Discussion Thread: Competitive Approach, Competitive Scope, and Decision Models (Coursework Sample)

Discussion Thread: Competitive Approach, Competitive Scope, and Decision Models Name Institution Course Instructor Date Introduction When deciding on a competitive strategy, the management needs to consider the competitive advantage that the organization has in the marketplace. The competitive advantage allows the management to understand what the firm does best in the market, which helps outperform rival firms. It helps develop and adopt an effective strategy to drive the organization toward success. This paper will assess the competitive approach, competitive scope, and decision models in an organization. Process: Deciding on a Competitive Approach A competitive approach entails the technique that the firm uses to ensure it performs well in the marketplace and gains an advantage over rival firms. Adopting an appropriate competitive approach ensures that the organization offers more value to the customers than the rivals. It promotes the success of an organization by enhancing its ability to attract more clients, thus increasing sales and the overall market share. According to Farida and Setiawan (2022), the primary competitive approaches in the modern business environment are cost leadership, differentiation, and focus strategy. Deciding on the competitive approach for the organization to use is based on various factors, including the following. One of these elements is the market dynamics. Market dynamics involves the changes that have occurred in the market over a certain period (Santalova et al., 2020). The management can understand the market dynamics by performing market research, which helps understand the customers, competition, and overall trends in the market. Competition analysis is the second essential element when deciding on a competitive approach. It involves an assessment of the state of competition in the marketplace (Sassi et al., 2022). Lastly, the firm's strength is also an essential element to consider when deciding on a competitive approach. The decision should be based on the competitive approach's alignment with the company's strengths and capabilities. Strategic Thinking: Deciding on Competitive Scope Geographic Scope The area in which the firm operates affects its competitiveness and overall performance. The geographical scope entails the geographical area in which the firm operates by offering its goods and services. This scope elaborates on the physical boundaries surrounding the area where the firm performs its business operations. These physical boundaries can be a single location or many locations in different regions or nations (Oh et al., 2019). Understanding the geographical scope is essential because it helps the management to understand the competition in that physical area. A proper competitive approach can be adopted to address the competition based on the specific characteristics of the region. Production/Distribution Scope The type of products that the organization offers to the target market influences the competitive strategy used and its success. Production scope is concerned with different issues about the products or services provided by the organization (Oh et al., 2019). It ranges from the types to the range of products that the organization offers in the target market. Production scope is crucial because it helps decide on the most appropriate strategy to enhance the firm's product demand and sales. Distribution scope is concerned with the movement of the firm's products to the consumption point. An organization can use intermediaries to distribute its products or offer them directly to the clients (Sassi et al., 2022). This scope is necessary because it facilitates the adoption of a relevant strategy that ensures that the firm's products reach the target people. Decision Model John Whitmore's model is one of the models that can be considered. The aim of this model is to ensure that the organization is pursuing the correct goal. The model will aid in selecting the most appropriate competitive approach by ensuring that the management determines the best strategy that will lead to the attainment of the corporate goals. Another decision model that can be considered is the feedback model (Siljamäki, 2022). The model involves continuously assessing the feedback to understand the implementation and success of the competitive approach. The model will help ensure that the competitive approach is implemented correctly to increase the organization's competitiveness in the marketplace. Conclusion In summary, adopting an appropriate competitive approach is crucial for the success of the firm. Deciding on the competitive approach requires the managers to consider the geographic, production, and distribution scopes. Proper consideration of these elements helps decide on the most appropriate strategy to outdo rival firms in the marketplace. Annotated Bibliography Farida, I., & Setiawan, D. (2022). Business strategies and competitive advantage: the Role of performance and innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(3), 163. Summary of Key Points The article by Farida and Setiawan (2022) evaluates competitive advantage and business strategies. The aim of the article is to assess the influence of business strategies in enhancing firms' competitive advantages. It finds out that there is a positive relationship between business strategies and the firm's competitive advantage. Organizations that adopt better business strategies have a better competitive advantage than others. The relationship between competitive advantages and business strategies is mediated by innovation and business performance. An organization can promote its competitive advantage by enhancing its performance and innovation. Evaluation of the Quality of the Publication The article is of good quality, meaning that it provides reliable information. The quality of this publication has been determined since it is a peer-reviewed journal article. This shows that the article has been written and published by experts on the topic. It improves the publication's quality and the published information's reliability in understanding the topic. Evaluation of the Quality of the Author(s) The publication has been written by quality authors since they come from different universities. The authors are also experts in business since they work in departments related to business and economics or in business firms. This increases their ability to conduct business research and get reliable results. Where does this fit into the discussion? The article fits into the discussion by assessing the competitive approaches firms use. According to this article, cost leadership, differentiation, and focus strategies are the primary competitive approaches that an organization can decide to utilize to outperform its competi...