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
Companies have to formulate unique strategies to thrive in highly competitive environments.
Strategic thinking decision models are used as a framework for setting up strategies that can
eventually help the organization improve its internal and external performance. In strategic
thinking, organizations must choose the best strategy from several. However, some consideration
is made in choosing the strategy to adopt. For instance, the companies must recognize their
strengths and weaknesses, what their competitors are doing in the market, and the opportunities
available. Once the strategy is selected, the next step involves implementation. This paper
focuses on deciding on a competitive approach and strategic discerning besides verdict models.
The Process of Setting a Company's Direction Using Strategy
Companies must define their direction through a strategic approach. In setting the
company direction, the first step is stakeholder engagement. The process should involve every
stakeholder. Once the company understands what its future needs to be like, the next step is
identifying variables that can support the long-term goals or act as barriers. It is upon this
information that many strategies are formed.
The next step in setting the company's direction would be evaluating the available
resources. The key idea is to avoid choosing a strategy that is hard to implement and can lead to
