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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- 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.Identify the six forces that shape competition in an industry. Describe how changes in the strength of these forces affect prices, profitability, and under which circumstances each can be considered a threat or opportunity. Why is a competitive analysis using the competitive forces framework a benefit to industry?Identify the organization’s competitive advantage. Is the competitive advantage durable and valuable? Defend or critique the organization’s competitive advantage based upon your earlier analyses.
- How do the five competitive forces in Porter’s five forces model affect the average profitability of the industry? For example, in what way might weak forces increase industry profits, and in what way do strong forces reduce industry profits? Identify an industry in which many of the competitors seem to be having financial performance problems. Which of the five forces seem to be strongest?Identify two current organizations—one organization facing a low-risk competitive environment and one facing a high-risk competitive environment. For each of these organizations, explain why you have evaluated its competitive environment as either low risk or high risk, using strategic planning and analysis concepts (such as Porter's Five Forces Model) For each of these organizations, recommend a pairing of a system design tool and a system operation tool that you believe will work especially well in the competitive environment faced by the organization. Be sure to explain why the tools you have chosen are uniquely suited to the competitive environment faced by that organization.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
- Barriers to entry and competitor analysis are not part of the business plan. true or false?Compare the evolving company orientations used to adapt to the fast-changing competitive environment. Is there one orientation that companies should be following?Competitive advantage can be defined as: Group of answer choices A firm’s ability to establish market leadership. A firm’s ability to grow faster than its competitors. A firm’s potential to earn a rate of profit that is persistently higher than its rivals. A firm’s potential for launching innovative new products.
- What is the role of competitive analysis in marketing, and how can companies gain a competitive advantage through effective analysis?What are the five generic competitive strategies? Briefly describe each one and identify the type of competitive advantage that each strategy is aimed at achieving.In examining the competitive dynamics within an industry, we discussed the need to first ascertain “the extent to which a company is a strong competitor” and the three (3) drivers of competitive behaviour. You are required to explain the two elements or basis used to determine the extent of competition from another company in the same industry and further explain the three (3)) drivers of competitive behaviour.