This presentation explores the strategic management of Bang & Olufsen, a leading audio and visual product company based in Denmark. Learn about their market reputation, Porter's generic strategies, and corporate strategies for gaining a competitive advantage.
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Strategic Management
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TABLE OF CONTENT INTRODUCTION MAIN BDOY CONCLUSION REFERENCES
INTRODUCTION Strategic management is necessary in every organization and business to work better in the objectives. This presentation projects strategic management of Bang & Olufsen company. Bang & Olufsen is an audio and visual product company based from the Denmark which creates the world’s most visual stunning speakers and televisions and stereos, they give one of the best sound qualities which is unmatchable. Some relevant theories and models have been used in this presentation which can support to this company for gaining huge competitive advantage within the market, like; porter’s generic strategies model etc.
MAIN BODY Background information Bang & Olufsen serves in many of countries, but the main market segment for this company is its home country Denmark. Currently this company has very high market reputation within the market. It has an effective strategy to distribute its different products and services in different market segments. There are Sennheiser electronics GmbH & co, Bose, and beats companies are giving very tough competition to this company within the market.
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CONTINUE…. Porters generic strategies Cost leadership The company need to provide very favourable prices to different customers. It is necessary to this company for leading the market by product cost or price wise. Differentiation Top-level management at Bang & Olufsen need to develop some different or excusive range of products for gaining excellent profit within the market.
CONTINUE…. Focus strategy Focus on the cost and differentiation is very necessary task to this company for attracting lots of new customers towards its brand, because there are already has very high competition within the market. Combing strategy Combing strategy means combination of different business strategies like; expansion, retreatment and stability etc. In this situation, upper management at Bang & Olufsen should be considered this combing strategy as well.
CONTINUE…. A critical evaluation of the organisation’s strategy Top-levelmanagementofBang&Olufsenneedtoadoptand implement these all strategies of porter’s generic model. By implementing these all strategies within own business environment this company will be able to gain huge competitive advantage within the market.
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CONTINUE…. Corporate strategies Diversification:According to this strategy, Bang & Olufsen should develop a new product for the new market segment. Market penetration:This strategy will help to company for gaining profit by using existing product to sale in the existing market. Market development:According to this strategy company should enter the new market segment by using its existing product. BCG Matrix:The Bang & Olufsen need o use (BCG) Boston Consulting Group’s matrix of product portfolio, because this is another useful strategy for gaining huge competitive advantage in the market.
CONCLUSION It can be concluded that top-level management at Bang & Olufsen should take quick action towards strategic management. This is very necessary task to this company, because by managing different strategies Bang & Olufsen will be able to gain huge profit within the market. This report has involved different business strategies which existing management of company needs to be considered to achieve very appropriate outcomes.
REFERENCES Books & Journals Різник, В. С., 2016. STRATEGIC MANAGEMENT AS A BASIS OF FINANCIAL AND ECONOMIC SECURITY AT THE COMPANY.Велес. (10- 2), pp.114-119. Rustamadji, R. and Omar, C., 2019. The effect of strategic management and organizational commitment on employees’ work achievement.Management Science Letters. 9(3). pp.399-412. Berisha, V., 2017. Strategic Management of Costs: A New Tool to Gain Competitive Advantage. InAdvances in Applied Economic Research. (pp. 239- 254). Springer, Cham.
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