1. There are so many things for managing a company, but a better strategy makes it best all over the market. Strategies are having a power to manage a company with the resources. One thing is must important for managing a company is strategy execution. Few things are helpful for strategy execution, which is involvement of employees and senior managers. Strategy is operations-driven for people and business processes (Barney & Hesterly, 2012). There will be a commitment for change, action and best performance for execution strategy. Texas Medical Center (TMC) is having a clear vision for their customers. They are working for life science achievements with their leaders. They are having centrally managed environment for become the world leader. There primary goal is serve in the health, education and research field.
2. Competition is making people energetic for their work. Therefore, there are many ways to handling staff members and it will be a competitive advantage for the company. There are a strong team management is requires for the execution of a strategy in company. Teamwork can change all the things in positive way (Barney J. , 1991). TMC is having a strong competition from their competitor in Texas as well as world level.
3. There are few things, which are helpful for execution of strategy, such as better staff, strong leadership, culture, rewards, information technology, best practices, policies, and sufficient resources (Griffith & Hoppner, 2013). These things makes possible to execute strategy of company. The TMC is having largest medical complex in the world. They are focusing on cross-institutional collaboration, creativity, and innovation for life sciences. They push their limits for accomplish their goals. They are focusing on the innovations in the field of medical science, research, and education. TMC is having their goal for completing their visions. They follow best strategies for enhancing their work in their field. TMC divides their works in teams and integrate their work for accomplish their mission. TMC is a world famous medical center because of their services and researches in medical science.
4. Corporate culture is helpful for the company, which makes them different from others. There create belief of customers in their firm. Business principles are clear in corporate culture. Firm operating style should follow tradition, which makes is better in front of the customers. It is best approach to conducting business. Corporate culture is creating a different atmosphere for working. It makes a free environment to interact from managers. There is a best way to treat their stakeholders. Ethical standards are also makes effects on the culture of company. Policies of company are also involved in the corporate culture (Manuj & Mentzer, 2008). TMC is enhancing their working culture using information technologies and other things.
5. TMC is providing rewards, and incentives to their staff and other collaboration institutes. Incentives are a way to motivate the employees for their works. Rewarding someone for their work is best approach to motivate employees for better work. There are so many facilities for staff members. still few things are changing culture of workplace. Climate of a workplace is also having a reason for better working. Corporate culture is helping people for hard work (Meskendahl, 2010). Rewards and incentives are a most common way to energies employees for more work and enhance their skills for effective work.
6. TMC is having best leaders for their growths. Leadership is having a key role for the maintaining corporate culture, and it is beneficial for changing a problem culture. Strong leadership is change thoughts of staff member from negative to positive. Positive leaders are eligible for working in stressful situation. For execution of strategies, unhealthy culture must change. It is only possible by the strong leadership. Competent leadership is also helpful for the successful execution of strategies (Team, 2018). There are few steps for changing a problem culture in a company. These are the steps:
7. TMC is also having collaboration with many global institutes for research and innovation in the field of medical science. There are so many changes required for global market. Basic three things are changing the culture of an organization, which are top executive of organization, employees, and physical symbols. There are few requirements in the organization for handling new targets. Company must hire new employees with values and ethics compatible (Teece, 2010). TMC is taking help form different universities and institutes for innovations. It will be helpful for new inventions in the field of medical sciences. Integration of the different efforts in a same field can change history.
8. Best buy is using the best-cost strategy for their business processes. Best Buy Company is having so many competitors in the market as well as at global market. They are facing so many difficulties from their competitors. They believe in customer’s satisfaction. They provide best value of a product to customers (Wu, Straub, & Liang, 2015). They are uses customers experiences for more benefits. It is also used inspirational things for motivate and attracts the leaders and employees of Best Buy. They also used innovative ideas for work as well as for vendors. They increase their return on the behalf of capital investment. Best Buy faces issues for inventory turnover. They take action to it and change it from low-priced online competitors.
SWOT analysis of Best Buy:
|
Strengths |
Weaknesses |
|
· Brand Loyalty and Reputation · U.S. Market Exposure · Large revenue |
· Sales Growth · Dependence on Brick-and-Mortar Business · Cost management of store are high |
|
Opportunities |
Threats |
|
· New Technology Pipeline · E-Commerce Expansion |
· Direct-to-Consumer Sales · Heated Competition |
SWOT analysis is explaining about the company basics things, such as strength, weaknesses, opportunities, and Threats (Helms & Nixon, 2010). Best Buy is having a global exposure from their services to all over the world. Best Buy is having some issues but it reduces from their returns.
References
Barney, J. (1991). What is strategy and the strategic management process?, Strategic management and competitive advantage (1st ed.). Boston: pearson.
Barney, J., & Hesterly, W. (2012). Evaluating the firm’s internal capabilities, Strategic management and competitive advantage (2nd ed.). Boston: Pearson.
Griffith, D., & Hoppner, J. (2013). Global marketing managers: Improving global marketing strategy through soft skill development. International Marketing Review, 30(1), 21-41.
Helms, M. M., & Nixon, J. (2010). Exploring SWOT analysis–where are we now? A review of academic research from the last decade. . Journal of strategy and management, 3(3), 215-251.
Manuj, I., & Mentzer, J. T. (2008). Global supply chain risk management strategies. International Journal of Physical Distribution & Logistics Management, 38(3), 192-223.
Meskendahl, S. (2010). The influence of business strategy on project portfolio management and its success—A conceptual framework. International Journal of Project Management, 28(8), 807-817. doi:https://doi.org/10.1016/j.ijproman.2010.06.007
Team, L. C. (2018). How to Define Strategy Using Porter’s Five Forces . Retrieved september 11, 2018, from https://www.lucidchart.com/blog/what-is-strategy
Teece, D. J. (2010). Business models, business strategy and innovation. Long range planning, 42(2-3), 172-194. doi:https://doi.org/10.1016/j.lrp.2009.07.003
Wu, S. P., Straub, D. W., & Liang, T. P. (2015). How information technology governance mechanisms and strategic alignment influence organizational performance: Insights from a matched survey of business and IT managers. Mis Quarterly, 39(2), 497-518.
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