Business Process Management Strategy Systems

Question: Discuss about the Business Process Management Strategy Systems. Answer: Introduction: Strategy is an important aspect that is required not only in business purposes but also in other aspects. However, one cannot mix with the strategic goals and the actual definition of strategy. Strategies are formulated by modern business executives while developing a complex tactics which leads to victory in the perspectives of war among the companies in the same sector. Companies in modern business environment are focusing on the lower manufacturing cost along with lower economic economies of scale. It can be said that a good strategy must encompass few things such as in which target market the company is competing, what are the unique values that the company is providing to the customers through its products and services. Apart from that, there are other aspects also such as what are the resources and capabilities that the companies are using in order to manufacture the products and services and the process by which companies sustain their values (Kryscynski 2017). Resource capabi lities include tangible and intangible resource of the company. Strategic goals of a company include the above goals in the mission and vision of the company. However, it can be said that, proper implementation of the strategic tactics will help organizations in achieving its goals along with acquiring substantial markets share in the market. Big multinational companies across the world are focused on developing business strategies after identifying the different aspects of problems or the areas of improvement. Utilization of proper resource capabilities will enhance the chance of lowering the manufacturing costs. Application to an organization Samsung Electronics in terms of smartphone manufacturing are in using the strategy that encompasses all the four aspects the strategy formulation. The company believes in providing standard quality smartphones to its customers within affordable price. The target customers of Samsung starts from lower income group of people to higher income group people. Hence, it can be said that target market of Samsung is huge in the worldwide market (Hoejmose et al. 2013). Besides Apple, Samsung has a good reputation in the smartphone market across the globe. It is due to the good understanding level of the higher management of the company regarding the need of the strategies at different branches of operations. The vision and mission of the company illustrates the value proposition of products of Samsung (Klettner et al. 2014). Samsung targets every customer so that they can increase their huge customer base. The strategic tactics of the company is to improve the branding of the company so that t hey can expand their market in the rest of the world. The company is focused on utilizing the tangible and intangible resources effectively so that Samsung can get the effective results from the different strategies applied for business expansion (Chang 2016). It is explained in the video that big multinational companies formulate marketing strategies after conducting market research on their specific areas of improvement. Samsung in the different target markets utilizes the opportunities that are available in the country of origin. The senior management of the company is responsible for formulation of different types of strategies not only for international market expansion but also for increasing the sales of the smartphones while providing values to the customers (Rothaermel 2015). Business Model Innovation Innovation is the key aspect of maintaining sustainability in the competitive business market. There are businesses that has not adopted the process of innovation are found to be outdated in the market. Every company must follow the current trends along with different trends in future. Companies like Kodak and Nokia fail to continue their business in the market because they are focused in their current businesses. The research and development department of the company had not focused on the business model. There are many myths that many business persons think in their mind related to innovation. The myths are innovation is related to huge investment, usage of many technologies, and can happen within a short interval of time. Successful multinational companies conduct innovation in terms of their business model (HSGUniStGallen 2017). Business model helps in change of the patterns of the work in every department. Successful companies like Apple, Amazon are known for their innovative bu siness model and are successful in their objectives of the business. Most of the companies are not busy in reinventing the wheel rather they apply the innovation used by other businesses in a customized way. It needs a proper research so that the results of the business meet the expectations that are already set in the goals. There are four stages of innovation such as initiation, ideation, integration and implementation. These four steps are the core aspects that will help a company while driving innovation in their business model successfully. Application to an organization Apple is the company that has a global reputation in the successful implementation of innovation in their business model. The company is operating on a niche market. Hence, the level of innovation is also high to meet the expectations of the target customers of the company. Apple targets customers who are willing to pay premium price for their products (Goldberg 2013). The design and technology of the products of the company is unique. The level of innovation of Apple is so high that customers of the company eagerly wait for the products developed by the company. It is seen that Apple has successfully innovate its business with the recent as well as future trends of the market (Davenport 2013). Apple in its market ranks as first in innovation and in the smartphone market. Apple is also considered as the highest revenue generator from the target market. Innovation of Apple is based on its innovative ideas that are implemented in the core business model of the company (Drucker 2014). T he four stages of innovation i.e. ideation, initiation, integration and implementation are strictly followed by the company that results in the creation of the demand of its products among the target markets. The business model of Apple follows four aspects such as what are the products they are catering, who are the target customers, value provided to the customers and how the value will be proposed to the customers (Massa and Tucci 2013). References Chang, J.F., 2016.Business process management systems: strategy and implementation. CRC Press. Davenport, T.H., 2013.Process innovation: reengineering work through information technology. Harvard Business Press. Drucker, P., 2014.Innovation and entrepreneurship. Routledge. Goldberg, D.E., 2013.The design of innovation: Lessons from and for competent genetic algorithms(Vol. 7). Springer Science Business Media. Hoejmose, S., Brammer, S. and Millington, A., 2013. An empirical examination of the relationship between business strategy and socially responsible supply chain management.International Journal of Operations Production Management,33(5), pp.589-621. HSGUniStGallen, 2017.Business Model Innovation. [online] YouTube. Available at: https://www.youtube.com/watch?v=B4ZSGQW0UMI [Accessed 9 Jan. 2017]. Klettner, A., Clarke, T. and Boersma, M., 2014. The governance of corporate sustainability: Empirical insights into the development, leadership and implementation of responsible business strategy.Journal of Business Ethics,122(1), pp.145-165. Kryscynski, D., 2017.What is Strategy?. [online] YouTube. Available at: https://www.youtube.com/watch?v=TD7WSLeQtVw [Accessed 9 Jan. 2017]. Massa, L. and Tucci, C.L., 2013. Business model innovation.The Oxford Handbook of Innovafion Management, pp.420-441. Rothaermel, F.T., 2015.Strategic management. McGraw-Hill.