Tools for Business Advancement Samples for Students - Myassignment

Questions: 1.What is Strategy? 2.Business Model Innovation. Answers: 1.Strategy Strategy is a very important tool for making business advancements in the real organizations. A good competitive strategy helps the organizations to keep a better position in the market and it helps to sustain the position for a long-term time span. There are some critical tools that lead in making a perfect strategy. These things include providing the products at a low cost to its customers and always move fast in the sector that it concerns. The organizations should also approach its customers with a global strategy. They should their customers with all sorts of best services available so that their customer service remains beyond the reach of their rival companies. The service providers should use some tactics so that they can reach their customers easily and they should set their goals as to whom they should capture the market. There are some other factors that are responsible for building a good strategy that is to realize the uniqueness in the approach to the market, utilizing the important capabilities, the art of sustaining those capabilities to preserve it for further development achieving the goals. The capabilities should be recognized first so that it would be easier for the organizations to assess the rivals movements and take appropriate actions according to that. The target markets have to be segmented properly to achieve better results. Another significant thing is that companies should eye on mass production to get a positive impact on the customers minds. These strategies have to be implemented properly to get the desired outcomes. Nine Network or Channel Nine is a very reputed firm in media communications in Australia which is the most prominent organization in the media sector there (Nine.com.au 2017) There are other media organizations in the country as well. Nine Networks is responsible for most important telecasts in the fields of news, sports, entertainment and others. There are some factors responsible for being successful in the field of media competition. The competitive market in the media organizations is so major nowadays that one needs to put the best effort by adopting perfect strategies so that they can achieve best results (Agha, Alrubaiee, and Jamhour 2012). They have to set their goals and objectives as in which segments of the society they want to reach. They have to select a proper target market and must use some tactics to reach their targets. The channel has become the home for leading sports events in the country so people are happy to subscribe to the channel and their unique value is su stained thus by reaching to the selected segments of the society (Florea, Cheung and Herndon 2013). The media organization has to take up a global strategy so that they can reach the larger parts of the global market (De Loecker and Goldberg 2014) .They must also take up relevant tactics so that they can sustain their progress. Besides, they should appeal to the mass market to spread their business worldwide and they must eye on developing their customer service for their further enhancements. 2.Business Model Innovation Business model innovation is an integral part of business marketing that helps the marketers to keep updated with the recent changes in the sector and it should cater to the betterment of the organizations (Massa and Tucci 2013). The recent trends show that the marketing criteria have changed in the recent years with the innovation of modern technologies. Modern technologies have, therefore, catered to the drastic changing in the market that can be measured on a global perspective only. The recent technologies have gone through a dramatic change so that the scenario is all about how the companies provide their services all around the world. A business model innovation will probably present an organization with some possible requirements for change. There are some major features of the business models like the Identity or the way the business wants to represent itself to its customer base. Secondly, Core resources have to be highlighted that include the core competencies, strategic pa rtners and the business processes. Thirdly, Target markets is the point that includes the target segmentations of the company or the group of people it wants to deal with (Solomon 2014). Fourthly, Channel strategy is the point that highlights the channel through reaching the customers. Fifthly, Customer offers is the thing that stresses on providing the customers with best possible offers according to their needs. Sixthly, Supply Chain Strategy determines the ways for delivering of the products to the customers at an affordable rate (Roh, Hong and Min 2014). The business innovation model has left impacts on the chosen organization. Like all other organizations, it is bound to leave impacts on Nine Networks too. Nine Networks has been a very reputable media organization that has delivered its services to the inhabitants of the country for a long time now. The business model innovation has led to their building of a completely digitalized infrastructure to reach their customers. They have introduced the new HD channels for the new generation watchers so that they can enjoy the benefits of technology through the high definition television channels (Bennett and Segerberg 2013). In this fast paced world, most people are dependent on digitalized connective system. The people should be provided with proper medium so that they can keep track with the most recent updates. Therefore, it is only fair for the organization to develop an application through software that the customers can download and access them on move. Thus, the channel strategy ca n be properly implemented. The customers should be given affordable offers and the customers should be able to avail the offers. The channel should show live telecast of important events and they should not be charged with any extra money for that. They can also open online portals from which the customers can download their favorite programs and watch it whenever they want. The organization can employ clever tactics to eliminate their rivals from gaining the telecast copyrights and they can also make partnerships with some big names in the industry to get financial advices and help in times of need. Thus, the selected organization can use the business innovation models. References Agha, S., Alrubaiee, L. and Jamhour, M., 2012. Effect of core competence on competitive advantage and organizational performance.International Journal of Business and Management,7(1), p.192 Bennett, W.L. and Segerberg, A., 2013.The logic of connective action: Digital media and the personalization of contentious politics. Cambridge University Press. De Loecker, J. and Goldberg, P.K., 2014. Firm performance in a global market.Annu. Rev. Econ.,6(1), pp.201-227. Florea, L., Cheung, Y.H. and Herndon, N.C., 2013. For all good reasons: Role of values in organizational sustainability.Journal of Business Ethics,114(3), pp.393-408. Massa, L. and Tucci, C.L., 2013. Business model innovation.The Oxford Handbook of Innovafion Management, pp.420-441. Nine.com.au. (2017). nine.com.au the new ninemsn - News, Sport, TV, Entertainment, Lifestyle. [online] Available at: https://www.nine.com.au/ [Accessed 22 Apr. 2017]. Roh, J., Hong, P. and Min, H., 2014. Implementation of a responsive supply chain strategy in global complexity: The case of manufacturing firms.International Journal of Production Economics,147, pp.198-210. Solomon, M.R., 2014.Consumer behavior: Buying, having, and being(Vol. 10). Engelwood Cliffs, NJ: Prentice Hall.