Week 3 Assignment: Strategic Management And Competiti 651387

Week 3 Assignment Strategic Management And Strategic Competitiveness

Choose a public corporation, with which you are familiar, from one of the following industries: Travel, Technology, or Food. Research the company on its own website, public filings on the Securities and Exchange Commission's Filings & Forms online databases, Strayer University's Lexis Advance database, and any other sources you can find. The annual report will often provide insights that can help address some of these questions.

Write a 4-6 page paper in which you address the following: Assess how globalization and technology changes have impacted the corporation you researched. Apply the industrial organization model and the resource-based model to determine how your corporation could earn above-average returns. Assess how the vision statement and mission statement of the corporation influence its overall success. Evaluate how each category of stakeholder impacts the overall success of this corporation.

Paper For Above instruction

Strategic management plays a pivotal role in determining the long-term success and competitive advantage of a corporation. In an increasingly interconnected and technologically driven world, understanding how globalization and technological advancements influence a company's operations, strategy, and stakeholder relationships is essential. This paper examines these elements in the context of a selected public corporation from the technology industry, highlighting the application of strategic models, corporate vision and mission statements, and stakeholder impact to analyze how they contribute to organizational success.

Impact of Globalization and Technology Changes

Globalization and technological change have profoundly impacted corporations by expanding markets, reducing operational costs, and fostering innovation. For instance, in the technology industry, globalization has enabled firms to access new markets, outsource manufacturing, and collaborate across borders, thereby increasing efficiency and competitiveness (Friedman, 2005). Technology has accelerated product development cycles, improved supply chain management through digital platforms, and enabled companies to reach consumers globally via e-commerce channels (Porter & Heppelmann, 2014). The rapid pace of technological innovation has also compelled firms to continuously adapt their offerings, requiring significant investments in research and development to maintain a competitive edge.

Strategic Models and Sustainable Competitive Advantage

The industrial organization (I/O) model emphasizes that external industry factors primarily determine a company's profitability, suggesting that firms should analyze industry attractiveness and competitive forces to develop strategies for above-average returns. In contrast, the resource-based view (RBV) posits that unique firm resources and capabilities form the basis for sustainable competitive advantage (Barney, 1991). For a technology company like Apple Inc., leveraging proprietary design, brand reputation, and R&D capabilities aligns with RBV principles, enabling the company to differentiate its products and command premium prices. Applying Porter’s Five Forces analysis shows that high industry rivalry and rapid technological obsolescence present challenges, but firms with valuable resources and innovative capabilities can better withstand competitive pressures and achieve superior returns (Porter, 1980).

Role of Vision and Mission Statements

Vision and mission statements articulate a company's purpose, strategic direction, and core values, influencing corporate culture and decision-making. Apple's mission to "bring the best user experience through innovative hardware, software, and services" guides its strategic focus on innovation and user-centric product development (Apple Inc., 2023). This clarity fosters organizational alignment, attracts and retains top talent, and resonates with consumers, thereby driving success. A compelling vision inspires employees and stakeholders to work towards shared goals, fostering cohesion and a sustained competitive advantage (Collins & Porras, 1996).

Stakeholder Impact on Corporate Success

Stakeholders—including shareholders, customers, employees, suppliers, government agencies, and communities—each influence organizational outcomes. Shareholders provide capital and expect returns, pushing the firm to innovate and improve efficiency. Customers' preferences dictate product features and service quality; thus, customer-centric strategies are vital for retention and growth (Friedman, 2005). Employees' engagement directly affects productivity and innovation; fostering a motivating environment can enhance performance. Suppliers influence the supply chain's reliability and cost structure, while regulatory bodies and communities impact compliance and corporate social responsibility initiatives. Effective stakeholder management aligns diverse interests, mitigates risks, and fortifies the company's position (Freeman, 1984).

Conclusion

In conclusion, globalization and technological advances shape the strategic landscape of modern corporations, compelling continual adaptation. The application of strategic models like the I/O and RBV offers insights into achieving above-average returns. Clear vision and mission statements serve as guiding lights for strategic focus and organizational cohesion. Lastly, managing stakeholder relationships effectively is critical for sustainable success. Companies that adeptly navigate these aspects will maintain competitive advantage and thrive in dynamic global markets.

References

• Apple Inc. (2023). Annual Report 2023. Retrieved from https://investor.apple.com
• Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
• Collins, J., & Porras, J. (1996). Building your company's vision. Harvard Business Review, 74(5), 65-77.
• Friedman, T. L. (2005). The World Is Flat: A Brief History of the Twenty-first Century. Farrar, Straus and Giroux.
• Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
• Porter, M. E., & Heppelmann, J. E. (2014). How smart, connected products are transforming competition. Harvard Business Review, 92(11), 64-88.
• Friedman, T. L. (2005). The World Is Flat: A Brief History of the Twenty-first Century. Farrar, Straus and Giroux.
• Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman Publishing Inc.