Strategic Management and Competitiveness
Strategic Management Process
The strategic management process involves implementing a company mission and vision, developing a strategy, and finally taking action on the strategy set in place. According to Cristiana and Anca (2013), the process involves four phases (para. 2). The four phases are:
• Financial planning – improving economic results through ideas from the sales department (Cristiana and Anca, 2013, p. 2)
• Forecast planning – this phase is where you utilize predictors on where the company sales are heading by relying on past and current information. I use this method with my sales team and financing team to determine how well we will do in months to come; however, sometime my estimates …show more content…
Because of the advances in technology. This will give companies the competitive advantage needed over competitors if used effectively in a business.
Strategic Competitiveness
The Competitive Landscape could be summarized as innovative way to develop and improve a business based on the use of technology. What cause a business to go into hypercompetition within the landscape is the ability to use technology and economic resources (Hitt, 2015). Companies are turning to IT to enhance competiveness and improve their knowledge capabilities (Joshi et al., 2010, p.473).
From what I see many strategic leaders will stay in a complacent mindset because they are unwilling to change. I have worked with many brilliant planners, but the organization stayed stagnated in growth because leaders not willing to change their thinking. Hitt’s (2015) believe managers should adopt to flexibility and the ability to change with the market (p. 7). If a manger or leader is not willing to be flexible, then the organization will be hindered in competitive advantage.
Above-Average …show more content…
Diversification will help identify each potential for profitability (Beard, and Dess, 1981). Beard and Dess (1981), believes that corporate strategy focuses on where to compete in business versus business strategy consideration how to compete in a particular market.
Competitive Rivalry
Rivalry is a given nature in any aspect. Rivalry could be used as a motivator to help individuals improve upon business practices. A huge advantage would be gaining the market bargaining power for both ends of the spectrum; buyers and purchasing (Martin, 2014). In my business because we have lower prices and a good product, it gives my sales team the leverage needed to match customer’s prices and because we have high frequency in logistics, it allows my logistics team to get lower prices in transporting the goods.
The downside of competitive rivalry is that a company may not be able to sustain growth and be able to compete against other competing companies (Hitt, 2015).
Single and Dominant Business Corporate-level
Strategic Management Process
The strategic management process involves implementing a company mission and vision, developing a strategy, and finally taking action on the strategy set in place. According to Cristiana and Anca (2013), the process involves four phases (para. 2). The four phases are:
• Financial planning – improving economic results through ideas from the sales department (Cristiana and Anca, 2013, p. 2)
• Forecast planning – this phase is where you utilize predictors on where the company sales are heading by relying on past and current information. I use this method with my sales team and financing team to determine how well we will do in months to come; however, sometime my estimates …show more content…
Because of the advances in technology. This will give companies the competitive advantage needed over competitors if used effectively in a business.
Strategic Competitiveness
The Competitive Landscape could be summarized as innovative way to develop and improve a business based on the use of technology. What cause a business to go into hypercompetition within the landscape is the ability to use technology and economic resources (Hitt, 2015). Companies are turning to IT to enhance competiveness and improve their knowledge capabilities (Joshi et al., 2010, p.473).
From what I see many strategic leaders will stay in a complacent mindset because they are unwilling to change. I have worked with many brilliant planners, but the organization stayed stagnated in growth because leaders not willing to change their thinking. Hitt’s (2015) believe managers should adopt to flexibility and the ability to change with the market (p. 7). If a manger or leader is not willing to be flexible, then the organization will be hindered in competitive advantage.
Above-Average …show more content…
Diversification will help identify each potential for profitability (Beard, and Dess, 1981). Beard and Dess (1981), believes that corporate strategy focuses on where to compete in business versus business strategy consideration how to compete in a particular market.
Competitive Rivalry
Rivalry is a given nature in any aspect. Rivalry could be used as a motivator to help individuals improve upon business practices. A huge advantage would be gaining the market bargaining power for both ends of the spectrum; buyers and purchasing (Martin, 2014). In my business because we have lower prices and a good product, it gives my sales team the leverage needed to match customer’s prices and because we have high frequency in logistics, it allows my logistics team to get lower prices in transporting the goods.
The downside of competitive rivalry is that a company may not be able to sustain growth and be able to compete against other competing companies (Hitt, 2015).
Single and Dominant Business Corporate-level