Heathrow Airport - Terminal 5 Assignment Example | Topics and Well Written Essays - 3250 words

Heathrow Airport - Terminal 5 - Assignment Example The operations are a special department in an organization that deals with the scrutiny of the activities to be done in the company. The strategies to be adopted by an organization are guided, planned and crafted by the higher executive officers in the organization. The strategies adopted in business are actually the long term planning of the business firms. A business strategy can be adopted by a company for a period of 3 to 5 years, or sometimes even longer than that (Honda Motor Company, 2007). The major resource issues related to an organization are also solved by a business strategy like, the issue of raising funds for a new manufacturing plant. The resource allocation to be adopted in an organization is also decided according to its business strategies. The business strategies are majorly of two types. These are generic and competitive in nature (Dale, 2003). The generic strategies adopted by a business organization deals with its growth opportunities. Decisions related to new acquisitions or purchases made by a business firm are taken according to the established generic business strategies of the firm. After the emergence of globalization, most of the corporate firms have turned out to be multinational firms. However, the decisions of internationalization of the firms are also undertaken according to the generic strategies adopted by the organization. The retrenchment activities of a business firm are also carried out as per the generic strategies. Thus, it can be analyzed that the generic strategies adopted by a business firm are the factors that ultimately influence the growth of the firms (Alkhafaji, 2003). In the contemporary business world, the degree of competition among the firms is excessively high. Thus, following the views of David Ricardo, the firms try to focus on their competitive advantages. The competitive strategy helps a business firm to operate as per its core competences. For example, the strategy of differentiation (in terms of price or qualitative aspects of products), adopted by the corporate firms is a type of competitive business strategy. The modern firms take the decision to produce on the basis of economies of scale in production. This is also a form of the competitive strategy adopted by the business firms. In short, a business strategy explains the manner through which a company would be approaching the marketplaces. There lies a strategic link between the business strategies and operational strategies. Operational strategies are the ones that are mainly concerned with the process through which a corporate organization can translate its business strategies into a form of practical and cohesive implementation plan (Porter, 1998). The operational strategies adopted by a business firm enumerate the technology to be used in the organization. These strategies also assure that a company possesses the desired manpower. The operational strategy adopted in a business firm also observes and takes active initiati ves to improve certain departments that are not well developed. According to the views of some scholars, operational strategy is actually an extended form of business strategy. For instance, a firm must have an objective to augment its gross operating income by 10% in every three years. This is a kind of a business strategy that is adopted by the firm. Suppose in order to assure the above