Writing Resources
Assignment 1 Chapter 1 1 Competitive advantage can be defined as a supremacy achieved by an organization when it can provide same quality products as its competitors at lower price or for premium price by providing greater quality output through product differentiation A company can be a market leader now but to maintain that position it should have strategy planning sharp vision to reach targets and very good business operations All these are required to build sustainable competitive advantage In other words a company seeking competitive advantage must target larger markets differentiate its offerings from others to increase market value and establish brand reputation For example if we consider Honda automobile manufacturer it has gained competitive advantage strong brand name and customer satisfaction by offering reliable vehicles which provide high fuel efficiency quality and excellent value for money in terms of features and specs for the offered price and have good resale value for the same reasons 2 Strategy planning is a process implemented by an organization to develop a strategic plan for achieving long term goals Each organization will have its own approach for strategic planning model based on the situational analysis An organization can adopt multiple strategic planning models in different iterations to reach the goal There is no single strategic planning model that fits for all organizations An organization must Analyze its strengths and weaknesses in internal and external environments Identify opportunities and threats
