Outline and evaluate the principal weaknesses associated with competitive analysis as used by managers attempting to deepen their understanding of the business environment.
Title: Outline and evaluate the principal weaknesses associated with competitive analysis as used by managers attempting to deepen their understanding of the business environment.
Category: /Business & Economy
Details: Words: 1721 | Pages: 6 (approximately 235 words/page)
Outline and evaluate the principal weaknesses associated with competitive analysis as used by managers attempting to deepen their understanding of the business environment.
Category: /Business & Economy
Details: Words: 1721 | Pages: 6 (approximately 235 words/page)
Nowadays, analysing competition is crucial for managers in order to understand the environment in which the business evolves, its competitors (their goals, plans etc) as well as implement strategies and position their companies. They can use a wide variety of techniques, each having its strengths and weaknesses. According to Prescott and Grant (1988), to select the appropriate techniques, managers have to know the different techniques available, how they are related to each other, the focus and …showed first 75 words of 1721 total…
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…showed last 75 words of 1721 total…future of the company) as well as loss of time and money. Weaknesses also come from the models. They require current and specific data which is not easily available.
Despite the advantages a company gains by analysing competition, Harari (2004) states that competitive analysis must not hypnotize managers. "The successful organisation conducts brief periodic scans that include what today's competitors are doing, but the primary attention is on doing whatever it takes to lead the race."
