What is Strategy
Question:
Discuss about the Theoretical perspectives towards the functions of High Education Industry.
Strategy is crucial for the companies, organizations and industries in terms of systematizing the tasks according to the priorities. In times of competition, strategies are important in terms of maintaining the pace with the external market forces (Madsen and Walker 2015). The previous two sentences reflect the conjoined significance of the variables of the assignment. As a matter of specification, this assignment attempts to provide an insight into the success and failure of the organizations and industries under High Education Industry regarding tackling the intense competition from the contemporary brands.
The first video enhances the clarity of the readers, especially the businesspersons, in terms of what is strategy. Here, there is no theory as such; however, strategy gets an interrogative parameter in terms of four essential questions pertaining to:
- The competing place
- Unique values
- Utilization of the resources and capabilities
- Sustaining the core values
The High Education Industry caters to the higher educational needs of the students. Under the industry, many schools and educational institutions are registered for receiving the educational services. As per the video, every business organizations show their acumen by commenting that they have developed strategies. This is applicable for the Higher Education Industry. They boast that their acumen by saying that strategy is one of the crucial aspects in their business services (Hollensen 2015). The staffs of the industry lack the basic understanding that developing strategy is itself an art, as the word strategy comes from the Greek word, “strategos” meaning the “art of the general”.
The competing place for the Higher Education Industry is the marketplace, where all of the schools and educational institutions compete for the achievement of customer satisfaction largely. The unique selling proposition of the industry is the development of strategies for fulfilling the needs, demands and requirements of the students efficiently and effectively. This is possible because of the efficient and judicious utilization of the resources, which are the official documents. As quality, innovation and integrity are the main values of the industry, transparency in the business activities helps the industry personnel to sustain their core values (McLay 2014). This reflects their consciousness towards the maintenance of traditionalism for ensuring a better future for the students.
Amazon is included in the list. The major drive behind this is the consideration of Business model along with technology for reaching to the path of success.
Nokia’s decline in the mobile phone industries could not be explained by a single and answer. It’s management decision, internal rivalries, dysfunctional organization structures and the rising bureaucracy are some of the vital reasons behind its major fall but the main reason behind its massive breakdown is its business strategy. It failed to target the particular category of the smart phone market. Samsung has influenced the high-priced mart and Nokia was not strong enough anywhere.
The second video highlights the significance of business model in the aspect of innovation in terms of altering the scenario of the industry such as the High Education Industry. As a matter of specification, business model is an answer to the following questions:
- Who is your target customers?
- What do you offer to the customers?
- What values do you create for the customers?
- How would you generate revenue?
Unique Selling Proposition of High Education Industry
The video gives the exact reason, why the top companies failed to secure their market position in the competitive ambience. The reason behind this is the in-oriental approach towards the utilization of the resources provided (Teeratansirikool et al. 2013). Through the theoretical concepts, the video perceives innovation as the outcomes of the following:
- Ideas, which no one had before
- Success requiring big resources for the efficient execution of the activities
- Innovation is always based on the latest and the modern technologies
If the industry like the Higher Education Industry is to succeed, they need to follow these four steps:
- Initiation
- Ideation
- Integration
- Implementation
Initiation of the proposed changes needs to be strategic. Within this, generation of innovative ideas can be included. Taking into consideration the viewpoints of the industry personnel would reflect the maintenance of integrity. This integrity combined with the strategies would bore positive results for the industry, securing their position in the competitive ambience of the market (Peppou, Thurgood and Bucolo 2016).
Exposing strategic vision towards the business activities helps the companies and organization to achieve success within the competitive ambience of the market. This segment, in particular, provides specific examples of the companies and organizations, which have either become successful or failure in terms of utilizing the business models. Here mention can be made of IBM, who did not invent the personal computer, however, they adopted the business model for bringing innovation into the workplace (Hollensen 2015).
Karstadt, the retail and travel industry in German has experienced a major breakdown in the year 2009 due to its unsuccessful business model innovation. It has claimed that its financial crisis is the main reason behind its failure but it is not true. It has been found that it was due to its lack of efficiency in its business mode
The third video is about the CAGE Framework. Here, Pankaj Ghemawat clarifies the origin behind this framework. He explored the different business ideas and clubbed them under the acromyn, CAGE. Here,
C stands for cultural
A stands for administrative/political
G stands for geographical
E stands for economical
Pankaj is of the view that two countries might trade with each other 10-15 times. The utility of this framework lies in the partnerships, which are economically beneficial for expanding the scope and arena of the business. This can also be applicable for the Higher Education Industry, which indulges in partnership with UK for upgrading the standards and quality of the educational services.
In case of the Higher Educational Industry, CAGE framework would relate to the partnerships with the UK for introducing scholarship programs for the students. This step would enhance the cultural diversity between the native and the foreign students. Social media acts as a medium for the industry and their partners in terms of developing strategies for the scholarship programs (Madsen and Walker 2015).
Based on the per capita income, the fast-food industry of Japan and Germany is likely to be the first most attractive markets in order to expand the fast-food company of North America. However, when it is analyzed by making the use of CAGE framework, it is seen that Mexico stands in the second position in the list of most attractive market for the international expansion and it is far ahead than the Japan and Germany. Another example of the successful usefulness of the CAGE framework is the Dell Company. The vehicles that the Dell has used to enter into the china market are a significant example. The CAGE framework has given it a good opportunity to expand its business in the international market.
The CAGE framework describes the only difference in between the countries and it fails to cover all the factors. The breakdown of ‘Google’ in the China is due to lack of understanding and adaptation to the cultural and the administrative barriers, which is incorporated with the CAGE framework.
Conclusion
This assignment emerges successful in providing an insight into the dynamics of the aspect of competitive strategy. Example of High Education industry enlivens the ways and means in which the perceptions of the businesspersons regarding the exposure of strategic vision. The video presentation makes the assumptions about competitive strategy valid and reliable. CAGE framework and business model proves apt in terms of ensuring a better future for the students, who would be an asset if provided with quality education
References
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Madsen, T.L. and Walker, G., 2015. Modern competitive strategy. McGraw Hill.
McLay, A., 2014. Re-reengineering the dream: agility as competitive adaptability. International Journal of Agile Systems and Management, 7(2), pp.101-115.
Peppou, G., Thurgood, C. and Bucolo, S., 2016. Designing competitive industry sectors. Design Management Journal, 11(1), pp.3-14.
Teeratansirikool, L., Siengthai, S., Badir, Y. and Charoenngam, C., 2013. Competitive strategies and firm performance: the mediating role of performance measurement. International Journal of Productivity and Performance Management, 62(2), pp.168-184
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