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Please read and respond to the attachment(s).

Note: Only up to 20% of the written response content can be quotes from third parties.

Assignment Details:

· Please reply to the presented statement(s) below.

Deliverable Length: 250 words (minimum) per reply

ONE:

Competitive strategy is the strategy a company uses to stay ahead of their competition and to have a higher percent of the market share within their industry. Competitive advantage is when our product carries more benefits to your customers than the competition does. The source of competitive strategy can include: “availability of quantity/quality superior financial, physical, and human resources. Possession of superior technical, economic, organizational and managerial skills. Occupying a superior position on the market.” (Popa, I., Dobrin, C., Popescu, D., & Draghici, M, 2011)

A value change framework has been described as an extremely useful model to help organizations to understand a wide variety of phenomena involved in organizations and individuals. Theories include: organizational effectiveness, leadership competencies, organizational culture, organizational design, stages of the life cycle development, organizational quality, leadership roles, financial strategy information processing and brain functioning. The framework is designed to help you find your strengths. The framework can illustrate the key values in the strategy or problem you are working on and it is broken down into four quadrants.

The framework can also be used to help you organize your approach to leadership, management development and can lead to an integrated and consistent approach in development and improvement in your strategic goals. (Kim Cameron, PhD, 2020)

The customers can benefit from the strategic plan because the company can get the complete information about the product, what the company creates as their product or service, and what to expect from them by their mission and vision statements. The competition learns the areas that they need to improve upon in order to gain the competitive advantage or be able to see that they are unable to compete in this market and look into other opportunities.

When two organizations merge into one company or are contemplating it, they have to figure out how to align their resources and strategies to achieve the goal of creating a stronger organization. The company I work for was created by two electric companies merging together and created one company. They knew that when they pooled their resources together that they could provide more electricity to meet all of their customers needs. They looked at all of each companies’ safety policies, benefits, goals, mission statements, vision statements and code of ethics. They adjusted them to ensure they had the best structure possible to be successful.

Financial factors can make or break any success a company will have. When, the organizations decide to join they need to research how their financial situations are, who has the best record in keeping their company in an operating success and how they can combine them to improve it by coming together. How their company together would be better together for the corporation, suppliers, distributors and their customers. They need to know and prove that by joining forces that all parties involved will benefit by the union.

Reference

s:

Kim Cameron, PhD, (2020), An Introduction to the Competing Values Framework, Haworth, retrieved from: 

https://www.thercfgroup.com/files/resources/an_introduction_to_the_competing_values_framework

Popa, I., Dobrin, C., Popescu, D., & Draghici, M. (2011). COMPETITIVE ADVANTAGE IN THE PUBLIC SECTOR. Theoretical and Empirical Researches in Urban Management, 6(4), 60-66. Retrieved from 

https://proxy.cecybrary.com/login?url=https://www-proquest-com.proxy.cecybrary.com/docview/913138475?accountid=144459

TWO:

According to Madson and Walker (2015), every business organization requires a competitive advantage over key competitors for sustainability and long term success in the consumer market. For any business venture, entrepreneurs should be prepared to heed to specific components in the marketing, human resources, and financial aspects of the business. The most common business component includes planning, which offers substantive direction for the business operations and other activities that shape its survival and ultimate success. As a business owner or manager, it is crucial to have a proper layout of essential business operations such as innovation, product development and marketing, financing, and human resource management issues. Such an arrangement provides an opportunity for determining the direction the business should take to stay in line with present and future consumer market trends. 

Another component of a business’ competitive strategy is its value creation aspect, which entails the continuous assessment of the entities’ quality of products and services and how they meet the consumer needs and expectations. To ensure the best value creation standards, entrepreneurs should engage in consistent research and development that yield the best innovations. Customer service is another essential component of the competitive strategy as it determines customer retain the ability and whether they would return and make more purchases from the business entity. 

Further, financial management forms a crucial component of a competitive business strategy as it allows entrepreneurs to effectively plan their financial and non-monetary resources to help achieve long term business success. A business may have insufficient financial capitation to succeed in the consumer market, thus requiring proper management of the available finances in purchases and other expenditures such as debt repayment. Apart from planning, value creation, customer service, and financial management, marketing is another competitive strategy component. Steady marketing helps a business to reach a broader consumer market that can be helpful for business success. Within the competitive strategy, the value change framework helps the organization with relevant insights and plan for change that can steer the business towards success and sustainability. The value change framework provides a platform where the business meets all the consumer needs and expectations for customers. Besides, the value change framework initiates strategic plans for improvement and the development of competitive advantage over other businesses.

Reference

Madsen, T. L., & Walker, G. (2015). Modern competitive strategy. McGraw Hill.