Initially the video clip discusses about the meaning of strategy in real context that what does it mean and what it is assumed by people. People initiating their business operation think that whatever they are aiming is called their strategy; but none of them can be actually regarded as a strategy, instead they are tactics, goals and objectives which are small components revolving around the strategies of a company. Thus, the fact shall be regarded that strategy comes from a Greek word called ‘Strategos’ which means the art of the general.
Also the word states that it is the art of a war, or it can be said as the role of the general in a war. Further in the art of war, it is the goal which the general has to achieve their strategies (Bocken, et. al., 2014). Thus, it shall be noted that it is very important for an organization to implement strategies in context to their vision and mission of the organization so that it support the business process activities. For that purpose the manager in the organization also need to be strategic in their working. It is the requirement of the manager to co-ordinate with all the resources available to them and implements them in such a way to as to initiate strategies in the organization. Further the clip says that with rising competition, the modern day executive also needs to become strategic and formulate strategies if they don’t have any. A good strategy answers the below mentioned four question that are; where do we compete, this question answers about the target market of the company that is the areas in which the company is willing to work. Next question is what unique value the company provides in their product and services that are why the customers choose their products and services if compared to others present in the market (Cândido, and Santos 2015). The third question is what resources and capabilities do the company utilize to deliver the above mentioned value. And lastly, it answers the sustainability measures which the executives take to provide unique value to the company, how the company continues to win in the target market. Later the video defines the strategy used by IKEA which tells about their strategies use to gain long term growth in the target market.
The company used the mass production techniques with which they served normal designed furniture in the market and nominal value. Also the complexity of the strategies of the company gives them aid as wit this process it becomes difficult for the competitors to imitate their value. Apart from that the company also defined their boundary value which tells what activities and areas in which the company should not enter in order to maintain competence (Massa, and Tucci 2013). Timing is also one of the factors which help the company gain the right customer in the right market. Thus, if the above mentioned four questions are easily answered by the strategy used by the company, then it would be no wonder if the company would succeed in their target market. Further with respect to University of Melbourne, the institute requires strategies to achieve their target in the market. The organization is a public research university located in Melbourne, Australia which was introduced in the year 1853 and it is the second oldest university and oldest in Victoria. The institute is well-renowned and provides efficient higher education services in the target market. University of Melbourne is a part of Group of Eight (Unimelb 2017).
The institute is working well in the higher education industry of Australia, but I order to maintain its competence in the target the university needs to initiate a good and accurate strategy. The strategy implemented by the organization answers the above mentioned four questions in such a way that it states that the university can easily achieve its expected goals and targets in the market. Before initiating a strategy the initial requirement is make goals add objective on the basis of which strategic measures shall be implemented (Speculand 2014.). So, the vision and mission of the university is to provide maximum education to the Australian as well as international students worldwide; and not only focus on education but also other co-curricular activities shall be implemented in the organization so the students earn more values. With respect to that the strategy initiates by the organization explains the four questions (Desyllas, Salter, and Oliver 2017.).
There are many organizations present in Australia which have the competence to grow and run the target market but somehow they lack behind the competitive technique of University of Melbourne. But the biggest competitor of the organization is the Australian National University; this organization is also world renowned organization which is famous for providing sills and aptitude to the entire student learning under them. Further the University of Melbourne competes under the higher education industry, by the way of using their strategic implementation to gain the target market. As discussed above the company initiates a goal to target a particular audience and build strong brand image, so in context to that the organization implemented which attracted students from worldwide to come study under their course. Resulting to which, the company earned a good name in the market (Punie, et. al., 2016).
University of Melbourne being the Public-spirited institution makes its contribution in various sectors of knowledge like, research, engagement, teaching and learning etc. Also it shall be noted that the university is ranked top best university of Australia. So the organization gives differentiation in learning and uniqueness in their value of teaching due to which most of the students wants to come under this university and study. Furthermore talking about the resources and capabilities which the university attains in order to provide value creation is that the university many focus on their human resource (Serrat 2017). With the help of heir efficient human resource only they have earned goodwill, so they train their employee in a way that they generate the path to provide value creation to the target customers. Sustainability can be only achieved in an organization by the way of continuous flow of work. Similarly University of Melbourne also achieves sustainability in working by continuously aiming to their target and working on them. The sustainability in University of Melbourne is created by using all the resource available in an efficient manner as well (Christensen, Bartman, and Van Bever 2016).
The University of Melbourne uses the growth strategy with the help of which the aimed to expand the target market. The organization introduced new and efficient services and courses day by day which gave them advantage to work in many departments of education sector. Due to which customers present in many fields got attracted towards the working which helps the company to improve their customer base as well. The strategy already implemented in the organization helped them to sustain the target market but still there is little scope of amendments which can grow the university. Thus, with respect to that it shall be recommended to the organization that they shall aim to gain specialization in single course or field which can help them to maintain a bond with customers. Also it will help the organization to create a unique selling proposition in the higher education sector as well (Visnjic, Wiengarten, and Neely, 2016).
The fact shall be considered that many times good and fast running organizations lose their pace whereas he organization who run with a slow and soft speed rapidly gain attention in the target market. This fact is due to implementation of innovative business model in their organizational process. Such big companies possibly fail because they were incapable of using resources adequately available to them. Also they did this one big mistake that these organizations did not take the opportunity to rethink their business model; the managers were busy in initiating their day to day business activity to earn revenue. Resulting to which, the organization lost the advantage to address the opportunities available in the external environment and work in accordance to them. Today’s success is the enemy of tomorrow’s success (Karimi, and Walter, 2016).
Furthermore talking about innovation it shall be noted that innovation is the fact that either adds values in product or service or it decreases the prices of the product which itself made it valuable in the eyes of the customers. Like, taking an example of Apple Inc., the company created high perceived customers values by introducing innovation in their products; similarly the company dell gained advantage in the market by reducing the prices of the products and making it available the larger segment of the market. Moreover, it shall be noted that innovation is not an easy concept; it requires study before its implementation in the organization (França, et. al., 2017). As there are any myths present in the external environment which makes it more difficult for the organization to concentrate to the correct type of innovation which shall be implemented in the business model of the organization. some of the myths about innovation are innovation is created from ideas which nobody has utilized ever before, next is big success requires big resources as well and thirdly is that innovative breakthroughs are based on fascinating technology. But these are all wrong, innovation is not about creating new things from innovation but it is all about learning and combining resources to gain success. The company Cisco did not have adequate resources but used their outdated technology and turned their company in the positive direction. So, such type of innovation shall be implemented in the business model so as to gain competence (Norton, and Cakitaki 2016). Business model innovation refers the process of combining and implementing innovation in the business so as to create effectiveness. The business model answers four questions about the target customers, value offered to customers, how value proposition is created and how revenue is earned. The business model innovation changes some these aspects to receive recognition in the market. Innovative imitation is also an aspect which is used by the organization to implement success. Razor blade pattern, flat rate pattern, supermarket, rent instead of buy etc. are some of the innovation which shall be adopted by organization according to their working to create effectiveness (McGagh, et. al., 2016). Further in order to implement innovation in the organization, the management requires to four practices in their business that are initiation, ideation, integration and implementation. Initiation refers to the process of analyzing the correct business model and it requirements as well. Further during the process of ideation, the business acknowledges the different types of business model innovation present in environment. In integration the organization the organization develops new process and check consistency of the business model; and finally during the process of implementation, the organization needs to implement the above mentioned process in their system. Further in context to innovation, it shall be taken wisely so that the organization does not fail (Moore, and Morton 2017).
Relating the business model innovation in the higher education industry, it shall be noted that the Deakin University working well with this purpose in order to create effectiveness. The university is an Australian Public University having is approx. 53,000 students studying with them. The organization was established in the year 1974, and it was named under after the leader of Australian Federation movement and Australia’s second Prime Minister Alfred Deakin (Deakin.edu 2017). The main location of the university is in Melbourne and is affiliated by Australian National Business School. The model of the Universities initially identifies the target customers of the organization, this process helps them to provide accurate services to those only who want to apply in the university. The target customers are those students of school who wants to study higher education in business school; also international students are targeted by the organization. The organization surveys in the market in order to know about the size of the target market so that they can work accordingly (Marshall 2016). Furthermore talking about their competence in the target market, it shall be noted that the organization gain competence with the use of their innovative business model only. The business model of the organization helps them to innovatively implement strategies and target the customer in such a way that they find it fascinating to study under the course provided by the organization. The organization provides quality services to the students and takes care of the interest of the international students as well as that they don’t feel avoided. Value creation is initiated in the organization by the way of providing valuable services in the market. Deakin University gain profit if compared to other organization because their model aim to maximize the satisfaction level of customer due to which subsequently the profit level of the customer increases. Thus, in this value creation process is implemented with the help of business model of the organization (Rawolle, Rowlands, and Blackmore 2017). It shall be noted that now the organization has satisfactorily targeted the market and gained an identified position, so now they focus on the process of expansion. Expansion in the organization is aimed by the process of introducing various course with the help of which the students gets more options to qualify themselves in different courses (Tarí and Dick 2016). Resulting to which, different streams are created and customers’ base is also increased in the market. The organization is currently working with almost 53000 customers but now it is aiming to expand more with different course so that more revenue is earned by the organization.
The success of the company identified in the market by the way of their massive growth and size in the higher education industry. As mentioned above the organization was originated years back due to which it has subsequently worked on their model and developed in order to gain success in the target. Success of the University is achieved with the help of their business model; it helps them to identify various aspects which can cause a breakage in their growth process. Further all universities have some drawback in their working which can identified through a focused business model and it can be rectified as well. One of the drawbacks which Deakin University has is that that it still uses orthodox techniques in some departments (Jackson 2016). Thus, it is recommended to the universities that they shall implement innovative techniques in order to gain competence in the competitive world.
References:
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Deakin.edu, 2017. About Deakin. Viewed on December 11, 2017 from < https://www.deakin.edu.au/about-deakin>
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