Strategic Management Outline Example | Topics and Well Written Essays - 750 words

Strategic Management - Outline Example Resources a firm acts as its competitive strength when strategically exploited. The exploitation of organization resources with a view of creating sustainable advantage occur over time. Strategic resource positioning The performance of a firm would depend on a number of factors. First, product viability depends on its cost in comparison to similar products and the capacity of the product to meet the demands in the market. Strategic placement of product would dictate product innovation; which includes designing, composition, and conditions, which influences its processing. The uniqueness of the product does not only influence imitation of the product, but also the identity in the market. Firms whose products are not viable innovate or shift in order to remain economically viable. How resources meet consumer demands The consumer’s behavior defines whether the product is valuable. This attribute would dictate the success of an industry. Industries consider product innovation stra tegies, which would produce unique response in the market. It means that the product has to be hard to imitate as well as identified by many consumers. Many firms consider product innovation strategy, which would create a product that is hard to substitute as well as rare in supply. Products, which create satisfaction, would retain the consumers over a time. Types of resources Resources of a firm are critical to its success. These resources are either tangible or intangible. Tangible assets include infrastructure, reputation, and database while intangible assets are strategies of the firm. The ability of a firm to compete in the market depends on its asset mobilization. Strategic resources The influence that a firm exerts in the market would depend on the strategies it develops in the following areas: financial assets, human assets, reputation assets, capabilities and competencies, and intellectual assets. Mobilization of the assets with an aim of achieving the organization goals in fluences the positioning of the firm. Reputation assets The viability of a firm would depend on the reputation it commands in the market. For a firm to build a good reputation it would consider cost of the product, competitors influence, consumer behavior, and economic constraints (Haberberg and Rieple, 2007:8). The above factors influence the approach that a firm would take towards building its reputation. Firms rebrand their products in response to consumer behavior in order to keep the product viable in the market. Relational assets Competitiveness of a firm does not only rely on reputational assets, but also relational assets. The internal environment of the firm would influence its productivity. The relationship between various departments must focus on the interest of the firm. Internal relationship in the firm would influence the work out put of the firm. This will in turn influence consumers’ satisfaction. For instance, satisfaction of the employees would contribute t o satisfaction of the consumers because the employees would strive towards achieving the goals of the firm. The relationship between the firm and the government will define its operations in the market. Thus, the relation must demonstrate an interest in serving the consumers. Dynamic capabilities The ever-changing market conditions require dynamic approaches in organization’s functions. Firms must be ready to demonstrate innovation in a changing environment. The uncertainty of the future dictates that a firm has to change its