PGBM135 Global Strategy and Foresight Assignment Sample
Module code and Title: PGBM135 Global Strategy and Foresight Assignment Sample
Introduction
It is crucial for any organisation to have a strategic plan in place if it is to stay competitive and preserve consumer loyalty. Very in today’s fast-changing world of globalisation and economic environment, this is especially true to say the least. The organisation is always on the lookout for new opportunities and approaches that will aid it in increasing the efficiency of its business operations.
When it comes to sustaining or improving their competitive edge, some companies place a greater emphasis on components such as the expansion of the business, the number of operations, and investigations, among other things. For example, every employee of the organisation is committed to recruiting new customers, keeping current customers, and inventing novel approaches to meet the changing wants of its clients (Krzywdzinski,2019).
Critique
In order to measure the degree of success of a firm, it is important to examine a range of factors, including the price of goods and services, the quality of its products, and the size of the organisation itself, among others. Instead, in order to be successful, it must show the capacity to react faster than its competitors in a quickly changing environment, adapt to market trends, and innovate inside the company’s own operations.
Instead of offering a quick summary of the theoretical components of competitive advantage in the next section, a more in-depth examination of these components will be offered in the following section. Among the many different ways that may be employed in research are scientific literature analysis and the comparative approach, just to mention a few of examples (Paus,2020).
The first step in being successful in a competitive climate is to understand what your rivals are striving towards, not only in terms of profitability but also in terms of market share and other aspects (Boadway,2018).
The ability to understand the characteristics of competitor items that are important to the client is essential if you want to produce effective rival goods. Product quality, pricing, policies, and other concerns are only a few examples of what is included in this category.
If the organisation wants to be successful in the marketplace, it must also be well-versed in the complex worlds of customer service, incentive programmes, and distribution networks. As part of the due diligence process, a competitor’s product development and research departments, purchasing departments, finance departments, and manufacturing departments, among other areas of company, must be thoroughly investigated (Paus,2020).
When doing a competitive analysis of the company’s competitors, it is necessary to conduct an in-depth examination of the rivals’ strengths and shortcomings. This will aid in ensuring that the company’s goals are fulfilled and surpassed. Obtaining trustworthy information about their products and services is a big part of what motivates customers, dealers, and marketing research suppliers. Excessive attention should be provided when researching rivals: the organisation should search for any assumptions the company has regarding its competitors, in addition to any market inefficiencies that may be present.
While rivals may be hesitant to react because they assume that their customers will pay them for their tardiness, they may also be afraid to reply because they lack the resources necessary to respond swiftly when their competitors do something wrong. Despite economic, historical, and other reasons, only a tiny number of enterprises react swiftly to price reduction, with many more failing to change at all.
It is one thing to chose weak opponents in order to save time and money; nevertheless, if a business desires to fulfil its full potential and enjoy the fruits of its labours, it must first overcome tough competition in order to be successful in order to achieve success.
In order to maintain markets stable, competitors must behave themselves in conformity with established industry standards and within the limitations of those norms. As a consequence, it is feasible for these competitors to establish pricing based on costs, placing pressure on other enterprises to drop prices or enhance uniqueness, and as a result, exerting control over the overall market. Since their efforts to disrupt the market have been ineffectual, the competition in this sector puts themselves at significant danger since the market is not working out as well for them as it does for their rivals.
It is critical for a company’s marketing strategy to be successful if it has as much information as possible about its competitors. Anyone who wants to stay one step ahead in their business must keep an eye on their most notable competitors’ products, pricing, sales assistance programmes, and distribution networks. As a result, the company has a better understanding of its own strengths and weaknesses, allowing it to be more effective in marketing.
According to Kotler (2012), assessing a company’s market position, objectives, capabilities, and resources is critical before formulating competitive strategies that set it apart from the competition and help it stand out. “Being effective in a competitive situation,” according to Kotler (2012), is the definition of “market success.”
A market leader, according to Kotler, is a company with the largest share of the overall market (or revenue) in a particular industry segment (or revenue). A competitive company adjusts its new product development and pricing, as well as its product distribution, customer service, and other aspects of its business, when the market changes (Krzywdzinski,2016).
There are leaders, followers, niche fillers, and a variety of other types of businesses in today’s market. In today’s market, there are four distinct types of businesses to choose from. There are four types of market participants: market leaders, market followers, niche fillers, and everyone else. Followers are those who follow in the footsteps of those who set the standard. Even though they serve a large portion of the market, market leaders are frequently overlooked or dismissed as potential competitors.
To put it another way, large corporations believe that their current market position will only benefit the remaining segments of their respective markets, which are insignificant to these corporations, due to the constant presence of competition. This is because it will only benefit the remaining segments, and it will only benefit the remaining segments (Usman,2020).
You can choose from three different strategies to gain an advantage over your opponents.
Companies that regularly supply standardised goods must implement a price planning strategy in order to maintain long-term profitability and success. A large volume of promotional materials must be produced in order to effectively reach a large audience of potential customers and viewers. This strategy would necessitate a significant financial investment by the company in order to achieve long-term success, as it would increase productivity and improve product manufacturing processes.
Manufacturers and distributors that expertise in the creation and delivery of high-quality, highly personalised items are important components of the distribution strategy’s success.
Because of the disparities between the firm’s products and services, it is able to acquire market domination and a competitive advantage over its competitors by employing this technique.
This sort of memory strategy enables a firm to concentrate its attention to chosen markets in which it will aim to beat the competition while at the same time optimising overall allocation price across the board by utilising its current infrastructure. Small and medium-sized enterprises may be able to avoid direct rivalry with their bigger counterparts if they use these strategies (Lenart-Gansiniec,2019).
Summary
Competition is ultimately the driving force behind business, propelling companies to react quickly to new events and adapt to their surroundings, while also learning and adapting from their competitors’ successes and failures, as well as their own experiences and those of their customers, in order to maintain a competitive advantage. A firm’s ability to grow, innovate, and adapt to changing market circumstances is vital to satisfying the continuously shifting expectations of its customers.
This notion acts as the cornerstone of the organisation and is crucial to its development, innovation, and adaptation. Even if experts may vary on the particular definition of competitive advantage, according to the research, they do agree on a number of features that should be investigated and assessed using a variety of methodologies.
Obtaining a competitive advantage in a given market is considered to be dependent on a number of factors, including infrastructure, corporate complexity, labour market efficiency, commodity market efficiency, the complexity of the financial market, innovation, technology, and the presence of higher education and training institutions (Zdanowska,2020).
Topic Two: Organisational Structures, Innovation & Globalization
Introduction
Small businesses and financial departments are likely to be concentrated in a small number of countries, but the vast majority of the world’s population is likely to be scattered among a number of different countries and regions. When it comes to direct sales models, the presence of partners, or in some cases, distributors, who act on behalf of the organisation in order to complete the transaction is what distinguishes them. There are several different types of partnerships that may be formed between two parties, with exclusive and nonexclusive collaborations being only two examples of the many different ways in which they might engage with one another.
Critique
It is only possible to collaborate with a distributor if you have an exclusive distribution agreement with them that enables you to sell your products solely via their channel of distribution (see below) (see below). During times of crisis, multinational firms find it difficult to change their business strategy, and this paradigm is quickly becoming obsolete. As a consequence of this development, nonexclusive cooperation, the second kind of collaboration, is becoming more popular among businesses.
An organization’s ability to join the market directly or via a number of distribution channels is not bound by exclusivity under this approach, which may be tailored to the conditions and requirements of the organisation . Businesses can be categorised by their competencies and organisational structure, which can vary. Each organisational type has several practical applications that are well-suited to it. Here are some common organisational structures: It’s hard to say which of the above methods is most effective and successful. Organizational structures should not be considered permanent, even though they are not by definition.
2016’s Kovacs and Kot article was titled 2016’s Kovacs and Kot article was titled 2016’s Kovacs and Kot article was titled A growing company’s operations change. Its products and services change over time, as do its number of employees, their credentials, etc. If the company wants to avoid legal liability, it must document any changes to how work is handled and managed. Increased worker numbers is a common argument for organisational restructuring. Large corporations are a prime example. When the competitive climate changes, organisational restructuring is crucial to success. Trust-based management is crucial to the success of all organisations in today’s economy.
In order to be successful, multinational corporations that set up direct representation in one or more nations must have a well-organized sales organisation at their disposal. Having a well-organized sales organisation in that country is critical to achieving success in the sales field (see Kraus et al. 2018).
(See, for example, Kraus et al. 2018). When it comes to selecting the best model for your requirements and budget, there are a myriad of features and considerations to take into consideration. Finding the most appropriate reaction is not always an easy task to get through.
Numerous organisations may quickly move to a different model after the introduction of a new model as a consequence of unmet expectations or the rise of other factors. In a business, a sudden increase in expenses may have a significant impact on the profitability and cash flow of the organisation, with potentially disastrous consequences for the organisation.
The choice on the form of a sales team, as well as the number of salespeople to be hired, must be subjected to extensive consideration and deliberation before being implemented. According to Andrews et al. (2017), a corporation’s short-medium-long-term success or failure has been noted by a number of writers (Schumacher 2017; Farah and Gomez-Ramos (2014), depending on how this choice is performed. This choice has the ability to either establish or derail a company’s long-term viability in the short, medium, and long terms.
A more in-depth examination of the way of establishing a territorial business organisation will be provided in the next section of the book. The project’s overarching goal is to put a strong emphasis on local business structures in the framework of a global organisation in the Czech Republic. This is a crucial component of the overall goal. It is necessary, according to territorial management, to create a new corporate structure, which will be put in place as soon as is practicable.
To achieve this goal, the second component will be to increase the amount of money that has already been raised up to that time. One of their primary goals is to restructure the internal organisation of the corporation. In the next section, the authors investigate the effect of restructuring a multinational corporation’s business infrastructure on the bottom line of that company before applying the concept to other companies. (Krzywdzinski,2016)
As with any business, there is no one sales strategy that can be applied to all situations, and there is no one approach to build a company’s sales strategy that is optimal in all circumstances.
The following are the most major negative ramifications of each modification, listed in decreasing order of magnitude: There is a reluctance on the part of the sales staff to accept change in the first instance, as has been previously noted. The likelihood of experiencing short-term turnover increases for those who refuse to take initiative on their own. When it is determined that a change in direction is necessary at the present time, the option of reversing course and continuing development after a period of time is available.
A significant factor in determining the duration of this transition phase will be the capacity of management to inspire and convince members of a company’s workforce that a new model and vision would result in better days ahead for all parties engaged in the process. Achieving long-term success may be done via a variety of ways to operations, including increasing competitiveness, gaining market share, and increasing turnover. (Usman, 2020)
A manager’s capacity to respond quickly and effectively in a wide range of circumstances, as well as the ability to switch between a wide range of different leadership styles as the situation requires, are critical skills for every manager to possess. It is predicted that as the European Union’s economy accelerates and its member states’ economies become more linked, there will be an increased need for managers who can adapt to cultural variety in work-related values and leadership. This is according to Oláh et al (Roccu,2019).
Managers that are able to adapt their work-related beliefs and leadership styles to cultural differences are in great demand. Identifying the most suitable partners is critical given the need for long-term collaboration. International organisations often use a technique known as due diligence in order to authorise distributors all over the world, and this approach is summarised as follows: Management and legal teams are among those involved in this process, which is expected to take a significant amount of time and result in a significant monetary investment on the part of the organisation. (Dźwigoł, 2021)
Summary
Consequently, selecting a business partner is a critically important strategic decision for the organisation. In this regard, It was determined that they were the most qualified applicants for the role based on their current market share. The initial supply of non-speculative lines will be provided by the most dominant organisation in the industry, one that does not include any overlapping rival solutions in its product offering..
Our research has led us to the conclusion that collaborating with a distribution company that offers the most comprehensive variety of things would be the most beneficial in order to aid with difficult public procurements. Therefore, as a consequence of this advancement, we have been able to participate in the greatest number of bids that we have participated in to far (Dźwigoł,2021).
Initially, these collaborations with local business partners resulted in the development of a profitable component for our product line; later, we were given the opportunity to compete in challenging bids while working under the supervision of strong local integrators and distributors. In both instances, we were successful.
References
Asheim, B.T., Isaksen, A. and Trippl, M., 2020. The role of the regional innovation system approach in contemporary regional policy: Is it still relevant in a globalised world?. In Regions and innovation policies in Europe. Edward Elgar Publishing.
Boadway, R. and Dougherty, S., 2018. Decentralisation in a globalised world: Consequences and opportunities.
Brondoni, S.M. and Zaninotto, E., 2018. Ouverture de’The 4th Industrial Revolution. Business Model Innovation & Global Competition’. Symphonya, (2), pp.1-7.
Budevici-Puiu, L., 2020. The necessity of change and development of the higher education institution in the Age of globalisation. Revista Românească pentru Educaţie Multidimensională, 12(1), pp.350-356.
Chuponov, S.O., 2018. The essence and importance of international trade entrepreneurship development in globalisation conditions. DEVELOPMENT OF WINTER WHEAT CULTIVAR KUMA…………. 44, p.147.
Dźwigoł, H., 2021. The Uncertainty Factor in the Market Economic System: The Microeconomic Aspect of Sustainable Development. Virtual Economics, 4(1), pp.98-117.
Khurana, S., Haleem, A., Luthra, S. and Mannan, B., 2021. Evaluating critical factors to implement sustainable oriented innovation practices: An analysis of micro, small, and medium manufacturing enterprises. Journal of Cleaner Production, 285, p.125377.
Krzywdzinski, M., 2019. Globalisation, decarbonisation and technological change: challenges for the German and CEE automotive supplier industry. Towards a just transition: coal, cars and the world of work. Brussels: ETUI, 2019.
Lenart-Gansiniec, R., 2019. Organizational learning in industry 4.0. Problemy Zarządzania, 17(2 (82)), pp.96-108.
Nerad, M., 2020. Governmental innovation policies, globalisation, and change in doctoral education worldwide: Are doctoral programmes converging? Trends and tensions. In Structural and Institutional Transformations in Doctoral Education (pp. 43-84). Palgrave Macmillan, Cham.
Paus, E., 2020. Innovation strategies matter: Latin America’s middle-income trap meets China and globalisation. The Journal of Development Studies, 56(4), pp.657-679.
Roccu, R. and Talani, L.S., 2019. Introduction: The Globalisation Debate—From De-Globalisation to the Dark Side of Globalisation. In The Dark Side of Globalisation (pp. 1-17). Palgrave Macmillan, Cham.
Usman, O., Iortile, I.B. and Ike, G.N., 2020. Enhancing sustainable electricity consumption in a large ecological reserve–based country: the role of democracy, ecological footprint, economic growth, and globalisation in Brazil. Environmental Science and Pollution Research, 27(12), pp.13370-13383.
Zdanowska, N., Rozenblat, C. and Pumain, D., 2020. Evolution of urban hierarchies under globalisation in Western and Eastern Europe. Regional Statistics, 10(2).
Know more about UniqueSubmission’s other writing services:
