question archive Competitive advantages is all about creating an edge over all organizations that are in an industry
Competitive advantages is all about creating an edge over all organizations that are in an industry
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Competitive advantages is all about creating an edge over all organizations that are in an industry. Having that edge is important and creates the opportunity to be more ahead in the term of being the leader. Competitive advantages are something that every organization is looking to have. Doing the proper research and analyzing organizations strengths and weaknesses allows for decisions to be made that will help to create the advantage that is necessary. This is why the competitive intelligence aspect is essential to the way to properly build on this advantage. Competitive advantages is defined as "a systematic and ethical process for gathering and analyzing information about the competition's activities and general business trends to further a business's own goals" (David/David. 2020). Unfortunately there has been a downstream shift when it comes to gaining and sustaining a competitive advantage. This is happening due to multiple reasons. One of the factors that is playing a role in this is that the competitors are making the adjustments as the environment is changing. Many organizations now have a variety of resources that allows them to make the necessary changes that will help them to remain in competition with all the organizations that are making those changes. Another factor that is making this shift is due to the many departments that these organizations now have. The multiple departments are now able to focus in on what an organization needs and how it is to incorporate ideas that gives another organization less competitive advantage.
respond with 150 words - Samantha
It is important for an organization to come up with strategies so that internal strengths are being capitalized and internal weaknesses could be improved. The IFE Matrix includes strengths that should be nurtured by the organization based on the competitive advantages.
Strategic planning is important for an organization to survive with the help of external and internal audits. Actionable-Quantitative- Comparative- Division (AQCD) tests are conducted on the key factors to determine and develop effective strengths and weaknesses that are useful for the organization.
The focus of strategic planning is to sustain and gain competitive advantage. The internal analysis is used to analyze the strength and weakness of an organization to help gain competitive advantage and improve competitive disadvantages. It is important to have a clear vision and mission statement that will relate to the success of the organization that is planned through strategic planning.
Implementing strategies, evaluating and monitoring results that will help gain and sustain competitive advantages and over disadvantages. This process is found to be effective with internal audits compared to external audits. The organization goes downstream when only the internal audits are ignored. The benefits of having managers and employees that understand their contribution to an organization are not realized. Performing internal audits reflects on improving communication in and among employees in the organization.
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Response to Leveque
Hello, Leveque indeed, Competitive advantages are all about creating an edge over all organizations in an industry. Fr a company to gain a considerable market share. It has to have a competitive advantage over its rivals. Companies often leverage different methods and aspects over other companies to have enhanced their market influence and compete with rivals. Over the last years, companies have been using upstream methods to create competitiveness. This form of competitiveness lies in the management's ability to enhance efficiency and production throughout the company. On the other hand, upstream management is focused on satisfying the customer demand and ensuring they are satisfied and well catered for. It is not the work of a consumer to know what they want; rather, it is the company's work to understand what the customer wants and respond accordingly.
Response to Samantha
Hi Samantha, indeed, an organization needs to develop strategies so that internal strengths are being capitalized on and internal weaknesses could be improved. The inability of a company to leverage its strengths to reduce and eliminate its weaknesses may see a company unable to take on its rivals. Companies need to understand the various ways to get innovative and make decisions that enhance their ability to compete fairly. Strategic planning is a great way to enhance such planning. Companies used different ways to improve production efficiency and work hard to reduce the operational costs while increasing sales. This is known as the upstream strategy. New strategies, known as the upstream strategy, now focus on enhancing the consumer experience. Thus has been seen to have more long term effect and sustained competitiveness.
