Explain the four business strategies what each one emphasize

Explain the four business strategies, what each one emphasizes, how they are achieved, and their key issues and training implications.

Solution

Name of the strategy Emphasis On How they are achieved Key Issues Training implications Concentration o Increasing market share o Reducing cost of operations o Creating the niche markets for firm\'s products o By improving quality of products and services o Increasing the productivity o Improvement in technical processes o Providing more customization of products to customer o Skill Currency o Workforce development which is currently available with the organisation o Cross Training o Team Building o On the job Training (OJT) Disinvestment o Liquidation of Business o Reduces Assets and hence costs by removing non performing assets o By selling th businesses and Assets o Inefficiency of some businesses o Training the leadership so they can identify the right business to sell of or shut down at right time Internal Growth o Development of Market o Development of product o Mergers o By global expansion o Improving the channels od distributions o Joint ventures to expand business o Creating innovative products o Talent management in an innovative manner o Cultural training to employees so as to adopt to global cultures in case of an multi country operations o Training to employees so that the product value is communicated properly to customers External Growth o Backward integration by acquiring the vendors and suppliers o Buying businesses in other countries to expand globally and hence unleash new markets o Acquiring firms from different industries o Acquiring firms which can buy your products o Integration o Redundancy o Team Building training to inculcate feelings of shared culture among employees o Integrating the training systems of firms acquired with your existing system