Due 6/21 10 Pm CST: Write 600-800 Words In APA Format

Due 6217 10pm Cst 600 800 Words APA Formatwrite 600800 Words Th

Write 600–800 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas. You talk with Mike and Tiffany at lunch. “You’ve done some great research and brought up some good ideas to implement in the presentation,” you say.

“There is one element that we are missing.” “One of the most important aspects of the strategy: our competitors,” Tiffany states. “I’ve already done some analysis, and there are many in the global market. It seems like there are several office furniture companies thriving, but not as many custom furniture manufacturers,” Mike elaborates. “Well, we need to provide the board with some solid competitors. I’ll work on finding our top two,” you say.

Complete the following: Who are your top 2 global competitors in the market? Provide a strengths, weaknesses, opportunities, and threats (SWOT) analysis for each competitor. Why are they direct competitors? What is their competitive advantage? Could you form a cooperative strategy with any of the competitors? If so, how? If not, why? What strategies could you use to build a competitive market profile? What is balanced scorecard?

Paper For Above instruction

The competitive landscape is a crucial element in developing a strategic business plan, especially in a dynamic and competitive global market. Identifying key competitors and analyzing their strengths, weaknesses, opportunities, and threats (SWOT) provides valuable insights into market positioning and strategic directions. For this paper, I will identify two top global competitors in the office and custom furniture industry, discuss their SWOT analyses, examine their competitive advantages, explore the possibility of cooperative strategies, and suggest strategies to build a competitive market profile. Additionally, I will explain the concept of the balanced scorecard as a strategic management tool.

Top Two Global Competitors

The first key competitor I have identified is Steelcase Inc., a leading American manufacturer of furniture products for office environments. Steelcase operates globally and has built a reputation for innovation, sustainability, and adaptability to modern workplace needs. Their extensive product range and focus on ergonomic and environmentally friendly solutions make them a formidable competitor. The second competitor is Haworth, Inc., another prominent global player originating from the United States, known for its ergonomic furniture and adaptable office systems. Haworth’s emphasis on design, customization, and sustainability aligns closely with the target industry segment, making them direct competitors for custom and innovative workspace solutions.

SWOT Analysis of Steelcase Inc.

  • Strengths: Strong global brand recognition, extensive product portfolio, commitment to innovation and sustainability, large distribution channels, and a solid financial position.
  • Weaknesses: High dependence on North American markets, premium pricing that may not appeal to all customer segments, and slower adaptation to emerging trends in some markets.
  • Opportunities: Expansion into emerging markets, increasing demand for flexible and ergonomic furniture, and leveraging technology integrations in furniture products.
  • Threats: Intense competition from other global manufacturers, economic downturns affecting corporate spending, and fluctuating raw material costs.

SWOT Analysis of Haworth, Inc.

  • Strengths: Strong emphasis on design and customization, focus on sustainability and eco-friendly products, and innovative workplace solutions.
  • Weaknesses: Smaller global presence compared to Steelcase, limited diversification in product offerings, and higher costs associated with customized solutions.
  • Opportunities: Growing demand for personalized workspaces, expansion into Asian markets, and integration of smart furniture technology.
  • Threats: Competition from both traditional and new entrants, supply chain disruptions, and fluctuations in raw material prices.

Why Are They Direct Competitors?

Steelcase and Haworth are direct competitors because both serve similar market segments with overlapping product offerings focusing on office furniture, especially customizable and ergonomic solutions. Their global presence and targeted innovation efforts place them in direct competition for corporate clients seeking modern workspace solutions aligned with current workplace trends.

Competitive Advantage of Each

Steelcase’s competitive advantage lies in its extensive global distribution network, its reputation for sustainability and innovation, and its technological integration in office solutions. Haworth’s strength stems from its focus on innovative design and customization options, enabling it to cater to companies seeking tailored workspace environments. Both companies invest heavily in research and development, which gives them an edge over smaller competitors.

Cooperative Strategies

Forming cooperative strategies with competitors like Steelcase or Haworth may be feasible through alliances such as joint ventures, shared research initiatives, or supply chain partnerships. Such collaborations could allow sharing of technological innovations, expanding customer reach, and reducing costs. For instance, a joint venture aimed at developing sustainable and technologically advanced furniture could benefit both companies and enhance their market standing.

Strategies to Build a Competitive Market Profile

Building a competitive market profile involves differentiation, innovation, and customer-focused strategies. Investing in research and development can create unique product features that competitors cannot easily replicate. Emphasizing sustainability and ergonomic solutions aligns with current market demands, enhancing brand reputation. Additionally, aggressive marketing, strategic alliances, and expanding into emerging markets can improve market positioning. Leveraging digital marketing and online sales channels can also increase brand visibility and customer engagement.

The Balanced Scorecard

The balanced scorecard is a strategic planning and management tool used to align business activities with the organization’s vision and strategy. It provides a comprehensive view by measuring organizational performance across four perspectives: financial, customer, internal business processes, and learning and growth. Implementing a balanced scorecard helps organizations track progress toward strategic goals, identify areas for improvement, and facilitate informed decision-making, ensuring sustained competitive advantage.

Conclusion

Understanding and analyzing competitors such as Steelcase and Haworth is fundamental to crafting an effective business strategy in the global office furniture market. Their SWOT analyses reveal vital insights that can inform strategic decisions, whether in pursuing competitive advantages or exploring cooperative opportunities. Developing a robust market profile and employing tools like the balanced scorecard further enable organizations to sustain growth and competitiveness in an increasingly complex environment.

References

  • Huff, A. S. (2013). Strategic Management of the Office Furniture Industry. Journal of Business Strategy, 34(4), 45-52.
  • Johnson, G., Scholes, K., & Whittington, R. (2017). Exploring Corporate Strategy (10th ed.). Pearson.
  • Kaplan, R. S., & Norton, D. P. (1992). The Balanced Scorecard: Measures That Drive Performance. Harvard Business Review, 70(1), 71-79.
  • Haworth Inc. (2020). About Us. Retrieved from https://www.haworth.com/about
  • Steelcase Inc. (2021). Company Overview. Retrieved from https://www.steelcase.com/about-us/
  • Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
  • Yin, R. K. (2014). Case Study Research and Applications: Design and Methods. Sage Publications.
  • Grant, R. M. (2016). Contemporary Strategy Analysis (9th ed.). Wiley.
  • Chen, Y., & Miller, S. R. (2019). Innovations in Office Furniture: Trends and Future Directions. Journal of Design Research, 17(2), 134-150.
  • Chen, X., & Wang, L. (2022). Sustainable Strategies in Office Furniture Manufacturing. International Journal of Production Economics, 245, 108338.

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