Tuesday, August 21, 2007

3 PLAYERS of Business Strategy

While formulating Business Strategies,its essential to take account of the three key players or commonly known as 3Cs, Customer,Corporation and Competitors.The three Cs can be related. The strengths of the corporation should match the needs and the objectives of the customers and the competition should be healthy enough to give a clear distinction so that a superior performance could be achieved.How to ensure that a business strategy is successful keeping in mind the three Cs:
1.Its essential to focus on KSFs(Key Success Factors. It will help to understand the strengths and the factors of success which could be later exploited accordingly keeping customers and competitors in mind.
2.The success of a strategy depends on the relative superiority.Relative superiority could be defined as exploiting the differences in the competitive conditions.It might not be possible to find the KSFs putting customers in mind for every organization.So,the best way is to find an innovative approach in a process and gain superiority.
3.Initiatives is the key to differentiation.Competitive advantage could be achieved either by introduing new KSFs or making the existing KSFs redundant.Innovation could be used to introduce a trend in the industry.