Strategic Choice Essay
This paper will evaluate alternatives an organization must consider to realize growth; including the best value discipline, generic strategy, and grand strategy. Additionally, a strategy or combination of strategies will be recommended for Life Insurance Companyto implement.
Value discipline is a model created by Michael Treacy and Fred Wiersema that defines three disciplines a company can adhere to as their primary value principle. The three value disciplines include operational excellence, product leadership, and customer intimacy. Customers define value and consider several aspects including a convenience of price, after-sale service, dependability, etc. when defining a value on the …show more content…
The grand strategy is the long-term plan of necessary actions needed to accomplish major objectives. Key factors include market, product, and organizational development through acquisition, divestiture, diversification, joint ventures, or strategic alliances. An organization must outline their strategic plan and define the key factors that are needed to achieve market, product, and organizational development.
The grand strategy for Life Insurance Companyneeds to identify how they are going to continue market, product, and organizational development to remain an industry leader. Midland can research the possible acquisition of other financial institutions that can improve their financial position. Additionally, Midland has to focus on dev eloping product offerings that are a step ahead of competitors, and sets them apart in the mid of the consumer.
Life Insurance Companyshould implement a combination of the strategies to achieve and retain industry leadership. By focusing on operational excellence, Midland can continue to develop and provide customers with reliable, innovative products that meet customer