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Business skills - Essay Example

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This calls for strategic thinking and planning in order to remain competitive in business. The business should have strategies for development and success before inception. According to OUP…
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Download file to see previous pages Therefore setting strategies is among the high priorities that a firm should make. According to Growth Online (n.d.), the strategy in the case of a firm includes market strategy, product and services strategies, and organizational strategies; people Strategies, and financial Strategies. After a firm has spent so much time and resources planning, and formulating strategies, the firm should figure how to implement them. This is because:
For these strategies to succeed there are some essential steps to take. First, a firm needs to create an environment that can carry out the strategies successfully, second, allocate enough resources to strategy essential activities, third, create policies that will encourage strategy implementation, fourth, employ the policies, fifth, tie rewards to results, and finally utilizing strategic leadership (Rothwell & Kazanas 2003).
Strategies are only applicable in the imperfect completion sort of an environment. When an environment turns perfect, the idea of strategies no longer works since there is free entry, perfect communication and firms deal in same products (Kazmi 2008). Perfect competition provides a standard for measuring the market behavior in terms of price and production (Gale & Sabourian 2005). Each firm in the market is so small that its operations do not affect the prices in the market (Williams n.d ). The market price is standardized due to the many competitors dealing in the same product hence there is no room for a firm to make super-profits (Klein 2007). The firm will operate within the earlier set standards to be able to remain in the market. This makes it hard for individual firms to set their own strategies when they enter in the perfect competitive market (Gale & Sabourian 2005).
Perfect competition however is a rare occurrence. The highly probable event is that the market is imperfect allowing room for individual firms to set strategies to enhance profitability. The ...Download file to see next pagesRead More
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