Strategy Formulation Implementation and Control †MyAssignmenthelp.com

Question: Discuss about the Strategy Formulation, Implementation and Control. Answer: 1.After putting into consideration the insinuations derived from the analysis of the external and internal environment, and the new objectives, a suitable generic strategy for sky TV in its efforts to regain its market share and sell augmentation is the differentiation strategy. It is suitable for the company because according to Ge Jackson (2014), the strategy will involve the development of unique products that will enhance the businesss competitive advantage. Also, the strategy emphasizes on the provision of a wide range of varieties through innovation. The expectations of Skynets shareholders are to regain its market share and augment its sales. The strategy will adequately address the above-mentioned expectations of the stakeholders (Luck Lancaster, 2013). Importantly the employees would not be concerned with outsourcing issues as the strategy requires their level of expertise. Owing to the resources at the disposal of the business, adopting the strategy is feasible in that it can be implemented successfully. The necessary inputs are available to generate the output and consumer demand that would ultimately cater for the incurred costs. In comparison with other strategies, attaining break even is much easier with the differentiation strategy. 2.So as to make the differentiation strategy action oriented, the company should follow programs or activities: one, unique Product development to set itself apart from its competitors. This will entail putting in place a development team that is highly skilled and emphasizes on creativity in product development (TregoeTobia, 1990). Two, ensure profitability of the current products by putting together a strong sales team that has demonstrated success in communicating the strengths of Sky TV in the markets. Three, increase the product variety so as to tap into different market segments. Four, constant product improvement to ensure the entity maintains a competitive advantage over its rivals. Five, developing a way to foresee shifts in customer tastes and preferences (Mascarenhas, 2011). 3.To maximize its sales and profitability, there are various ways through which Sky TV can pursue an intensive growth strategy. First, the business can focus on diversification where the entity will be entering a line of business that has striking similarities with the existing specialties of business. The main focus in this method is Sky Net's core competencies. The process might involve the product/ market introduction that is within the confines of the industry or, moving into an industry that bears the minimal relationship to the current industry (Kim, Lee Cho, 2016). Second Sky TV should look to penetrate the market more. Market penetration comes in handy in areas outside its headquarters where it comes into direct competition with its competitors. This method does not involve the introduction of new products but the use of already existing products to draw consumers away from competitors or convert consumers thereby increasing its market share (Gregory, 2017). 4.Diversification is one of the intensive growth strategies that will enable Sky TV capture a major market share. Through this strategy, the company will be taking a step away from its existing specialty and delving into a new value chain. Specifically, through related diversification- entering a line of business that has striking similarities with the existing specialties of business (Gregory, 2017)- the company will be able to exploit a central competency and facilitate its development in an attempt to enhance its capture of the Pacific region. Sky Net's core competencies include the range of products under its name that is difficult to imitate such as Game of Thrones, and the popularity of the show means it can be leveraged into different businesses thus contributing to the general enjoyment of the customers. The implementation will be carried out in the following steps: setting the objectives for diversification, revision of policies to ensure the objectives are met, resource all ocation to areas that are important strategically, changes in the organizational structure in line with the strategy,management of resistance that might accompany the change, and introduction of a reward system targeting the results in performances (Ramaswamy, PurkayasthaPetitt, 2017). 5.There are a couple of innovation types applicable to the differentiation strategy to offset Netflixs innovation strategy. Firstly, Sky Net could employ break through innovation. This should be a concept that is new and pits the business ahead of its competitors. Also, the innovation could be one that combines the functionality of other services offered by the competitors all under one platform (Nielson, 2013). Secondly, sustaining innovations could very well provide a platform upon which existing products are improved to a point where the product will be deemed to have reached its life cycle. Thirdly, new market innovations that will entail the application of existing Skynet products a new way to a different set of consumers (Nielson, 2013). Lastly, is the disruptive innovation. This will facilitate Skynets bid to regain its leadership position by disrupting Netflixs innovation strategy by enhancing the acceptance of its products through simplification of the user experience, keepi ng the products features such Age Ratings at a minimum to enable a relatively large group customers to adopt the product. This way Skynet will set themselves apart from the pack. The resources needed will include the following. To start with, the needed technical competencies in the execution of an innovation project are important. Second, information detailing the end users need and preferences is important to avoid instances of trial and error. Moreover, it is important to have personnel whose entire focus and duty are the perfections of the innovation (Nielson, 2013). 6.Evaluation and monitoring of the strategic plan are important in ensuring it yields the expected results. Control mechanisms are adopted for this purpose. For the case of sky net, strategic surveillance could be beneficial in the evaluation and monitoring. The process will involve the collection of information needed by the company, transformation in of information into a usable form, assessment, and distribution (Barnat, n.d). This form of evaluation and monitoring could suit Skynet in the following ways: data on consumers will be generated in relation to the solvency and evolution of their needs, the technological aspects of the market in relation to available, emerging or just unveiled technology and lastly, the monitoring of the external environment. This is important since laws and regulations, politics, sociology and economics affect the show business (Barnat, n.d). The other type of strategic control applicable to Skynet is implementation control. It involves identification of intermediate goals and milestones. These are then monitored and in an attempt to identify problems and shortfalls (Barnat, n.d). Also, this control method assesses whether the business is moving towards its goals- gaining a larger market share and increasing profitability. Further, this type of control will ascertain whether the resources committed to a project such as product development would benefit the business. If not, it is an indicator of whether corrective measures should be taken. References Barnat, R. (n.d).Strategic Management ::Strategic Surveillance. Strategic-control.24xls.com. Retrieved 18 July 2017, from https://www.strategic-control.24xls.com/en142 Ge, X., Jackson, J. (2014). The big data application strategy for cost reduction in automotive industry. SAE International Journal of Commercial Vehicles, 7(2014-01-2410), 588-598. Gregory, L. (2017). McDonalds Generic Strategy Intensive Growth Strategies - Panmore Institute. Panmore Institute. Retrieved 18 July 2017, from https://panmore.com/mcdonalds-generic-strategy-intensive-growth-strategies Kim, J., Lee, C. Y., Cho, Y. (2016). Technological diversification, core-technology competence, and firm growth. Research Policy, 45(1), 113-124. Luck, D., Lancaster, G. (2013). The significance of CRM to the strategies of hotel companies. Worldwide hospitality and tourism themes, 5(1), 55-66. Mascarenhas, O. A. (2011). Business transformation strategies: The strategic leader as innovation manager. SAGE Publications India. Nielson, J. (2013). The Four Types of Innovation and The Strategic Choices Each One Represents - The Innovative Manager. The Innovative Manager. Retrieved 18 July 2017, from https://www.theinnovativemanager.com/the-four-types-of-innovation-and-the-strategic-choices-each-one-represents/ Ramaswamy, K., Purkayastha, S., Petitt, B. S. (2017). How do institutional transitions impact the efficacy of related and unrelated diversification strategies used by business groups?. Journal of Business Research, 72, 1-13. Tregoe, B. B., Tobia, P. M. (1990). An action-oriented approach to strategy. Journal of Business Strategy, 11(1), 16-21.