Junk Food Eating Habit in Bangladeshi Society-Study Part-Ii

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This is a continuation of the study-

This part of the article is actually related to the Strategic concepts and theories which almost all the firms in the competitive world has been following for so long.

1. Perspectives of Competitive Priorities

A customer-driven operations strategy reflects a clear understanding of the firm’s long term goals as embodied in its corporate strategy. Operating advantages must be related to each of the firm’s process. We call these operating advantages competitive priorities. Some of the competitive priorities are: 

a. Cost 

b. Quality

c. Time

Firms composed of many processes that must be coordinated to provide the overall desirable outcome for the customer. Most customers view a business as an aggregate process that accepts orders for products or services and finally delivers them in a fashion that satisfies their needs.

A manufacturing firm has many process, among which the followings are important-

-of accounting,

-marketing process,

-order-fulfillment process,

-a treasury –management process.

2. Business Core Process and Competencies:

Managerial skills alone cannot fight well the environmental shifting and changes. Firms succeed by taking advantage of what they do particularly well – that is, the organization’s unique strengths or core competencies. Core competencies refers to the unique resources and strengths that an organization’s management considers when formulating strategy. They reflect the collective learning of the organization, especially in how to coordinate diverse processes and integrate multiple technologies. These competencies include:

a. Workforce: A well-trained, motivated and flexible workforce allows organizations to respond to market needs in a timely fashion.

b. Structural Facilities: Location of offices, stores, and plants – is a primary advantage because of the long lead time needed to build new ones or non-imitable in nature.

c. Market and Financial Elements: An organization that can easily attract capital from stock sales, market and distribute its products or differentiate its product from similar products on the market has a competitive edge.

d. Technology: Organizations with expertise in information systems will have an edge in industries that are data – and information – intensive, such as banking.

3. Generic Environmental factors:

The generic business environment change continually and an organization needs to adapt. Adaptation and adjustment begins with environmental analysis, the process by which managers check out trends in the socio-economic environment, including the industry, the marketplace, and society, for potential opportunities or threats. An important and significant reason for environmental analysis is to having competitive edge. Environment changes may cause a company to reconsider its current strategies and reformulation.

4. Market Analysis and Internal Analysis:

Under this point we would like to segregate the analysis into parts: Market segmentation and needs assessment.

a) Market Segmentation:

Market segmentation is the process of identifying groups of customers with enough in common to warrant the design and provision of products or services that the larger group wants and needs. In general, to identify market segments, the analyst must determine the characteristics that clearly differentiate each segment.  Once the firm has identified a market segment, it can incorporate the needs of customers into the design of the product or service and the processes for its production.

b) Needs Assessment:

-Identifying the needs of each segment and assesses how well competitors are addressing those needs.

-Once it has made this assessment, the firm can differentiate itself from its competitors.

-The needs assessment should include both the tangible and the intangible product attributes and features that a customer desires.

-These attributes and features, known as the customer benefit package, consist of a core product or service and a set of peripheral products or services per se.

Contd.

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