Questions and answers

Question 9

    The porter’s five forces center on the composition of a company which makes it more competitive in the already existing market and is determined at dealing with the micro-environmental aspects that affect the business within a similar industry.  These aspects may include the competitive rivalry, new competitors, buyer control, supplier control and the threat of substitution. These aspects when they are overcome, they not necessarily make the company a leader in the market because one of the denigrations of the model is the fact that businesses are not usually in a web (Mind Tools n.d.). However, the blue ocean strategy involves a strategy that is carried out by a company in a new aspect in which its competitors have not endeavored in. porters forces are entirely based on the outlook that a corporate mechanism should meet the opportunities and the threats in the company’s external conditions. Blue ocean strategy believes in innovation and its creation in the new market space as they tap into the unhappy customers demand and in a finding of the uncompetitive market space. Therefore this strategy emphasizes on an exploration of the larger potential market that has not yet been discovered (Kim & Mauborgne 2004).

Question 14

    Evidence or fact based arguments and decisions refer to a formulation of solutions to a problem on the basis of present and prevailing information. An evidence-based approach is used in management by managers who intensely be pleased about the much that they do not know. This, therefore, allows they to be able to have the appropriate mindset and thus they are able to change their attitudes on wisdom and thus they are always ready to learn more and to even embrace change and the advancement of technology. Adoption of these technological systems helps in the formulation of solutions to the prevailing problems in various organizations and thus a good decision is realized at and a realization of tangible results in the end (Pfeffer & Sutton 2006).

Question 15

 PCO: based on the recent developments and level of performance that is being exhibited by the firm, it is evident that we need to look into the mode of practice and possibly make a few changes.

VP: it is not necessarily evident that the prevailing level of operational performance is attributed to the approach that the firm has taken; there are a number of external influences that may have been overlooked too.

Me: I strongly believe that there is a point in evaluating the way issues of technology and formulation of ideas is being received in the firm as a starting point. It is at this point that we will be able to make changes in our technology as the world is globalizing and in doing so, we will achieve all our goals.

CIO: what is the background motivating attribute that can be sued to justify such an approach?

PCO: there are a number of alternative and solidly proven models that have been put into use in the course of operation with impressive results before.

Me: I still believe in an objective evaluation and analysis that is based on these results. For instance, the level of performance reflects dismal return and a look into the systems would go a long way towards identifying the area of a shortfall. Additionally, only factual and justified models have been proven to yield desirable in the past.

Question 16

    Corporate social responsibility pertains incorporating the welfare of external stakeholders in the course of formulating and implementing strategic changes within the firm. This attributed can be included in supplier power by looking at the desires of the supplier and addressing the same in the course of the process. For instance, by offering favorable prices, the supplier would be able to meet the needs of the firm promptly out of the satisfaction. As the major and most important stakeholders in the organization’s activities, venturing to meet the needs of the consumer through a provision of quality and incentives will not only elicit loyalty but serve to increase returns for the firm. Competitors can be met through conformity to set out regulation as regards standard practice. This would not only allow for favorable rivalry but reduce the amount of litigation from this end on the firm. Further substitution and new entry can be handled by incorporating fair service and product provision practice. Additionally, striving to meet the needs of the consumer in a way that the other players don’t would necessitate the use of fair practice and as such the role of CSR in the process.

 

 

 

 

 

References

    Kim, W. C. & Mauborgne, R. (2004). Strategy: Blue Ocean Strategy. Harvard Business Review. https://hbr.org/2004/10/blue-ocean-strategy

Mind Tools. (n.d.). Porter’s Five Forces: Assessing the Balance of Power in a Business Situation. Mind Tools, Essential Skills for an Excellent Career. https://www.mindtools.com/pages/article/newTMC_08.htm

Pfeffer J. & Sutton R. L (2006). Evidence-Based Management. Harvard business publishing. Retrieved from: https://hbr.org/2006/01/evidence-based-management