A paper in the Journal of Knowledge Management, Economics & Information Technology by Siddhartha Ghosh attempts to explore the methods in which a business may implement a strategy after the global downturn. He argues that the three components includes innovation promotional practices, social and organizational welfare, and ethical behavior. He discussed the concept of innovation and the overall process of development that should occur. As firms implement new strategies, they will find an increase in market success through the use of proper analysis to meet global challenges.
N-New Plan or Design
O-Optimum Change Evaluation
A-Adaption to the New Environment/New Business
T-Thought process for planned change.
I-Ideological developments in business.
O-Optimization of changes.
N-Numero Uno (Being at the top of the market).
The author further contends that there are four major strategies to competing within the market 1. Holistic Business Strategy, 2. Polymorphic Business Strategy, 3. Green business strategy and, 4. Country-club business strategy. Each of the four strategies help organizations navigate the market in different ways. Through the development of strategy frameworks organizations can finder higher competitive frameworks.
Country-Club Business Strategy: Such organizations seek to find innovations and development in the human arena. They look at human innovation, human behavior, human productivity, and other human elements. The goal is to develop people and manage them well to create advantages for the organization. Organizations can consider the SMIRNOFF Analysis or MEDICATION Technique.
Polymorphic Business Strategy: When organizations are already moving upwards they should seek to design strategies for how far they can go. They may use a HAIRL Analysis, encouraging employee decision making, and define their strategies to maintain their growth. Such organizations should seek to maintain their current growth but set longer-term sights to perpetuate their growth to the top of their market.
Green Business Strategy: As one of the most practical methods, organizations should seek to develop their product lines and offerings to create greater revenue. They may consider MARCO-POLO Analysis, SWOT and other opportunity-based evaluations. Such businesses seek to continue to develop and grow their customer’s bases using existing platforms.
Holistic Business Strategy: The holistic strategy attempts to predict where the business will be at certain points in the future so that the proper decisions can be made. They may consider CATAPULT Planning or PERFECT Forecasting in an effort to determine likely market trends and outcomes. The goal is to stay ahead of these trends so that management decisions and operations can be adjusted.
The author proposes that there are four basic innovative strategies in the market. He categorizes these four strategies and offers analyses that may be used in forecasting and understanding the business. As businesses march out onto the global gladiator, arena they will need to ensure they are seeking multiple methods of understanding their prospects and designing appropriate methodologies.
Ghosh, S. (2012). Change in strategy-the answer to overcome the global downturn. Journal of Knowledge Management, Economics & Information Technology, 2 (4).