Assignment:
In current market conditions, companies need to gain and then maintain a competitive edge over their competitors. They do this by employing a compelling and dynamic strategic management process to create a strategy that helps them achieve their goals before one of their competitors does.
Answer the following questions in relation to strategic management:
- What factors make up this process?
- How important is it to change, and what criteria determine the changes in a strategic management plan?
Answer the following questions in relation to strategic competitiveness:
- How would you describe the twenty-first century competitive landscape and the various challenges it brings to businesses?
- Why will a traditional mindset not lead a company to strategic competitiveness and what values must managers adopt to overcome these challenges?
- Such companies also measure performance in terms of the degree and the speed of growth.
Answer the following questions in relation to above-average returns:
- What are the differences between industrial organization (I/O) and resource-based models of above-average returns?
- Which is a more successful model?
- Which model will you use to help shape your strategic management plan and why?
Applying your understanding of strategic management, answer the following questions:
- How can business-level and corporate-level strategies be best used to gain a competitive advantage and earn above-average returns? Explain.
- What are the advantages and disadvantages of competitive rivalry?
- How can a company use competitive rivalry to its advantage? Provide examples.
- Under what conditions would you choose a single or dominant business corporate-level strategy versus a more diversified strategy and why?