies and businesses organizations have continued to work hard to keep up with the development of new emerging and developed strategies. Globally, all companies are competing to get their share of the market and to maximize on profits (Yeung & Mathieson, 98). New strategies have therefore been established, tested and implemented by most companies in the global market. Global business strategy can therefore be defined as the laid down strategies, developed or adopted and implemented by companies and firms operating globally (Friedman, 24). With the world becoming a global village, competition is higher hence the need for more developed strategies so as to be able to survive in the market. In this context, this paper sets out to address the strategies of a particular company and its various factors in regard to business operation in the global market. It discusses the importance of using appropriate strategies. Introduction to Aldar: Aldar has over the years had a success as one of the Abu Dhabi’s top property development company. It has also excelled in management and investment. Aldar was first developed and set up to cater for the development of infrastructure through developing advanced and high quality, smart and sustainable communities. Aldar specifically dealt with the construction of educational, leisure, medical, hospitality, and retail, commercial and residential facilities. Aldar has its major portfolios in development and establishments at various areas in that region such as the Noor Al Ain, Nareel Island, Al Falah, Central Market, Al Raha Beach, and Yas Island. Aldar also has under its name a vast area of land that is specifically located in business strategic areas around The Emirates. Importance of using Appropriate Strategies in a Competitive World Strategies are the means through which an organization’s objectives can be achieved. Following this strategies company goes through several specified models in order to reach its intended goals.. Determining strategies leads to a series of action statements that are clear steps to be followed to achieve the targeted objectives (John, 195). The company also needs to lay down a strategic plan so as to achieve these objectives. Strategic planning involves the development of an organization’s objective, policies, mission and goals. Appropriate strategies will in one way help Aldar Company in establishing its brand and quality to its customers in the market by setting its standards. Good strategies create a better business environment hence attracting more partners and investors and an increase in returns ultimately. With appropriate strategies a company is will be able to efficiently deliver quality service conveniently and on time to its customers. (Porter, 122). Appropriate strategies also mean good planning in order to survive in the competitive world. It is also the role of our company to promote its image globally with the highest standards put in place for this purpose (Robin, 102). Aldar company strategies Aldar has pursued its objectives by indulging in a diverse range of products and in key project deliveries. The company has put in place well set business strategy in adoption of even more plans. Its products range from IT solutions provider ,that offer a range of expertise aimed at helping clients rejuvenate their businesses and compete successfully in the highly dynamic marketplace to retail merchandising, transport and logistics, healthcare; hospital and clinical management. This is a range of consulting and development firms. The unique strategy is covering every aspect of a system life cycle that is in terms of strategy and design to development and implementation (Rodrik, 56). Aldar has chosen to be diverse other than focus on standardization like most multinational businesses. Personal encounter and involvement in the IT Solutions Department, I particularly appreciate the use of Dynamic up to date comprehensive IT services for a fast growing customer base. This department is endowed with a variety of services that range from product development, networking, upstream business applications consulting, and development of software applications. As a result, our services provide for almost every need of growing business and due to the special organizational structure and business model, very few companies can compete with us. Global business strategies have continued to develop and emerge as a result of globalization hence the need for more informed decisions in regard to the business (Lall, 78). Our department is committed to offer environmental sustainability by producing developments that balance both the need for infrastructure and the earlier. The company also boasts of a big market share hence as a department, we maximize on customer satisfaction other than marketing. The department also focuses on high level leadership and management in the undertaking of the huge projects. The Learning School: In a growing economy and one with diverse and newly emerging trend in the market every businesses needs to adapt this new trends in every level of business, be it high profiled or low. Having this in mind, Aldar has set out to adopt The Learning School as the most convenient method in businesses. This theory allows venturing into new trends (Department of the Environment, 112). The theory in this view brings around emergence of new strategies. Strategists are put in place throughout the organization, hence formulation and implementation intertwine. SWOT Analysis: In essence, SWOT is an abbreviation that stands for Strength, Weakness, opportunities and threats. Strength and weakness represent internal liable factors in a business which cannot be controlled by the management. Opportunity and strength represent external factors which influence business. An opportunity is any feature of the external environment which creates conditions which are advantage to a firm in particular objective (Bredahl et al, 45). By contrast a threat is any environment development which presents a problem and may hinder the achievement of organizational objectives. What constitutes an opportunity in one firm will almost invariably consist of a threat to others. With the application of a little thought, SWOT can proof to be very effective in that it might help an organization might be able to discover more opportunities for exploitation. A company that understands its weaknesses and addresses them is in a better position to eliminate threats that would otherwise proof fatal. Below is a SWOT analysis for Aldar Company: Strengths: We have a good market reputation and a long market presence. We can offer high quality services, and have the best customer care. We have unused resources at strategic location that might be a good source of income. We are dynamic and can change direction without looking back if need be. Weakness: We face shortage of manpower and staff. Our marketing strategies are not well implemented. We are lacking raw materials which might hinder supply to customers. Opportunities: Our organization is rapidly growing with many promising opportunities for success. Our competitors might be sluggish in adopting new technologies. There is increased demand for IT services and other technological services. Threats: Other companies might use our weakness in competing with that is to their advantage. A minimal alteration in objective of our market counter parts might wipe out any position we achieve. Economic conditions have continued to be immense on business worldwide and Aldar is not exceptional. As result, the team at Aldar has continued to fight the tide and stood firm in the market. This has also led to development of new strategies such as more advanced IT solutions, new state of the Art facilities like the Al Raha and Al Mamoura hotels. Technology has played probably the most crucial role in this development. Aldar has also adopted emerging trends in the in modern working machines to help cater for the rising demand in infrastructure development. Significance and Complexity of Culture in International Business In today’s global market and international business a company encounters a mixture of diverse cultures and complexity and hence it is important to know where not to cross the line or break the rules. In this context Aldar faces a bunch of challenges in trying to satisfy the various customer needs coming from the different cultural groups. Cultural intelligence therefore becomes a vital tool in dealing with this challenge. This is the ability close the gap and become a beneficially of the cultural complexity of the people with different nationalities, organizational cultures, personalities or professional backgrounds. Cultural intelligence incorporates the practical; the cognitive and the emotional dimensions of cross cultural encounters and provides a more satisfying cross cultural collaboration (Elisabeth, 29.) Global interdependence among people of different cultures has rapidly developed over the years and many people can now bear witness of its benefits. For Aldar the presence of multiple cultures in work operations has brought about necessary business flexibility in identifying cultural needs within today’s competitive market. In order to remain competitive and take advantage of new opportunities, Aldar Company has had to move beyond its boundaries using networks, local subsidiaries as well as multinational. Aldar’s Future: This is definitely a growing company and all one can expect are more and more strategies re-merging for this company, increase in property and assets globally. Aldar is headed to become one of the most profitable companies in the world. Most Competitive Business Strategy Having realized the huge competition in the market, targeted customers are spoilt of choices and their needs can all be satisfied a an instant. Competition through innovation therefore arises as more competitive than price competition especially where the market is flooded (Peter, 19). Works Cited: Bredahl, Maury E., Philip C. Abbott, and Michael R. Reed, eds. Competitiveness in International Food Markets. Colorado: Westview Press, Inc., 1994. Department of the Environment, Transport and the Regions. Building Partnerships For Prosperity: Sustainable Growth, Competitiveness and Employment In The English Regions. London: Stationary Office, 1997. Economics, 1997. Elisabeth, P. Cultural Intelligence. Helping Companies Bridge and Benefit from Cultural Differences. Melbourne: University of Melbourne, 2009. Friedman, L. The Lexus and the Olive Tree: Understanding Globalization. New York: Farrar, Straus and Giroux, 1999. John, E. & David, w. International Business Strategy. Boston: Harvard Business School Press 1995 Peter, D. Practices of Successful Companies. New York: Farrar, Straus and Giroux, 2010 Porter, Michael E. Competition in Global Industries. Boston: Harvard Business School Press, 1986. Robin, J. Global Business Strategy. New Yolk: International Thompson Press.1997. Rodrik, D. Has Globalization Gone too Far? Washington D.C: Institute for International Yeung, M. and Mathieson, A. Global Benchmarks: Comprehensive measure of development. Washington D.C: Booking Institution Press, 1998 Lall, S. Learning from the Asian Tigers: Studies in Technology and Industrial Policy. London: Macmillan, 1997 Read More