business and development of a competitive company
The module provides several lessons that are in line with the business and development of a competitive company. It is necessary to understand that every company should be customer focus as Wal-Mart. Being customer focus provides the company with the opportunities to understand the changing needs and expectations of the customers. For instance, Wal-Mart offers products to the customers that were at low cost and of quality, but they were still making profits. The company understood that its competitor’s products were expensive, and for it to be on par with them, it had to lower the cost of its products.
Another lesson learned is having strategy this implies strategic formulation. Strategies provide opportunity to monitor the environment in which the company should be located. Without a strategy, the possibility of the company failing to meet its objectives is high. The business-level strategy, international strategy, and corporate strategy are the most significant strategies that are needed for any company. The approach helps in market identification, both locally and internationally.
The module additionally is proper guidance towards the career I am pursuing right now in the field of business. I have managed to learn that in business, there are constant competitions. Competition exists on various are, for instance, quality products, acquiring a wide range of customers, and profit generation. The key to keeping clients and generation of profits is having price standardization and investing in a wide range of products. Having one type of product in the market is not efficient for healthy completion. With a wide range of products, customers can choose the type of goods that they want and meet their price range.