Business Problem-Solving and Strategy

4Lay Out the Strategic Options 2: Options for the Newly Established Businesses

Analyze from the Market Point of View

Aiming to grow through a new venture can be one of the main pillars of your strategic options. This option becomes especially important if some opportunities or threats cannot be dealt with by the current business or its extension, or by changing the business model.

A great example of a successful growth strategy by a new venture is Fujifilm. Fujifilm, as the name suggests, was originally in the photography industry manufacturing photographic films and cameras. They knew the market for photographic film would shrink drastically due to the advance of the digital camera. That is why they sought out strategic options based on new business opportunities that can sustain growth in the future. They targeted the field where they could utilize their skills and technology, and reviewed their options carefully for almost two years. In the end, they came up with growth strategies in completely different fields such as cosmetics and medical equipment. Fujifilm is continuing to grow to this day, while its American competitor, Kodak, filed for bankruptcy in 2012.

As you can see from this example, the business field is one of the key standpoints when considering a new venture. Many different aspects define the market, such as product category, channel, clientele, region, and ...