Developing Winning Competitive Strategies †MyAssignmenthelp.com

Question: Discuss about the Developing Winning Competitive Strategies. Answer: Introduction: In the near future, companies management teams will have to engage strategic actions in order to improve the profitability of their enterprises. The specific activities should include proper marketing methods, changing the commodity standard and performance to make the brand more appealing to the clients. As such, the specific business strategies will be the determinant of which of the premises within an industry will dominate the market since those that use efficient means will gain a competitive advantage over others. In the drones and camera industries, it is believed that quality will play a major role in determining who remains or quit the market due to the scale of sales (Thompson et al 2017). However, the sales volumes and market shares do not necessarily equate to the profitability since some companies produce very high quality which is affordable to only a few consumers but make bigger revenue than those selling at a price close to the expenditure used in the production of t he of the same. Consequently, at this stage when all operators in this market at the same position, some should start coming up with ideas on how to stand out based on research of the specific means they can take advantage of. Globally, it is estimated that the sale of wearable and/or mountable, miniature action-capture cameras is expected to grow at an annual rate of six to eight percent for next half decade that will then drop to a percentage of four to six in the five-year period after (Thompson et al 2017). Apparently, the estimate is not equally distributed in all regions since some may have a rate higher and others less than the figures given to represent the average. As such, it is assumed that the figures could change based on the perceptions that consumers get the product such that when they are satisfied, they make more purchases and vice-versa is true (Thompson et al 2017). As such, entrepreneurs should invest in a survey to understand what is likely to enhance the image of their brand to be advantaged over the others. It is assumed that the camera industry is likely to be a huge market with more players due to improvement in quality as well as low prices due to competition. As such, the current prediction will only be reliable given that the assumptions about the overall improvement in standards and lower remuneration as well as efficiency will keep improving. On the other hand, the drones are assumed to take the steady growth of two percent towards the second half of the century starting now in four regions of the planet as opposed to fourteen to twenty-one in the places where they have not been established yet (Thompson et al 2017). From tenth to the thirteenth year, the percentage increase will drop to twelve-and-a-half (Thompson et al 2017). Consequently, the next two years will lead to another decline to drop the percentage to four to six thus catching up with the range of the rest of the regions. Just like in the camera industry, the drones should only follow the given trends if the competing firms follow the same trends expected of a growing industry. Performance outcomes that signal management success There are two methods of evaluating management one of which is done by assessing the investor expectations such that if the set targets such as price and image rating and earning per share as well as the rules of engagement (Thompson et al 2017). Additionally, best-in-industry assessment is based on the performance of a specific company in comparison to others in the same industry such as the market management shares percentage controlled by the business (Thompson et al 2017). Setting strategic goals within a company is the basis of achieving what the company intends to. As such, decisions made should be effective within specific time-frames to ensure that the intended results are achieved (Thompson et al 2017). Consequently, the brand image and investment decisions should be within the specified time to allow for steady growth. Profits are made by the sales as well as other investments in the company such as equity markets. As such, if earnings per share, as well as sales targets, are met the desired revenue is automatically gained (Thompson et al 2017). In addition, when the brand name is improved, their share value increases which in turn increase the proceeds of the premises. References Thompson, A. A., Stapenbeck, G. J., Reidenbach, M. A., Thrasher, I. F., Harms, C. C. (2017). Glo-Bus: Developing winning competitive strategies. Participants Guide.