Strategic Management and Contemporary Level Of Competition Essay

Strategic Management and Contemporary Level Of Competition - Essay Example There are different segments of environments in which an organization operates; these include external environments like the economic, political, social, cultural, technological, global, and demographic environments. All these segments of the environment influence the pattern of conducting business in an industry. According to Brown & Eisenhardt (1998:3), "strategy is about two things: deciding where you want your business to go and figuring out how to get there". Strategic management pattern of every organization may differ from what is obtainable in another; while there may be areas of similarity, certain aspects are uniquely structured out to suit the operation of the organization in concern. The ability of an organization to successfully compete depends on how unique its strategy is. In this view Peter (2005:5), argues, "Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. When a firm implements such a strategy that o ther companies are unable to duplicate or find too costly to imitate, this firm gas a sustained, or sustainable, competitive advantage". ... try the question that decision makers for organization have to tackle is what to do What to do on how to carry out the organization operations When should it be done In order for an organization to gain competitive advantage over its rivals, it tends to come out and adopt a strategy that is different from what its competitors are familiar. This essay would compare and contrastthe sources of competitive advantage in the Aero-engine and thegrocery retail markets. Examples of organizations operating in these industries would be utilized in analyzing the subject matter. GAINING COMPETITIVE ADVANTAGE IN A DYNAMIC INDUSTRY Through an effective strategic management, an organization can adequately cease the opportunities abounding in the industry where it operates. It will utilize its resources most adequately in meeting the changes and challenges in the industry. Looking at the external environment, how it influences the operation of an organization, the ability of an organization to capture untapped opportunities within the industry it operates this will go to put it ahead of its rivals and give it competitive advantage. Opportunities abound for firms operating in an industry, it is only through effective strategic management framework put in place by an organization, and its ability to be innovatively different from its rivals that it would seize these opportunities, before another close rival discover it. This brings us to the issue of strategic competitiveness. According to Peter (2005:5), "strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating stra tegy. When a firm implements such a strategy that other companies are unable toduplicate or find too costly to imitate, this firm has a sustained, or sustainable, competitive