Question

Assess the company you work for and explain how your company utilizes the five steps in the "strategy making" process. Based on your understanding, how effectively does your company complete these steps - particularly step 4?

Does the company you work for have a competitive advantage over its major competitors? If so, explain what it is. If not, why not? Explain what you believe could be a competitive advantage for your company?

Answer 1

Let me assume an organization XYZ, this company is leader in Heavy machinery and agro machinery industry. Let me explain five steps in the strategy making process. These steps are as stated below:

• Establishing strategic visions: company has strong vision to contribute towards National development and agricultural improvement. They are producing superior quality of machineries that can improve productivity and efficiency level in respected sector.
• Create Objective: this company has created objective to manufacture wide ranges of heavy and agro machinery products. Deliver such products in various regions and nations, provide associated service to improve and ensure performance level in the work site.
• Formation of strategy: they have worked on several strategies formation tasks, they have built functional strategy, talent management strategy, leadership strategy, and finance related strategy, marketing strategy to achieve the objectives and visions.
• Implementation of strategy: Implementation works come with need of key expertise, engagement of project team members and effective communication management. Strategy are to be implemented as to exploit several external opportunities, help organization gain with competitive advantage, revenue generation, more sales lead creation, etc.
• Monitoring and controlling works: Monitoring works include reviewing the current performance of the strategy and preparing various corrective actions and make the processes and system in control.

Yes, company has competitive advantage over its major competitors as this company has considering fulfillment of needs, expectations, pain areas of the customers, they have built unique and differentiated products that could ease out and solve the purpose of customers. Further pricing are made much competitive, so customers could get better products with affordable pricing.

Competitive advantage of a company could be like how that company offering products and services which are better in features, pricing, availability, service level, longevity, etc as compared to competitors products and services.