Finding Best Strategies Essay

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Strategic Opportunities

Abell's business definition framework suggests that a business can be defined using three dimensions namely; the customer groups which is who the business intends to serve through its goods and services. The second dimension is customer needs which refers to the needs of the customers that the business aims to attempt. The third dimension is technology or distinctive competencies which refer to how the business is going to meet the needs of its customers. Within the framework of the competencies of any business and its available technologies, it is the management decisions to strike an optimum between the amount of functions a business wants to fulfil and the costs it is going to incur. This approach puts emphasis on the understanding of the customers as opposed to the particular industry or the products or services the business is offering. On the basis of these three dimensions, Abell's competitive strategy scheme of classification proposes that a business needs to be defined by the business competitive scope either broad or narrow and the extent of competitive differentiation of the products and services the business is offering (Gomes, 2011).

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This model can be used during the definition of the mission, vison and strategy of a business. The definition of a business gives the main reasons as to why the organization exists as well as its strategic scope. It also gives a definition of the business review basis when it comes to the market the business serves, the potential competitors to the business and also the possible options for strategic alliances. By concentrating on the needs of the customers and also maximization of the added value, giving a wide definition of a business can lead to new insights when it comes to potential business areas. This definition can be utilized to define a business scope at all business levels; corporate level, business level and lower organizational levels. It can also be used to communicate any changes when it comes to the definition of a business. It is also useful when it comes to carrying out a systematic analysis of the existing growth opportunities of a business.….....

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