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Traditional business strategy is routine and very generic in nature of the business processes. It does not practice anything better compared to the competitor. But a creative business strategy is a stratagem which is known only to the top class and which is a macro gambit to win the war at the critical moment. On common terms creative business strategy differentiates us from run-of-the-mill strategy planning and is dangerous to follow quantitative data alone that shows how a similar company became successful under similar market conditions. Instead, it is good to assess our individual internal and external environment and consolidate our business by refining our 'vital space. An organization is known by its vital space, its existing market offer that accounts for a minimum 45 percent to 65 percent of its annual revenue. This valuable business source thus has become the company's foundation. One should always try to stretch their brains because it is very important to generate new ideas. It is connected to the market, environment, trade and partners, consumers and customers. It is the organization's core competence, the captured essence of which is its intellectual goodwill to expand. Creativity involves the mixing or synthesis of differing ideas into a new concept that did not previously exist in the entire world or at least in the known surrounding of the business environment.
Objective of a creative business strategy
The primary objective of a creative business strategy is to continuously grow the vital space. Employees need to be vibrant and dynamic to gain quantum business that sustains. Yet an organization's vital space is often its comfort zone. Nobody wants to disturb the everyday routine habits in the organization for fear of upsetting the processes. The organization's flirtations with new business is like extra marital sex, only fleeting enjoyment, and trouble thereafter. Indian companies appear reluctant to create self-struggle for reviving their existing business. We never really know when and why our consumers change their mind and shift to other offers. But when the concept of creativity is enhanced and is embedded in the minds of everyone in the company, the organizations can achieve the following key benefits:
• Improved competitive positioning
• Increased adaptability to change
• More ability to attract and retain the right people
Initiatives to be taken for acquiring Creative Advantage in organizations
Every company tries their best to come out with the best in class products or service to emerge and stay as market leaders. Here are some of the requirements for enhancing creativity in organizations so that it can lead to the overall development and growth of the organization in all required fields and areas. Few of the methods for achieving the strategy are , Decentralizing the organizational structure of the company, Promoting a kind of culture and heritage that values creative experimentations required for vast idea generation, Providing the avilabale resources to new initiatives for customer satisfaction, Providing the employees and all others a freedom to fail when in case of effective experiments, Ensuring that the new ideas are not killed in the processes, Removing bureaucracy involved in sequence from the resource allocation process, Providing appropriate financial and nonfinancial rewards for success, Encouraging experimental attitudes Encouraging risk taking and questioning, Minimizing administrative interference in new initiatives and ideas, Freeing the creative process from surveillance and evaluation, Loosening deadlines.
Actually for many people being more creative delivers competitive advantage but may seem strange and hard also. Creativity needs to be developed as an underlying capability, a core competence that confers on organization's ability to identify and achieve advantage. Creativity gives organizations an edge by allowing them to bring the element of surprise to their competitive strategy. If we are entirely logical, then our competitors will be able to predict our actions and they will be ready for us. If we can surprise them with the bold and the unanticipated approach, we steal a march and gain time to plan our next move while they will still plan and play catch-up with our strategy. Being creative provides us with alternatives. It allows us to see a wealth of possibilities beyond the obvious.
Nowadays the importance and utility of the creative advantage is very well known and understood by all major and minor companies. They follow it as a competitive advantage factor. APPLE Inc is considered world's most innovative and creative company. It attained the pinnacle of success through the constant struggle and hard work with the application of creative ideas behind their electronic gadgets that emerged to be path setters for most of other companies to follow them.
Today's business economy is also highly demanding the need for customizations and customer specific requirements to be dealt with ultimate importance. The companies are hence working for the achievement of developed team specifically dealing with the creative part as expected by them from the world.
Sustainability is yet another major component which is encountered in the presence of many numbers of parties also competing for the market share and customer acquisition process. Moreover the need for the highly skilled workers is also felt greatly important in all the cases of Business Empire. Skill set has thus become one of the primary drivers of any business process. Hence a company with a creative method of product development or service being rendered to the need of the customer is striving hard in the continuously to cater to their objectives.
Advertisement is yet another industry growing rapidly along with the growth of the media world. Nowadays there have been umpteen number of satellite channels bringing out large number of advertisements and promotional campaigns for all the products and services of various companies. The more is the number of similar products in the market , the higher is the probability of need for survival. The survival thus becomes the primary goal and the excellence from there on becomes the next important goal. Creative advertisements stay in the minds of the viewers for a long time. The impact that a creative advertisement makes is strong and considered very important in the customer opting for the product. For example when there are two toilet soaps brand each bringing out two different soaps but with the same nature, quality, performance and customer satisfaction who use that, it is the advertisements with the creativity concept that sticks to the minds of the people who watch it on the TV channels and other media.
Internet is a big medium now which paves way for high amount of creative minds and there by helps in the advantage that a company acquires amongst its other prominent competitors.
The vision and mission of the business helps in a way that it establishes them in a unique manner to strive hard for the development and application of the strategy.
Hence a creative advantage is definitely very useful in every step that an organization takes in for the design, implementation and successful usage of the business strategy in the fast changing and high demanding environment.
Creative business strategy allows the organizations, to cope better with the increasing change and uncertainty in the world. We are more likely creating opportunities and identify solutions to problems. We become more flexible and resilient also. Finally to conclude the report, creativity is to be used in positive sense and early too in order to be benefitted in all possible ventures that we enter into in the business processes. The advantage that we attain is also seem to be robust when the creativity quotient is high and the strategy being applied by the corporates are very well distinguished from the competitors and their products. Hence it is best for the organizations to adopt timely creative advantage in the processes of strategy formulation and its application in the highly competitive global market for successful stabilizing and survival of the organization.