Competitive Innovation and Research Strategy

Question: Discuss about the Competitive Innovation and Research Strategy. Answer: Introduction: In the week 3 material, the description is providing the knowledge about the conceptual analysis of strategy. The effective strategy is considered as the integral parts of the organisational functionalities that shape the future of the organisation. There are some of the key features presented in this material that are providing the insightful ideas about the strategy implementation. The described ideas are as follows: The video presentation starts with the argumentative speech regarding the true definition of strategy. It is specified that the term strategy is originated from the word strategos, which determines the role of the general in a battlefield (Grant and Jordan 2015). The business process is compared with the battlefield where the business leaders are treated as the generals. The exceptional visualisation of the leaders is completely different to other associates in the organisation (Gobble 2012). Therefore, it is the great responsibility of the leaders to undertake the relevant strategic decision that will be helpful enough in achieving success (Youtube.com 2016). The focus on the basic demands is necessary for the strategic implementation. The first factor indicates that the strategic development depends on the operating area for the business. The judgement of the business feasibility depends on the comparison with other products available in the similar market. The second factor is indicating the uniqueness of the products, which can help the organisation in participating in a competitive scenario (Youtube.com 2016). The third factor is concentrating on the necessary resources that differentiate the products from other products introduced by the competitors. The association of both the tangible and intangible resources is necessary. The final factor is signifying the relevant process that helps in adding value to the products that are to be offered to the customers. The derived ideas from this material are much helpful for shaping the strategic decision for establishing the strengthened organisational position. Strategic implementation of Walmart The strategies are formulated to gather the customers supports in the competitive business scenario. Fulfilling the customers needs is one of the most suitable strategies of establishing the organisational reputation. Walmart, is a renowned retail chain in Mexico. The company has secured the competitive position by offering the customers good quality products at a very reasonable rate (Stock.walmart.com 2016). Keeping the pricing structure low is a fruitful strategy for the company, which has helped in gathering more customers attention. In fact, the company has paid the attention on the digitalisation for gathering the customer buzz through online sources. As a result, Walmart could generate the remarkable revenues during the fiscal year (Stock.walmart.com 2016). Moreover, the profitability earned by selling the high quality products at low prices had contributed to the national economy. Therefore, it can considered that the selection of the strategy depends on the feasibility analy sis, which decides the acceptability of the product in the market. Cage Framework to Evaluate International Trade opportunities The material of week 5 is focusing on the implementation of CAGE model. The model represents the conceptual analysis of international trade. There are some of the key ideas derived from the material of this week. These are as follows: There are four different dimensions associated with the CAGE model. The major dimensions are the cultures, administrations, geographic value, and economic structure. The international trades are performed by focusing on these dimensions. While undertaking the business functionalities between different countries, the business companies need to keep their focus on the differences (Youtube.com 2016). The differences are creating both the opportunities and obstacles for the associated business companies. The association of cultural diversification introduces the innovative procedures of business functionalities. Moreover, collaborating with the people from different cultural background provide the opportunities to share the different traditions and cultures (Cavusgil et al., 2014). The material specifies that if the people from different countries collaborate, there is the possibility of cultural and language clashes. These clashes may affect the business procedure in the international context. It is noted that the countries that have the similarities in languages and cultures are much preferable for undertaking the trading business (Youtube.com 2016). The similarities between two major business countries help in developing the economic and technical structures. It contributes more on the economic value of both of these countries. The international trade procedure provides the chance to establish the brand reputation in a different competitive market. The trading companies avail the chance of operating in a wider business area. The above key ideas are highlighting the significance of international trade measured by the CAGE model. It is required to identify the positive and the negative sides of the international trade while undertaking the business functionalities. Examples of International Trading Business The information derived from the material is highlighting that sharing commonalities between two countries is beneficial for the international trading purposes. In such regards, the example of Telstra would be appropriate. Telstra is the leading telecommunication company that is operating in the Australian market. The company has paid the attention on expanding the business market in New Zealand. Australian and New Zealand are the neighbour countries that share several similarities in cultures and traditions (Crothers et al., 2016). While expanding the business market in New Zealand, Telstra receives the opportunity to provide the effective telecommunication services to the customers who are quite known to the company (Larsson 2015). It is even easier for the company to understand the preferences of the customers about the telecommunication services. Therefore, the business will be profitable enough in gathering the supports from the customers who are sharing the similar cultural val ues. Hence, the company will be able to sustain their competitive position in the international countries as well. The company will determine the successful business expansion and establish the remarkable international trading business. References Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., and Rose, E. L. 2014.International business. Pearson Australia. Crothers, C., Smith, P., Urale, P. and Bell, A., 2016. The Internet in New Zealand.Auckland, NZ: Institute of Culture, Discourse Communication, Auckland University of Technology. Gobble, M.M., 2012. Innovation and strategy.Research-Technology Management,55(3), pp.63-67. Grant, R. M., and Jordan, J. J. 2015.Foundations of strategy. John Wiley Sons. Larsson, R.G., 2015. Ikea's Almost Fabless Global Supply ChainA Rightsourcing Strategy for Profit, Planet, and People.Lean Management of Global Supply Chain,12, p.65. Somaya, D., Coff, R., Zenger, T. D., Wright, P. M., and Mindruta, D. 2015. Strategic Human Capital. Stock.walmart.com, 2016. Walmart Investor Relations - Investors - Business Strategy. [online] Stock.walmart.com. Available at: https://stock.walmart.com/investors/our-strategy/ [Accessed 12 Jan. 2017]. Youtube.com, 2016. Pankaj Ghemawat: CAGE framework to evaluate international trade opportunities. [online] YouTube. Available at: https://www.youtube.com/watch?v=7FpUJaG7uMk [Accessed 26 Dec. 2016]. Youtube.com, 2016. What is Strategy?. [online] YouTube. Available at: https://www.youtube.com/watch?v=TD7WSLeQtVw [Accessed 26 Dec. 2016].