Strategy Speed and Quality

Question: Discuss about theStrategyfor Speed and Quality. Answer: Introduction With the current dynamic markets and technology, organizations are seeing the need to ensure that they keep themselves ahead by having a competitive advantage. With the pressure to improve productivity, speed, and quality, companies have settled on some tools such as benchmarking, total quality management among others with the aim of realizing a return on investments (Mazzucato, 2017). One should realize that goals and missions do not amount to strategies. It should be noted that strategies are all efforts that are applied to make a company different from another so as to attract large numbers of customers to realize large benefits (Thomson, 2010). The significance of strategy is choosing a unique position that is difficult for any competitor to match. As much as operational effectiveness is momentous to quality production, it does not assist a business to have a competitive advantage because it is easy to imitate. To have a competitive advantage, companies should ensure that they fo rmulate a series of unique activities into its operations that is difficult to be imitated, thus strategy. With the video relaying the example of IKEA strategy by the use of tradeoffs, an organizational leadership has the full responsibility for ensuring that an effective strategy is achieved. Case in point, a management that focuses on common issues such as resources and competencies, limits an organization to have a viable strategy. Also, it is important to learn that strategies are better realized when executed. This is because there are emerging issues which can change how an intended strategy works. This means that timing is momentous when executing a strategy. Australia is a developed country where almost every individual has financial muscles thus the need for banks. Banks make money from the total deposits that customers make and also from the total number of loans issued (Macpherson, 2012). Banks receive competition from multinational banks (Dinc?er and Haciog?lu, n.d.). The focus of this section is on Bank of Queensland in Australia and how it can apply the above ideas on strategy to have a competitive market. Australians have many banks and other financial institutions to choose from for lending, checking and crediting services. Since strategies are far from operation efficiency, Bank of Queensland can focus on community marketing. Since Bank of Queensland is a big bank, it needs to have many branches across Australia. Besides, each branch of the bank should operate as per the behavior of a community since people need to feel comfortable with a bank. Product building is another strategy that banks can use to maintain a competitive adv antage. Most banks use low-interest rates as one of their strategies. But for Bank of Queensland, it can use product strategy of no minimum requirement for money withdrawal and also fewer charges for any transactions. A strategy such as this, is far from the goals and missions of Bank of Queensland since it will be hard for any of its competitors to be able to keep with that kind of competition because it will be deemed as not viable financially. Most strategies seem to have end results of losses but as soon as they are applied, is when their financial viability is realized. References Dinc?er, H. and Haciog?lu, U. (n.d.).Global strategies in banking and finance. 1st ed. IGI Global, p.231. Macpherson, D. (2012).Macroeconomics: Private and Public Choice. 1st ed. Cengage Learning, p.255. Mazzucato, M. (2017).Strategy for Business: A Reader. 1st ed. SAGE, p.39. Thomson, N. (2010).Basic strategy in context. 1st ed. Oxford: Wiley-Blackwell, p.1.