Why is it important for a business to analyze the competition?

Q: How can a company gain a competitive advantage by having higher productivity than its competitors…

A: A competitive advantage may be gained through offering the consumer a greater value as compared to…

Q: How can the firms understand their competitors?

A: Business refers to an activity of trade where sale and purchase of either goods or services is done…

Q: What would be a threat from the competitive or the economic environment? What about an opportunity

A: A competitive threat is a competition that hasn't happened but has the possibility to occur.…

Q: What is the connection/relationship between the Second Law of Thermodynamics and the Christian…

A: The Second Law of Thermodynamics states that in all energy exchanges if no energy enters or leaves…

Q: Organizations can achieve a sustained competitive advantage through people if they are able to meet…

A: A competitive edge is said to be present when a company can maintain above-average profits if it is…

Q: An organisation can survive and succeed in the long run if it successfully develops strategies to…

A: It is essential for an association to set competitive approach to build solid base in market &…

Q: Why do progressive firms actively practice value analysis?

A: Value analysis is a tool or an approach that improves the value of the product/service produced. It…

Q: Explain the sources of competitive advantage for organizations?

A: Competitive advantage is the advantage received by producing the products and services better and…

Q: Compare the evolving company orientations used to adapt to the fast-changing competitive…

A: Organizations may have any from these orientations.   Item orientated:- giving little consideration…

Q: How do you use the Competitive Forces model?

A: Competitive forces model are as follows: Intensity of rivalry Threat of potential new entrants…

Q: The macroenvironment consists of the factors close to the company that affect its ability to serve…

A: The macroenvironment consists of the factors close to the company that affect its ability to serve…

Q: What contribution will technology make to increasing productivity and competitiveness? Quite…

A: Technology is a vital enabler of competition and development. When technology is widely applied in…

Q: The Porter Fives Forces Model is used to analyse the external environment and determine the level of…

A: Marketing is an activity which the firm takes up to make customers. For this marketing strategies…

Q: How can technology improve competitiveness and productivity? Elaborate.

A: Technology means the skills, methods, processes, and new techniques that are used in the production…

Q: Does the nature of the Internet naturally lead to dominant firms in ecommerce markets'?

A: Yes, the nature of the internet will always lead to dominant firms in E-Commerce markets as it is…

Q: How training and development can be a competitive advantage

A: Training and development can be considered as a competitive advantage because it increases the…

Q: Should a business stick to its competitive strategy all throughout its life cycle?

A: Business strategies define the pathways that comprise action plans and decisions to reach objectives…

Q: Discuss the importance of matching supply and demand?

A: The importance of matching supply and demand are:

Q: How the organization can build on its strengths to address its weaknesses and threats How the…

A: To function successfully in a changing demand, a business should plan to work effectively in an…

Q: What plan can be used to secure enterprise systems inside and outside of the enterprise?

A: Enterprise systems are an integral part of the day to day business operation. The complex business…

Q: How does IT help a company's business processes and decision-making while still giving it a…

A: Business organizations always seek to be a leader in the industry in which it operates. A…

Q: What is the contribution made by business organizations to meet the needs of people or a society?

A: Corporate social responsibility refers to the responsibility of an organization towards the…

Q: What type of incentive compensation is needed by a firm to remain competitive within the industry…

A: What type of incentive compensation is needed by a firm to remain competitive within the industry…

Q: In a competitive analysis, many firms identify not only their current competitors but also their…

A: Competitive analysis is the analysis of the current and potential competitor of the firm which a…

Q: Explain why animal welfare is a strategic issue for firms.

A: Strategic issues refer to those issues that affect the efficiency of the organization and its…

Q: What occurs when a company seeks to match what a competitor is doing while maintaining its existing…

A: a company seeks to match what a competitor is doing while maintaining its existing competitive…

Q: How important is it for technopreneurs to study and analyze competition?

A: Technopreneur:- A person who owns a business or runs a company that focuses on technology, such as…

Q: In examining the competitive dynamics within an industry, we discussed the need to first ascertain…

A: Competitive dynamics refers to the actions taken by competitors or business rivals in a competitive…

Q: Can competitive strategies be sustained? Why or why not?

A: Competitive strategy work in a long-duration organization's plan to maintain their market status and…

Q: If we are successful, which firms will be hurt (lose sales or sales opportunities)?

A: In monopolistic competition market structure, there are more number of firms. Therefore for firms in…

Q: Can Customer Relationship Management systems play a role in ecommerce?

A: CRM customer relationship management is a multi-dimensional process through which the organization…

Q: Using the right strategy to face the competitive forces may give the company a competitive advantage

A: The statement is:

Q: what is the best strategy to maximize profits?

A: The term profit can be defined as the difference between the sales revenue generated and the cost…

Q: How do successful firms derive their competitive advantage?

A: A competitive advantage in business is the characteristic that gives consent to a corporation to…

Q: Explain Ergonomics?

A: Ergonomics is a scientific field that analyses how humans interact with other system elements, as…

Q: variable. For the category of resources: Does raw materials, methods and technology,

A: Product development is an important phase and helps the organization in putting advance features in…