The goal of conducting a competitor analysis is to gather information about the companyâ€™s competitors and systematically formulate a strategy to become the market leader in the industry. In formulating any strategy, it is imperative that the company understand its organizational structure as well as the internal and external forces which could impact their strategic decisions.
Based on the company you chose in the previous module, analyze the organizationâ€™s mission, vision, and values, its ability to compete, and the effectiveness of its management team in executing strategy. Some of the factors to be considered in doing this evaluation include the companyâ€™s internal resource capabilities, its relative cost position, and its competitive strength.In addition,evaluate the competitive strategy of your selected organization and examine how this strategic approach drives the rest of the strategic actions the company undertakes in terms of product line, production emphasis, marketing emphasis, and the means for sustaining the strategy. Make sure to include at least one analytical tool such as SWOT analysis, Porterâ€™s, BCG, etc. in your analysis.
Research your selected organizationâ€™s strategy and analyze the following elements:
- The organizationâ€™s mission, vision, and values. What does it tell you about the company, their culture, their direction? Does it convey the purpose and primary objectives of the company? If so, how, if not what is missing?
- The organizationâ€™s strategic goals. Based on your research, what are the top three strategic goals of your chosen company?
- The relative alignment of strategic goals with the organizationâ€™s mission, vision, and values. Include at least three examples of how the strategic goals help and/or hinder the organization in achieving its mission, vision, and values.
- Additions or changes you would recommend to the strategic goals to better achieve the companyâ€™s mission, vision, and values. Include at least two additions or changes and justify your response.
- Describe the relevant external factors and influences (at least 3) which could affect the decisions the company makes about its direction, objectives, strategy, and business model.
- Describe the Internal factors and influences (at least 3) which could impact the companyâ€™s decision making such as the companyâ€™s market position and its competencies, capabilities, resource strengths and weaknesses, and competitiveness.
- Does your selected organization have a focused strategy that differentiates it from other companies in the same marketplace? Explain your answer.
- Is the organization seeking a competitive advantage by taking the initiative in the marketplace? Explain your answer.
- Does the organization have a strategy for competing in international markets? Does it appear to have a solid understanding of local customer needs and preferences to create customized products or services? Does it appear to know how to transfer company expertise to initiate actions to compete internationally?
- Make sure you utilize at least one analytical tool in your analysis of this section.
Write up your findings in a 6 to 8 page MS Word format paper which complies with APA standards, including proper grammar and spelling. Include at least three scholarly resources in your report.