Competitive Strategy: 3M Pharmaceuticals Pvt. Ltd Essay

Question:

Discuss about the Competitive Strategy for 3M Pharmaceuticals Pvt. Ltd.

Answer:

Strategy

The strategy is considered to be the most beneficial part of marketing and researching team of every organization. Thus, it becomes important for each of the firm to understand the desired concepts of development of strategies in an organization as to evaluate the growth of the firm to a large extent. Every business runs swiftly because of the strategies of the management team. Various companies and industries which are small, big and some of them which are moderate, utilizes their strong business strategies in order to sell the products to the consumers at very low cost (Grant, 2016). The managers bear a strategy of setting and organizing various plans related to the need of the customers and the company. A good business strategy depicts that the organization or business is also good. The strategy of a business is not only the plan and techniques to enhance the business, but it may be called as a process to identify the goal of the organization. The most important as well as the key objective of the business strategy is to make the organization or the firm achieves its basic goals in this competition market. The concept of Strategy has come from the history of an ancient conflict of SUNTZU. From the SUNTZU war, various ideas and concepts of strategies have been found. According to Dekker in the year 2013, the research of this war also says that losing is one of the bad strategies whereas; the good strategy is to win. A good strategy gives a positive reflection to every business or organization (Slack, 2015). It helps an organization to outlet various outcomes of the business, in a considerable direction, by which the company achieves future profits. The strategy of every business helps the businessmen to evaluate various business marketing plans to bring profits of the firm, and run the business longer. The strategy assists the business team in identifying and differentiating various products and services which are similar in markets. In order to build an effective and strong strategy within the organization, the company requires few beneficial factors, such as reliability, good impression, proper sensation, consistency in work, and a good level of satisfactory towards the consumers and clients of that particular company or firm. At the time of building good strategy in marketing and research of a company, the organization needs an excellent image of the brands and products of it. A good brand image will give a good reflection of the competition market of various businesses (Waddington, 2014). Excellent image of the brands of the company will help the organization to maintain its excellent reputation in the market, and as a result, a trust relationship will be achieved from the clients, customers, stakeholders, and much more. There will be a belief of good performance and product satisfactory towards customers and clients.

According to this research paper, it has been analyzed that, various researchers came to understand about different business strategic plans that are inputted in an organization named, 3M Pharmaceuticals Pvt. Ltd., so as to achieve goals. 3M Pharmaceuticals Pvt. Ltd. is one of the renowned companies of Australia. The company has implemented various business strategies of it so as to make the business grow to the extreme amount. Various kinds of effectual strategies have been conducted by many researchers and marketing team, to enhance the process of business in the competitive environment (Pauwel et al., 2012). Availing promotional offers to customers has created a key strategy of this pharmacy business, and for which the new customers can be attracted towards this company. The company has also built one more strategy of enhancing the customer satisfactory level. The company has also thought about various needs and requirements of customers and keeping in mind of the requirements of customers this firm has planned various techniques, and business strategies, to avail customers a high satisfaction. Availing unique products and services to customers and clients is another strong strategy of 3M Pharmaceuticals Pvt. Ltd.

Business Model and Innovation

At present, innovative creations is the latest trend for the growth of any organization. According to various researchers, the innovative way of the business model helps the business team to get reflected in the competition market of business. According to the research of Zenger and Stinnett in 2010, the term, ‘Innovation’, means to identify the desired changes in various products and services in order to increase the selling process of products in the competitive zones. The innovation in business facilitates the particular organization by less pricing range for different products, and this makes a chance of increasing the percentage of sales in the business (Gobble, 2014). Apple is considered to be the company of modernization, whose innovative factor led its business strategic value increased and increasing the customers in the market zones. The company offers a wide range of customers throughout the world, with the help of its innovative business plans (Amit and Zott, 2012). Dell is another company which deals with manufacturing PCs, and other varieties of electronic devices, and has increased its selling process by reducing the costing prices, where required, and this made the company to gain a wide space in the market segments (Taran, 2012). Collaboration among the people related to the business has come into one of the major advantages of the firm, for which, the company also gain many profits. At present period, several companies and business organizations are implementing, utilizing various innovative marketing strategies so as to form themselves into large companies. Likewise Apple and Dell, this successful company, 3M Pharmaceuticals Pvt. Ltd. also pursue innovative business models of it to run the organization successful.

For example, 3M Pharmaceuticals Pvt. Ltd. is increasing its business very swiftly, and stand as one of the leading firm globally, with the help of modernized business plans, procedures, and models. Innovation should be there in evaluating the selling of the products by offering latest services to the customers s compared with the other competitors. The firm can use different approaches as well as effective strategies to enhance the selling of the products. Moreover, the assistance provided to the customer’s needs to be improved and the desired change in the business model adopted by them will help in enhancing the growth of the firm concerned. The research theory, therefore tells that it is beneficial in understanding the concept of innovation business plans and models, so as to enhance the prosperity of the business onto a large market segment.

References

Amit, R. and Zott, C., 2012. Creating value through business model innovation. MIT Sloan Management Review, 53(3), p.41.

Gobble, M.M., 2014. Business model innovation. Research-Technology Management, 57(6), pp.58-61.

Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Massa, L. and Tucci, C.L., 2013. Business model innovation. The Oxford Handbook of Innovation Management, pp.420-441.

Pauwels, R.A., Buist, A.S., Calverley, P.M., Jenkins, C.R. and Hurd, S.S., 2012. Global strategy for the diagnosis, management, and prevention of chronic obstructive pulmonary disease. American journal of respiratory and critical care medicine.

Slack, N., 2015. Operations strategy. John Wiley & Sons, Ltd.

Taran, Y., 2012. Business model innovation.

Waddington, C.H., 2014. The strategy of the genes (Vol. 20). Routledge.

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