Strategic management Essay Example | Topics and Well Written Essays - 2500 words - 10

Strategic management - Essay ExampleThese three important statements serve as a track or road map and assist each and every individual to work in a way that not only conforms to what arrangement is intended to do and has stated, simply likewise leads toward successful completion of tasks in a distinctive way.Before getting into the discussion of strategic development it is important to understand the meaning of strategy. According to dobsonfly et al (2004), it is about achieving competitive advantage through distinctiveness- delivering a unique value addition to the customers, and having a clear view of how to position yourself uniquely in your industry.In order to make the concept clear I will shed light on Red Bull a famous aptitude drink on which a lot of work was done in order to tactically develop proper and advantageous market strategies. To tailor this result according to the diverse needs of individuals, they positioned the drink as an energy drink coupled with adventur ous advertisements and sponsorship of famous sports known as formula 1 (F1). Whenever an organization plans to make any strategy, it needs to carry out an analysis in a way that not only takes into account the strength and weaknesses of the organization but also the environmental factors that might act as a stimulator or may hinder their performance (Joyce and Woods 2001). This analysis is very much helpful and is mandatory to be carried out.Red Bull saw growth potential in western markets and launched their product by making changes in the old Siamese product. However, while launching their product they had to face few limitations as well. There was a huge criticism regarding the Red Bull energy drink in terms of its ingredients. When the product was first launched it took about 3 years for the approval of its sales in Austria, however, Hungary became its first foreign market in 1992. The exotic personality of its ingredients was one of the reasons