October 14, 2010
In this global economy, it is relevant in all industries to conduct business with high levels of integrity and precision. Businesses must find a way to provide exceptional products and services to meet customer needs all the while streamlining the processes that produce these end results. This means businesses look to create and/or discover a competitive edge. This employs strategy, Chase, Jacobs, and Aquilano (2006)states, “Competitive strategy is about being different. “ Formulation of an effective business strategy requires managers to consider three main players—the company, its customers, and the competition—according to Kenichi Ohmae in his book The Mind of the Strategist. These three players are collectively referred to as the strategic triangle. "In terms of these three key players, strategy is defined as the way in which a corporation endeavors to differentiate itself positively from its competitors, using its relative corporate strengths and weaknesses to better satisfy customer needs," Ohmae explained in the Encyclopedia for Business .
Customers today have many choices. How do customers choose what product and/or service to use? There is old adage ‘different strokes for different folks’, this is never as true as it is in today’s consumer marketplace. Each customer has different needs and wants as well as demands. Some consumers look strictly at cost, others quality, some prefer certain brands and the list goes on. Nevertheless with this ever growing consumer demand of “I want the best…right now …at the cheapest price” experts agree across all industries these demands must be satisfied. But, while meeting consumer demands organizations must successfully maintain their stakeholder’s best interest as well as maintain and increase profits. After all in business this is the bottom line.
Verizon Telecom is a cutting edge telecommunication company that offers many products and services. One of their...