BUSINESS STRATEGY Essay Example | Topics and Well Written Essays - 2250 words

BUSINESS STRATEGY - Essay ExampleBased on this analysis, the companys strengths, weaknesses, opportunities and threats are determined. The next step in business strategy is to make a client analysis. This would chance upon the changes and tastes and preferences of customers. It would excessively reveal the changing demographics which would consequently determine the companys strategies. It would excessively reveal the customers perceptions regarding the services of the company. The customer analysis would determine the price strategies for the company. The competitive analysis would provide keenness into the competitors weaknesses and strengths. Firms practicing an advanced and systematic competitive profiling remain at an advantage of knowing the competitors background, products, finances, facilities, products, markets and strategies. This would give an idea of the expected moves that the competitors would take. Based on this, the company would design its own strategies to have an extra edge over its customers. An internal analysis makes an analysis of the internal environment for the formulation of appropriate strategies. In this regard, the value chain analysis gives highlights on the main and the supportive activities which would add value to the company. The resource base view analyses the competencies and resources of the firm. The firms performance would depend on the distinctive capabilities. The company must also make a thorough analysis of its financial position. This allows proper management and reduction of costs associated. It is seen that the operational costs of British Airlines have increased steadily with the rise in fuel prices (BBC News-a, 2011). Financial assessments would also allow the company to undertake other cost cutting strategies like employee downsizing, compensation structure of employees, or other operations costs. The financial position would determine whether the company would be to withstand sudden shocks and the measure s to be taken during such times. Answer to question 2 The British Airways considers the importance of working closely with stakeholders. It is authorised to make the stakeholders analysis to ensure their interests are met. More so because the organisation policies and actions affect the mass who have direct stake in the company. It is also important that they provide their views, opinions and suggestions which would allow giving casting to the organisation fight from the stage of infancy. The existence of powerful stakeholders provides support for the company. This allows greater possibility of attainment of achievement for the company. The first step in stakeholders analysis would be to identify the key stakeholders as wellhead as the business interest associated with them. For example, the British Airways approach towards the implementation of corporate social responsibility is influenced by the fact that the airline generates major economic and social benefits. At the same t ime it also has noteworthy environmental impacts and on the communities surrounding the airport (CBI, 2006, p.1). Following this, the company would