Discussion Topic: key factors for competitive success and why (350 Words)
Response to student work (150 words)
To stay competitive in the current business climate an organization must have an action plan that includes key factors which are to be incorporated in the working culture diligently and with discipline. Such an action plan is vital to the long-term strategic development of the organization. Amongst the many key factors, following are few of them that can play a huge role in achieving the competitive success for any business organization.
Planning – whether it is evaluating the business model, or thinking about specific production lines, or about strategizing operations and other services, or finances and other issues, meticulous planning is required to keep the enterprise progressing in the right direction. Without sound planning an organization is bound to lose direction and might stray off course in meeting its business targets. Value creation – A profitable company would be known by its unique product or a service offering to its customers. But the organization would be well to do if it keeps striving to create new value out if its product or service offerings in order to stay competitive and not be obsolete in face of competition from others in the market. This helps it to maintain its position and thereby continue to attract new customers while holding onto the existing ones. (Sanches, 2019). Customer Service – customer relationship management has come to the forefront whenever planning and strategic action is talked within an organization. Without robust and careful nurturing of customer service relationships companies are not expected to make greater gains and obtain a larger share of the market.
(Wynne, 1979). Financial Management – any company big or small must have solid principles in finance management, since this is the foundation on which the entire organization revolves and survives. A company’s progress is marred by inconsistent financial planning which includes incorrect budgeting, reckless borrowing, unsustainable balance sheets etc. Utmost care and right talent are some key points that are to be considered while talking about a company’s finances. Marketing – this holds a key place to ensure an organization’s success. To correctly market the product or service of the company is of paramount importance to ensuring unbeatable success in the midst of stiff competition.
Other important factors also include capacity to innovate, investing heavily in research and development divisions of the organization, hiring the right talent, remaining agile and following the industry standards the company operates in, and lastly trying to disrupt the market by always innovating and stay ahead of the competition.
Wynne, B. E. (1979). Keys to Successful Management Science Modeling. Interfaces, 9(4), 69–74.
Sanches, A. M., Souza, L. J. de, da Costa, S. E. G., & de Lima, E. P. (2019). A Proposal for the Support of Demand Required from Production Through the Alignment of Production Planning and Control Strategies and Maintenance Planning and Control: An Analytical Approach. Procedia Manufacturing, 39, 868–876. https://doi.org/10.1016/j.promfg.2020.01.409