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Following the global financial crisis that was offset by the bursting of the housing bubble in 2008 in the USA and later followed by the global financial crisis in 2010, a lot of firms have adopted measures to deal with the reduced revenue and sales yield amidst growing competition from other firms and many of the firms have adopted competitive business strategies.
Competitive business strategies facilitate a firm to sell or produce products and services with more efficiency and with the sole aim of having a competitive advantage over their competitors (Mandarini 2014). There are a variety of business strategies that are used by managers as they have choices between using set standard strategies or creating their own set of strategies and therefore it should be noted that, flexibility and innovation play a very important role in competitive business strategies.
Competitive advantage is a management strategy that was first developed by Michael Porter who classified the competitive advantage of an organization as being either achieved through differentiation, or by adopting lower costs of production (Dicken 2011). Competitive advantage enables a company to gain a competitive advantage over its rivals in the market through adopting new information technology, gaining access to natural resources or highly skilled personnel. One of the companies in the last decade that has outshone its competitors due to the adoption of a strategic management strategy that places emphasis on acquiring a competitive advantage via adoption of new technology and differentiation different form other firms in the market has been Apple. In the period between 2001 and 2007 following the unveiling of the Apple iPod and Apple iPhone respectively, the company, courtesy of its CEO, Steve Jobs had shifted from its previous strategy of premium priced innovative computers, which was a relatively safe strategy and adopted the highly risky but profitable strategy of venturing into the extremely
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The essay concludes with a summary of the key findings of the analysis. What is Strategy? The definition of strategy will depend on who is asked. Porter (1996), for example, states that operational effectiveness is not strategy, and that strategy is about doing things differently to competitors such that a unique advantage is created.
In this case, the author argues that it is the role of the managers to come with strategies that will be practical in the successful running of the business (Chapter 1). First, Rumelt indicates that the managers need to identify the nature of challenges facing the business so as to handle them effectively (Chapter 3).
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decisions made, which would constitute the strategy that is composed of a two-pronged approach: the first being the short-term strategy while the second section is a long-term plan.
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largely benefit from the article since the article sheds light on the various aspects taken in by an organization pursuing efficiency, as was the case in our organization. However, some of the concepts discussed here helped in the understanding of why the organization was not
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