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Reevaluating business strategy for competitive edge

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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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 ...

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.