Strategic Choice and Evaluation Essay Example | Topics and Well Written Essays - 750 words

Strategic Choice and Evaluation - Essay fontThis paper will look at alternatives Medtronics should consider to crystalise offset. The paper will tax the trump value discipline, generic strategy, and grand strategy for the organization. The paper will conclude by recommending a combination of strategies the organization should put into practice. The best value discipline Medtronics should consider to realize growth is customer intimacy. This means that Medtronics will concentrate on providing service and harvestings required by a particular client and not what is required by the whole market. Organizations, which are customer-intimate, develop relationships with their clients and are not after one time dealings. They dedicate their selves in satisfying distinctive needs, which frequently only they, by virtue of their profound knowledge, and intimate relationship with clients acknowledge (Grant, 2008). Therefore, for Medtronics to realize growth, their suggestion to the clients s hould be to countenance the best solution for them and offer all the assistance necessary so as to realize the best outcomes and at total minimal woo. The best generic strategy to be employed by Medtronics should be the monetary value loss lead strategy. Generic strategies illustrate the techniques of attaining competitive advantage. This explains the techniques employed to establish the upper happen that gets the organization the sale and takes it away from rivals in the sector. There are two ways Medtronics whitethorn realize this by utilizing the cost leadership strategy. One, Medtronics may enhance earnings by minimizing expenses spot utilizing industry-average costs. Two, Medtronics may augment market share by imposing reduced costs, while at the same time making a realistic profit on every services offered and of product sold because Medtronics will have decreased costs. One should bear in mind that cost leadership concerns lessening the cost to the organization of provi ding services and products. Also, it should be noted that the price or cost paid by the client is a distinct matter. The cost leadership strategy entails being the leader with regard to cost in the market or industry. Being among the lowest-cost producers is simply not sufficient as Medtronics will leave itself wide open to competition by other organizations who offer services and products at a lower cost and, consequently, may emasculate Medtronics prices and, therefore, hinder its capacity to realize growth. Therefore, Medtronics needs to have confidence in attaining and retaining the leaders position prior to selecting the cost leadership strategy. Nonetheless, organizations that successfully realize the cost leadership strategy typically contain extremely adequate logistics, rag to the funds required to invest in technology which will help lessen costs, and a reduced cost base, and a strategy of efficiently reducing costs beneath those of its rivals (Olsen, 2012). The grand str ategy that Medtronics should consider to realize growth is product development. Product development entails investing immensely in investigate and development so as to fashion innovative and new product offerings. Product development is essentially the reverse of market development. Pro