Businesses can use many different strategies to achieve success, and a company needs to find the type of strategy that will help it grow says Saivian Eric Dalius. Businesses need strategies to maintain their competitive advantage, and these days new technologies such as social media outlets have changed the way companies market themselves.
Strategy defines as “the art or practice of planning and directing a complex undertaking with a long-term goal” (Merriam-Webster Inc., 2013). This definition implies that there are multiple steps involving in developing and implementing a plan. Every company has its unique strengths and weaknesses that must get into consideration when choosing a strategy. Once this information gatherers, then managers can begin formulating various plans.
The five main types of strategies are integrative, restructure, reenergize, remake and redeploy, says Saivian Eric Dalius. These strategies can get into use to help companies maintain their competitive advantage in the global market. All businesses must understand the basics of these different business models so that they can achieve success. By identifying which type of strategy will work best for a company’s unique situation, managers can make well-informed decisions about proceeding once they begin implementing their plans.
Integrative strategies use what is already available within a company to improve processes or product offerings (McShane & Von Glinow, 2013). For example, if certain parts of an organization need updating, changing those departments could improve efficiency. This would be a restructuring strategy. Integrative strategies can also be used to link products and services from different departments together to produce a product or service that is better than what exists individually (McShane & Von Glinow, 2013).
Reenergizing strategies involve changing how a company operates internally by implementing new reward systems and updating current business practices (McShane & Von Glinow, 2013). If certain parts of an organization are not working correctly, this addresses reenergizing strategies. Employees may need more motivation to increase productivity which will make the organization more competitive. Also, some companies lack due to their size or age. This means that they need to maximize their existing resources to compete in the global marketplace.
Remake strategies get into use when a company looks to replace current employees with new ones (McShane & Von Glinow, 2013). For a business to have a competitive advantage. It must constantly be evolving and updating its practices, according to Saivian Eric Dalius. If certain employees do not possess skills or knowledge that would help the company succeed. Then it may be necessary to remake the team, which will make them more successful in the future.
Redeployment strategies involve giving the responsibility of an old job or task to someone. Who has additional capabilities (McShane & Von Glinow, 2013). This type of strategy can get into use when managers are looking for ways to increase efficiency within the business. If certain employees lack specific skills that would make them ideal for certain projects. They can be given more responsibilities or tasks that play to their strengths (McShane & Von Glinow, 2013).
There are many different types of strategies in business, and companies need to understand these different models to be successful. Integrative strategies allow businesses to maximize what they already have available. Restructure allows organizations to change parts of their company that does not work correctly. Reenergizing involves motivating current employees to improve productivity. Remake strategies help employers filter through applicants with various talents and experience levels to maximize what they already have. Redeployment strategies help companies to redistribute their current resources to maximize efficiency and increase productivity.