Strategic Management and Competitiveness
In this assignment, you will decide on strategic management plans, a company’s strategic competitiveness, and the best model for above-average returns.
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.
Select any two of the main questions and address all of their bullet points:
Question 1:
Discuss 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?
Question 2:
Discuss 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?
Question 3:
Discuss 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?
Question 4:
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? Discuss.
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