Discussion Thread: Competitive Approach, Competitive Scope, and Decision Models
BUSI770
Dr. Jennifer Mize
Dahlia Thomas
School of Business, Liberty University
Nov 26, 2023
Author Note
I have no known conflict of interest to disclose.
Correspondence concerning this article should be addressed to .
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Introduction
In the ever evolving and cutthroat iness andscape, companies are constantly devising bus l
innovative approaches o hrive amidst erce competition and rapid echnological at t fi t dvancements.
According o Gamble et al. (2021), a company's competitive trategy refers o its comprehensive t s t
blueprint for achieving uccess by outperforming arket competitors. By gaining an upper hand s m
over rivals, organizations can generate substantial value for themselves. One effective approach
is enhancing or diminishing performance levels, as Rumelt (2011) suggested. This entails
leveraging strengths or addressing weaknesses within the organization to create a buyer
advantage. Consequently, a company armed with such market superiority can effectively produce
goods or services that capture significant value. Furthermore, intensified rivalry within markets
leads to heightened customer expectations characterized by individuality and diversity. As a
result of this phenomenon, product life cycles become shorter while small-scale production
batches and variations emerge as prevalent trends (Rumelt, 2011). To shed light on how
companies prepare themselves for future challenges and capitalize on their competitive edge
strategically; we will explore illustrative examples that demonstrate real-world implementation
of these tactics. Additionally, we will delve into decision-making models encompassing various
strategic choice frameworks that serve as pivotal tools in maintaining market advantage
successfully.
