Strategic competitiveness is a type a strategy that certain firm can plan to achieve their organizational goals even though there are a lot of competitors around them. It can be achieved when a certain company or firm successfully come out with a special ideas or strategy that can allows the firm to create wealth to its organization when it is implemented or in other word, implementing value-creating strategy.
Usually, in implementing strategic competitiveness, other companies are unable to duplicate or follow it. Some even feels that it is too costly to follow. With this, we can say that the firm has a competitive advantage. Competitive advantage is what allows a firm to gain an edge over its rivals and it enables a firm to generate successful performance over an extended period of time. In other word, we can say that competitive advantage comes from a firm’s ability to perform activities more distinctively or more effectively than rivals.
So, in order for a firm to earn more, they must have a better understanding to exploit its competitive advantages. By this, it can help the firm to earn above-average returns. Above-average returns are returns in excess of what an investor expects to earn from other investments with a similar amount of risk.
These terms are very important to those are responsible for an organization’s performance. It is because without full understanding of these terms, they cannot survive in the world of business and it will affect the performance of the firm. For instance, if certain firms do not really understand of these terms, their competitors might have great opportunity to take off or control of a certain area of business that might bring a great loss or less opportunity to gain extra income for the firm. So, it is very important for the firm to know these terms.
Besides that, the firm can plan a strategic management process if they have this sort of understanding of these terms. With strategic management process, firms can achieve their mission as well as its vision. Not only that, it can also used to match the conditions of an ever-changing market and competitive structure with a firm’s continuously evolving resources, capabilities and competencies.
Courtney from Study Moose
Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/3TYhaX