- Published: September 19, 2022
- Updated: September 19, 2022
- University / College: University of Maryland, College Park
- Level: College Admission
- Language: English
- Downloads: 3
CRAFTING A STRATEGY TO FIT THE BUSINESS The success of a business enterprise would depend on the business model and the strategy. The business model is the structure that a company, will create and deliver the products to the customers, and intern collect revenue to earn the firm profits. The models differ from one firm to the other depending on the values and customers that each deals wit. The business strategy is the methods that the firms would put into practise to achieve the stated missions and objectives. The strategies would depend on how the firm would choose to deal with the available opportunities in the market. In creating a competitive advantage, a firm should develop ways of outshining the competing rival in the market. A weak strategy is one that could be different from the others, but can be accessed easily by other competitors (Kourdi 2003).
It is difficult for the success of the company to come from one with a strong business model and a corresponding weak strategy. The companys strategy is meant to create a competitive advantage for the firm in the market place. It should act in the interest of the company to implement the requirements of the business model. A weak strategy would not meet the demands of the firm in the market, as it would be similar with the competitors, thus doing little good for the benefit of the firm (McGrath 2013).
In conclusion, even with a strong business model, a weak strategy could lead to the fall of the firm. With a different product in the market, a firm could have a competitive advantage and outshine the other competitors. However, the success would not be possible with a weak strategy. The business model is the machinery part that strives to achieve the objectives of the business strategy. Thus, the weak strategy would undermine the working of the business model. A strong business model would work hand in hand with a strong strategy.
References
International Institute for Sustainable Development. (1994). Business strategy for sustainable development: Leadership and accountability for the 90s. Darby, PA: Diane Publishing Co.
Kourdi, J. (2003). Business Strategy: A Guide to Effective Decision-making. London: Economist Books.
McGrath, R. G. (2013). The end of competitive advantage: How to keep your strategy moving as fast as your business. Boston, Massachusetts: Harvard Business Review Press.
