Considerations to remain competitive
There are various considerations that are useful for an organization to remain competitive. Business environment is the most determinant of the competitiveness of an organization. It includes political, economic, technological, socio-cultural and legal considerations. It is through understanding of the environment that helps an organization to come up with good strategies to enhance its competitiveness in the market. For instance, it is important to focus on the technological environment which affects the business operations. Technology is ever changing, and so are the consumer requirements. An organization needs to utilize the new technologies in enhancing innovativeness and creativity. It helps in coming up with unique products and services about competitor companies thus able to enhance competitiveness in the market. Also, technological resources are very important in helping the organization to venture into the world market.
Political and legal factors are two important considerations that the business needs to focus on when it needs to remain competitive. Political factors include the influence of politicians on the market, terrorism levels and civil wars within the market. Such factors are important for ensuring that a company remains competitive. On the other hand, the legal framework of the market determines the entry of an organization in the market. They include business entry, environmental, sales of goods and competition provisions. Understanding this is important in determining good strategies to enter the market (Chatterjee, 2002).
Nonetheless, availability of resources is another key consideration affecting the competitiveness of an organization. These resources include manpower and funds held by the organization. It is worth noting that a business can only remain competitive if it has competent and skilled employees. Additionally, availability of funds is another key determinant of organization competitiveness (Chatterjee, 2002).
Competing in the market
Based on the consideration discussed I can comfortably say that I can compete in the market. The understanding of these factors has helped me to develop strategies that foster competitiveness in the market. The considerations give the basis for developing strategies that support them thus able to compete with other companies with confidence.
Primary factors for my decision
The understanding of the business environment provides me with the factors that have helped me to come up with the decisions. It is worth noting that competitiveness of business is subject to these factors. The understanding of political, cultural, technological and legal factors play a great role in making proper decisions that can help the business to compete in the market.
Dispute on my decisions
Anybody who disputes my position I would show him or her reasons my decisions. I would provide him with enough understanding of the effects of business environment on the competitiveness of the business. I would also question him or her about what he or she thinks are the key considerations that one need to factor in business. I would also request him or her to provide good suggestions on how to improve my suggestions.
Plan for evaluating the global market in the future
In evaluating the market I will consider the analysis of the external factors that affect the business. Firstly, the evaluation of the economic factors such as the inflation rates and exchange rates of global markets will help me in determining the best markets for its products and services. Additionally, the analysis of political and legal systems of the global markets is also key to helping the business to come up with strategies that will help it to overcome the entry behaviors of the organization.
Besides, the analysis of the cultural practices of the target population is also another area that may present business with an opportunity to know which markets it should exploit. It would prepare the business to comply with the norms and beliefs of the target population thus able to enhance competitiveness.
References
Chatterjee, S. (2002). Competitive strategy. Boston, MA: HBS Pub.
