For Wendy Lewis

In the business world, one thing that all organizations should focus on is being competitive. The current business environment needs people to be creative and innovative in order to survive the competition. This requires managers in the organization to conduct market research and analyze trends in the industry so that he/she can be able to lay strategies that ensure competitiveness in the market. In the ever-changing world, business that do not put much focus on the dynamics of the market and lay future strategies, they eventually get phased out by competition. Therefore, it’s important for organizations to ensure they have competitive advantage over their competitors in the industry.

Considerations Needed Remain Competitive

Based on the balance scorecard conducted for Ferrer Furniture, there are a few considerations that one must be aware of in order to remain competitive in the market both domestically and globally. The financial perspective of the company is to increase its ROI and to expand globally. The financial perspective is accomplished in the global market by knowing the customers (Mclain, 2016). One of the greatest mistakes that businesses do is not to understand the global market and because the company is expanding globally, having cultural consideration is key. By putting efforts in knowing the company’s potential customers, their cultural differences, and their needs the company will be able to remain competitive in the global markets.

Therefore, it is important to understand the cultural changing customers’ needs and finding a way of meeting them in a way that customers understand and can afford. Another consideration is the need to keep reinventing the business. This is one of the most important aspects in making sure that the organization remains competitive. Many organizations get phased out in the global market because of the company becomes comfortable and relying on the old strategies that have been known to work for them. It’s needed to keep reinventing the business by having new ways to do the old things in a better way, cooperative strategies will assist with this consideration. Also, innovation would be of great consideration in efforts of remaining competitive (Mclain, 2016). The current global business world has relentless competition and the only way to ensure that the business is ahead of other is by offering something different to your customers and marketing strategies.

Research and Analysis Showcasing Competitiveness

Based on the research that done, Ferrer Furniture is able to compete in the market owing to some factors. One of the factors is that the global market needs more creative and innovative products which come at a friendly cost. The most competitive company in the market (IKEA) has had great success by the use of online purchasing, customer satisfaction, and vast global expansion. Other companies in the same global markets have been utilizing old strategies and delivering almost the same products. Ferrer Furniture will be able to implement new strategies offering innovation and by proposing a cooperative business strategy with IKEA. By doing so, it possible to come up with different products from what is usually offered in the market also by having products in one of the larges furniture supplier’s stores. Moreover, the cost will reduce due to utilization of new technology and by not having acquire warehouse space and therefore offering products that customer can afford (Mclain, 2016).

Primary Factors Leading Decisions

One of the factors that led this to this decision is the fact that over a long period of time, the global market has witnessed low innovation as compared to U.S industries. This prompted the company to think beyond the old ways of doing business and bring a different taste in the market (Mclain, 2016). Also, noticing that customers are charged a lot of money for products which could be otherwise produced on a low cost and sold on cost friendly prices to the clients without negatively affecting profitability of the business.

Disputing the Company’s Position

What would be said to someone disputing this position is that one of the key elements in knowing the global industry is by conducting research and analyzing the data such as a SOWT. The company’s competitive position has been guided by the facts which I have been able to deduce from the market data (Mclain, 2016). This has enabled me to come up with a clear and accurate position.

Evaluating the Global Marketplace in the Future

Reference Mclain, J. (2016). Being competitive in the business world. Harvard Business Review, 1-6.