Strategic Management Critically Evaluate Generic Strategies For Compet

Questions: 1.How can they relate to the workplace? 2.How they can aid your personal and professional development? Answers: 1. Generic strategy for competitive advantage has been established by Porter in order to evaluate whether the profitability of a particular firm is above or below the industry average. In a workplace like TESCO the business experts tend to use low cost leadership strategy in order to become a current market threat. TESCO by maintaining the quality of products and services tends to become low cost produces for attracting large number of target customer. Strategic direction is the systematic action that most of the recognizable business organization such as ASDA, Woolworths, Apple and Samsung tends to follow for achieving the business goal. Before fulfilling the customers needs and demands the business experts of Samsung tend to follow a proper strategic direction. For an example, in order to make collective decision regarding the success of business the managers of Woolworths tend to implement participative form of leadership at the workplace. As a result, both the managers and the em ployees can participate in taking business decision equally. Suitability, acceptability and feasibility are the three alternative business strategies with the help of which business organizations can evaluate financial resources, risk analysis as per the reaction of stakeholders and consider strategic position of the company based on identified organizational issues. 2. These particular strategies have provided me an in-depth knowledge and experience on how to overcome various organizational challenges by implementing necessary plans and policies. The generic strategy of competitive advantage has helped me to learn on how to place my products and services in the market by providing greater value and advantages to the clients in comparison to its competitors. By implementing the strategy of suitability I have learn to distinguish which particular business strategy is helpful for my organization that can create a market threat for its competitors. As a result, I have enhanced my professional skill and competency and got to know on how to deal with different kinds of situations at the workplace by applying these business strategies.