What are the reasons why Business firms or companies compete poorly?NOTE: Please based the answer in the given lesson below Organizations fail, or perform poorly, for a variety of reasons. Being aware of thosereasons can help managers avoid making similar mistakes. Among the chief reasons arethe following:1. Putting too much emphasis on short-term financial performance at the expense of re-search and development.2. Failing to take advantage of strengths and opportunities, and/or failing to recognizecompetitive threats.3. Neglecting operations strategy.4. Placing too much emphasis on product and service design and not enough on processdesign and improvement.5. Neglecting investments in capital and human resources.6. Failing to establish good internal communications and cooperation among differentfunctional areas.7. Failing to consider customer wants and needs.The key to successfully competing is to determine what customers want and then di-recting efforts toward meeting (or even exceeding) customer expectations. There are twobasic issues that must be addressed. First: What do the customers want? Which items onthe preceding list of the ways business organizations compete are important to customers?Second: What is the best way to satisfy those wants?Operations must work with marketing to obtain information on the relative importanceof the various items to each major customer or target market.Understanding competitive issues can help managers develop successful strategies.

Competitor advantages fade over time. In order to respond to changes in client preferences, threats…

Answered: What are the reasons why Business firms…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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What are the reasons why Business firms or companies compete poorly? NOTE: Please based the answer in the given lesson below