Competitive Strategy Telstra Corporation

Question: Discuss about theCompetitive Strategyfor Telstra Corporation. Answer: Strategy There are different companies, according to which strategy can be considered as to be the desired idea or concept which can help in evaluating the business practices of the concerned organization. Therefore, it becomes very important for the firm to understand the actual meaning of strategy before implementing it in a particular organization. Some of the firms thinks that the desired strategy is to reduce the cost prices of the goods or the products offered by them to the customers but there are some of the other firms who thinks, strategy to be the tactics which can enhance the overall performance of the respective organization. The primary of the firm will be to enhance the effectiveness of the firm with the help of suitable tactics that can provide the desired elevation in the business processes of the concerned firm (Grant, 2016). The idea for the development of the strategy has evolved from the WAR ART OF SUNTZU, which considers losing to be the bad strategy and winning as the g ood strategy. The development of the good strategy consists of good tactics and planning regarding the utilization of the resources available and it brings out the positive outcomes for the firm concerned. Moreover, it can be defined as to differentiate the similar products available within the concerned market areas. It becomes very important for the firms to develop a good level of satisfaction for the customers; sensation, consistency, and reliability for the customers as this will be help in evaluating the business processes of the concerned firm (Slack, 2015). In other words, the strategy is the desired idea or the concepts that can be used to increase the profitability of the firm as well as it will enhance the brand reputation of the firm throughout the targeted market areas. The implementation of the ideas extracted from the video link provided can be used in various other firms in order to bring out the positive outcomes for them. Telstra Corporation of Australia is one of fastest growing companies in the field of mobile telecommunication (Waddington, 2014). The company can implement effective strategies as per the market need and the requirements of the customers as these will help in evaluating the preferred growth of the business processes concerned. There need to be perfect strategies as to sell the products throughout the different categories of the people in less amount of price as this will help in gathering a large number of the customers towards the firm. Being the low-cost provider will help in evaluating the business processes throughout the targeted market areas. Moreover, the firm needs to work on its weaknesses or the issues coming in between the network connectivity as this will also help in drawing the attention of the clients to the fir m (Pauwel et al., 2012). There might some of the effective strategies regarding the selling of the products along with the services utilizing all the relevant ideas mentioned above. Business Model Innovation Business model innovation is something that lays a foundation for a company to differentiate itself from other competitive companies in the context of product (Massa and Tucci, 2013) designing, transparency in business transactions, establishing brand communities, and much more. Without innovative ideas, a company starts losing its customer base as new brands and companies continue to enter the market sector and alluring a huge variant of customers. It has been observed that many companies (Gobble, 2014) have suffered tactical issues in their vision or mission statement while approaching innovative ideas for the betterment of their companies. Different companies have a different approach toward business model innovations. Some companies incorporate such business models to reduce the production cost of any product, while other follows it as a superb way of indulging and communicating customers into their periphery. Innovative ideas reflect a companys (Amit and Zott, 2012) potential in terms of taking risk factor, launching consumer friendly products, induction of new technology. Consumers are very fragile in nature so to make a tight grip on them a company must provide something to the customer that no other company is providing at that point of time. There are three points which are very crucial in the business model (Taran, 2012) innovation, such as a unique idea, incorporation of new technologies, and a positive approach toward the end outcome of that implemented strategy. All these three aspects show off the potential of a country in the long run market strategy. There is an Australian mining company BHP BILLITON' which works in natural resources field and has a very high inspirational and innovative idea to standardize the living standards of people indulged in it. The innovative idea that the company incorporates is highly appreciable. The company has accumulated new technologies to lower the production cost, assimilating new and skilled workforce from the various community. The company has included innovative ideas at the managerial level as well because the company holds leaders accountable for the company's value growth. It is innovative because, in big companies, responsibility for an incomplete task could be passed on to others head. That way a company starts declining at its moral value. Innovation in market strategy is key aspect while making decisions for the growth procurements of the respective company. Giving priority to manpower and their safety at the utmost, this company has incorporated new technologies to speculate such. The company knows very well the benefits accrued by the participation of stakeholders, so the innovation has led the company to incorporate such technologies that reflects the authenticity of the company's performances over time and give out a sustainable feedback on any corruption if taken place somehow. The company BHP BILLITON has awarded Mr. Henry Muller, the award which all wants to have, the inaugural Technology and Innovation award for his great work in the mining industry. 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.