Primarily, business world is competitive and thus business needs to makes resolutions that will make it competitive. The businesses should adopt recommendations that will either shape the course of the business or have long-term implications or those that will promote its competitive advantages. Both the grand and generic strategies can work together to boost the size of market share of the business. It is recommendable for under Armour to adopt grand and generic strategies because of the positive effects on the business. This essay seeks to explain the grand and generic strategy recommendations suitable for Under Armour in the new market.
The first grand strategy to adopt is product development because it has long-term effect in the business. The activity involved in this activity is market research and products exploration. The activities help organizations acquire ideas needed for product development. Market research requires finance to pay for travel expenses and to pay for personnel (Gamble 2015). It requires human resource management and finance management. The outcomes will help the organization acquire bigger market share.
The next grand strategy to implement is turnaround. The strategy helps the enterprise utilize the alternative strategies to improve the organizational performance in the market. The strategy requires finances and human resource management to help implement the alternative strategies. Change of strategies may encompass change of media for advertisement such use of newspaper to adopt the ever-changing markets (Gamble 2015). The strategy requires finances to implement the new strategies. Additionally, the enterprise should involve marketing strategies such advertisement to inform the customers of the changes in marketing strategies. Moreover, the management should ensure effective resource allocation to ensure that the enterprise incorporate the new strategies successfully. The turnaround will be a positive improvement for the Under Armour because it used to sell their product online hence the additional strategies such as the use of print media is an advantage.
The enterprise may choose to implement the generic strategy such as differentiation. This involves changing the product brand and making more attractive to customers (Gamble 2015). The strategy helps to snatch the customers from the competitors hence increased market share. The recommendation requires funds and marketing strategies to introduce the new brand into the market. The strategy will the company reduce the effects of competitions hence benefiting from the from the increased market share. Product differentiation is worth of the alternatives because it is relatively cheaper and is a long-term strategy. Comparatively, it takes long time to concentrated growth to be effective than the implementations of products differentiation.
The aims of the grand and generic strategies are to increase the market share for Under Armour. The effects of the implementations of the strategies can be measured through the amount of changes in the sales (Gamble 2015). Change in the brand through product differentiation may attract many customers. However, the undertaking may be costly in terms of resource, money and time yet the results are impressive. The generic strategy such product differentiations can work well with the grand strategies such as product development, market, turnaround, and the market growth to increase the market share for Under Armour. For example, product differentiations and product development are related. As the enterprise strives to change the product brand in the market, it can carry out market research as well to improve on the product qualities. The two activities require finance because it is costly to change the product brand and at the same time carry out market research.
The product differentiation as grand strategy chosen for this essay is the best of option. The strategy aims at capturing the attentions of the customers through desirable product brand. The strategy is relatively cheaper as opposed lowering the cost among other grant strategies. Additionally, generic strategies such as product development, turnaround and market growth used alongside the product differentiation strategy helps to boost on the strengths of the enterprise (Gamble 2015). Under Armour is one of the best enterprises dealing in sports attires in US. Notably, the combination of the generic and generic strategies will help the company capitalize on the strengths. The combinations of the strategies will help the company overcome its weakness regarding its introductions into the new market.
The chosen grand strategies are cost effective compared to the existing options. For example, liquidation may be time consuming because it involves the sale of shares and the advertisements of the shares to the potential buyers. However, product developments involve market research, which is simple because the information regarding the market is already available. The implementations of three grand strategies are cost effective hence save the enterprise many that could be lost through the other strategies (Gamble 2015). The product differentiations on the other hand are friendly in terms of cost as opposed to the other strategies. It does not cost the organizations as much money as that of lowering cost strategy. This makes it worthy for the implementations of the above-mentioned strategies other than the other alternative.
Gamble, J. E., Peterar, M. A. & Thompson, A. A (2015) Essential of Strategic Management: The Quest for Competitive Advantage, (4th ed.) McGraw-Hill/Irwin.
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