4 Examples of Business Strategies in Developing a Successful Business

InfoKekinian.com – Current Friends, in this article we will write information about examples of business strategies that can be implemented by various types of businesses.

Business strategy is important because it can help a company to achieve its long-term goals and overcome challenges that may be faced in the future.

Every business has its own uniqueness and challenges, therefore, a strategy is needed that can be adapted to the needs and characteristics of each company.

Business strategy can help companies to differentiate themselves from competitors, increase market share, increase profitability, and create added value for customers.

However, to create an effective business strategy, companies must pay attention to the factors that influence the business strategy, such as changes in market trends, technological developments, economic conditions, and government policies.

Therefore, the business strategy must be carefully designed and continuously monitored and evaluated periodically.

Basics of Business Strategy

Before discussing business strategy examples, it is important to understand the basics of business strategy first.

Business strategy can be defined as a long-term plan of action designed to achieve company goals.

These goals can be in the form of increasing market share, increasing profitability, developing new products, or creating added value for customers.

Every business needs a business strategy because this strategy can help the company achieve its long-term goals and overcome challenges that may be faced in the future.

Without a clear strategy, a company may lose focus and ultimately fail to achieve its business goals.

In designing a business strategy, there are several factors to consider, such as the business environment, company characteristics, and available resources.

Several factors in the business environment that need to be considered include economic conditions, technological developments, competition, and government policies.

Factors characteristic of the company include the strengths and weaknesses of the company, as well as the needs and desires of customers.

Meanwhile, available resources include labor, capital, and technology.

In designing business strategies, companies can use several approaches, such as SWOT analysis, Porter's five forces analysis, or the BCG matrix.

These approaches can help companies evaluate the business environment, company strengths and weaknesses, as well as opportunities and challenges in the market.

However, it is important to remember that a business strategy is not something fixed and certain. Business strategy must be able to adapt to changes in the business environment and customer needs.

Therefore, the business strategy must be continuously monitored and evaluated periodically to ensure that the strategy remains relevant and effective in achieving the company's goals.

Example of the Most Basic Business Strategy

After understanding the basics of business strategy, now is the time to discuss examples of business strategies that can be implemented within the company.

1. Product Differentiation Strategy

Product differentiation strategy is an example of a business strategy that aims to make a company's product or service more attractive compared to competitors' products or services.

This strategy can be achieved by adding new features to the product, providing better service, or improving product quality.

An example is Apple, which differentiates its products with a unique design and good quality.

Apple has always positioned itself as a premium brand, so the prices for its products are higher compared to competitors.

However, consumers who buy Apple products feel they get more value from these products.

2. Focus Strategy

A focus strategy is an example of a business strategy that focuses on a specific market segment or a specific geographic area.

This strategy can help companies to achieve higher efficiency and effectiveness in serving certain market segments or regions.

An example is Warung Bakso Pak Kumis, a meatball stall business that focuses on the East Jakarta area.

By focusing on these areas, Warung Bakso Pak Kumis can be more effective in marketing its products and developing relationships with its loyal customers in those areas.

3. Innovation Strategy

An innovation strategy is an example of a business strategy that aims to develop new products or services or improve existing products or services.

This strategy can help companies to create added value for customers and differentiate themselves from competitors.

An example is Google, which is constantly developing its products and services to be more innovative.

Google is always looking to develop new technologies and improve the functionality of its products and services, such as Google Search, Gmail and Google Maps.

4. Alliance Strategy

Alliance strategy is a strategy that involves working with other companies to achieve common business goals.

This strategy can help companies to expand market share, increase efficiency, and reduce risk.

An example is Starbucks, which entered into partnerships with other companies to expand its business.

Starbucks cooperates with various companies, such as Barnes & Noble, PepsiCo, and Nestle, to expand its product sales and achieve larger business goals.

Business Strategy Implementation Steps

After determining the right business strategy for the company, the next step is to implement the strategy.

Here are some steps that can be taken to implement a business strategy:

1. Determine the Implementation Team

First of all, the company needs to determine the team that will be responsible for implementing the business strategy.

This implementation team should consist of people who have the skills and experience needed to implement the strategy.

2. Create an Action Plan

Once the implementation team is defined, the next step is to create a clear and detailed action plan.

This action plan must include the tasks that must be carried out, the time needed to complete these tasks, and the resources needed to complete these tasks.

3. Allocating Resources

Next, the company needs to allocate the necessary resources to implement the business strategy.

These resources include human, financial, and technological resources.

The company must ensure that the resources provided are sufficient to complete the assigned tasks.

4. Monitor and Measure Performance

After the business strategy is implemented, the company needs to monitor and measure its performance.

This aims to ensure that the implemented business strategy goes well and produces the desired results.

Companies can use key performance indicators (Key Performance Indicators/KPIs) to monitor performance.

5. Adjusting Business Strategy

If after some time, the results obtained are not as expected, the company must adjust the business strategy that has been implemented.

Companies must be open to change and consider external factors that may affect their business strategy.

Implementing a business strategy is not easy. However, by taking the right steps, the company can achieve its goals and become more competitive in the market.

Tips for Developing and Implementing a Successful Business Strategy

Developing and executing a successful business strategy can be a huge challenge for a company.

Here are some tips to help companies develop and execute successful business strategies:

1. Do a SWOT Analysis

Before developing a business strategy, the company must conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to evaluate the company's internal and external conditions.

By understanding the company's strengths, weaknesses, opportunities and threats, companies can develop the right business strategy to be able to compete in the market.

2. Stay Focused on Long Term Goals

Every business strategy must be based on the company's long-term goals.

It is important for companies to stay focused on long-term goals and not be tempted to follow short-term trends or opportunities that are inconsistent with long-term goals.

3. Use Data and Information

Companies must collect relevant data and information to support decision making in developing business strategies.

By using accurate data and information, companies can make the right decisions and avoid mistakes in developing business strategies.

4. Involve the Whole Team

Business strategy should involve the entire team in the company, not just the management team.

Each team member must have a clear understanding of the business strategy and the contribution they make to achieving company goals.

5. Periodic Evaluation and Review of Strategy

The company must periodically evaluate and review its business strategy to ensure that the strategy remains relevant and in line with market changes and company needs.

Evaluation and review also help companies to identify weaknesses and improve strategies that are not working.

6. Don't be afraid to change

Companies must be prepared to change business strategies if necessary to be able to compete in an increasingly competitive market.

Even though a change in strategy can cause discomfort and uncertainty, companies must still have the courage to take risks and adapt strategies to achieve long-term goals.

Conclusion

That's a little information about examples of business strategies that you can pay attention to, complete with tips for developing a successful business strategy.

In today's highly competitive business world, business strategy is very important for the success of a company.

Having a good business strategy can help companies face challenges and opportunities in the market.

However, it is important to choose the right business strategy and implement it correctly.

To choose the right business strategy, companies need to consider internal and external factors that can affect their business.

After the right business strategy is determined, the next step is to implement it properly.

The company needs to define an implementation team, create an action plan, allocate the necessary resources, monitor performance and adjust the business strategy if necessary.

In implementing business strategy, the company must continuously monitor its performance and make adjustments if necessary.

Thus, the company can ensure that the implemented business strategy can provide the desired results and help the company become more competitive in the market.