I need some assistance with these assignment. hustle as strategy Thank you in advance for the help! ‘Strategy involves the efforts of top managers to guide the various parts and functions of a firm so that the whole company moves in a coordinated fashion toward agreed-upon goals (Gilbert, 1993). Strategies in which a company rewrites the rules of the industry from the ground up in a manner that the company gets uniquely positioned to play by the new rules are really decisive contests of the business world and promise to bring their winners the greatest rewards, although they can also entail higher risks (Coyne, 2000). For the establishment and maintenance of a distinctive strategic position in the market Porter (2001), believes that the company needs to follow six fundamental principles. At the outset, it must identify its goal with a superior long-term return on investment. Real economic value can be generated only if a strategy is established with a firm background of sustainable profitability. Customers should be willing to pay for a product in excess of its cost of production in order for this to happen. Poor strategies result when goals are defined in terms of volume or market share leadership, or they are framed in response to the perceived desires of investors. An appropriate strategy delivers a set of benefits to the customers, which are significantly different from those of competitors through its unique character. The company either performs different activities than rivals or performs similar activities in different ways in order to attain a competitive advantage. The company must be prepared for changes in its product features in the process of its operations in order to stabilize its operations from time to time in tune with the customers changing requirements. All operations within a company should be mutually reinforcing and all elements should fit together in a cohesive manner which adds to the competitive advantage. The strategic direction should thus be aimed at an ever-continuing improvement in the company’s operations. The strategy has also been envisioned to be a journey for the achievement of an organization’s goals through tactical deployment of policies en-route to the destined goals or objectives.
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