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A strategy defines a companys long-term business plan, which helps it execute its mandate based on prioritizing the goals and responsiveness to market demands. In essence, these tactics begin with a one-step identification of the market for a product in an industry. The company then begins to recognize the ways to sustainably meet the customers expectations while also seeking to enhance the markets constant competitive advantage. The statement Making strategy, once an event, is now a continuous process implies that this procedure begins with a single decision but becomes a lifeline in any businesss operation.
One component of creating a strategy is defining the organizational culture and values, including the vision, objectives, and SWOT components over time. While launching the Apple iPad, the company created a lot of anxiety among the consumers by hyping the event in different media channels. Thus, large numbers of people turned out to purchase and witness how it would unfold. This approach enabled the company to conduct interactive research to understand their consumers tastes and preferences in the market, thus highly raising the anticipation.
At the same time, firms use other marketing strategies, including advertisement and sales promotion to ensure sustainable growth in an industry. No single firm can thrive based on their first step to make strategies. The Apple Company focused on improving their products quality by providing a better version of the phone or iPad to attract more consumers and retain a competitive advantage in the market segment (IDG TECHtalk, 2010). In return, they endure continued research and market evaluation to make their goods and services relevant and consistent with the industrial standards. Therefore, effective plans require close interpersonal relations with consumers and evidence-based culture.
In conclusion, the first step to constructing a strategy is the most important stage in long-term operations. Thereafter, the scheme becomes a tool for routine operations, which requires consistent monitoring and evaluation to help realize sustainable development. The approaches may include effective communication designs, market branding, positioning, and customer relation, among other techniques. The essence of these policies is to enhance continued performance amidst challenges and competitions from different opponents within an industry.
Reference
IDG TECH talks (2010). Apple iPad hits stores in the US [Video]. YouTube. Web.
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