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How can we assess the competitive landscape and identify potential competitors and market trends?
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Solved in 3 steps
- In examining the competitive dynamics within an industry, we discussed the need to first ascertain “the extent to which a company is a strong competitor” and the three (3) drivers of competitive behaviour. You are required to explain the two elements or basis used to determine the extent of competition from another company in the same industry and further explain the three (3)) drivers of competitive behaviour.How can businesses effectively assess and analyze the competitive landscape within their industry to identify opportunities and potential threats?Identify the six forces that shape competition in an industry. Describe how changes in the strength of these forces affect prices, profitability, and under which circumstances each can be considered a threat or opportunity. Why is a competitive analysis using the competitive forces framework a benefit to industry?
- What kinds of changes in the competitive environment occur when an industry begins to mature? Identify three strategic approaches that are well-suited for this type of industry environment.How can an organization effectively assess and enhance its strategic capability to gain a competitive advantage in the market?What strategy should a business manager follow to increase the competitiveness of his business?
- What is the relevance of the resources and capabilities of an organization in enabling competitive advantage?Why are some organizations facing difficulties to sustain competitive advantage?how to increase market share in a highly competitive industry? what are the challenges and what strategy should be followed?
- Explain the conditions for a market to be perfectly competitive? Include any sources used.The justification for the fact that the fully competitive market is the most successful and most effective type of market and discuss the reasons.Compare the evolving company orientations used to adapt to the fast-changing competitive environment. Is there one orientation that companies should be following?