Homework: Healthy Competition
Competition and strategy...the concepts truly go together as without strategy; you simply couldn't compete. This week you will learn about the benefits of both strategy and competition. You will also consider what it takes to apply these strategies in real-world scenarios.
Competition and strategy are constantly evolving the new ideas and continued growth. Companies continue to soar while others are filing bankruptcy. Think about the companies that you have shopped at over the past decade. Are these the same stores? Have you found your shopping habits have changed?
These concepts all play a role in competition and strategy. People evolve, time changes, interests vary. With this, companies are forced to change to meet the needs to their customers. Strategies are necessary to stay ahead of the competition. By failing to compete, companies find their doors shuttered or websites disappearing.
Competition and strategy is not always just between companies for business, but for employees as well. Companies are forced to research what others are doing to keep their employee's happy so that they can avoid turnover.
Review your materials.
i. Forbes.com (2019). Seven Strategies to Get Your Business Noticed in A Saturated Market.
ii. Goldman, D. (2019). The strategy behind McDonald's latest breakfast creation
iii. Konish, L. (2019). MBA students face off in challenge to create the next best impact investing idea.
iv. McCann, K. (2018). Three-In-A-Box People Strategies That Win
v. PR Newswire (2019). New Mavenlink Study Finds Business, Competition, and Customer Expectations Rising Significantly for Services Firms.
Task
A little healthy competition is good for an organization, however, from time-to-time, it can lead to failure. Using what you have learned, choose two organizations that you feel are in solid competition with one another and discuss why you feel these organizations are good competitors.
Your work should include the following:
i. Outline the competitive points of the organization.
ii. Develop a diagram that compares the two organizations.
iii. Your diagram should be creative and should be thorough in documenting the competition.
iv. Summarize which company you feel has the stronger outlook.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.