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Competitive Strategy Assignment

   

Added on  2020-10-05

7 Pages1657 Words67 Views
Competitive strategy

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5

INTRODUCTIONCompetitive strategy refers to the long term plan of any organisation with the aim to gaincompetitive advantage over its rivals in the marketplace. The present essay of competitivestrategy will provide an understanding to the individual of the foundational strategy developmentmodels. The essay will analyse the strategy development tools that are used in the industries forunderstanding their competitive position in the marketplace.MAIN BODYStrategy development tools in the organisation are the effective technique that mostlyused in the company when they develop strategies for the sustainable growth. Business utilisestrategic development tools to determine on what extent the organisation is developing and whatfurther improvement can be done (Abdel-Basset, Mohamed and Smarandache, 2018). It will helpthe companies to understand their strength and weakness as well as opportunities and threats.SWOT analysisSWOT analysis is a helpful technique that evaluate by the companies to understand theirstrength and weaknesses. This is an internal analysis of the organisation. SWOT analysis madefrom the four major parts of the organisation, in which S stands for Strength, W stands forWeakness, O stands for Opportunity, T stands for Threat. Business can divide the chart into thefour quadrants and they can assign the sales, management and operation as well as other internalstrength to each quadrant. Approx all the businesses use this technique to understand theircapabilities and need of improvements. For example; Apple Inc. implement this in theircompetitive strategy and able to understand that the price point they fix is one of their weaknessand they are not able to grab all the segment of consumers and accordingly the management teamstarted to provide some of their products on discount so that all the people can able to purchaseit. Another example is; Coca-Cola able to understand that biggest strength is the brand name andtheir marketing technique from all the competitors (Boscagli, 2019). The unique taste andmarketing help them to stay ahead from the competition in the marketplace. Consumers see Zaraas a high quality product provider in an affordable rate that put an image of the brand onconsumer's mind and this provide them an opportunity to maintain their position and improvisetheir image as consumers actually want. On the other hand, Fitbit is a biggest competitor for the1

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