Competitive Strategies of Honda Corporation - 3233 Words

HRM 3003 Strategic Management Assignment Title: Honda Corporation Student ID: 0808174 Submission Date: 18th Nov 2011 Tutor: Shanthi Rajan Introduction In the modern corporate culture the level of competition is increasing day by day. The main objective of each organization is to enhance its performance and to attain sustainable competitive advantage in relation to its competitors. Change is a constant in present corporate culture. In such changing environment having a single strategy is not enough for organizations success. To attain sustainable competitive advantage the organizations try to adopt strategies better than their competitors. Organizations strategies help them to achieve a different and unique place in market. Only†¦show more content†¦Collis amp; Rukstad (2008) stated that, â€Å"A strategy statement must begin with a definition of the end that the strategy is designed to achieve. â€Å"If you don’t know where you are going, any road will get you there† is the appropriate maxim here†. While formulating objective the organization should not only focus on the end result but it should also t ry to frame the time limit for achieving it. Objectives are also formulated at two level; short-term objectives and long-term objectives. Mostly the organizations focus only on short-term objectives as they are easy to achieve. For organization it is of equal importance to focus on long-term objectives as well. Martella (2001) defined long range objectives (long-term objectives) as, â€Å"The process by which the leaders of an organization determine what the organization wants to look like at the end of a specified period of time – usually three to five years – then use that vision to establish multi-year goals and objectives which describe what the organization wishes to accomplish, and develop programs, tasks, and timelines for achieving them†. As the long-term objective takes more time to accomplish and to pay off, hence managers least focus on it. Long-term objectives can be referred as organizations goals that determine their true strengths. The long-term p lanning helps the organization to predict the futureShow MoreRelatedSwot Analysis Of Honda1603 Words   |  7 PagesHonda has continued to embrace the changes that happen around its operations to ensure sustainability and profitability. The current global motorcycle manufacturing sector is full of competition. 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