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Mgt498 Essay

950 words - 4 pages

Competition Strategy Formulation
Butch Bradley, Benjamin Hinderer, Alicia Pearson,
Amy Terre, Vicki Thompson
June 24, 2013
Rebekah Benson
Competition Strategy Formulation
Introduction: Vicki
To achieve an organization’s vision a process of strategy formulation is the course of action. Management will factor in goals and objectives derived from organization’s mission statement. Competitive strategy formulation’s purpose is to develop effective performance to improve and secure future position. Steps in the process are measuring internal and external environments, competitive business strategies, creating value sustainable for competitive advantage, and measuring guidelines. ...view middle of the document...

External Environmental Measurements: Butch
The first step in developing an organization’s external environment involves identifying external environments to include natural, societal, and task environments. The natural environment consists of physical resources, wildlife, and climate that occur in the natural world. Societal environment forces can affect multiple industries and influence long-run decisions. Societal external forces include economic, technological, political-legal, and sociocultural forces. The task environments affect a corporation such as government agencies, local communities, suppliers, competitors, customers, creditors, unions, and trade associations (Wheelen, & Thomas, 2010).
Relevant Business Competitive Strategies: Butch
Lower cost and differentiation strategy summarize the types of strategies companies used in competition. A company using a lower cost strategy wins by becoming the low-cost provider of a product over the competition. A company using differentiation provides a product or service to its consumers considered to be unique, or a premium product. Differentiation is effective in producing higher returns and consumer loyalty over those associated with a lower cost strategy (Wheelen, & Thomas, 2010).
Creating Value and Sustained Competitive Advantage: Ben
Business environments are changing faster than ever before, with new technologies, deregulations, mergers, and new entrants.  To be successful a company must be able to adapt to these changing environments. Sustained competitive advantage is one that is not easily duplicated or surpassed by competitors.
A successful company knows that competitive advantage is only sustainable for a limited period of time, and then the process starts over. Companies should think of strategy as an interactive loop. Therefore, a company must build capabilities necessary for continuous and ongoing strategic innovation and also determine whether the strategy needs to be changed to sustain the competitive advantage.  Sustainable competitive advantage is the ability of value-creating products, process, and services that are not matched by competitors, nor is used by any current or potential competitors, and the company has plans to maintain that position. The four attributes of sustainable competitive advantage are rareness, value, inability to be imitated, and inability to be substituted (Hoffman, 2000).
Measuring Guidelines: Alicia
Effectiveness of strategy are measured using three key...

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