The desire of succeeding in business has proven to be quite elusive among the business community. The fact that success in business is a transient matter has not abhorred business owners from aspiring to be successful. Every business individual or team has a vision of attaining balanced life, attracting and retaining clients, building a strong market reputation as well as generating uninterrupted flow of revenue. These driving forces among the business people can only be achieved when a habit of continuous learning is developed (Carr, Muthsamy & Owens, 2012). This paper offers a reflection on various weekly journals that have been reviewed. The essay also discusses several business concepts which were encountered.
The brand competition concept
One of the major business concepts that I came across in my weekly journal review is brand competition. Ganesan et al (2009) define brand competition as the effort put in place by different brands of goods or services in an attempt to independently secure the attention of consumers by offering more reliable services. This explains the existence of brands which have been able to capture and hold consumer’s loyalty. In the process of competing, some goods are rendered less important in the market by the more dominant ones. This is a very essential knowledge to me. It is now clear to me that it takes more than just production of decent products to gain and maintain a competitive edge in a market (Huang, Leng & Liang, 2012).
Customers in the current generation have connections with specific brands of companies. As a business owner, I have to ensure that my products and services possess quality innovativeness and uniqueness. Success in brand competition is achieved through high quality production which tends to sustain the loyalty of customers and is capable of dominating the market by outwitting all the other competitors (Castro & Pitta, 2012). In my aspiration to diversify on business ventures, I plan to add value to all my products. This new source of information on the competition of brands is indeed invaluable to me as a growing entrepreneur.
Organizational strategy entails the skills and competences used to attract and retain customers by creating added value in the goods and services offered by an organization (Llamas & Belk, 2011). The elements of a viable organizational strategy include mission clarity, vision and competitive advantage. The market strategies for an organization offer the much needed guidelines on how business operations should be carried out.
These strategies also seek to differentiate various organizations. The information on the key elements of an organization’s strategy has been instrumental in my managerial skills. It is true that organizations may not operate without strategies. Companies need to be keen in order to pay attention to set goals and objectives, focus and also to make sure that they gain consistency in operations. The theoretical aspect of strategy formulation as a business concept is more of a developmental process rather than a one-time activity (Xiao, Xia & Zhang, 2007).
There is great need for creating a sense of direction in any organization. As a matter of fact, the failure of many business personalities is attributed to unrealistic strategic planning. It is important to coordinate all departments in an organization towards a specific direction. The emphasis by Xiao, Xia and Zhang (2007) toward the use of solid market strategy to track customers reminds me of the special duty I will have to play as I mobilize factors of production in my business ventures.
Supply chain concept
Llamas and Belk (2011) define supply chain management as the function of managing a network of businesses which are involved in providing services and goods which need to reach specific customers. It is important to understand how this concept works in order to be a successful businessman. Through supply chain management, businesses are able to control all the movements of finished goods from manufacturing points to locations where they will finally be consumed (Ganesan et al., 2009). Studies indicate that the elementary attributes of supply chain management are the monitoring of supply, controlling, executing, planning and designing of goals which create value to a business.
The management of supply chain is done both downstream and upstream (Huang, Leng & Liang, 2012). This includes the flow of goods towards customers and the transfer of information from customers to their suppliers. All the business activities in a supply chain call for the cooperation among organizations. The agility of the chain at particular times helps in making organizations see the need of instituting a desirable input into the economy by being more compliant (Carr, Muthsamy & Owens, 2012).
In summing up my reflection on the three concepts, I would like to underline some issues. To start with, brand competition has both demerits and merits in my point of view. For instance, it helps businesses to become more competitive. It also assists in ensuring that customers are supplied with quality goods and services. On the other hand, growing business organizations find it cumbersome to secure viable positions in highly competitive supply chains. Arguably, I have come to find out that without proper organizational strategies, it is perpetually impossible to succeed in business.
Carr, A., Muthsamy, S., & Owens, C. (2012). Strategic Repositioning of the Service Supply Chain. Organization Development Journal, 30(1), 63-78.
Castro, K. & Pitta, D.A. (2012). Relationship development for services: an empirical test. The Journal of Product and Brand Management, 21(2), 126-131.
Ganesan, S. et al (2009). Supply Chain Management and Retailer Performance: Emerging Trends, Issues, and Implications for Research and Practice. Journal of Retailing: Enhancing the Retail Customer Experience, 85(1), 84-94.
Huang, J., Leng, M., & Liang, L. (2012). Recent developments in dynamic advertising research. European Journal of Operational Research, 220(3), 591- 611.
Llamas, R., & Belk, R. (2011). Shangri-La: Messing with a Myth. Journal of Macromarketing, 31(3), 257-380.
Xiao, T., Xia, Y. & Zhang, P. (2007). Strategic Outsourcing Decisions for Manufacturers that Produce Partially Substitutable Products in a Quantity-Setting Duopoly Situation. Decision Sciences, 38(1), 81-106.