Discuss with your class the key factors for future competitive success. List the
ID: 349752 • Letter: D
Question
Discuss with your class the key factors for future competitive success. List the common types of key success factors and answer the following questions:
On what basis do buyers of the industry’s product choose between the competing brands of sellers? What product attributes are crucial?
What resources and competitive capabilities does a company need to have to be competitively successful?
What shortcomings are almost certain to put a company at a significant competitive disadvantage?
Include at least one APA-formatted citation from your textbook, Crafting & Executing Strategy, to support your rationale and receive full credit.
Explanation / Answer
Today, the level of competition is very much high in organizations and there is very little scope of error for organizations because an opportunity lost means the competitor gets an opportunity more. A buyer selects an industry's products between the competing brands with the help of various aspects like the brand value of the brand, acceptance and popularity of the brand, the value that the brand delivers towards its customers. The attributes of the products that are crucial are Price of the product, quality of the product, uniqueness of the products in comparison to its competitors, etc.
in order to be competitively successful an organization need to have innovation and creative ideas, proper marketing strategy so that the product reaches the mass, appropriate strategic plan which will ensure that the target audience is identified along with the mechanism to sell. Segmentation is important because organizations today cannot prosper if they lack in proper segmentation strategy. knowledge of the competition is important and the organization needs to conduct a SWOT analysis which will be helpful to understand the limitations of the competitors and use that as an opportunity to be better.