BUSI7770 DB3 Reply 1 Jowh

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Nov 24, 2024

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Discussion Board 3 Reply Discussion Thread: External Environment, Power / Weakness, and Decision Models Reply Dominique, The competitive nature of a business is usually predominantly based on the proper assessment of the external environment, in order for the company to be profitable. Companies in one industry are vulnerable to competitive pressure from the actions of companies in another industry whenever buyers view the products of the two industries as good substitutes (John Gamble,2020). When a company doesn't properly understand the external environmental factors that are affecting its progression then often times, they lose out in being as competitive. However, when strategic thinking and the suitable decision model is applied to the context then, a company can truly reap the benefits. Strategic thinking is a constant procedure that attempts to expel the ambiguities and mean a convoluted atmosphere (Shaik & Dhir, 2021). Having proper leadership and strategic direction can give any company the power and the advantage in keeping relevant and achieving profitable goals and objectives. Strategic thinking helps managers to develop a clear vision for the firm and solve problems creatively and react to external changes (Dixit et al., 2021). The Rumsfeld matrix of known and unknowns was the model you cited as a good decision model to be utilized in helping to achieve the competitive advantage. By analyzing in this model, the known and unknown risks that confronts a company, the leader of the company would be able to make more logically sound decision in seeking to move the company forward. Having good information about the strategic direction and likely moves of key competitors allows a company to prepare defensive countermoves, to craft its own strategic moves with some confidence about what market maneuvers to expect from rivals in response, and to exploit any openings that arise from competitors’ missteps (John Gamble,2020).

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