Describe the components of competitive strategy

Reference no: EM132313651

Question: The 3 components of competitive strategy are focus, cost leadership and differentiation. Within competitive strategy the relevance of a value change framework is to learn what gives strength to competitor advantages, what activities they are doing different that adds value to their successes and emulating these activities and strategies to improve or enhance a more competitive advantage. The implications for customers and competition when enhancing competitive strategy is to always keep the needs of customers at the forefront of all strategy decisions. Customer needs are always changing and its important to stay ahead of the competition when addressing these needs. Its the job of the competitor to do the same, so the company that is able to adjust to the needs and expectations of the customers is the company that will have the competitive advantage.

Some considerations that must be taken into consideration when planning a strategic alliance are am I selecting the right partner for this venture, can I trust this firm with my information and are we in agreement with the expectations of the outcomes. "( Good potential partners are those who work with affluent clients in a target market; those who are in a position to build trusted and long-term relationships with those clients; and those who want to build their businesses. (2016)

Some critical factors to consider that are necessary in joint ventures to increase the likelihood of success are the type of venture whether its expanding, going into new markets or developing a new product line. Also, the extent of time the venture will last and ensuring that the proper agreement is contracted which would include all the necessary resources needed to ensure its success.

Joe Bowen, John J., Jr. (2016). Forming alliances to reel in affluent clients: Forming alliances to reel in affluent clients. Financial Planning (Online).

Reference no: EM132313651

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