Revisiting competitive strategy is one way to respond to a more competitive market. For example, in marketing, businesses identify what needs to be adapted to be relevant to today's competition and customer needs, whether related to the product,
Strategy
Asset Acquisition Strategy: Meaning, Why it Matters
What’s it: An asset acquisition strategy refers to a company’s strategic action to grow its business by buying another company or business unit. This strategy offers relatively fast growth compared to the organic growth strategy. Under the latter
First-Mover Disadvantages: Meaning, Causes
What's it: First-mover disadvantages refer to the unfavorable circumstances or conditions when the firm is first in the market. The first movers were the companies that introduced the product to the market first. Being the first on the market is
Business Plan: Purposes, Components, and Examples
What's it: A business plan is a detailed document about strategies for achieving the business's mission and objectives. It also explains what the company should look like in the next few years. For startups, business planning is the first
Barriers to Entry: Types, and Impacts on Competition
What's it: Barrier to entry is an obstacle that prevents or minimizes the opportunities for a new company to enter a market. A barrier arises because it is deliberately created by existing companies (incumbents) through predatory pricing and
Internal Growth: Methods, Advantages & Disadvantages
What's it: Internal growth, or organic growth, refers to expanding the business and using the resources and capabilities of its own internal. The company uses higher sales and profits to reinvest in the business. Organic growth is an alternative
How Low-Cost Inputs Affect A Company’s Competitiveness
Low-cost inputs are essential for supporting competitive advantage, especially if the firm adopts a cost leadership strategy. What's it: A low-cost input refers to a resource used by the company to produce output and has a lower price than
Mintzberg’s 5Ps of Strategy and Its Components
Formulating a strategy is indeed tricky. Some people think the strategy is about companies and competitors. In a sense, we focus on what competitors are doing and how our strategy does it better. Mintzberg offers a perspective to sharpen the
Strategy: Why It Matters, How to Build It
Wikipedia.org defines strategy as a high-level plan for achieving goals under uncertainty. It includes a set of commitments and integrated and coordinated actions. Before proceeding to the next paragraph, please note, the focus of our article is