Competitive Strategy for Strategy Development Tools-myassignmenthelp

Question: Discuss about theCompetitive Strategy for Strategy Development Tools. Answer: The strategy development tools are used by an organization to evaluate its performance with the other competitors in the market (Madsen and Walker, 2015). This report will discuss the various strategy development tool and which one of them will be suitable for Intrepid Travel Australia to develop an effective strategy. The internal and external business processes of an organization need to be renewed in order to attain a better business value. Due to globalization, most of the tourism companies are trying hard to gain profits and better economic rate. So, the strategy development tools cab be used by Intrepid Travel Australia to accept the opportunities and get relieved from the threats coming in the market. Strategy Development Tools The executives of the company are looking forward to using some tools and technique to make a competitive value in the market. The internal and external factors affecting the profitability of Intrepid Travel Australia can be analyzed by the Strategy Development Tools. These tools allow executives to make an effective decision for the organizational change and behavior (Lee, Yoo and Kim, 2016). The out-dated technology and strategy reduce market value. Thus, these tools are important to be used by an organization. The strategy development tools will be used in the company to analyze the factors that affect its business growth. Managers will be able to recognize the strategies that can be implemented for enhancing the services to customers. The current issues of the Intrepid Travel Australia can be easily known by using Strategy Development Tools. Political factors- The change in Government policies affect the procedures adopted by the Intrepid Travel Australia. However, it is necessary for the company to continuously renew their services every year to carry on with their business operations from the Government parties. Economic Factors- Factors like exchange rate, expenses and interest rates on the tourist packages affects the economy of Intrepid Travel Australia as most of the customers likely to have packages within a reasonable budget. Social Factors- Not all customers have the same preferences, tastes and habits and like the same service (Remington and Pollack, 2016). The customer demands have increasingly affected the business operations performed by Intrepid Travel Australia. The company aims to fulfill the requirements of customers by making suitable changes in their services. Technological factors- The technological advancements have affected the growth of Intrepid Travel Australia business. As it is quite difficult f or the company to implement the latest technology to improve their business operations and hence the business entity has recently used the online services and trying to cope up with the challenge of accepting trending technologies (Johnson, 2016). Environmental factors- the tourist rate depends upon the suitable climate. It depends on the tourist to arrive visiting a place when they find the climate that suits them. Environmental factors also affect the maintenance of tourist attractions. Therefore, Intrepid Travel Australia has to make up-gradations according to the customer demands. Legal factors- Intrepid Travel Australia follow the Government rules to access their business operations. The company has taken permission from the legislative authorities to perform their business operations (Jarzabkowski and Kaplan, 2015). More importantly, Intrepid Travel Australia has to perform all their business operations legally so that customers can feel safe and secured while using their serv ices. Intrepid Travel Australia is managing their business by evaluating their performance with their rivalries. The company is continuously making the change in their organizational culture to provide better services to the tourists (Paroutis, Franco and Papadopoulos, 2015). The company managers and executives believe that tourist satisfaction is on the topmost priority. Therefore, SWOT analysis will be used to understand better about the current status of Intrepid Travel Australia in the tourism industry. Strengths- facilities is the strength of Intrepid Travel Australia. The company focuses on providing the best services to the tourists as possible. They provide the comfortable environment for the tourists to travel around different places with the luxury hotel rooms and luxurious buses (Streiner, Norman and Cairney, 2015). The traveling facilities allow tourists to use their laptops or other devices to work while they travel to different tourist attraction. The facilities of food are also convenient for the tourists. The good quality food is provided to the tourists to ensure that their health is safe. Weaknesses- The overall tourist package of Intrepid Travel Australia is expensive which attracts less number of tourists annually. However, a company is trying to make the prices of tourism packages quite affordable so that number of tourists can use the services of Intrepid Travel Australia. Opportunities- the tourism infrastructure is profitable to Intrepid Travel Australia as the i nvestments are recovered with the tourism packages people buy (Grant, 2016). Although a company has to change their package rate, the company receives benefits in terms of economy. Tourists like to visit new and extreme places which are beneficial for Intrepid Travel Australia as they can add new tourist attractions to their list. Threats- the exchange rate of money when tourists come to Australia affects the progress of Intrepid Travel Australia. It is because some tourists have less amount of money to exchange which affects the exchange rate of money by 40%. This strategy development tool has been used by Intrepid Travel Australia to understand how the public management is working. The resource-based view approach is helpful to analyze views of public and private sectors. This secondary data is used to develop strategies to improve the tourism business (Lin and Wu, 2014). The organizational architecture can be redesigned according to the policies of the Government sectors. The value-creating activities are found to be important for Intrepid Travel Australia to make the availability of tourist resources to the customers. Considering the resource-based view approach, Intrepid Travel Australia have started conducting various events to let people know more about their services. The social interaction with people in such events is also beneficial for the company to achieve number of leads annually (Alstyne, Parker and Choudary, 2016). It is also decided by the Intrepid Travel Australia executives to enhance their process of conducting program s for tourists and which will include fun activities and games according to the tourist interests. Municipal management has also been considered by Intrepid Travel Australia it is because the political factors majorly affect the growth of their business. This is to conclude that the strategy development tools are effective for the growth and development of Intrepid Travel Australia. The company can analyze business opportunities to overcome challenges it faces in the market. The tourism sector is what influences the most of the economy of the country. Therefore, it is important to make desired tourist resources available for the customers. However, change the business processes is always useful to keep pace with the trending technology and fulfilling demands of customers. The strategy development tools also contribute the company executives to make better decisions for upgrading their nature of providing services to customers. References Grant, R.M. (2016) Contemporary strategy analysis: Text and cases edition. John Wiley Sons. Jarzabkowski, P. and Kaplan, S. (2015) Strategy tools?in?use: A framework for understanding technologies of rationality in practice. Strategic Management Journal, 36(4), pp.537-558. Johnson, G. (2016) Exploring strategy: text and cases. London: Pearson Education. Lee, S., Yoo, S., and Kim, D. (2016). When is servitization a profitable competitive strategy?. International Journal of Production Economics, 173, 43-53. Lin, Y. and Wu, L.Y. (2014) Exploring the role of dynamic capabilities in firm performance under the resource-based view framework. Journal of business research, 67(3), pp.407-413. Madsen, T.L. and Walker, G. (2015) Modern competitive strategy. US: McGraw Hill. Paroutis, S., Franco, L.A. and Papadopoulos, T. (2015) Visual interactions with strategy tools: producing strategic knowledge in workshops. British Journal of Management, 26(S1). Remington, K. and Pollack, J. (2016) Tools for complex projects. New York: Routledge. Streiner, D.L., Norman, G.R. and Cairney, J. (2015) Health measurement scales: a practical guide to their development and use. Oxford University Press, USA. Van Alstyne, M.W., Parker, G.G. and Choudary, S.P. (2016) Pipelines, platforms, and the new rules of strategy. Harvard Business Review, 94(4), pp.54-62.