2. The characteristics of the current competitive landscape are:
Relying on data to make business decisions and to have a competitive advantage.
Ability to adapt to latest technologies in the market and improve the customer experience.
Creating a customer-centric business plan to meet the customer demands in the market.
Becoming flexible in our approach to doing business.
Going digital and creating a transparent business process.
The two major drivers of this landscape are technology and flexibility.
Technology: The world is changing and the companies are developing new technologies to help companies improve their business performance. Making use of these technologies will help the company grow faster and also have a competitive advantage in the market.
Flexibility: A company cannot rely on just one business strategy to succeed and instead they need to think of being flexible in their approach. Meeting the market demands is the desired end result and being flexible to important for that.
3. The external Environmental analysis is a strategic tool used by the company to analyze what factors can affect the business in both positive and negative way. Companies usually conduct the PESTLE analysis to know to analyze various external factors like political, economic, social, technological, legal, and environmental. The fours steps in conducting this analysis are:
Scanning: The company needs to analyze and find what factors might affect their business and to what extent.
Monitoring: After the identification, they need to monitor how it is varying over a period of time. How these factors behave under various circumstances.
Forecasting: The company needs to predict how they might behave in the future and whether those factors will remain a threat to the company or become new business opportunities.
Assessing: The company needs to determine the required steps to convert the threat into opportunities if the external factors have an adverse effect on the business.
The company can learn how they need to plan the business considering various external factors in the market. They need to stay ahead of the competition so converting threats into opportunities is important to succeed.
4. The 5 forces are competitors analysis, the threat of substitution, the threat of new entry, buyer power, and supplier power.
These 5 forces have a direct impact on the business of the company. This shows the dependency of the company to run the business and what their competitors are doing to snatch away the market share. The industry and all the major players in it have to conduct the 5 forces analysis to know where they stand in that industry. If a company’s threat of substitution, the threat of new entrant, supplier power, and competition is less then it can become the market leader and capture a huge chunk of the customer base. This applies to all the companies and they all target reducing the threat they have to run the business. If the competition is healthy then it is a good sign for the industry and all the companies will survive with good business.
“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."
