BUSI 770 DB5 Capi

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DISCUSSION 5 1 Competitive Approach, Competitive Scope, and Decision Models School of Business, Liberty University BUSI 770 Business Valuation Author Note I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to

DISCUSSION 5 2 Discussion 5: Competitive Approach, Competitive Scope, and Decision Models Introduction A company’s success in today’s fast-paced business environment primarily relies on its competitive edge. Choosing a competitive strategy necessitates a detailed grasp of the organization’s strengths and limitations, the requirements and desires of its target audience, and current market trends. The firm must understand its competitive scope, which pertains to how far it operates and competes in the marketplace (Gamble et al., 2020). Several variables influence competitive scope: geographic scope, production/distribution scope, and decision models. A decision model is a methodical approach to issue-solving and decision-making that assists a corporation in making informed decisions and prioritizing its activities. A corporation must constantly analyze and examine new decision models to guarantee that its competitive strategy stays relevant and successful. Deciding on a Competitive Approach The decision-making process for a competitive strategy begins with an awareness of the organization’s strengths and shortcomings and those of its rivals. Market research, competitive analysis, and internal evaluations can all be used to gather this information. Once the organization has a good grasp of its market position, it can formulate a strategy that capitalizes on its strengths while addressing its deficiencies (Gamble et al., 2020). The business must examine its target market and clients’ demands and desires. Market research, consumer surveys, and focus groups can all be used to acquire this information. The organization must also evaluate market trends and movements and any regulatory or legal constraints that may influence its strategy. Once the organization comprehensively grasps its market position, target market, and client demands and desires, it can create its competitive strategy (Gamble et al., 2020). This may entail creating a brand strategy, unique value proposition, or marketing plan. The strategy should be reasonable, realistic, achievable, and consistent with the company’s overall strategy. As

DISCUSSION 5 3 Christians, we may discover biblical direction on how to approach our work in the text “Every Good Endeavor: Connecting Your Work to God’s Work” by Timothy Keller and Katherine Leary Alsdorf. The authors contend in this text that our job can and should reflect our trust in God and be utilized to further His objectives (Keller, 2014). As Christians, we may utilize decision- making models to follow God’s will and honor His name. We may utilize our competitive strategy to serve God’s goals and bring Him glory by approaching our work from a biblical viewpoint and employing decision models that line with God’s plan. A corporation must constantly analyze and consider various decision models to guarantee that its competitive strategy stays relevant and successful and aligns with God’s plan for the organization and its people (Keller, 2014). Strategic Thinking: Deciding on Competitive Scope The competitive scope of a business is the degree to which it competes in the sector. The competitive scope is determined by various elements, including production/distribution scope, geographic scope, and decision models (Gamble et al., 2020). Understanding and determining the competitive scope is critical because it allows the organization to target its resources and prioritize its actions. Geographic Scope The geographic scope of an organization describes the geographical region in which it works and competes. This might range from a regional to a worldwide market. Several variables influence the geographic scope, including market size, client demands and desires, and the business’s resources. Scope of Production/Distribution The production/distribution scope relates to the variety of products and services a firm provides and the channels through which those services and products are delivered (Gamble

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DISCUSSION 5 4 et al., 2020). This might range from a restricted to an extensive product line and from a single to several distribution networks. Decision Model This systematic procedure for problem-solving and decision-making assists a business in making informed decisions and prioritizing its activities. This model is intended to assist the organization through the decision-making phase by offering a systematic framework that considers all relevant elements and evaluates the probable implications of various choices. The decision model assists the organization in weighing the benefits and costs of each choice and selecting the one that best suits its goals and objectives (Hoskisson et al., 2012). A business must regularly assess and explore multiple decision models to guarantee that its judgments are informed and based on a complete grasp of all relevant elements. A business can employ numerous decision models, including PEST analysis, SWOT analysis, and Porter’s Five Forces analysis. These models assist the organization in understanding its competitive situation and developing a competitive strategy. How do decision models aid/hinder this, and why. A business’s decision models could either benefit or disadvantage its competitive strategy. A SWOT analysis, for instance, may assist a firm in identifying its weaknesses and assets and developing a plan that capitalizes on its strengths while addressing its flaws (Porter, 2011). However, suppose a corporation bases its strategy exclusively on a SWOT analysis and ignores other elements, including market trends, consumer demands, and desires. In that case, its approach may need to be completed and succeeded. What decision models are being considered and why? The decision models under consideration by an organization will differ depending on the organization’s unique objectives and goals. For instance, a firm in a heavily regulated industry may do a PEST study to comprehend better the regulatory and legal constraints that affect its

DISCUSSION 5 5 strategy (Gamble et al., 2020). A corporation in a highly competitive sector may want to undertake Porter’s Five Forces study. Conclusion Determining a company’s competitive strategy is crucial to formulating its strategy. The competitive scope of a corporation, which describes the extent to which it operates and performs in the market, is critical in deciding its competitive approach. The decision model is a systematic procedure for decision-making and problem-solving that assists the firm in making rational choices and prioritizing its operations. An organization should make decisions that correspond with God’s will and give honor to His name while still fulfilling its objectives and goals by approaching business from a biblical viewpoint and regularly analyzing and examining multiple decision models.

DISCUSSION 5 6 References: GAMBLE, J. O. H. N. E. (2020). Essentials of strategic management the quest for competitive advantage (7th ed.). Mcgraw-Hill US Higher ED. Hoskisson, R. E., & Hoskisson, R. E. (2013). Competing for advantage. Cengage Learning. Keller, T., & Alsdorf, K. L. (2012). Every good endeavor: Connecting your work to God’s work. Dutton. Porter, M. E. (2011). The competitive advantage of Nations. Free Press.

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DISCUSSION 5 7 Annotated Bibliography Porter, M. E. (2011). The competitive advantage of Nations. Free Press. Summary of Key Points This book thoroughly examines the tactics and ideas for establishing and maintaining a competitive advantage. Porter describes competitive advantage as a collection of distinct characteristics of a firm that enable it to provide higher value to its consumers while outperforming competitors. This book is considered a groundbreaking work on competitive advantage and strategy. Business executives and consultants extensively use Porter’s framework for building and maintaining competitive advantage to analyze and improve their organization’s competitiveness. The book offers a comprehensive and well-researched examination of the numerous aspects that lead to competitive advantages, such as product differentiation, cost structure, market analysis, and distribution channels. Evaluation of the Quality of Publication The publication is of high quality, with highly educated authors, and is mainly related to the external competitive environment, market awareness, and business expansion for incumbent and new entrants into the market. In addition, the reference articles are abundant, peer-reviewed, and relatively current. Evaluation of the Quality of the Author(s) Porter is a strategy and competitiveness specialist regarded as one of the leading experts. He is a Harvard Business School professor who has written several publications and books on strategy and competitiveness. He is well-regarded in academic and corporate circles and is regarded as a thought leader. This book is quite helpful for discussing competitive strategy and decision frameworks. Porter’s framework for building and maintaining competitive advantage is an invaluable resource for businesses trying to boost their competitiveness and make informed choices about their competitive strategy.

DISCUSSION 5 8 Where this fits into the discussion The book’s observations on cost structure, market analysis, product differentiation, and distribution channels are especially beneficial for businesses that want to comprehend their competitive environment and make critical decisions that match their aims and objectives. Hoskisson, R. E., Hitt, M. A., Ireland, R. D., & Harrison, J. S. (2012). Competing for advantage. Cengage Learning. Summary of Key Points This book thoroughly introduces the essential concepts and techniques used when battling for advantage in business. The authors argue that gaining a competitive edge requires a thorough grasp of the company’s target audience and the sector in which it competes rather than having a low-cost structure or producing a unique product. The authors present a framework for developing and preserving competitive advantage, emphasizing market analysis, product differentiation, cost structure, and distribution channels. The book also discusses the essential ideas for achieving and maintaining competitive advantages, such as strategic planning, resource analysis, and organizational design. This book is widely regarded as a must-read for anybody seeking to comprehend the concepts and techniques involved in competing for an advantage in the corporate world. Evaluation of the Quality of Publication The publication is of high quality, with highly educated authors, and is mainly related to the external competitive environment, market awareness, and business expansion for incumbent and new entrants into the market. In addition, the reference articles are abundant, peer-reviewed, and relatively current. Evaluation of the Quality of the Author(s)

DISCUSSION 5 9 The authors present a well-researched and well-written summary of the main ideas and tactics for establishing and maintaining competitive advantage. The authors are all well-known academics and researchers in their fields and members of the academic and corporate worlds. They bring much experience and knowledge to the topic. Their combined viewpoints give a thorough and well-rounded understanding of the main concepts and methods associated with competing for advantage. This publication is quite helpful for discussing competitive strategy and decision models. The framework for creating and maintaining competitive advantage developed by the authors provides significant insights for businesses wishing to enhance their competitiveness and make educated decisions about their strategic plans. Where this fits into the discussion The book’s emphasis on market research, pricing structure, product diversification, and distribution channels is especially beneficial for businesses trying to comprehend their competitive environment and make critical decisions that match their aims and objectives. The authors’ examination of strategic planning, resource analysis, and organization structure is helpful for businesses aiming to streamline their operations and increase their competitiveness.

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BUSI 770 DB5 Capi

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