BSS029-2: Innovation, Strategy, and Analysis of Confident Dental Care

This report provides a detailed analysis of strategy and innovation within Confident Dental Care, a UK-based dental service provider. It explores the application of inside-out and differentiation strategies, evaluating their advantages, disadvantages, and implementation processes. The report covers key aspects such as objective identification, specific plan formulation, resource allocation, and monitoring procedures. Furthermore, it utilizes Bowman's strategy clock to assess the company's market position and recommends strategic options for enhancing profitability and market share, including the introduction of beauty services. The SAF matrix is also considered in the analysis to ensure suitability, acceptability, and feasibility of strategic choices. The report concludes with actionable recommendations for Confident Dental Care to achieve sustainable growth and competitive advantage.

Strategy and Innovation

Contents
INTRODUCTION...........................................................................................................................1
Advantage-...................................................................................................................................1
Disadvantage-..............................................................................................................................2
Implementation............................................................................................................................3
Identification of general objectives .............................................................................................3
Formulation of specific plans ......................................................................................................3
Resources allocation and budgeting.............................................................................................3
Monitoring and control procedures..............................................................................................4
Value proposition.........................................................................................................................4
Differentiation strategy ...................................................................................................................4
Advantage....................................................................................................................................4
Disadvantage................................................................................................................................4
Implementation............................................................................................................................5
Identification of general objectives .............................................................................................5
Formulation of specific plans ......................................................................................................5
Resources allocation and budgeting.............................................................................................5
Monitoring and control procedures..............................................................................................5
Bowman's strategy clock.................................................................................................................6
Recommended strategy................................................................................................................6
SAF matrix ......................................................................................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Strategy and innovation are important key for the success of business operation and
future growth. Strategic innovation refers to the procedure of organisation of restructuring and
reformulating its business strategy to accomplish goals while generating value for company and
its target customers (Alvarenga, 2021). It assists business manager to conduct effective working
in operations to get competitive advantages over competitors. Advanced and new technology
plays most important role to bring strategic innovation in enterprises. To define the concept of
strategy and innovation the selected company is Confident Dental Care which is located in UK.
It provides services like preventative, cosmetic, orthodontic as well as general services to the
people.
This report covers a detailed analysis to demonstrate an understanding of how key trends
and development are likely to affect the industry segment and current strategy of company.
Further, it highlights appropriate methods to analyse an organisation and its context in order to
generate coherent, innovation strategic choice and option.
Inside out strategy
Inside out strategy is totally opposite from outside in strategy as it give more focus on
organisation's strengths and capabilities. By using this approach management of Confident
Dental Care can use its scare resource and allocating them at right place and in order to improve
overall effectiveness of company. The main aim of inside out approach is enhancing strength by
giving more focus on company capabilities as well as eliminating weaknesses in order to achieve
success (Dooley, 2018). The company can choose Inside out strategy to increase the overall
performance and productivity of employees or other resources in order to increase the market
share of company. This strategy can be used by the managers of Confident Dental Care to
determine available resources of company such as workforce, finance, assets and other
equipment which is useful for them to increase the experience of loyal customer base.
Advantage-
There are various advantages of Inside out strategy in context to Confident Dental Care that are
as follows-
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It helps in reduce cost - Inside out strategy can benefit Confident Dental Care to
improve their product ability by allocating resources and making effective budget plan for all
activities in order to reduce cost and wastage to increase profit margin (Filatotchev, Aguilera
and Wright, 2020). first, they analyse about the funds available for operations and then invest
them all activities wisely to ensure that it working in right direction which leads to increase in
their probability.
Improved companies marketing performance by making differentiation- It also helps
marketers and professionals of Confident Dental Care to make effective marketing strategy for
the promoting their Dental services to add values for customers and meet their demands by
provide some different from competitors As they can use innovative digital technology for
marketing and laser machines for operations to make their services different from others by
utilising their resources fully.
Disadvantage-
With many profitable advantages there are some disadvantage of Inside out Strategies for
Confident Dental Care that are as follows-
Required more time, money and talent- The biggest disadvantage of this strategy for
Confident Dental Care is it requires more time and money to conduct research of recent market
and customers trends to get accurate information to provide value to customers (Jadhav, Shelke
and Sonar, 2021). Management of Confident Dental Care also need to huge amount of fund to
acquire valuable data in order to make effective strategy for business operations. To make plans
from collecting data they also have professionals skills for the achievement of organisation goals
effectively.
Limited vision and adaptability- Another drawback of this strategy for Confident
Dental Care is that its not focus on market trends as well as taste and preferences of customers
which is necessary to increase funds. It is difficult for professionals of Confident Dental Care to
get accurate and full informations about recent market trends and utilise their internal capabilities
to meet demands (Jenke, 2022). Some time, it is challenging to them to Adopt changes and retain
their loyal customer base as they ignore the expectation of them in order tom improve their
internal strengths.
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Implementation
Management of Confident Dental Care can use Inside out strategy to make best policies
for marketing, operations, financing and many more activities. First they determines the
requirement of funds and make proper budget plan then they outlines effective plan to set target,
objectives and policies to acquire funds by using various profitable resources in market to
provide training to employees for their betterment. (Kharchenko, 2019). By implementing this
strategy managers needs to change their traditional approaches from customer oriented to
employees oriented to meet their needs and implement new way of working to reduce the cost of
operations in order to increase their internal capabilities. They must change their focus into
creating better relationship with employees in improve their performance by spending money
on their training program tom meet the desires of customers.
Identification of general objectives
The main objective of Confident Dental Care is to get big market share and customer
base by providing better quality services and value to increase customer experience. The main
aim of Inside out strategy in Confident Dental Care is assure that all the resources like funds,
machinery and workforce are available in organisation and allocating them in right activities in
order to provide better opportunities to employees for their development.
Formulation of specific plans
After analysing and determining Inside out strategy managers of Confident Dental Care
can formulates specific plan to manage their limited finance and many activities. They make
plans for raising funds from market by taking loan from bank as well as attracting potential
investors who are ready to invest in their company. By investing money for betterment of
employees to increase the internal strengths and relationship to retain them for long term.
Further, they can use them as competitive advantage to expand operation and install new
technology to provide innovative services to customers. (Krivenko and Andreyuk, 2021).
Resources allocation and budgeting
Financial manager of Confident Dental Care first, they make plan for raising funds then
take it into organisation to conduct working in all department. Then they make effective budget
plan for marketing, selling and operations functions in order to allocate these funds into them
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effectively. They must allocate their funds and human resources by analysing each activities in
organisation to bring innovation for the development of company.
Monitoring and control procedures
After allocating funds and resources in various activities professionals of Confident
Dental Care must monitors and control performance of employees in order to prevent from
mistakes and wastage of resources. They conduct controlling procedure by using various strategy
such as total quality management which focuses on increasing quality of products and services to
satisfy the demands of customers. It helps them to improve performance of their employees to
reduce the cost, wastage as well as increasing productivity for better future.
Value proposition
Further, specialist of Confident Dental Care used effective marketing tools such as digital
marketing to promote their services to the customers to spread awareness about their better-
quality services and trustable company. Value proposition of company share message to
customer about the benefits of their services for customers as well as it is most suitable for their
better health and lifestyle.
Differentiation strategy
Differentiation strategy is defined as business approach which is develop by offering
unique, different and better quality of products to customers from goods and services provided
by many competitors at marketplace. It is beneficial strategy for Confident Dental Care to make
their services different from competitors by brining something innovative in services like they
can use advance machines for treating people in better way which will leads to increase in their
profitability and customer base.
Advantage
The main advantage of differentiation strategy for Confident Dental Care is it helps them
to compete in different ways by offering innovative and valuable services to customers. It can
benefit to Confident Dental Care by increasing their brand loyalty and creating additional value
for customers to meet their demands effectively (Muramatsu and Takasu, 2021).
Disadvantage
There are disadvantage of differentiation strategy for Confident Dental Care also, as it can
increased their price of services by bringing innovation in it. As they implement various new
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technology in their business to provide better services which leads to increase their cost on
training, efforts for learning various skills to conduct practices on advance technology.
Implementation
Professionals of Confident Dental Care can implement this strategy by using better tools
for services as well as high quality products with less chemicals to provide value to customer.
They can also use various technology in operations and marketing by purchasing high tech
machines and using online marketing technology to attract large number of customers.
Identification of general objectives
The main objectives of Confident Dental Care to interact better with customers and
increased their engagement in company for future development. The main aim of differentiation
strategy to make products and services different from competitors in order to provide
competitive advantages to company (Rajagopal, 2022).
Formulation of specific plans
Specialist of Confident Dental Care make specific plan to bring changes in their
organisation and services according to this strategy to meet the desired objectives. They make
plans to make changes as per modern trends by providing better caring services to customers to
bring brighter smile on their face. They make plan to arrange funds to install new machinery in
their company.
Resources allocation and budgeting
After arranging funds from various sources like investment, loan and retained earning
management use these resources in most productivity way and invest in marketing and
operations technology in order to meet expectations of customers. They make budget for
necessary equipments and giving salary to employees(Seth and LeeThomas, 2021).
Monitoring and control procedures
Management of Confident Dental Care can use various monitoring techniques such as
key performance indicator to evaluate working and performance of employees in order to reduce
cost, mistakes and conflicts as well as improve their quality to provide value to customer. For
this they also get to understand about the training requirements of employees to achieve
development by bringing innovations.
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Bowman's strategy clock
Bowman's strategy clock refers to the easy marketing framework which the organisation
to determine their market position in order to get competitive and cost advantage to increase
sales as well as revenue. It has two dimensions which includes 8 positions which helps managers
of Confident Dental Care to analyse position of their services in market. The eight positions are
low price and low value, low price, Hybrid, differentiation, focused differentiation, risky high
margins, monopoly pricing and loss of market share. Manager of Confident Dental Care can use
this model to determine various options and ideas for positioning with in target market to
increase overall effectiveness of company. It is used by them to analyse the price as well as
perceived value of their services in target market in order to know more about area of
development for future growth. It helps them to get insight about their internal strengths and
weakness as well as their existing plan or policies to make changes and adopting new strategy to
compete in competitive market. They can use this model to evaluate their 8 position and its
productivity in order to best option to implement changes in their organisation. Further, they can
choose one or more options which are suitable for their company for profitable result.
Recommended strategy
It has been recommanded, There are two options and strategies which the management of
Confident Dental Care can use to increase their profitability and market share. These strategy are
introducing beauty services to provide variety to customers under one store. Another strategy is ,
managers of Confident Dental Care can expand their business by opening new branch in another
market to attract large number of customers.
Option 1-Introducing beauty services is laser surgery, removing unwanted hair from face
and many more to increase the expectation of loyal customer base and provide variety to them.
Option 2- Opening new branch in target market or new market in order to provide
services to large number of customer and get huge market share.
SAF matrix
There are two options and strategies which the management of Confident Dental Care
can use by evaluating them with SAF matrix.
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SAF matrix refers to the business framework which is used to evaluate strategic options
of business in order to select best one for achieving goals effectively. It is stands for suitability,
feasibility as well as acceptability. Professionals of Confident Dental Care can use this matrix to
score and judge each strategy as per their effectiveness that are shown below-
SAF matrix Option 1 Option2
Suitability 3 4
Feasibility 1 2
Acceptability 2 3
Total 6 9
Suitability- It is the most important element in SAF Strategy matrix, which determines
the suitability of options as it is matched with aims, values and objectives of company. Opening
new branch of Confident Dental Care is most suitable options as it helps the company to increase
their market share without losing customer base because of good reputation.
Acceptability-It refers to the element of SAF strategy matrix, which is used to measure
the risk, return as well as reactions of stakeholders resulting from both the strategy. Return will
be evaluated based on advantage by various financial statements shareholder value analysis,
profitability analysis and many more. Risk is analysed by probability of failure of strategy as
opening of new branch helps the company to increase profitability and also there is less chance
of failure of this strategy due to high customers demands.
Feasibility- It refers to the adaptability of company as resources of Confident Dental
Care are capable or not to adopt these strategy tom meet the desires of company. Company has
huge fund and extra talented workforce which they allocated them in new branch and conduct
their operations effectively (Zhou, 2020).
Opening new branch is most effective strategy for Confident Dental Care to meet their
desired objectives to increase their market share and customer base.
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CONCLUSION
As per above presented information, it has been concluded that, strategy and innovation
provides a proper plan of action in order to create something innovative in organisation to attract
large number of customers. The marketers and managers can use two strategy such as Outside in
approach and differentiation strategy to provide value to customers. By making effective plan
and collect resources from various sources they can allocate them effectively in order to meet the
goals of company. By using Bowman's strategy clock and evaluating various position from SAF
matrix management can pick best one in order to achieve success and competitive advantages.
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REFERENCES
Books and journal
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Improve Forecasting Accuracy and a Novel Machine Learning Strategy for Model
Selection.
Dooley, K., 2018. Routine rigidity and environmental sustainability: why rational innovations
are regularly ignored. Business Strategy and the Environment. 27(1). pp.70-81.
Filatotchev, I., Aguilera, R.V. and Wright, M., 2020. From governance of innovation to
innovations in governance. Academy of Management Perspectives. 34(2). pp.173-181.
Hegeman, P.D., 2021. Fund model innovations for circular economy investing. In Research
Handbook of Innovation for a Circular Economy. Edward Elgar Publishing.
Jadhav, P.S., Shelke, A. and Sonar, C., 2021, November. Effect of Leadership and Innovations
on Business Performance: A Structural Equation Modelling Analysis. In 2021
International Conference on Computational Intelligence and Computing Applications
(ICCICA) (pp. 1-6). IEEE.
Jenke, L., 2022. Introduction to the special issue: Innovations and current challenges in
experimental methods. Political Analysis. 30(S1). pp.S3-S7.
Kharchenko, T., 2019. MARKETING INNOVATIONS IN INDUSTRY. In Science and
practice (pp. 91-93).
Krivenko, A.N. and Andreyuk, D.S., 2021. Biomedicine, agricultural technology,
nanotechnology and other innovations in the strategy of diversification of the economy
of the Stavropol Krai. International Journal of Nanotechnology. 18(9-10). pp.812-822.
Muramatsu, Y. and Takasu, A., 2021. Synthetic innovations for cyclic polymers. Polymer
Journal. pp.1-12.
Rajagopal, A., 2022. Gender, Innovations, and Ecosystems. In Women Entrepreneurs in
Emerging Markets (pp. 97-124). Palgrave Macmillan, Cham.
Seth, M. and LeeThomas, H., 2021. Health Care Strategy in Action. NEJM Catalyst Innovations
in Care Delivery.
Zhou, W.C., 2020. Microfoundations of Problemistic Search: Toward a Triple Portfolio Strategy
in Innovations. In Academy of Management Proceedings (Vol. 2020, No. 1, p. 20253).
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