Navigating Competitive Rivalry- Insights from Recent Industry Developments

Navigating Competitive Rivalry- Insights from Recent Industry Developments

Competitor Analysis Made Simple With These Four Steps

In the article ‘Competitor Analysis Made Simple With These Four Steps,’ Mason Thomas illustrates that competitor exploration is a critical step when launching a commodity or service. Companies must comprehend their business rival inclusively to capitalize on their resources in areas of weaknesses. Hitt et al., (2016) similarly, illustrate that competitor analysis helps organizations predict their competitors’ degree and nature. It is essential, especially for organizations engaging in international markets, because they need to comprehend the local and foreign markets presently operating in the industry.

The article highlights four steps to conduct competitive analysis and create a commodity. They include understanding the seller, commodity on sale, trade location, and the manner in which the vendors sell their products (Thomas, 2019). Comprehending the nature of competition is vital to a company’s success. Competitors are organizations in similar markets, providing the same products and targeting similar clients (Hitt et al., 2016). Therefore, a competitive process is the continuous set of competitive decisions and reactions between business rivalries as they contest an advantageous market position. Both the article and the text agree that a business competition’s results influence its ability to withstand its competitive edge and secure financial returns.

Honing the company’s skill set of evaluating the competitive rivalry and addressing this procedure helps an organization simultaneously start to obtain the capability to analyze what institutes high and low competitive environments. Furthermore, the business environment is ever-changing, and products, with time, will portray different images (Thomas, 2019). Repetition of the four steps of creating a commodity, expertise, and time makes an individual skilful in comprehending how to recognise a competitive market from a non-competitive one. In essence, through competitive behaviour, firms aim to position themselves relative to other forces of competition.

References

Hitt, M. A. R., & Michael, R. (2016). Duane Ireland, Robert E. Hoskisson. Strategic management: Competitiveness and globalization (concepts and cases). 12th Ed. Ohio: Thomson Higher Education.

Thomas, M. (2019). Council Post: Competitor Analysis Made Simple With These Four Steps. Forbes. Retrieved 8 October 2020, from https://www.forbes.com/sites/theyec/2019/04/22/competitor-analysis-made-simple-with-these-four-steps/#78f9c339342f.

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Our topic of the week focuses on Competitive Rivalry and Competitive Advantage. For this week’s current events discussion, I would like you to identify an article related to the readings.

Navigating Competitive Rivalry- Insights from Recent Industry Developments

In your post, you are to surmise the article, make the connection between the article and the weekly reading assignment, and share a link to the article. Please comment on your classmate’s postings as appropriate.
Note that articles should come from reputable business publications such as The Wall Street Journal, Crains, Fortune, Forbes, The Economist, or the like.