IMI Case Study: Strategic Analysis and Market Recommendations

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MAIN BODY

Purpose of IMI business strategy and critically make the analysis of how managing skills and knowledge can contribute to its competitive advantage

The main objective because of which IMI makes their business strategy is that they want to achieve market leadership in the global niche market which it serves. The niche market is a small segment of market which often provides the consumers a highly specialised products in which the competitors which are supplying the products are also few. IMI main purpose of developing their business strategy is that they want to increase their focus towards their niche markets globally(KöseoÄŸlu and Parnell,  2020). The other purpose of developing their business strategy is because they want to make higher investment in new products and have to maintain the high operating margins and want to make the reduction in the manufacturing cost in their supply and distribution chain. The management of IMI knows that the objective of a company and its business strategy will be achieved only when they will be able to make the identification of the needs of consumers. It is because this will be helpful to them increasing their customer loyalty and wants to enhance their competitive position in the market.

IMI always aims to make the use of knowledge and expertise so that they can achieve competitive position in the market. The company is working in around 50 countries and are matching their products according to the needs and wants to consumers so that they can provide the best services(Aguilar and et. al., 2021). The company competitive advantage comes when they makes the combination of their knowledge and skills of the employees who are having deep understanding of what the consumers wants and needs. Company knowledge and skills have always helped in order to boost the efficiency of company in making decisions. The competitive advantage of IMI can be made only when they are providing employment to people who are good in numerous skills and which is required by the organisation also. The increase in market competition has made it really very important that company have to employ people who are good in knowledge and are having the talent with which company could attain its competitive position. Get Assignment Help from expert writer Now !

The IMI has a long history in which they work to provide specialised products and services to people and this is the main reason why the company is achieving success in the global market (Abutabenjeh, 2021). The skills and knowledge of IMI are providing products and services to people which are helping in meeting the needs of consumers and is also helpful to the company in making their product differentiated. It is because of the skills and knowledge with which they rely on is helping them to understand the needs and wants of consumers and to gain clear market leadership and to make the barriers for other existing competitors that they find it really very difficult to make the entry and compete with IMI. They are offering those products which cannot be provided by their competitors and because of which the skills and knowledge for the company becomes very important.

The other factor which is helpful to IMI in contributing to its competitive advantage is because of the fact that they are helping the company in providing delivery of its strategy and skills for the competence of a business. For the company it is important that the employees are having engineering and technical know-how skill but the company is looking for those individual who also have the entrepreneurial spirit. The company always tries that they provide employment specially to these kind of people because this will give them the facility to look for new things and to build a creative way so that they can be able to add value to the customers and also to the business. IMI tries that they provide training and development sessions to its employees so that they can make the overall development but in a innovative way. This is the only reason because of which company is making the consideration that they employ people who are having the right skills because the market is becoming competitive and the best way to stay ahead of the competition is that they build their organisation with talented people. This is the only way which has helped IMI to work according to the needs and wants of consumers and which helped them to attain their competitive market position(Ogbechie,  2018).

Evaluate the implementation of IMI niche market strategy and make recommendations over three strategic choices with which IMI can differentiate its business in the global markets

The implementation of IMI niche market strategy is that to fulfil the needs and wants of consumers so that they can gain good niche market share globally in which they are working. The main basis of making the implementation of the IMI market strategy is that they develop the understanding of the consumers and the market which they require and according to that company always tries that they are providing the consumers with those customised products and services(Bogiday, 2019). The management of a company knows that with this, they can gain the loyalty of consumers and would be able to enhance the competitive position in the market. IMI knows that there are some of the existing competitors in the market who have the ability to provide specialised knowledge and can also provide people with fluid engineering solutions. But the main implementation business strategy because of which they can gain the niche market share is that they are bringing three aspects in which the first involves the engineering skills which is required in fluid technology and innovation, the other is market leading positions  in the chosen niche market and exposure to those markets which are getting the benefit from long term structural growth including the climate change and urbanisation. The main USP of company is that they are selling the unique features so that their market share can be increased or can make the lower supply chain cost.

They also make the consideration of the external factors which can make an impact on the functioning of business(Leiblein,  Reuer and Zenger,  2018). These are also the factors which impacts the business position of the company and also the strategy which the company is going to select to get a niche market share. This involves the social factors which IMI is making the consideration so that they can meet the demands and needs of consumers, the other is the political factor which covers the initiatives which the government has provided to the business in its growth. 

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Recommendation-

The three factors with which IMI can make its business differentiated with the other existing business have been explained below-

• Product differentiation-Product differentiation is one of the best strategy which can be used by any of the business which is visible. IMI always makes the consideration of needs and wants which will be required by consumers so that they can create a goodwill in the market in which they are differentiating the products in the market. This is the best strategy which will be helpful to IMI because they employ people who are highly qualified and are having the right skills for making the research that by which the needs and wants of consumers will be satisfied(Agha and Dixon,  2021). IMI using this type of strategy can build good customer base and also larger share of niche market.
• Research and development-The another strategy which will be helpful to IMI will be the kind of research which they are making in the market because with the type of research they will be making, they will be delivering the products to consumers on that basis only. To make the expansion of business in global market and specially in niche segment it becomes very important that the company is performing shallow research so that they can find out as what consumers requires(Hutaibat, 2019).
• Price differentiation-This is the another differentiated and most important strategy which can be used by IMI in order to gain good market share and also success in the new market. In general, every consumer require that they are taking products at low prices other then what is being offered to the competitors(Drobyazko and et. al., 2019). They can provide the product at price which is lower then the other competitors in the market. When IMI will be able to provide such products and services to people then in this case they will be to make the differentiation of their business in the global markets.

CONCLUSION

From the above report it can be concluded that the main focus of company is achieve competitive position in the market in which they main focus is on niche market globally in which they are providing their products. Their other focus is on making investment in the new products and to make reduction in the manufacturing cost of the products which they are producing. The company is working in many other countries in which their main objective is just to maintain high operating margins but this they do by attracting people who are high ion the requires skills and talents. The organisation believe that they would be able to achieve success only when they will be having the expertise and skills to balance up all the factors. The company have always focused on working with the requirements of consumers as what they want and what are their needs. It is because they believe that with this, the company would be able to make growth. The company has to make their focus towards the external factors so that it can become easier to them in order to achieve their business strategy which can be done only by making monitoring of the external environment factors which will make them represent about if those factors are creating opportunities or threats to the business.

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REFERENCES

Books and Journals

• Abutabenjeh, S., 2021. Strategic management in state government two servants of the same master: Procurement and finance. International Journal of Public Administration, 44(7), pp.607-621.

• Agha, N. and Dixon, J.C., 2021. The uniqueness of spectator sport from a strategic management perspective: The case for spectatoritis. Journal of Global Sport Management, 6(1), pp.7-29.

• Aguilar, R. and et. al., 2021. Flipping the strategic management classroom: Undergraduate students' learning outcomes. Scandinavian Journal of Educational Research, 65(6), pp.1081-1096.

• Bogiday, I., 2019. Clusterization of agro-industrial enterprises of Ukraine as the basis of effective strategic management. Agricultural and Resource Economics: International Scientific E-Journal, 5(2), pp.86-98.

• Drobyazko, S. and et. al., 2019. Factors of influence on the sustainable development in the strategy management of corporations. Academy of Strategic Management Journal, 18, pp.1-5.

• Hutaibat, K., 2019. Accounting for strategic management, strategising and power structures in the Jordanian higher education sector. Journal of Accounting & Organizational Change.

• KöseoÄŸlu, M.A. and Parnell, J., 2020. The evolution of the intellectual structure of strategic management between 1980 and 2019. Journal of Strategy and Management.

• Leiblein, M.J., Reuer, J.J. and Zenger, T., 2018. What makes a decision strategic?. Strategy Science, 3(4), pp.558-573.

• Ogbechie, C., 2018. Strategic Management Practices in Africa. In Indigenous Management Practices in Africa. Emerald Publishing Limited.

• Okumus, F. and et. al.,  2019. Strategic management research in hospitality and tourism: a perspective article. Tourism Review.

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