Competitiveness: The Role in Business Essay
Considerations to remain competitive, ability to compete in the market, handling disputes, evaluating the global marketplace in the future.
The ability of a corporation to sustain a competitive advantage requires several different tools, one of which is an understanding of the environment in which the organization operates. Because of this, the company will need to conduct a SWOT analysis consistently to keep track of the shifts in its internal advantages and disadvantages and the shifts in the external threats and opportunities that are available in the market (De Feo, 2017). It is important that this analysis is carried out in a timely manner and inconsistent manner. This is necessary for the company to remain competitive in the market.
Being inventive is yet another tactic that can be utilized to maintain one’s position as the market leader. The use of innovation, in the form of creating products that are applicable to the target audience’s requirements, will make it possible for the company to keep its position in the market and sustain its presence there (De Feo, 2017). The company will be better equipped to keep up with the different shifts occurring in the sector due to innovation. Some examples of these shifts include technology improvements, creative applications of current products, and evolving consumer expectations (Aaker & Moorman, 2017). If the firm is allowed to fall behind in its industry, not only will the company and the products it sells become irrelevant, but the company will also witness a reduction in sales, ultimately resulting in the company’s collapse.
After conducting an in-depth SWOT and pest analysis of the two most significant rivals, I am confident we will be able to compete successfully in this market. The company has evidence that the most effective tactic to triumph over the opposition is to carefully differentiate and diversify the product line. In addition, the company will capitalize on its long-standing reputation of being customer-oriented and delivering a high level of standards to its clientele to gain an advantage in the marketplace (Aaker & Moorman, 2017). This benefit is enhanced even further by the large pool of experienced and skilled labor we are proud to have. The company is also in a healthy financial position, enabling it to offer efficient and cost-effective products to customers in international markets.
Additionally, we need to consider the government and its policies, the price range of our items, the pricing contents of our competitors’ products, and the competitiveness in the market. For instance, the national government’s policies may significantly affect how our business functions there. The government’s methods might be used to stifle rivalry. There is a chance they would favor locally owned establishments over national chains like FCF (Aaker & Moorman, 2017). There is a requirement to sell our goods to customers; we, like some of our competitors, will sell products of high quality, so we must ensure that our prices are competitive. Some buyers may be put off by low costs and decide not to buy the product because they assume it is of poor quality. If we want to succeed in the market, we need to focus on the quality of our products. Competitors may pack products with more features to charge more, but quantity does not always equal quality.
If there is anyone who questions the choice to make global investments, I would respond to them by offering information regarding the necessity to expand internationally as well as the markets that should be targeted. It is a well-established fact that more than 7 billion people are spread across the entire planet today. As a necessary component of their day-to-day lives, each individual makes everyday use of fabric and products directly related to the material. This results in a massive market for the company to serve. The worldwide market size makes it impossible for the company to fulfill its requirements by itself.
An additional thing that I would say to anybody who disagrees with my decision is that it was not an easy choice for me to make and that I seriously considered every element before settling on the choice to expand my business operations worldwide. I will also disclose every piece of information obtained throughout the entire process that led to my decision that FCF should expand its operations internationally. In addition, I will mention to someone that due to who we have become as a society, we are more connected than we could have ever imagined before, the flow of information and money is more accessible due to our current technology, and all of these things will help us with globalization because they make it easier for us to transfer information and move money.
The second point would be to demonstrate the financial and economic gain that will accrue to the company as a result of expanding its operations to other countries. The increased output will result in economies of scale and economies of scope, which will bring about a significant reduction in the overall costs associated with production. Since there will be a vast pool of customers to whom the company can sell its wares, the expansive and varied market will substantially increase revenue. Additionally, the company’s brand equity will be improved due to this move. This will make it possible for the company to increase their return on investment while simultaneously lowering the pricing of their products on the international market (Montes & Olleros, 2019).
Due to the dynamic nature of the market, conditions will need to be monitored in real-time and continuously. To accomplish this, we will rely on measuring the company’s campaign in the worldwide market, which will be accomplished by identifying and tracking the key performance indicators that the company will specify. Some of these indicators will include the company’s employees, the strategy being used, and the company’s ability to innovate products that suit the client’s wants in the most cost-effective manner possible (De Feo, 2017). In addition, the marketplace will be assessed according to the level of technology and the legal requirements established to maintain market control. This will assist in demonstrating how appealing the marketplaces are to prospective buyers.
It is necessary to understand that everything, including technology, the market, etc., will continue to evolve, implying consistent change. Monitoring the market, domestically and internationally, must be done continuously if a company is to maintain its position as a market leader and continue growing its client base. We need to devise metrics that enable us to monitor our most significant contributors to the success and those of our rivals; if we have setbacks, we need to analyze the reasons for those setbacks. Constantly doing analyses such as SWOT and PESTEL, as well as using other methods to obtain extra data to keep up with the market and other markets that we may be able to exploit in the future. We will have the facts that our management team needs to modify as required and make decisions, thanks to the utilization of quantitative and qualitative assessments and other methods.
Aaker, D. A., & Moorman, C. (2017). Strategic market management . John Wiley & Sons.
De Feo, J. A. (2017). Juran’s quality handbook: The complete guide to performance excellence . McGraw-Hill Education.
Montes, J. O., & Olleros, F. X. (2019). Microfactories and the new economies of scale and scope. Journal of Manufacturing Technology Management .
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IvyPanda. (2024, April 4). Competitiveness: The Role in Business. https://ivypanda.com/essays/competitiveness-the-role-in-business/
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IvyPanda . (2024) 'Competitiveness: The Role in Business'. 4 April.
IvyPanda . 2024. "Competitiveness: The Role in Business." April 4, 2024. https://ivypanda.com/essays/competitiveness-the-role-in-business/.
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