Discussion 2 Business Strategy
What are the key factors for competitive success and why?
Need 1 main response with references and 2 student responses .
1 st student (Gummadi Kiranmayi) :
Competitive Success in Business
The company to get success in the competitive market needs to create a plan and focus on that plan to achieve success. The company to face competition should think ahead to the strategy of the rivalry firm.
Focus: the company, when making plans, then it should focus on the main area of the business and also make a plan to strengthen that business area. Just speaking about the plans is not enough for the company, but they need to9 to take action to complete that task.
Market Share: the company should try to increase the share of the market of their products, and to that level, the competitor is expecting. The company should try to remain aware of its competitors by adopting ensures to earn the profits of the market. The company can upgrade their products.
Customer Service: the company should make good quality products so that the customers become loyal to the company and give better customer services to them. The company should make planning for the customer’s satisfaction and create a plan on how to give satisfaction to the customers. The company should train its employees on how to make welcome to the customers so that they visit again.
Product Quality: the company should make their products efficient enough to overcome the need of the customers. The company should make testing on their products to check it complete the standard made before or not. Try to make strong the quality of the products, and the defective product should be accepted if the company faces that situation (Mukerjee, 2016).
These factors are necessary to take care of and important for the competitive market. The companies are now coming with innovative techniques to attract the customers; thus, the company must have full attention to the customers and fulfill their needs. Analyze the rivalry firm is necessary. So the company will not provide the updated product to the customers than it hast lost its customers in the market. So the company should update their products (Mohsenzadeha & Sahar, 2016).
Mohsenzadeha, M., & S. A. (2016). The Mediating Role of Competitive Strategies in the Effect of Firm Competencies and Export Performance. Procedia Economics and Finance. Retrieved from https://pdf.sciencedirectassets.com/282136/1-s2.0-S2212567116X00032/1-s2.0-S2212567116300697/main.pdf?X-Amz-Security-Token=IQoJb3JpZ2luX2VjEGEaCXVzLWVhc3QtMSJFMEMCHzkzd2UOL%2FrEPq29l3UilecdOXfv3KU2%2BMr5uns%2F%2F6gCIBW61FSeqq7A%2FU7Mrxhc80lCelN1rpgrgLjqvP
Mukerjee, K. (2016). Factors That Contribute Towards Competitive Advantage: A Conceptual Analysis. IUP Journal of English Studies, 13(1). Retrieved from https://www.researchgate.net/publication/305527064_Factors_That_Contribute_Towards_Competitive_Advantage_A_Conceptual_Analysis
2nd Student Response (Yaswanth Kancherla) :
Competitive impediment – a portion of the inadequacies that put an organization at a competitive weakness, there are such huge numbers of successful organizations, for example, Xerox, Nokia, Kodak. Those organizations were not ready to support in late markets since they are late in the game to change their plan of action and adjust new market patterns or Powerlessness to advance, overhaul and improve lastly, Absence of initiative to imagine the future techniques. This customer services creates a trust with the clients and an organizations also helps the consumer to stay loyal to the organization, thus bringing more services and products for the organization. One of the other key factors for competitive success is marketing, any kind of big organization to be visible in today’s competitive world they must market their product to their targeted consumer base and get the attention of the consumers. This marketing is really important to attract new and different consumer bases to the organization product and make sure the marketing of the product promises all the aspects that the organization is providing and also to able to take ahead of the competition marketing of the product.
Financial Management: Managing finances in a planned manner can take companies to great heights. It is important that the companies budget their finances for any future projects and have reserve cash for any emergencies. Also, not a lot of cash should be kept idle while it can be used to draw more profits. So, a planned move is required to manage finances which can help company have an extra edge over the competitors. The organization need to implement these resolutions at a value that the client views as fair given specific value of those benefits presented. Part of preparation is recognizing the top client wants at the present. You also need to decide whether the business is proficient of meeting these demands or strongly solving the client’s problem.
Coswig, V. S., Miarka, B., Pires, D. A., Da Silva, L. M., Bartel, C., & Del Vecchio, F. B. (2019). Weight regain, but not weight loss, is related to competitive success in real-life mixed martial arts competition. International journal of sport nutrition and exercise metabolism, 29(1), 1-8.
Soininen, J. (2019). Effects of biodiversity on the competitive success of the invasive alien vine Calystegia sepium (L.).