Strategic Initiatives
Strategic initiatives are ways through which an origination or a company turns its mission, vision and objectives into practice. These initiatives are put in an order with the organization’s main strategic concerns and considerations, and therefore the need to accomplish them is always considered high. Companies try to have these initiatives to ensure they are constantly in business and if possible, to always have economies of scale. Companies can make Strategic initiatives to satisfy specific objectives. These initiatives can either be innovative or disruptive. Some of the strategic initiatives made by Verizon online shopping company are artificial intelligence, interactive 3D product visualization, advanced product filtering and more delivery options.
Artificial intelligence (AI), is becoming more of a need for businesses success. It is through this that various businesses can predict what kind of products their customers may require and design them in the customers precision. Verizon company is not left behind in this as they are moving with speed to implement this initiative and quicklyenrol it to capture the broader market as their competitors do. AI design achieves businesses’ goals in a way that can benefit the company. Still, the problem it has is that it does all these promising activities of meeting objectives by the destructive method. AI is competent enough in accomplishing set objectives but requires that the goals are at par with the company’s(Tegmak, 2016).
Verizon company has an interactive 3D product visualization strategic initiative that ensures that there is conformity with the emerging trends in the market brought about by technological advancements. Online shopping is inevitable in the current market and is becoming so rampant that every business is looking into it. It allows a consumer to interact with the product of their choice and make an undoubted decision.This initiative is, therefore, among Verizon company’s actions that will lead to the accomplishment of other objectives as soon as possible. So we have no reason for not enrolling this initiative as quickly as possible. It comes with a lot of competitive advantage as the product’s 3D visualization is capable of winning customers heart and brings about a feeling of ownership to the customer before the actual purchase (Blank, 2020).
AtVerizon online shopping company we have decided to use advanced product filtering such that in our company application we have a way or software installed that ensure that products are groups of different categories that suites customers precision. Customers can choose products by their abilities and types with the available filters; their prices, quality etc. In the current world, no one wishes to waste even a single minute browsing over several items which he has no interest. In their research, Parida, Sjodin and Reim, (2019) found out that advanced filtering of products online creates new and superior service offering to the customers hence increasing efficiency in shopping.
We are looking forward to developing more delivery options, unlike theones we have in place to ensure efficiency. Verizon online shopping company has also discovered that the speed of delivery of goods is one of the best ways of gaining economies of scale in the e-commerce sector. Most of our competitors take a lot of time to deliver customer’s products like ourselves; in consideration of this, we have resolved to minimize the lead time of our customers through this strategy. Customer satisfaction is a significant concern in ensuring that they remain loyal to the company, for online shopping customer relationship plays a more substantial role in business success (Cao, Ajjan and Hong, 2018). Speed and efficiency in delivery are soon becoming the only way to have a competitive advantage in the market as businesses will be instruction takers from the customers. The customer’s conditions will be used to do the delivery, Verizon company has foreseen this and therefore preparing for this logistic having in mind that customers are always right in their decisions.
Disruptive and Innovative Technologies in Strategic Initiatives
Strategic initiatives may either be disruptive or innovative. Disruptive technology is one that when introduced in the market, erases the current market and establishes a new one that is hard to be reached by competitors. Business adopts this strategy to forcefully gain an advantage and make to be the market owners.At Verizon company, we have resolved to go this far when we are completely overwhelmed by our competitors and also when we cannot achieve the market size we want by using the later three strategic initiatives discussed above. An example of disruptive technology initiative is the use of a superhuman technology like the one of the artificial intelligence AI discussed above.
Verizon company have decided to use the innovative method in doing their market ventures. Innovative technologies are those that are newly invented but has no drastic effect on the competitor’s business, or they are innovations that are in use but are improvised by the company. Examples are the later three strategies which are currently in use in the market. Verizon company is focused on developing the above existing technologies by innovation to ensure that they have a broader market. There is an increase in technological innovation every day that needs implementation if taken seriously, can lead to massive benefits. By so finding this it means there are no shortages of innovators of these existing technologies (Tokimatsu et al., 2016)
Innovative measures that have previously been adopted by Verizon company hasn’t adversely affected other business operations in the previous seasons. Improvising a means of getting customers their products at the right time using the most affordable ways in the market and installing 3D products visualizations in our websites will make us have some competitive advantage. This is our projection without getting involved in other practices that will go against the government guidelines in doing business. As Verizon online shopping company, we believe in innovation using the available technology surge to gain entrance even in the new markets in the whole world.
References
Blank, S. (2020). The four steps to the epiphany: successful strategies for products that win. John Wiley & Sons.
Cao, Y., Ajjan, H., & Hong, P. (2018). Post-purchase shipping and customer service experiences in online shopping and their impact on customer satisfaction. Asia Pacific Journal of Marketing and Logistics.
Parida, V., Sjödin, D., &Reim, W. (2019). Reviewing the literature on digitalization, business model innovation, and sustainable industry: Past achievements and future promises.
Tegmark, M. (2016). Benefits and Risks of Artificial Intelligence, Future of Life Institute.
Tokimatsu, K., Konishi, S., Ishihara, K., Tezuka, T., Yasuoka, R., &Nishio, M. (2016). Role of innovative technologies under the global zero emissions scenarios. Applied Energy, 162, 1483-1493.