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Strategic Management in Management Consultant Industry

   

Added on  2021-02-20

14 Pages4856 Words66 Views
STRATEGICMANAGEMENT

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Identification of Strategies..........................................................................................................1TASK 2............................................................................................................................................5Critical Evaluation of Different Possible Scenarios Strategic Models.......................................5TASK 3............................................................................................................................................8Recommendation Route..............................................................................................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONStrategic Management means all the necessary actions as well a proper planning andexecution of procedures, which are associated with providing a competitive edge to companieswithin their respective markets. It is a very essential aspect that is adopted by companies toensure sustainability and a consistent growth within the marketplace. Moreover, suchmanagement also provides organisations with an appropriate and effective pathway to functionupon, with context to earning better profits and revenue. This type of management enhances thescope of working and functioning within an organisation as it focuses on all the necessaryaspects which could provide a strategic edge to companies and operates on the same (Engert,Rauter and Baumgartner, 2016). The report below is based on Specific Learning and Coaching,which is a management consulting company operating in Paris. The organisation providesservices like consultation in improving the business processes, specifically in areas liketechnology as well as outsourcing. Based on the analysis in Project 1, this project is based as aconsultancy report which undertakes identification of possible strategies at both corporate as wellas business level and a critical evaluation of the same. Moreover, a detailed recommendationwould be presented to the company in terms of choosing the best strategy seeing its presentsituation within the market.TASK 1Identification of StrategiesWithin management consultant industry, it is very complex for organisations to ensureeffective functioning which leads to gaining a strategic position within the marketplace.Moreover, there are several strategies, if applied appropriately, would also ensure sustainabilitywithin the company.Specific Learning and Coaching is a new organisation, which provides a range of servicesto its customers within Paris. As per a detailed analysis in previous project, its structure is quiteeffective in case of hiring professional consultants, which would be providing robust andappropriate services to the people. The business plan which the firm would be adopting is quiteeffective for long term as it focuses on employing professionals with a considerate amount ofexpertise in this area. Furthermore, having such competent individuals would also help inachieving better results at the global level.1

However, the implementation of several strategic frameworks like Porter's Five ForcesAnalysis and SWOT Analysis made it quite evident, that biggest threat which the firm iscurrently facing is related to competition prevailing within the industry. There are severalcompanies which are directly being a competitor of Specific Learning and Coaching as theyprovide similar services to customers within the area. This threat is also reflected by the analysisof bargaining power of customers, which is very high with respect to Specific Learning andCoaching. This calls for an effective improvement in its global business strategy.Thus, an appropriate strategy must be identified by the company which would help thefirm in gaining a competitive edge globally and use its core competencies in the most effectivemanner. To attain this, there are a range of strategies, which could help the firm in sustainingglobally and gain a competitive position within the niche markets. Some of the most effectivestrategies with respect to Specific Learning and Coaching are discussed in details below:Market Penetration:The very first strategy which the company could adopt is market penetration strategy.Within this strategy, the growth option of the firm would be to provide its existing products andservices within its already existing markets. In this process, the firm would not be focusing oncreating a new offering or expanding new markets, rather, the organisation would work towardsdeveloping unique selling attributes to attract customers in its existing markets (Chen, Delmasand Lieberman, 2015).In addition to this, with respect to risks associated with this strategy, it is the least riskyalternative which the firm could adopt. Considering the fact that this strategy guides a firm inleveraging the present capabilities and resources within the marketplace. In addition to this,within already existing marketplaces, this strategy would allow the firm in enhancing itscompetence by simply maintaining its market share. In case Specific Learning and Coachingadopts this strategy, the areas on which the firm would be required to work upon would beimprovising customer loyalty, attaining growth in market share as well as enhancing value ofcustomers. Thus, the focus of company would not be on products or market expansion, rather, itwould emphasise on how best to enhance the value and perception of its product within themarket.Product Development:2

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