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Business Strategies and Changes to the Market

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Please answer each question with 150-300 words.

1. Today's business environment requires companies to undergo changes almost constantly and rapidly evolving technology forces businesses to respond in order to survive. When Technological changes occur why do firms react differently? What determines a firm's ability to prosper? What are the strategic implications of that shift? When and how should the firm shift to the new technology?

2. What will be the key developments in the global environment of business during the next five years? On the basis of these, what will be the greatest challenges that firms from the advanced industrialized countries will face? What strategies will firms need to adopt in order to prosper in the environment you foresee? What are the implications for these developments for firms' organizational structures, management systems, and leadership styles?

3. A firm normally can identify its basic competencies and the desirable improvements that it can make to help meet the requirements of potential customers within its intended market. After conducting an internal analysis, what are some of the indications that tell top management that the firm is able to generate a profit? What happens when the firm does not have the required competencies and resources? Based on this perspective, would it help the firm to hire the top talent in the field?

4. The process that a business takes in developing a strategy is one of the single most important tasks that a business will do. What do we use strategy analysis for and how can we identify wither the strategy is a part of the Corporate level strategy or Business level strategy? How can we identify if the strategy is a part of the firm or of the whole firm competing in a specific market.

5. Competitive intelligence is an important approach to identifying current and future competitors and generally identifies how a firm should respond. To what extent is a firm's value approach helpful in assessing performance from an external point of view? Is it possible for managers to manipulate their firm's value for stakeholders' interests or for self-serving reasons? Are there currently any trends in the business world to increase control and accountability for top managers and accounting firms?

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Solution Summary

This in-depth solution of 1393 words explains business strategies and responses to change to the intended market. The sources used are also included in the solution.

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Step 1
When technological changes occur firms react differently because of the differences in the firm's culture, structure, and competitive position. If the culture of the firm encourages embracing the latest technology, technological changes are adopted very quickly. Also, a difference in organizational structure leads to differences in reactions to technological change. In addition, if the firm has a strong competitive position and wants to protect the position it will be responsive and alert to technological change. The firm's ability to prosper depends on the sustainability of its competitive advantage. A firm has sustainable competitive advantage if its competitive advantage is long-term and is not easily being duplicated or surpassed by its competitors. Strategic implications of the shift are that the company differentiates its products and services or achieves cost advantage by using the latest technology. The use of new technology gives the company additional strategic advantage. The firm should shift to new technology when the new technology directly supports the company's strategy. if the technology gives a firm competitive advantage or enables the firm to remain competitive it must make the shift. To make the shift successful, the firm must address the personal concerns of employees, link the technological change to issues employees care about, and provide information in accordance with the requirements of the employees.

Step 2
The key developments in the global environment of business during the next five years will be that governments will increase their influence with the private sector, emerging markets will become important for global growth, and green technology will become a competitive advantage. The greatest challenges that firms from advanced industrialized countries will face will be to comply with government regulations and improve ties with the government. Another challenge will be adapt the products and marketing communications to address the emerging markets. Firms from advanced industrialized countries will face the challenges of understanding cultures of countries that are different from those of industrialized countries. The firms will face the challenge of going green. These firms have to ...

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