Reevaluating business strategy for competitive edge
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Given that we cannot always control political, technological, economic, or cultural issues, how often would you reevaluate your business strategy to maintain a competitive edge in the market place? What factors would you use to evaluate the need for change, and what tools you would use to make the changes?
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Solution Summary
This solution discusses business strategies to maintain a competitive edge in the marketplace and the factors that should be used to evaluate the need for the change. A thorough discussion is provided.
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As a business owner, I would use two different factors to determine when I would need to reevaluate my business strategy to maintain a competitive advantage. I would use the factors described - political, technological, economic, and cultural issues as guideposts. Anytime there is a sharp change (increase or decrease) in the economy, I would warrant a re-evaluation, due to the direct effects of economic change on demand. I would also use political factors, and this is even more important for companies that operate internationally. If there is political unrest, political tension, or even an ...
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