Competitive Rivalry and Dynamics

Competitive Rivalry and Dynamics

For this assignment I would like for you to reflect on the literature and identify 10 key points that you took away from the assignments.

1. Competitive rivalry refers to the continual competitive actions and reactions among organizations as they scheme for market opportunities. It influences a firm’s competitive behavior by constructing or protecting its competitive edges and enhancing its market position. The connection between competitive rivalry, behavior, multimarket, and dynamics determines a firm’s survival rate and competitiveness.
2. The competitive rivalry model suggests that organizations are mutually interdependent. Companies are typically affected by each other’s deeds, behaviors, and reactions. Their marketplace prosperity is an equation of individual tactics and the impacts of their application.
3. Competitor assessment is an organization’s initial step to forecast the extent and type of competition with other market players. Competitor analysis is critical when a firm wants to participate in a foreign market. Firms that trade in foreign markets need to conduct a rivalry analysis of the local and international competitors presently functioning in the market.
4. Market commonality is a distinguishing factor existing in market industries. It concerns the number of markets that the organization and competitor are mutually involved in and the importance of the individual sectors. Organizations competing against one another in various markets are known to engage in multimarket competition.
5. Organizations competing in numerous similar markets can react to competitors’ actions both within their industries and in other markets where they compete with competitors. This market potential develops a complicated mosaic that competitive operations a company utilizes in one market can be formulated to influence its competition results. At the same time, it complicates competition between rivalries.
6. Resource similarity is the degree to which the company’s tangible and intangible assets are comparable to a rivalry concerning their form and quantity. Organizations with similar strengths and weaknesses are likely to be of the same form and quantity and utilize similar approaches based on their external surroundings’ opportunities. Resource similarity explains the connection between FedEx and United Parcel Service (UPS).
7. Drivers of rivalry behavior include market commonality and resource similarities such as awareness, aptitude, and encouragement. These motivators influence the organization’s real competitive behavior, as reflected by its operations and reactions in the competitive market. In essence, market commonality affects the company’s perceptions and subsequent motivation.
8. An organization utilizes both strategic and preemptive operations to formulate competitive actions and responses. Competitive action refers to the organization’s strategic decision to construct or protect its advantages or enhance its market position. The competitive response is a tactical operation an organization administers to counter the impacts of competitive action.
9. The type of decision a company takes to cement the competitor’s image forms the nature of rivalry behavior. Competitors’ reliance on the market in which the decision was made is evaluated to detect competitors’ responses to the company’s action. Often, competitors respond to actions developed by an organization with a reputation for predictable and known competitive behavior.
10. Slow-cycle markets maintain a competitive edge for a certain period. Competitive dynamics involve actions and reactions and require defending, upholding, and expanding the company’s proprietary benefits. Organizations need to identify that the group of competitive actions and reactions embarked on by all companies fluctuate by market type.

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Week 6 – Literature Review

This week the readings/videos focused on the topic of Competitive Rivalry and Competitive Dynamics.

Competitive Rivalry and Dynamics

For this assignment I would like for you to reflect on the literature and identify 10 key points that you took away from the assignments. For each of the key points you are to identify the point and provide 2-3 sentences explaining the point. Please number each of the 10 points.

Suggested video- https://www.youtube.com/watch?v=mvGBYoob1pA