Assignment: Week 27

1.  In your own words and using referenced quotes explain why theories developed in the last 10 years tend to be quite different from those developed in the 1960’s.

Theories are developed through experiences gained from the works carried out on the field rather than developing theoretically. The factors defining the business theories were quite different in the early 1960’s than today. Conditions like human labor, government rules and policies, political condition were very different than today’s situation. The market strategy of the businesses and competition was quite in the developing stages. There was less competition in the market. Due to factors like these, the theories developed during 60’s were quite about doing things in the right manner. But in today’s condition, the condition of the market has multiplied many times. The market has grown hugely. International trade, international trading rules, globalizations have made the conditions quite variant than 1960’s due to which the theories and strategies developed at that time aren’t effective.

Theories that explains the trends in the strategy are as follows:

Options Theory:

This theory explains that the competitive advantage for the organization comes from the flexibility factor. Market is an ever changing environment so the organizations need to keep open options. Organizations must keep open options and modify their strategies according to the changing environment. Attractive resources Attractive resources and capabilities are those that are dynamic enough to support different strategies of any organization.

Complexity Theory:

This theory explains that the strategies are driven by the dynamic or ever changing nature of the market conditions and the organizations. It focuses on self-organization along with the collective behavior to adapt to evolve. The emergent and evolutionary strategies can be taken as examples following these strategies.

Rapid Adaptation:

Frequent change in the nature of market makes it difficult for the sustainable competitive advantage for the organizations. Globalization, advance technology and market transparency affect the environment where the business is done. Simply by doing SWOT or value chain analysis the company cannot determine its strategy. They need to take several other factors  into account.

2. You attend a job interview for an entry level managerial position and mention that you complete a 30 week strategy module. Your interviewer seems interested and explains that this job role would enable you to become involved in the strategy making process. In 200 to 300 words explain to your interviewer how the module has helped to prepare you for a strategy role.

Strategy is simply a analyzed concept that we apply our works and even in our daily lives. This module has helped me a lot to understand how strategic planning is done and implemented. Here I have learned in detail how the long term and short term strategic management processes are carried out according to the organizational goals and objectives. Along with this, I also gained knowledge of various strategic tools and processes. PESTLE, TWOS, Porter’s Five Forces Model, Strategic grouping, 7s model are some of the analytical tools that I learned which are a must in analyzing any strategic plans and performance of the organization.

Research works on industries have helped me to understand how research processes are carried out along with the dynamics of my chosen industry. Case analysis of various case studies further aided me on understanding the actual events in the real world and the practical strategies implemented. Similarly, activities like Group work and presentations have further helped me to add practical and professional skills needed for the real business environment. In all, this module has provided me a lot on developing my skills and expanding my knowledge on the practical aspects of the business world.

Lady Gaga Case Study

1. Why has Lady Gaga been so successful? What strategy has she followed?

Lady Gaga, the global superstar has been able to reach great heights and success because she is fresh, brilliant and talented. It’s a fact that she has been the centre of attraction and controversies since her debut from the album ‘Fame’, but her unique voice, dressing style and music genre has always been able to able to attract more and more fans. She has the ability to adapt according to the changes and always manages to empress her fans with her unique songs. She utilized the media and social networking’s to market herself. She utilized the product placement strategy to brand her image by advertising and performing live by being one with audience rather than approaching them in the traditional manner.

Some of the key aspects of her fame are as follows:

·                     She always manages to amuse her fans through innovative songs and music videos.

·                     She developed a different style fashion and carries it confidently.

·                     She doesn’t get pushed back by the critics and continues to do what she wants to do.

·                     She showed the world that being unique isn’t a bad thing.

·                     Her music always is able to convey her thoughts.

  

2. If you were advising her on her future strategy – what analysis would you undertake? What models or theories would you use?

Lady Gaga has her own unique sense of music and portrays herself through the music. Although she has been able to develop her different image to the public, the music industry has been developing fierce competition. So in order to compete in this industry she must utilize her competitive advantage over others. Here we carry an internal analysis of her competitive advantage over others.

·                     Visibility: She has great singing ability and potential. Her sense of fashion is unique. She should present her abilities in her stage performances and exploit her talent to the best of her ability

·                     Credibility: Her straightforward attitude and loyalty to the fans should remain unchanged if she wants to determine her success

·                     Expertise: she has a great understanding of the industry and what her audiences want. Her strategies should evolve with the environment where technologies advance over time.

·                     Power: She is one of the most powerful artists with excellent music skills. She has influenced many people that copy her style. Therefore, she should continuously change her style and try different genres that are in trend.

                                                                                                            

Reference:

Sull D. and Eisenhardt K. (2012) ‘Simple Rules for a Complex World, Harvard Business Review, September, pp69-141.

Reeves M. and Daimler M. (2011) ‘Adaptability: The New Competitive Advantage’, Harvard Business Review, July-August, pp135-141