Question

What are strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process? Explain how they are used in your organization. If your organization does not undertake these types of activities, you may make up a hypothetical organization or use a well-known organization

Answer 1

Strategic competitiveness is a sorta technique that specific firms can plan to accomplish their hierarchical objectives even though there is a lot of contenders around them. It tends to be accomplished when a specific organization or firm effectively turns out with an extraordinary thought or system that can permit the firm to make riches to its association when it is actualized or in other words, executing value-creating methodology.

Ordinarily, in actualizing strategic competitiveness, different organizations can't copy or tail it. Some even feel that it is too expensive to even think about following. With this, we can say that the firm has a competitive bit of leeway. Competitive bit of leeway is the thing that permits a firm to increase an edge over its opponents and it empowers a firm to create an effective presentation over an all-inclusive timeframe. In other words, we can say that a competitive preferred position originates from an association's capacity to perform exercises more particularly or more viably than rivals.

Along these lines, all together for a firm to gain more, they should have a superior comprehension to abuse its competitive advantages. By this, it can assist the firm with earning above-average returns. Above-average returns will be returns in an overabundance of what an investor hopes to procure from different investments with a comparative measure of risk.

These terms are critical to those are liable for an association's exhibition. It is because without full comprehension of these terms, they can't get by in the realm of business and it will influence the exhibition of the firm. For example, if certain organizations don't generally comprehend these terms, their rivals may have an extraordinary chance to take off or control a specific territory of business that may bring an incredible misfortune or less chance to increase additional salary for the firm. Thus, it is significant for the firm to know these terms.

Other than that, the firm can design a strategic management process if they have this kind of comprehension of these terms. With the strategic management process, firms can accomplish their crucial well as their vision. Not just that, it can likewise be used to coordinate the states of an ever-changing business sector and competitive structure with a company's ceaselessly advancing assets, capacities, and abilities.