Food Industry
Running Head: COMPETITIVE ANALYSIS
Competitive Analysis of an Industry
[Name of the Writer]
[Name of the Institution] Competitive Analysis of an Industry
Importance of understanding Business Strategy
In the business world, it is essential to always plan for every action so that the company’s operation is not impaired. This procedure involves making a series of decisions and setting goals for monitoring, implementation and verification of the results; and we may call this whole process a business strategy.
In order to meet the challenges and opportunities of the business environment and still make the best of it, it is very important to set concrete and properly designed business plans. The act of drawing a strategy should involve well-structured areas of the organization and be divided into stages in order to be monitored and to avoid any errors capable of invalidating the constructed strategy, and then to make the necessary course corrections, therefore, you cannot have much, if you cannot always predict all the variables.
Competitive Analysis
Oliveira (2002) conceptualizes competitive analysis as a structured methodology that considers certain techniques that provide the basic information for the inherent design of the company’s strategic decision making process. The process of competitive analysis starts in search of information and the analysis of environments. With this information, you can make an assessment of current and future scenarios of the company’s sector, identifying the best scenario, the most likely and the most worst.
In this paper we have used Porter’s framework for our analysis competitiveness of the UK’s food industry. The 5 forces framework defines the characteristics of competition within a sector, industry or market, rivalry between the present firms, bargaining power of buyers, bargaining power of suppliers, threat of substitutes/products and threat of new entrants. Porter’s framework is ideal to fully meet
Competitive Analysis of an Industry
[Name of the Writer]
[Name of the Institution] Competitive Analysis of an Industry
Importance of understanding Business Strategy
In the business world, it is essential to always plan for every action so that the company’s operation is not impaired. This procedure involves making a series of decisions and setting goals for monitoring, implementation and verification of the results; and we may call this whole process a business strategy.
In order to meet the challenges and opportunities of the business environment and still make the best of it, it is very important to set concrete and properly designed business plans. The act of drawing a strategy should involve well-structured areas of the organization and be divided into stages in order to be monitored and to avoid any errors capable of invalidating the constructed strategy, and then to make the necessary course corrections, therefore, you cannot have much, if you cannot always predict all the variables.
Competitive Analysis
Oliveira (2002) conceptualizes competitive analysis as a structured methodology that considers certain techniques that provide the basic information for the inherent design of the company’s strategic decision making process. The process of competitive analysis starts in search of information and the analysis of environments. With this information, you can make an assessment of current and future scenarios of the company’s sector, identifying the best scenario, the most likely and the most worst.
In this paper we have used Porter’s framework for our analysis competitiveness of the UK’s food industry. The 5 forces framework defines the characteristics of competition within a sector, industry or market, rivalry between the present firms, bargaining power of buyers, bargaining power of suppliers, threat of substitutes/products and threat of new entrants. Porter’s framework is ideal to fully meet
References: Alfred A. Marcus, Management Strategy: Achieving Sustained Competitive Advantage, (2011), 2nd edition, McGraw Hill. C. Gopinath and Julie I. Siciliano, Strategize! Experiential Exercises in Strategic Management, (2010), 3rd edition, Thomson South-Western. Charles W. L. Hill and Gareth R. Jones, Strategic Management Theory: An Integrated Approach, (2010), 9th edition, Thomson South-Western. Gerry Johnson, Kevan Scholes, and Richard Whittington, Exploring Corporate Strategy: Text and Cases, (2008), 8th edition, Pearson Prentice Hall. John E. Gamble and Arthur A. Thompson, Essentials of Strategic Management: The Quest for Competitive Advantage, (2011), 2nd edition, McGraw Hill. Michael A. Hitt, R. Duane Ireland, and Robert E. Hoskisson, (2011), Strategic Management: Concepts and Cases: Competitiveness and Globalisation, 9th edition, Thomson South-Western. Oliveira, P., Roth, A. V., & Gilland, W. (2002). Achieving competitive capabilities in e-services. Technological Forecasting and Social Change, 69(7), 721-739. Porter, M. E. (2011). Competitive advantage of nations: creating and sustaining superior performance. Simon and Schuster. Porter, M. E., & Ketels, C. H. (2003). UK Competitiveness: moving to the next stage. Traill, B., & Pitts, E. (Eds.). (1998). Competitiveness Food Industry. Springer.