Developing a three to five years growth strategy involves Perfect Bar’s competitive analysis. The company can position itself by developing effective strategies in product development and edge competitively in the market. Therefore, Perfect Bar would integrate the market segment by forming a competitive alliance with other players. Implementing product and marketing strategies creates the basis for Perfect Bar to penetrate the market and develop products that serve the market’s needs.
Core Refrigerated Bars are likely to deploy business expansion and innovation in their quest for competitive strategy in the current and future segments. Perfect Bars would engage in market penetration, development, and product development. According to Dahl, the company can be selling more of its existing products to the current customer segments and at the same time target new customer segments (Para 9). In so doing, Perfect Bars would compete strongly against Core Refrigerated Bars by selling its products to the existing new markets, improve on its products and create new products to target new customers. Competition depends on growing the businesses. Combining different business practices and growth strategies is critical in achieving a practical approach (Durmaz and İlhan p.212). An effective growth strategy for Perfect Bars ex goes beyond envisioning the long-term success of the business. Therefore, the company needs to consider its size and capability and thus partner with other players to expand its brand selection and penetrate the new market segments.
Differentiating the Strategies
Perfect Bars can differentiate its brand by providing the superior value of bars to customers at an affordable price. The strategy would help the company emerge competitive over Core Refrigerated Bars by boosting its overall viability and profitability. Product differentiation and relationship differentiation are critical in promoting the company’s growth strategy. Product differentiation encompasses developing products with features and performance efficiency over the competitors (Priority Metrics Group para.3). Perfect bars would engage in developing effects in the segment that outweigh those of Core Refrigerated Bars to satisfy customers’ needs.
Moreover, Perfect Bars would partner with employees, associates, and team members to show courtesy and competency ad service quality to the customers. The organization will ensure that its services are reliable and responsive (Priority Metrics Group para 10). Effective communication and resolving customers’ complaints will help Perfect Bars differentiate its business strategies and achieve a competitive edge over its competitors. All these factors will consolidate the brand reputation of Perfect Bars and differentiate them in the market segment.
The capability for Perfect Bar lies in customer satisfaction. Currently, the company offers products that meet the needs of the market segment. Product market growth depends on the magnitude of innovation. The innovation provides the opportunity to help the firm respond to the changing sources of value creation (Verhoeven and Johnson p.37).In the future, Perfect Bars need to consolidate its market development and product development strategies and achieve business innovation and innovative market products. The capability for Perfect Bars lies in embracing a sustainable competitive strategy through ways in which the company interacts its business model with the overall product market strategy. The current competition aligns with the ability of the company to enjoy business revenue. However, the scope of completion is changing, which demands a change in the growth strategies. Unlike Core Refrigerated Bars, competitive strategy should employ entrepreneurial innovation to generate the growth of technologies and sustain the growth of the companies (Filatotchev, Su and Bruton p.3). Therefore, the companies can consolidate the future competitive edge by utilizing different innovation approaches.
Perfect Bar can drive its growth strategy organically. The principle of organic growth is to allow the company to maximize competitive growth through cost optimization, resource allocation, and new product offering. The changes in the marketplace require businesses to embrace strategies that promise growth and help edge competitively (Ilhan and Durmaz p.210). As a result, Perfect Bar can develop new products, find new marketplaces and consequently grow. The current and future strategies should mirror because its business strategy helps in improving its competitive states. The growth of the company will assist in determining the development process and achieve the growth objectives. Since competition is inevitable, the companies can engage in interim strategies that promise their organic growth (Kilduff, p.775). For this reason, Perfect Bars should ensure that it embraces structural competition and predict firm-level behaviors that represent significant steps towards growing its business.
Competition for Perfect Bars is high, with Core Refrigerated Bars as the leading competitor. Perfect Bar projects emerge competitive in the market by commanding market leadership and distributing high-quality products in the next 3 to 5 years. The growth strategy of the company should be on market penetration, technological innovation, and brand awareness. The performance in the industry is robust and thus creates a comprehensive growth strategy. Therefore, Perfect Bars would c increase its return on investment, leverage its value chain, and improve strategic business positioning. The company will pay attention to the cost of the growth strategy by using business growth strategies.
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Dahl, Darren. “How to Develop a Business Growth Strategy” Inc this Morning. [Accessed on 28th, July 2021] from https://www.inc.com/guides/small-business-growth-strategies.html
Durmaz, Yakup, and Ahmet İlhan. “Growth strategies in businesses and a theoretical approach.” International Journal of Business and Management 10.4 (2015): 210.
Kilduff, Gavin J. “Interfirm relational rivalry: Implications for competitive strategy.” Academy of Management Review 44.4 (2019): 775-799.
Priority Metrics Group. “6 Ways to Differentiate Your Business from the Competition” 2016. [Accessed on 28th, July 2021] from https://blog.marketresearch.com/6-ways-to-differentiate-your-business-from-the-competition
Verhoeven, Bert, and Lester W. Johnson. “Business model innovation portfolio strategy for growth under product-market configurations.” Journal of Business Models 5.1 (2017).