Table of Contents
Boffi Company is a huge brand across Italy and is well known for its innovation, elegance as well as quality of its furnishing instruments in the international market. It has been famous across the globe for kitchen and bathroom facilities. Moreover, the company started to develop storage solutions that include the closet storage settings. The firm has been deeply based on family operations and was started by Piero Boffi who passed it to his children who were greatly interested in interior design. Boffi’s strategic choices have led to its success despite the fact that the journey towards development has not been easy. During the last periods, the company has focused on improving its storage systems in attempt to rationalize its space. It is through its sustainability and provision of highly rated materials along with its innovative methods that the firm has been able to lead the interior design sector. This paper looks deeply into strategic choices of Boffi Company, the alternatives that it should use in order to grow, identifies value discipline, generic as well as grand strategy for the company and provides recommendation of strategies that the corporation should consider in order to attain the required levels of growth.
Alternatives for Growth of Boffi Company
Turning Boffi Company from its current position for growth will require establishment of workable alternatives. Various strategies for the company’s growth include market penetration, market development, creation of optional channels, product development, and creating new products focused on new clients. Market penetration has been regarded as the least risky type of alternative for growth involving selling current products of Boffi Company to its existing clients. This process will be accompanied by determining new ways of customers to utilize products from Boffi Company (Hitt, Ireland & Hoskisson, 2012). Market development is another alternative for growth that will ensure devising a method of selling more of the present products of the company to the adjacent places. That can be achieved by exploring new markets for growth. There will also be a need to consider alternative channels that include pursuing differently. Boffi Company can intensify sales of its products through the Internet. Product development is one more alternative for growth and involves establishing of new products in order to sell them to new and existing customers. Creating new products or finding new customers includes analyzing market conditions in order to develop new products for potential consumers. In case Boffi Company’s management decides to use intensive growth alternatives, then it should apply each phase one after another in order to avoid risks (Wheelen & Hunger, 2011).
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Best Value Discipline, Generic and Grand Strategies for Boffi Company
Value discipline for Boffi Company will include its competitive strategies. At the moment, the firm should adopt the product leadership strategy. Product leadership is a unique strategy that aims at constructing an effective culture that eventually introduces superior products within the market of operation. Boffi Company should adopt this strategy as an effective value discipline in order to acquire premium market prices due to the great experience that will be depicted to customers. That will easily be developed through corporate disciplinary activities including research portfolio coordination, teamwork, marketing, talent coordination as well as product management (Wheelen & Hunger, 2011). That way, the company can utilize its talents in order to leverage expertise in geographical along with organizational territories.
In terms of generic strategies, the company can use them in order to acquire continuous competitive advantage. The corporation can choose to use one of the three major generic strategies that include differentiation, focus and low cost strategies. In this case, the best strategy for Boffi Company will be differentiation. Under this strategy, the firm will be at a point to uniquely represent its industry using relevant dimensions that are heavily determined as superior by its customers (Wheelen & Hunger, 2011). In that case, Boffi Company should effectively choose attributes that are perceived as best by its customers in order to position them in the best ways possible. Most important, the products and services of Boffi Company will be rewarded effectively due to their uniqueness using premium prices.
Under the grand strategy, Boffi Company will be able to achieve long-term objectives. The best generic strategy for this company will be product development. The strategy will look deeply into exploration. It will include investment into heavy practices of research as well as development as a way of creating new along with innovative offerings of products. The company can invest into bathroom and kitchen products and designs that will look new to customers. At the same time, it should consider quality (Johnson, Whittington, Scholes & Pyle, 2011).
The recommended strategy for Boffi Company is the generic one that will look forward at the long-term achievements of the company. In this case, the best generic strategy will concentrate on the product development practices. This approach will tend to look at unique features that should be implemented in new or existing products that are considered of great value by the customers. The company can utilize its richness in sustainability, materials and innovative methods in order to ensure product development that will eventually earn it great returns especially in the future.
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In conclusion, Boffi Company should strive to develop the best strategies in order to ensure short-term and long-term growth. Long-term growth of the company can be attained through generic strategies and in this case, the best strategy will be product development that will ensure unique and quality products. The company has various alternatives brought to the table; hence the need to carry out clear evaluation in order to determine the best combination of strategies that will earn it a high place in development arises.