A competitive strategy identifies how to build and strengthen the business’s long-term competitive position in the marketplace. If your school assigned you to decide the competitive strategy, which of the three strategies will you choose and give your opinion to support your argument?
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A competitive strategy identifies how to build and strengthen the business’s long-term competitive position in the marketplace. If your school assigned you to decide the competitive strategy, which of the three strategies will you choose and give your opinion to support your argument?
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- How are internal factors different from external factors in a firms competitive environment?When does a firm have a competitive advantage over its rivals?Competitive strategy aims to establish a profitable and sustainable position against the forces that determine industry competition” (Porter, 1985). Evaluate the five basic competitive strategies pursued by organizations in order to create sustainable competitive advantage
- The pursuit of competitive advantage requires a strategist to discover or build a company’s core competencies which will constitute the vehicle that will drive the implementation of successful strategies. A renowned global consulting firm, McKenzie Consulting Group states that “in order to gain and sustain competitive advantage, an organization should at least possess three core competencies which will form the foundation upon which successful strategies are developed”.A profitable company will make it a point to determine how its competitors are doing business and try to do it better themselves. Benchmarking is one of the most effective tools available to an organization to ensure that these goals are being met. Many organizations use benchmarking as a way to measure organizational performance. What are the pros and cons of this approach? Has this approach always been used as a competitive tool? Provide at least two examples of companies using this type of tool to help them remain competitive within their market.The pursuit of competitive advantage requires a strategist to discover or build a company’s core competencies which will constitute the vehicle that will drive the implementation of successful strategies. A renowned global consulting firm, McKenzie Consulting Group states that “in order to gain and sustain competitive advantage, an organization should at least possess three core competencies which will form the foundation upon which successful strategies are developed”.Required:a. Briefly distinguish resources from core-competencies
- Which of the following statements BEST describes the Gartner’s ‘Magic Quadrant’? Helps businesses understand their current and future competitive landscapes. Helps businesses get a clear picture about their strong points and weak points relative to their competitors. Helps businesses prioritize and strategize your business investments among smaller business units. Helps businesses analyze and represent a particular product/market/industry in terms of their ability to deliver based on their vision.Two basic competitive strategies are: Cost leadership and Product / service differentiation. You have two business choices in the current pandemic, (1) cleaning service or (2) healthy homemade cooking. Naturally many things are different from the two types of business that you want to be in.Make a business analysis of 2 this type of choice is both qualitative and quantitative, and all of them are supported by reference data and simple calculations to support your competitive strategyWhat are the five generic competitive strategies? Briefly describe each one and identify the type of competitive advantage that each strategy is aimed at achieving.
- What does it mean for a firm to have a competitive advantage? What gives a firm a competitive advantage?Competitive Options Companies have five competitive options available to them. Take a look at each of the following companies and explain their competitive strategy in terms of the five options. Also, give an example of how companies in the same industry compete. (For example, Rolls-Royce competes with high quality while Kia competes with the price.) Competitive Strategy Five Options: Cost Quality Time Flexibility Innovation Companies: Disneyland Apple Nordstrom’sA company's competitive strategy should A) be well matched to its internal situation and predicated on leveraging its collection of competitively valuable resources and competencies. B) be well attuned to doing an outstanding job of satisfying the needs and expectations of niche buyers. C) ensure it is designed to concentrate on a small range of products so it can react quickly to competitive moves. D) be aligned toward being at least an average performer within the industry. have the resources and capabilities to incorporate standard attributes into its product offering.