According to the title which is strategic approach the presented report is describing all about the strategic approach which has been adopted by the company for achieving their objectives and goals by the way of website. For further discussion one company has been selected from” ‘The Sunday Times” and that company is 'The Regency Chess Company'. This company is one of the World's Finest Online Chess Shop in the entire globe. It is having 2nd rank in the list of 100 best companies (Werbach, 2009). The headquarter is in Alderlay Edge, UK. This report discuss that how this company has achieved their objectives through effective strategic approach. Further, emphasize is given on recommendations to attain more success.
The success of the business is dependent on the strategic approach. As far as the strategy is concern, then it should be more effective and having competitive advantage, so the business will achieve more success. In terms of best and high quality of chess, The Regency Chess Company is the biggest retailer in UK. There are nine types of products which they are providing, namely Chess pieces, Chess sets, Chess boards, Travel chess sets, Themed chess sets, Luxury staunton chess sets, Staunton chess sets, Isle of Lewis chess sets and Backgammon sets (Hagel and Brown, 2005). Almost all the products of this organization can be purchased online through its website. It is not easy to become best in the world. It is the game of effective strategic approach for achieving such huge success.
First of all, formulation of competitive strategy is difficult task for the manager. Then after the implementation or execution of the strategy is more difficult. This company sale their products through online shop. Selling through online, this may be the biggest strategy of the company. Now a days everybody wants to buy online which is more comfortable rather than to go to the shop and buy. This may lead to take advantage of online business by the company and in such a way company can achieve its objectives more effectively (London, Hart and Kacou, 2011). In UK, it is easy to adopt this approach. On the initial stage, company sold its products through online means only in UK, but then they found that it was the successful strategy which can bring more success to the company. Then after, the company had gone across the glob through online trading and has achieved huge success.
For understanding more about the strategic approach, this can be elaborated in:
Two dimensions with four Umbrella strategies and Strategic approaches
Two dimensions are:
1.Company's Desire, Need and Ability (DNA)
2.Industry predictability for a relevant time horizon
Four Strategic approaches are:
Shape the industry
Redefine the industry
Reinvent the industry
Adapt 'within' the industry
Position and conquer
Maintain foresight & flexibility
High analytical predictability
Low analytical predictability
The Regency Chess Company is falling under the category of “Position and conquer” which is composite outcome of 'High analytical predictability' and 'Adapt within the industry'. Under this approach, company has to analyse its optimal position in the industry and then build a plan to grab this position. For strategic development, it is the classic method. In this various, strategic options are available for the company:
Position to build competitive advantage
Deploy battle strategies
Grow in core, adjacent businesses and step out
Identify and adapt to profit patterns
Benefits of the online trading
There are various benefits of online selling through website. These are as follows:
1. Middlemen are almost eliminated: -
In online businesses, there is no need of middleman or the number of middleman has reduced. So cost of the company can be saved.
2. Lower set up and running costs in comparison to offline trading: -
The start up cost for the online business is not so much. Further, after set up the cost is lower in maintaining or running online business (Dressler, 2012).
3.Offers greater investor control: -
In online trading, traders can trade whenever they want. In this, investors can review all options which are available and no need to depend on the broker for telling them the best deal (Pandya, 2012).
4.Potential customer reach: -
More customers can connect through this trading. It is best for the remote people.
5. Business can be managed from anywhere:-
Online businesses can be operated from anywhere. It has no boundaries. It is easy to manage by the owner from any part of the world.
6. No opening and closing time restrictions: -
There is no time bound. There is 24/7 availability of the customers. They can purchase at any point of time.
7. Higher margins and better cash flow: -
Higher margins can be generated from online trading by reducing various costs, and also the possibility of maintaining a better cash flow position.
The above discussion is to be concluded as the company's strategy decides the life and death situation. The good and effective strategy formulation and implementation can boost up the company may be up to the world level or in other side it may hinder the company.As it has discussed above that The Regency Chess Company is world'' best online trading company, so it could be done by its strategy. In the same way company should formulate appropriate strategy and focus upon its proper implementation. The right execution of the strategy may reach the company on its highest position. Company can adopt any suitable and appropriate approach of strategy for achieving its objectives and taking competitive advantage.
Werbach, A., 2009. Strategy for Sustainability: A Business Manifesto. Harvard Business Press. Hagel,J. and Brown, J., 2005. The Only Sustainable Edge: Why Business Strategy Depends on Productive Friction and Dynamic Specialization. Harvard Business Press. London,T, Hart,S. and Kacou, E., 2011. Business Strategies for the Bottom of the Pyramid (Collection). FT Press. Dressler, G., 2012. The Global Strategic Revolution - Third Millennium Strategic Culture Change Management: The Perspective of the Enforcement of Negotiated Strategic Solutions Worldwide. GRIN Verlag. Pandya, J., 2012. The Global Age: NGIOA @ Risk. Springer. Araus,J. and Slafer, G., 2011. Crop Stress Management and Global Climate Change. CABI. Neff, S, W., 2006. Work and Human Behavior. Transaction Publishers. De Giovanni, P., 2012. Do internal and external environmental management contribute to the triple bottom line?. International Journal of Operations & Production Management. 32(3). pp.265 – 290.
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