Competitive Strategy for Industrial Management-myassignmenthelp

Question: Discuss about theCompetitive Strategy for Industrial Marketing Management. Answer: Introduction There are various management tools needed for business development. These tools allow business to work smoothly by avoiding all the problems. Some of the tools available are SWOT, PESTEL, 5F, RBV, PROFIT and I/O. Thus discussing the importance of these tools for development of business. These strategies help in knowing the competitive environment which helps in identifying the competitors market. It helps in exploring and improving marketing, operations and manufacturing area (Thokala, et. al, 2016). These tools help in. Preparing the plan for identifying the requirements. Scanning the environmental conditions by considering internal as well as external conditions of the business. Applying techniques to analyse the present state of business and taking to better future. SWOT Analysis It firstly maps the position of business in the market by analysing the strengths, weaknesses, opportunities and threats associated with the business. It analysis the business on terms of these four factors, focuses on maximizing the strengths and opportunities and minimizing the threats and weaknesses (Rauch, et. al, 2015). It helps the business by providing a clear view that provides a way to meet the objectives designed. It showcases the ways in which weakness could be revised. The growth plans are drafted according to the strengths and weaknesses so that market opportunity can be known. The threats which are discovered are studied and possible changes are made in the policy or strategies by revising it from the ground level. It also helps in creating weakness matching and converting it accordingly. This tool plays a significant role as it provides motivation in the business plan by determining the success (Phadermrod, Crowder and Wills, 2016). It helps in knowing the traits and q ualities that the business possesses to attract more customers and improve the financial resource. It assures to maintain the productivity of business by identifying the weakness and working on it. It helps to know what competitors are doing in the market, what is the reason of their success. Apart from that it is a cost effective approach and has wide range of usability, helps in promoting discussions and provides visual overview of business so that integration and synthesis could be done. It delivers motivation to upgrade the business plan by focusing on skills, capabilities, abilities and capacities. Thus to achieve business goals opportunities are capitalised and weakness is addressed. PESTEL Analysis This is also a tool that is used by businesses for development as it evaluates potential, economic, social, technological surroundings of a business. It helps in exploring business to good level by understanding the foreign market. It is very useful as it tracks the laws related to business and the growth of the company in terms of economy (Derbyshire and Wright, 2017). It also helps in understanding the target market by knowing the demographic factors like the population growth or the age distribution. It looks for the latest technologies and reveals better opportunities and resolves the failed cases. This tool is very easy to understand and helps the company for preparing the plans to remove the possible threats. It provides deeper understanding of business by raising the awareness. It is basically used for product specification, developing marketing plans and improving customer relations. This helps in reducing the impact of threats on an organisation and encourages the employees for developing better strategies. It exploits new opportunities by identifying the current need in the market and helps the business to enter into the market globally. It helps an organisation in exploiting new options and monitoring developments in the environment so that sustainable development evolves over time (Madsen and Walker, 2015). Five Forces Analysis It helps in knowing the position of business in the market. Thus to improve the position in the market it focuses on suppliers, customers, issues in the market place, threats related to the competitors in the market. It determines the scope of by understanding the current state and defining a path to move forward by establishing a baseline (Lee, Yoo and Kim, 2016). This tool helps in analysing the business and future prioritizing the opportunities on the behalf of business value. It focuses on identifying the steps to increase the positive changes in the market place. It creates plan to attract more customers and remove the barriers. It enables the suppliers to improve the uniqueness of the product, and also increase the buyers by gaining a good position in the market. Five forces help an organisation to know the factors that are affecting profitability of the competitor industry, so that decisions could be taken related to specific industry; whether to raise the capability of specific industry by deploying competitive strategies (Gabrielsson, Seppl and Gabrielsson, 2016). Thus it can be concluded for betterment of business a development tool is needed as they play an important role in providing the information about the market so that an effective business process can be developed. It analysis the complete external environment along with the internal capabilities implemented. As every business has a competitor in the market to defeat them strategy is needed (Acquaah, Amoako-Gyampah and Jayaram, 2016). It includes the acquisition of the current outcomes and coordination to serve better. Any development tool like SWOT, PESTEL or 5F can be used for defining the business purpose and describing what actually need to be achieved, by outlining a plan to achieve the ultimate goals and beat the competitor. It focuses on the efforts that need to be taken by redefining the long term goals and objective. These tools contribute in bringing more profit for an organisation by gaining more market share. It deals with customer satisfaction to be more successful. It ca n be stated thatstrategic analysisare essential for every business and is one of the most elementary and valuable tool forbusiness planning. References Acquaah, M., Amoako-Gyampah, K. and Jayaram, J., 2016. human resource Management and Market Orientation Strategies in Family and Non-family Firms in Ghana: how Do they relate to Competitive Strategy and Firm performance?. InFamily Businesses in Sub-Saharan Africa(pp. 123-153). Palgrave Macmillan, New York. Derbyshire, J. and Wright, G., 2017. Augmenting the intuitive logics scenario planning method for a more comprehensive analysis of causation.International Journal of Forecasting,33(1), pp.254-266. Gabrielsson, M., Seppl, T. and Gabrielsson, P., 2016. Realizing a hybrid competitive strategy and achieving superior financial performance while internationalizing in the high-technology market.Industrial Marketing Management,54, pp.141-153. Lee, S., Yoo, S. and Kim, D., 2016. When is servitization a profitable competitive strategy?.International Journal of Production Economics,173, pp.43-53. Madsen, T.L. and Walker, G., 2015.Modern competitive strategy. McGraw Hill. Phadermrod, B., Crowder, R.M. and Wills, G.B., 2016. Importance-performance analysis based SWOT analysis.International Journal of Information Management. Rauch, P., Wolfsmayr, U.J., Borz, S.A., Triplat, M., Krajnc, N., Kolck, M., Oberwimmer, R., Ketikidis, C., Vasiljevic, A., Stauder, M. and Mhlberg, C., 2015. SWOT analysis and strategy development for forest fuel supply chains in South East Europe.Forest Policy and Economics,61, pp.87-94. Thokala, P., Devlin, N., Marsh, K., Baltussen, R., Boysen, M., Kalo, Z., Longrenn, T., Mussen, F., Peacock, S., Watkins, J. and Ijzerman, M., 2016. Multiple criteria decision analysis for health care decision makingan introduction: report 1 of the ISPOR MCDA Emerging Good Practices Task Force.Value in health,19(1), pp.1-13.