Today’s corporate world is competitive and in order to stay ahead it requires organisations to engage in multiple projects. Largely from the perspective of network economics we look into a specific range of economic studies on competition, innovation and technological change with a view to relating theories, models and ideas on how best to analyze the impact of innovation and market dynamics on scale and scope of network industries. Innovation has a major network inducing effect, so has competition.
Competition in this context always carries dynamic features and is intrinsically linked to games of strategy. Our review focuses on both the interaction of competition and innovation and discusses prevailing models of innovation and studies that fall within other traditions such as Schumpeterian economics.
Organisations to stay competitive need to do multiple projects to deliver greater benefits. The challenge for organisations is to effectively manage their projects to maximize the benefits. Competition forces companies to constantly engage in offensive and defensive marketing strategies.
Rivalry occurs because one or more competitors either feels the pressure or sees an opportunity to enter an industry or to improve its position within an industry. In most cases, competitive moves by one firm have noticeable effects on its competitors and, thus, may invite retaliation or efforts to counter the move. Companies respond to competitor challenges by counterattacking with increasing advertising expenditures, cutting prices, increasing innovation, and introducing new products, or even accommodating the entrant by doing nothing or decreasing the level of marketing effort. Firms grow by taking market share from rivals or creating new markets. Incumbents need to be prepared for attacks by existing firms seeking to expand their business and new entrants. The incumbents’ objective is to defend their market share and strengthen their position by making it harder for companies to enter or for existing firms to challenge them. Incumbent firms may also attack in an attempt to enter a new market, reposition themselves, or improve their market position. Markets are dynamic arenas where firms try to expand into their industries or reposition themselves in other segments within the industry. As firms attempt to improve their position, they engage in competitive battles and adopt offensive strategies. Successful use of offensive strategies can help a firm improve its competitive position, gain market share, and increase profits. In this paper we discuss both defensive and offensive marketing strategies. We, first, discuss the pre-entry and post-entry defensive marketing strategies, and, then, a number of offensive marketing strategies.
Purpose Of Study
The Purpose of the present research is: “To gain a better understanding in competition and how to keep ahead in competitionOur Purpose is organization satisfaction and job security provides from two to three times as much profit as the traditional banking environment where the fear of downsizing is present.
Generally represent all those issues which influence Downsizing adoption in Pakistanibanking sector . The study would focus only on the Competition and the ways how to keep ahead in competition. The research objective covers the following: What are the major reasons for the increase in competition? How can organizations tackle the competitions?
In order to conduct the research work a number of research methods are used which includes intensive web search, interviews and previous studies. The Total concern of research methodologies will base on how the competition is faced and mitigated.For this purpose the following research methodologies are followed: Primary data Secondary data Questionnaires, Interviews Research material and Internet.PRIMARYPrimary research is undertaken by companies or a hired research firm to gather data and information to be used for their own purpose. It consists of information collected from potential customers through surveys, interviews, focus groups, direct observation, field-testing, and any other method that provides first hand data. The purpose of primary research is to obtain information about customers’ attitudes, preferences, buying habits, tastes and behavior that is not otherwise available.
Secondary research involves searching for existing information, such as demographic data andIndustrial statistics that have already been collected and possibly analyzed. It is usually less expensive and takes less time to gather than primary research. Existing businesses may use historical invoices and purchase receipts as sources of information.
Questionnaires And Surveys
A questionnaire or written survey is a simple, productive tool to aid you in obtaining constructive feedback from existing and potential customers. They can be conducted through direct mail, over the telephone, in person, by email or on the internet. Always allow for a 20% margin of error on the results of your survey.
Research Material, Internet
The internet enables an organization to monitor their external environment relatively easily. Firms can gather information through search engines such as Google, Yahoo.etc. Online forums and blogs (web logs) contain people’s opinions on an endless list of subjects. Research can be found on the internet. The internet allows companies to research Competitors and analyze their Marketing Mix Strategy. Many businesses have websites about the firm; these websites contain information useful for competitors. A firm’s website will usually have a detailed list of their products and often the price they are charging. Business websites also reveal information about how a firm is promoting its products and services. The internet is saturated with lots of information some useful and some incorrect. Currently there is little control over the information posted, so all information collected from the internet should be double checked to ensure it is accurate and valid.
Cite this essay
Technological Change and the Evolution in Corporate World. (2019, Aug 20). Retrieved from https://studymoose.com/technological-change-and-the-evolution-in-corporate-world-essay