Initiatives on Creating a Competitive Business (Coursework Sample)

Cultural Considerations
Student Name
Course Code
Institutional Affiliations
Date
Balanced Scorecard

Measures

Learning and Growth Perspective

* Examining the knowledge and training resources of the company. In this respect, it is essential to identify how effectively the staff team internalizes information and apply for the same in making the company competitive. Conversely, the employees are trained and taught new techniques to benefit the company.

Business Process Perspective

* Proper production of furniture and services offered.
* Delays
* Wastage
* Shortages

Customer Perspective

* Customer services and satisfaction in terms of customer feedback.
* Creating brand awareness

Financial Perspective

* Financial performance of the company.
Income
Sales
Expenditure
Profit target
Budget variances
Revenues
* The company is to be involved in exportation to countries whose cultural values and beliefs support the consumption of the company's products.

Introduction
The central aspect of capitalism lies in the eminent competition that, in most cases, is deemed unfavorable; as a result, the safest route to take in the furniture industry is to ensure customers are satisfied by the kind of services offered, quality of the end products, and fashion. Nevertheless, for a prosperous and competitive business, there lies more than just what meets the eye. Numerous challenges are evident such as coming up with a new trend aligned with customers' expectations and desires or ignoring diversification (Marley & Pedersen, 2015).
What are the considerations that you need to be aware of to remain competitive?
The ability to start a custom design furniture company and compete fairly in the market is essential for the management to excel in the market sector. However, such success meets numerous aspiring challenges within the industry, and for a company to stand out, it has to outshine its rival competitors. In remaining competitive, the company will consider the quality of products, services offered and see to it that the employees are taught the proper techniques in handling the furniture (Marley & Pedersen, 2015). Nevertheless, it will be unfortunate when the company fails to retain its loyal clients; this should not be the case since, in the furniture business, the managers dominate the company's success, given they have direct control over the company. Nevertheless, it will be much easier to retain previous customers than to attract new customers (Australia & Chance, 2015).
Based on the research and analysis you have done, can you compete in the market you have chosen? Why or why not?