BUS 387 Westcliff University Strengthening our Competitive Position Discussion

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Business Finance

BUS 387

westcliff university

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Description

You have been promoted to Director of a mid-to-large sized company. You operate in 2 locations, on the east and west coast. You currently employ about 100 people and you manufacture electromechanical devices used in the medical field. Your company has enjoyed growth and success in previous years with good market share. Unfortunately, due to the slumbering economy, profits and market share have decreased amid increases in operating expenses. Your job as the new director is to strengthen the company's competitive position. 

Please do the following: 

  • What type of strategy would you employ to counteract the decline in profits and market share?
  • Would it be an offensive or defensive strategy, or a mix of both? Please justify your answer. 
  • Give details pertaining to the strategy you have chosen; first mover, fast follower, mergers and acquisitions, outsourcing, or strategic alliances. 
  • What impact did any of the 5 competitive forces have on your decline? 
  • What would you have your management team do specifically? 
  • What role will they play in the recovery? 
    • How will you monitor or otherwise ensure that unethical behaviors are minimized?
  • What efforts will incorporate to ensure that you have a strategy for re-training employees, or hiring new employees? Make sure you outline specific goals that your strategy must meet, and how you will measure meeting these goals using quantitative and/or qualitative measurements.

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Explanation & Answer

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Strengthening Our Competitive Position

Student’s Name
Westcliff University
BUS 387: Development of Business Strategy
Professor’s Name
Month Date, Year

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Strengthening our competitive position
A company's profit may decline due to many reasons; however, constant losses indicate a
problem. Failure to finding solutions to the various issues arising may lead to closure and
collapsing of the business. Various factors such as inferior technology can slow a firm's finances.
The company's management needs to also look out for internal factors that may contribute to a
decline in profits. A company can regain its market shares after the fall by using three key
strategies; product changes, price changes, and promotional strategies (Thompson, Williams, &
Gamble, 2017).
In a proper context, outsourcing could be an excellent measurable way for minor business
operators to increase their efficiencies and also boosts organizations' bottom line approach. Even
though it has more advantages, it generally does not mean that it lacks disadvantages. The
strategy is not the right choice for all business operations. Therefore, before employing
outsourcing as a strategy then a company needs to think long and deep before giving out time
and energy into this strategy across the whole organization. But in this case, we concentrate
mainly on the merits of employing outsourcing as a strategy (Thompson, Williams, & Gamble,
2017). The following are the positive impacts that do arise as a result of using outsourcing
strategy; advancement in the rate of expatriates within the organization, enhancing speed among
the employees hence improving the profit, the employees and the employers are also able to
concentrate on insignificant things that lead to the success of the business
New strategy chosen
To counteract the decline in profits and market share, outsourcing will best be used
(Kasubaski, 2021). The approach mainly focuses on managing the company's resources, risks,
and returns in the firm. The upshot brings numerous advantages to the firm, such as reducing

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labor costs. Besides, it streamlines the company's...


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