IT strategies

(noun)

The objectives, principles, and tactics involved in an organization's approach to managing current and potential changes in technology.

Related Terms

Examples of IT strategies in the following topics:

  • One of three strategic functions

    • This means that it is a vital part of accomplishing the organization's strategy and ensuring its long-term survival.
    • JetBlue's operations strategy is driven by its organization strategy.
    • In addition to an operations strategy, JetBlue also has financial and marketing strategies that support its organization strategy.
    • One part of its financial strategy is securing sufficient amounts of capital to help the start-up airline establish reliable service and gain a loyal clientele.
    • JetBlue's marketing strategy keeps advertising costs under control by attracting free media publicity that emphasizes its fun and affordable airline service.

  • Promotion Strategies

    • Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable, competitive advantage.
    • Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.
    • However, there are a number of ways to categorize some generic strategies.
    • Typically there are four types of market dominance strategies:
    • If the company is not a pioneer, then it must consider growth strategies.

  • Product Line

    • The first is a full-line strategy while the second is called a limited line strategy.
    • Each strategy has its advantages and disadvantages.
    • For example, a computer company may provide an extensive selection of software to be used with its primary hardware.
    • This strategy not only increases sales volume, it also strengthens the manufacturer's name association with the owner of the basic equipment and offers dealers a broader line.
    • Third, shelf space taken by the new product means it cannot be used by competitors.

  • Demanding a Premium

    • Pricing strategies for products or services encompass three main ways to improve profits.
    • The business owner can cut costs or sell more, or find more profit with a better pricing strategy.
    • A premium pricing strategy involves setting the price of a product higher than similar products .
    • This strategy is sometimes also called skim pricing because it is an attempt to "skim the cream" off the top of the market.
    • It is also called image pricing or prestige pricing.

  • Promotional Strategies

    • When defining their strategy, marketing professional consider two kinds of promotional strategies identified by marketing theorist - a push strategy or a pull strategy.
    • If the seller makes his promotion by television or radio, it's not possible for the buyer to interact with.
    • What this means is that once you figure it out for your industry/product, the promotion plan almost writes itself (depending on your budget) but figuring it out can be a special skill and it takes time to build up experience in your specific field.
    • When defining their strategy, marketing professional consider two kinds of promotional strategies identified by marketing theorist - a push strategy or a pull strategy.
    • Pull strategy In a marketing "pull" system, the consumer requests the product and "pulls" it through the delivery channel.

  • Management mistakes and the incompatibility of growth strategies and organizational structure

    • A fourth mistake is not to align product-market growth strategies with the firm's other strategies, especially finance, HR, and organizational strategies.
    • Hutzschenreuter 2001), because it enables management to fill the gaps in their knowledge.
    • It is a significant growth mistake to do without planning and strategic development.
    • It also postpones the creation of a clear corporate structure.
    • Different strategies may be necessary if the company pursues diversification strategies by expanding into new markets, or bringing out new products by expanding the value chain, or into new networks.

  • Inadequate or incorrect marketing, cooperation, finance, or HR strategies

    • The first group of flawed growth strategies is marketing strategies.
    • A second group that can hinder growth is cooperation strategies, such as when a start-up becomes overly dependent on a more established company as a senior partner, for example, when a small biotech firm depends on a large pharmaceutical company to market its products.
    • However, what is much more common is opportunistic behavior by the senior partner, where it is paid well by the junior partner for its marketing activities, but then it does not in fact aggressively market the junior partner's products.
    • Both financial strategies jeopardize growth considerably, or even hinder it completely if the firm does not generate the planned revenues, or if no new short-term loans are available to pay off part of the long-term loan at the right time.
    • The fourth group of related business strategies where serious mistakes can be made is Human Resource strategies.

  • Strategy: the tactical rim on the wheel

    • Strategy is the method you utilize to go about achieving the underlying goal of your startup.
    • It's recommended that prior to spending any money on your new venture that you first come up with the strategy or strategies you plan to utilize to make your startup successful.
    • This strategy is often referred to as the "first mover advantage."
    • Although it may sound far-fetched today, there are several corporations today developing the design and plans for the day where by we get in our space ship the way we get in our car or on our bicycle.
    • What product and or service might you develop to implement such a strategy?

  • New Product

    • Penetration and skimming are two strategies employed in pricing new products.
    • Two general strategies are most common: penetration and skimming.
    • Which strategy is best depends on a number of factors.
    • A premium product generally supports a skimming strategy.
    • In this case, "premium" doesn't just denote high cost of production and materials, it also suggests that the product may be rare or that the demand is unusually high.

  • Pricing

    • For these reasons, it is important to recognize at the outset that the development and implementation of pricing strategies in international markets should follow the following stages:
    • confirming the impact the corporate strategies should have on pricing policy
    • (TT Nagle, The Strategies and Tactics of Pricing, Prentice-Han, Inc.
    • Dumping (when a firm sells a product in a foreign country below its domestic price or below its actual costs) is often done to build a company's share of the market by pricing at a competitive level.
    • Questions to consider are: What currency should a company price its products?