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An Example of Success In A Competitive Market - Research Paper Example

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Almost all market in any part of the world are flooded with firms and companies of parallel and duplicating services, raising the bar of competition and limit the profitability. In a wide array of…
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An Example of Success In A Competitive Market
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Globalization and internationalization is no longer a myth but a striking reality. Almost all market in any part of the world are flooded with firms and companies of parallel and duplicating services, raising the bar of competition and limit the profitability. In a wide array of industrial firms, from IT industries to automobiles, food services to oil giants, they are not sole providers of some products or services of some sort but one of the hundreds or even thousands of those who have parallel business offerings that overpopulated the market. But how does a certain firm succeed in such a competitive market?
In order for us to answer this question, it is imperative for us to have a clear knowledge about the challenges that face a firm in a competitive market. Things like competition, changes and ramification; these are the factors that stand as a challenge to any firm, new or old. Strategic plans and business techniques of different leaders and companies worldwide have been questioned due to the advent of the transformed competitive landscape. Changes in technology, the reorganization of industries due to internationalization as well as the growing environmental awareness recently are just some of the changes that need response to all firms. The ramification or complexity on the business operations occurred as a result of environmental concerns. Different industries, most especially the manufacturing industry, reformed their packaging, toxic waste management and greater drive for the recycling of materials. Solutions to these challenges are often quite simple and common sense.
First, solutions would always start at the tail end of a determined problem. Because of the inevitable surge of technological revolution, coping up with the changing time is the best solution. There were revamping and restructuring of business models by the institution of new development in technologies in operations. Second, due to the technological advancements, dire political issues, and economic developments, it creates ramification within a certain market. Also, because of internationalization, the degree of communications and centralized operation has become more complex; hence, companies started to outsource their functions and the erection of relational allies that created virtual assembly. Lastly, as what I have mentioned, the market is overpopulated with firms of duplicating services incrementing the level of competition. Added to that is the entry of new markets in global setting, imposing a menace that cannot be discounted. Some markets have installed a new business strategy by selling lowered prices on high quality products on a “sensitive market” and dealing with rooted opponents through a sole dimension just like cost leadership.
CISCO
Cisco is a great example of a company which succeeded in a very competitive market. Being a multi-billion dollar company that it is now, it was once hampered with challenges by intense competition. The products that it produces are so common that complicated the competition for them. They had manifold competitors like D-Link, Motorola, TP Link, Microsoft, SMC, SiteCom, Belkin and so many others but it still dominated the industry. Their dominance came about as a result of their organizational restructuring by enhancing their products, outsourcing functions, and acquisitions of companies. Cisco is one of the few multi-billion dollar companies who had lots of acquisition. In 2003, Cisco acquired Linksys that boosted their dominance in the IT industry. It has also outsourced its functions in different international hubs in order to minimize the cost and to gain more customers. We see that they just simply responded to the changes and the competition while maintaining a keen observance to the ramifications that the overpopulated market may bring.
Reference:
Craig, S. & Douglas, S. (n.d.). Responding to the Challenges of Global Markets: Change,
Complexity, Competition and Conscience. Retrieved from: www. vuw.ac.nz Read More
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