Strategy:
Strategy is an organization’s institution of a unique and valuable position, engaging a different set of activities that allow them to be competitive in the industry. The essence of strategic positioning is to adopt activities that are different from the rivals’ or performing identical activities but in a distinct approach. The success of a strategy depends on how effective the company integrates the stages and activities planned to sustain and develop its competitive advantages (Porter, E M 1996).
There has been various strategies applied by organizations throughout the world but one of the most common and popular set of strategies pursued by organizations is growth. Growth strategies focus on increasing the size and expansion of the organization’s current operations. This can be achieved by various approaches such as concentration, diversification or vertical integration (Brooks, G 2010). With concentration approaches, expansion of the organization involves increasing activity among existing customers and by attracting new, potential customers. For instance, the Bank of Queensland pursues an aggressive market share in financing small and medium-sized companies along with most of the bank’s services in home loans to ensure long-term survival. While the majority of the banking businesses are closing branches and relocating many of their customer services to central areas, including the four major banks of Australia, the Bank of Queensland is launching new branches in both urban and regional areas with full range of services at these places.
Another approach is through diversification, this strategy seeks potential market segments in areas that relate to the company’s existing skills and core competencies or through acquisition, investment in new or even different business areas. For instance, Optus – a telecommunications company specialize in delivering advanced mobile communications, mobile technology & broadband entertainment services,...