Vincent Bronson

Guide to Business Strategy Vincent Bronson

Business strategy equips the top management with an integrated framework, to discover, analyse and exploit beneficial opportunities, to sense and meet potential threats, to make optimum use of resources and strengths, to counterbalance weakness. Many different strategies are possible, even for companies in the same industry selling similar products or services. For instance, LUSH believes in the art of handmade cosmetics, whereas the likes of Sephora believe in blending online and in-store experiences. Another example is that of Toyota and BMW. Both companies are well established, however, each of them implements a totally different strategy. Toyota is famous for focusing on providing the widest visible market with a product having practical functionalities that can be afforded by most consumers. Toyota has led and pioneered this kind of strategy which proved to be very successful, especially since the company managed to successfully deliver its promises to consumers all over the world. On the other hand, BMW strives to implement high technology and extra functionalities to its consumer. Their strategy focuses on delivering a product that offers a luxurious experience at a relatively higher price. Compared to Toyota, BMW focuses on top-notch sectors only.