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One of the concepts I identified, applied by Bay Food Company is the Kotler and Armstrong theory. It relates to the idea that a product goes through various phases after being introduced to the market, to the point it can make desirable profits. The company has also been able to brand itself effectively with the view of attracting more customers (Agnihotri, 2013, p.292). The company could also apply the Soxedo business model of looking at its survival in the long run (Landel, 2015, p.42). Through the model, the firm would need to focus on the aspect of continuity and sustainability with the view of being able to provide the various goods and services that it could be involved with. Such a firm would also have the ability to inculcate measures such as attracting customer loyalty in order to remain sustainable.
Strategic management is majorly aimed at looking into the outcomes. I agree, the managers of the company can focus on the end, while minimizing the costs involved. Bay Food Company would also continue to succeed where its owners have enough knowledge on how the industry is changing (McGahan, 2014, p.87). The company would also need to take note of competition that exists in the industry to foster better strategic plans (Elisa, Romeo, & Rinaldo 2015, p.108).
I noted that it would, for instance, benchmark against the performance of another well-performing entity. The concept is drawn from the action of Norwegian Air Shuttle as it benchmarked against the British Airways to improve upon its performance in the market (Gibson, 2018, np). Benchmarking is important as it provides a company the chance to identify the actions put up by another. It is through the process of emulating the said actions that a firm would bear the ability to boost on its scale of operations.
I was able to identify that innovation will also be critical for the survival of Bay Food Company. The process would be of importance towards boosting its strategic goals (Pisano, 2015, p.46). Through innovation, the company may succeed in different engagements that it is involved in. The company would also get the chance to assess the activities they observe outside those that occur within. As a result, they would bear the chance to improve on the weak areas. They would also have the ability to look into some of the areas which they could be having better opportunities in and perfect on them.
Strategic management is important as it enables me to take note of some of the challenges that may be experienced in the business. I would identify the importance of branding as one of the concepts that would push a company towards success. Branding enables a company stand out from the rest.
Agnihotri, A. 2013. Turnaround of Harley Davidson-cult brand or strategic fit approach?. Journal of Strategic Marketing, 21(3), 292-301.
Elisa, d'A., Romeo B. & Rinaldo R. 2015. Improving new product development in the fashion industry through product lifecycle management: a descriptive analysis, International Journal of Fashion Design, Technology and Education, 8:2, 108-121, DOI: 10.1080/17543266.2015.1005697
Gibson, C. 2018. The Low-Cost Airline Changing The Way We Fly. BBC NEWS
Landel, M. 2015. How we did it... Sodexo's CEO on smart diversification, Harvard Business Review
McGahan, A. 2014. How industries change
Pisano, G. 2015. You need an innovation strategy, Harvard Business Review
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