Business Strategy Assignment Example | Topics and Well Written Essays - 750 words - 1

Business Strategy - Assignment Example According to this theory, a producer should work hard to make a product that has an appealing design, such that the customer gets to like the product before even using it. This theory explains that, for the satisfaction of the customers, the strategy that the business takes into consideration should tolerate achievements that are not for the long-term sustenance; rather, they should tolerate achievements that are lofty. There should be the addressing of the competitive advantage keenly in this context of business. The theory explains that for a business to achieve the strategy, it should be defensive rather than offensive; this helps the business to avoid the acute angle, leading to the loss of customers (Campbell & Edgar 2011). Theory of pricing For customers to afford the goods that are in the offer, the prices should be at their level of income. Thus, a legitimate business strategy should ensure that the pricing favours the majority of customers. According to this theory, the busi ness should first evaluate the level of income of the customer by conducting presale marketing, thus, they are able to know what is the best price to sell the goods such that they realise the optimum profits. Market mixing theory This theory aims at tapping customers from all runs of life by a business. Thus, the business ensures that the products that the business creates possess no bias on grounds of age, sex or religion. According to the theory, conducting of promotions ensures that the business learns of the potential market, thus, is able to establish the various strategies to put in place so as to increase its market. Production of products that favour all the people is the consideration in this technique (Ireland & Hoskisson 2008). Theory of competency The theory by McDonald’s explains that a business should consider a strategy that allows for the competence of employees for the maximum production. The technique indicates that the business should ensure that the strate gy does not create monotony on the workers. Giving breaks during working hours and offering considerable salaries, as well as vocational training to its employees, ensures competency (Kourdi 2009). Critical reflection in presentation of work This is essential in comparing the theory business aspects to the practical bit of business. Consideration of these factors ensures that there are minimal errors in running of the business. In work under presentation, there is a comprehensive description of the work done, from the resources in application to the actual sale of the goods. Use of critical reflection is through the determination of the actual meaning of the description. There is critical reflection due to the addition of the depth and breadth. This is through questioning things that help in the relation of the meaning of the work under presentation to a context of professional, as well as personal issues. The application of this work is essential because a business will succeed if what the management outlines for the business, that is, the theory bit is the same to the practical bit of business. Thus, customers get the best satisfaction from the products that a business sells to them (Ireland & Hoskisson 2008). The various techniques aim at legitimating the operations of the business such that the business strategy shows a building platform which ensures there is consolidation of numerous products that the business produces. The consolidation of the products leads to massive profits by the business, as