Business operation strategies refers to the methods companies use to reach their objectives. By developing operational strategies, a company can examine and implement effective and efficient systems for using resources, personnel and the work process. Service-oriented companies also use basic operational strategies to link long- and short-term corporate decisions and create an effective management team.
Corporate Strategy
Corporate strategies involve seeing a company as a system of interconnected parts. Just as the muscles of the heart depend on brain functions in a human body, each department in a company depends on the others to stay healthy and achieve desired outcomes. The additional core strategies that a company uses should support the corporate strategy and use cross-functional interactions.
Customer-driven Strategies
Operational strategies should include customer-driven approaches to meet the needs and desires of a target market. To do so, a company must develop strategies that evaluate and adapt to changing environments, continuously enhance core competencies and develop new strengths on an ongoing basis. When evaluating environments, a company should monitor market trends to take advantage of new opportunities and avoid possible threats.
Developing Core Competencies
Core competencies are the strengths and resources within a company. While core competencies can vary by industry and business, they can include having well-trained staff, optimal business locations and marketing and financial expertise. By identifying core competencies, a company can develop processes such as customer satisfaction, product development and building professional relationships with stakeholders.
Competitive Priorities
The development of competitive priorities comes from the creation of a corporate strategy, market analysis, defining core processes and conducting a needs analysis. To create competitive priorities, an organization evaluates operational costs, the quality of a product or service, the time it takes to develop and deliver a good or service and the flexibility of a good or service with regard to variety, volume and customization. Competitive priorities should include being able to provide a quality product or service at a fair cost that consistently meets the needs of a customer.
Product and Service Development
Strategies behind the development of products and services should consider design, innovation and added values. When developing new customer products, a company can decide to be a leader in introducing a new product or service, wait for the introduction of innovations on the market to improve upon them or wait to see if a company's innovation is successful before moving forward.
When developing a service, companies should consider packaging it with immediately observable and psychological benefits and support services. When developing a good or service, a company should consider the wants of its customers, how its stands against the competition and how its technical measures relate to its customers' needs.
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