In The News Assignment Example | Topics and Well Written Essays - 1000 words

In The News - Assignment Example In order to meet the demands of customers of these days, it has become important for organizations to revalue their propositions; it means organizations need to do re-evaluation of their value propositions so that they can survive in today’s tough competitive environment (Zoti & Amit, 2008). According to Dafikapu (2011), new business environment has augmented the need of addressing the customer needs along with capturing value from the products and services that are offered to the customers. It is important that every organization has a well-designed business model so that innovators working within business are able to give superior quality products and services. Business model is most important for Internet companies because revenue streams are heavily dependent on customer perception about offerings made by them (Teece, 2010). In order to be successful, every organization needs to ensure that it has a well designed business strategy. When top ranked organizations business st ructures are studied, it can be judged that their success is dependent on the business model used by its owners along with their vision and business strategy. ... According to Daniels, Radebaugh, & Sullivan (2012), a business strategy should have incorporation of following aspects: 1. Business scope – Offering on which the strategy is to be applied. 2. Needs assessment of customers – All current and potential needs of both existing and future customers of the business. 3. Competence / Competitive advantage – Unique competency or distinctive capabilities which will give competitive edge that will help in meeting needs of customers for long run. 4. Securing business competitiveness – Ensuring right competencies are developed so that future of business is feasible. An effective and well-designed business strategy which has six elements as identified by Shediac, Moujaes & Najjar (2011), the scope of business is correctly defined, documentation is done appropriately, real customer needs should be addressed, do exploitation of competencies that are genuine, develop sustainable competitive advantage and it should provide p erfect ground for implementation of strategic plan. Factors important for business strategy When business strategy is being designed, it is important that various factors that are important for business should be taken into account such as its scope, purpose of existence, target market, competitors of the company, availability of suppliers, distribution network, external environment of business, political stability, climatic and economic conditions and many more (Casadesus-Masanell & Ricart, 2009). When an organization has multiple businesses, it needs to ensure that it has separate business strategy for each of the business. For instance, Apple has separate strategies for its computers, iPhones, Tablets and iPads (Meyer, 2011). The business scope needs to be defined in mediocre way so