STR 581 Week 4 Strategic Growth and Evaluation,
Growth is a core objective of many organizations because it leads to increase in sales as well as revenue. However, most companies do not know the right tactics and strategies to follow in order to ensure that they grow successfully. It is also vital for companies to determine the right kind of growth that the company needs in order to meet its objectives. Therefore, involving stakeholders in that discussion in order to make the right decision is very imperative (Marquis, 2010). This paper will discuss the best alternatives of growth using Verizon as an example.
Value discipline has three forms in which different companies use to define its core objectives. Operational excellence is one of the value disciplines where by the company does not really care much about the product they are offering but the services they are offering in addition to the products. This means that the company has to ensure that all the services they offer are superior to any other company in the market. By so doing, they will be able to attract customers due to the after service they offer the market (Saks, 2009). The company offers customers with products of low prices so as to ensure that they can afford them. They also ensure that the customers do not hassle a lot when getting their products. Therefore, they ensure that the products are in strategic locations that can be accessed easily by all middle-level customers.
Product leadership is another form of value discipline. In this strategy, the company chooses to ensure that they offer their customers the best product in the market. Therefore, they tend to ensure that they convince their customers that their products are superior to others. Of course it is all in the mind, so te major task that the company has is to convince as many customers to try out their products in order to make the judgments afterwards after which chances are that they will like the product hence be loyal to the company (Spinelli, 2009). This strategy is not simple because rival companies will not just be seated to watch their customers being taken from them. Therefore, they should ensure that this tactic is discrete because the rival customers ought to take more drastic measures in order to ensure that they retain their customers.
Customer intimacy is the last value discipline where by the company chooses to build a good relationship with its customers in order to make sure that they are loyal to the company. These companies ensure that they remember for instance the names of their customers as well as their favorite products. The company will then ensure that they avail the product in order to ensure that they satisfy the needs of that particular customer. The company does this for many customers hence ensuring that they remain loyal to the company. Remembering their important dates is also part of their strategy where they wish their customers a happy birthday, happy wedding anniversary and so forth. The company and the customer build a stronger bond not just that of a customer-seller relationship (Taylor, 2009).Verizon, wireless company choses to use the operational excellence type of value discipline in order to ensure that they offer the best to their customers.
There are three types of generic strategy used by companies. They include low cost, market niche and differentiated. Below is how the three are distinguished. Low cost is where the company ensures that their products are sold at the lowest cost possible as compared to the same products offered by their rival companies. This is a strategy taken by new companies in the market in order to attract customers who purchase a product due to the prices. However, this strategy is very dangerous especially if the rival companies are the giants of the market. This is because these companies have been in the market for quite some time henc