Read the case scenario illustratd below and answer the following questions:
Question 1: Is globalization a good move for the company?
Question 2: What is your rationale behind this decision?
Question 3: What geographic location should be a target for global expansion?
Question 4: What background information can you provide to support this decision?
Question 5: How will this decision support the overall goal of growth and expansion?
Question 6: How would you refute someone with the opposing perspective?
Question 7: Formulate and implement business-level corporate and global strategies.
Question 8: Compose, prepare and recommend strategies to achieve and sustain a competitive market profile.
Question 9: Demonstrate the ability to analyze emerging global marketplace for potential growth and opportunity.
Introduction:
Competitive advantage can be achieved, by providing the innovative products and services to the customers in market. In this report, considerations to remain competitive in the marketplace have been analyzed. In addition to this, overall competition in US market and primary factors for making the decision has been discussed in this chapter. Along with this, strategies for the rivalry firms and future planning to remain competitive in the market global marketplace have been analyzed.
Considerations to remain Competitive
In today’s competitive industry, various companies find different ways in order to remain competitive in the market. It has been analyzed that companies can remain competitive with the use of well-planned strategies. In order to remain competitive, organization should analyze the overall market situation and events that has been taken place in the external environment. Competitive position can be achieved through the strategic planning, pricing, first to market and personnel (Pearl, 2011). Through the strategic planning, organizations can be able to form various policies and strategies in order to produce innovative products and services in the market. It has been analyzed that innovative products and services will be helpful achieving the competitive advantage in the market.
Further, newly establish manufacturer of custom furniture should analyze the strategies of Pacific Hospitality Design and Anees Upholstery. It will be helpful in manufacturing the innovative furniture for the customers in US market. With the help of analyzing the strength, weakness, opportunities and threats for the competing firms will be helpful in remaining competitive in the market structure. It has been identified that competition is less in custom furniture manufacturing, which in turn helpful in achieving competitive advantage (Keillor, 2011).
Competition in Market
On the basis of market research, it has been analyzed that custom manufacturer company can be able to compete in the market that has been chosen. It is because, there are less number of competing firms in the market and oligopoly market structure has been analyzed. Due to such type of market structure, company can be able to give competition to the rivalry firms in the market. Mike and Tiffany has various opportunities in the market, through it can be able to produce innovative product and services for the customers. Various external opportunities are helpful in making improvement in the overall production system of the company. Oligopoly market structure is also helpful in sustaining in the market environment.
Further, company can also give competition by providing innovative customized products to the customers in the market (Lawler & Worley, 2011). This strategy will be helpful in attracting the large part of customers in the market. It has been analyzed that, company can compete in the market after anticipating, how rivalry firms moves during the planning stage. With the help of this, company can be able to make plans and strategies according. Manufacturing firm should discover the suitable tools and concepts in order to manage the competition within the market Primary Factors
There are several factors, due to which Mike and Tiffany has focused towards the custom manufacturing business. Less competition and increased profit has attracted them to make investment in custom furniture market. It has been analyzed that newly establish companies can easily be sustained in the less competitive market environment. In addition to this, company also has highly skilled personnel in order to meet the customized needs of customers. Employees within the company can be able to explore the external market opportunities. This manufacturing firm also have effective human resource management program, which is helpful in selecting the highly skilled labors within the company (Gitman & McDaniel, 2008).
Apart from this, advance features and innovation are also the primary factor in order to remain competitive in the market. After analyzing the strategies and policies of Pacific Hospitality Design and Anees Upholstery, custom furniture manufacturer has included the advance features in the products of the customers. Company also wanted to become the market leader, by providing the innovative and high quality products to the customers in the market structure.
Dispute in Position
There are several factors that create problems in the success of the company in the market. Company should take feedback from the customers in order to take corrective actions. Further, through the customer feedback, company can also make improvement in the manufacturing system. It has been analyzed that companies also face other issues such as cultural difference, human resource, production and local standards. These are the factors that create problem in the market position of the company. Sometimes, pricing of the products will also create dispute in the market. Company should set the pricing strategy according to the quality of the products (Luger, 2004).
Company will make sound position in the market, by developing confidence among customers for the products and services. Providing better substitute will also be useful in saying to someone, who would dispute the market position of the company.
Future planning to sustain in Global Marketplace
In order to remain competitive in the global marketplace, company has to make effective future planning. It has been analyzed that company should make optimum utilization of resources in order to make available for the future generation without compromising for the present. Further, company should also integrate the strategies and polices of the other countries in order to sustain in global marketplace (Daft & Marcic, 2010). Apart from this, anticipating the future demand and supply of the products will be useful in making planning for the future. Companies should manufacture the furniture based on the future demand. Moreover, company should also conduct market research in order to analyze the needs and demands of customers in other countries. These strategies will be helpful in sustaining in the global marketplace and fulfilling the changing needs and wants of the customers. In such a manner, custom furniture manufacturing firm will be able to remain competitive in US market (Enz, 2009).
Conclusion
From the above discussion, it can be concluded that effective strategic planning and innovations will be helpful to remain competitive in the market environment. Apart from this, less competition and increased profitability are the primary factor in order to enter into the custom furniture market. Better substitute products will be helpful in giving competition to the rivalry firms. Moreover, optimum utilization of resources will be helpful in making sound position in global marketplace in the future.
References:
Daft, R.L. & Marcic, D. (2010). Understanding Management. USA: Cengage Learning.
Enz, A. C. (2009). Hospitality Strategic Management: Concepts and Cases. USA: John Wiley and Sons.
Gitman, L.J. & McDaniel, C. (2008). The Future of Business: The Essentials. USA: Cengage Learning.
Keillor, B.D. (2011). Winning in the Global Market: A Practical Guide to International Business Success: A Practical Guide to International Business Success. USA: ABC-CLIO.
Lawler, E.E. & Worley, C.G. (2011). Built to Change: How to Achieve Sustained Organizational Effectiveness. USA: John Wiley & Sons.
Luger, E. (2004). Linking Competitive Strategies with Human Recourse Management Strategies. USA: GRIN Verlag.
Pearl, M. (2011). Grow Globally: Opportunities for Your Middle-Market Company Around the World. USA: John Wiley & Sons.