Peer Review 1, management homework help

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PLEASE RESPOND TO THIS, I MUST COMPLETE A PEER REVIEW ON THE BELOW. Thanks

Please demonstrate critical thinking abilities. No fewer than 100 words for post.

For this response, should outside sources be used to support the content within the postings, proper in-text citations and correctly formatted references should be prepared consistent with the APA (6th edition). The list of references should be physically positioned at the end of the postings.

The most common theme between the required reading for this week is strategy and understanding the foundation of developing an effective strategy. “A fresh strategic insight – something your company sees that no one else does – is one of the foundations for competitive advantage.” (Horwath, 2014, pg. 11) Most managers openly admit that they lack the strategic planning process within their organization. Horwath’s three disciplines of advanced strategic thinking “provide leaders with new concepts to change mindsets and practical tools to enhance behaviors so that they are maximizing their strategic leadership potential.” (Horwarth, 2014, pg. 19) The three disciplines include coalesce, compete and champion and together they revolve around strategic thinking. Another piece of text explains that a thorough analysis of both internal and external factors of an organization should be the building blocks of the strategic management process. Fueling for competitive advantage prior to conducting these steps limit the managers abilities to identify the most attractive business opportunities for the organization. Understanding business strategy will allow one to develop and implement concepts and ideas that are consistent with the organization’s mission and vision statement. As a result, those companies that have a firm understanding of strategic planning will in turn maximize its competitive advantage over its rivals. Porter’s article places emphasis that organizational leaders focus on tools to help increase profitability but lack the strategy associated with using those tools to maximize profits. Although there aren’t significant differences between the readings for this week, some of the text describe differences on what they highlight as key choices or advanced strategic thinking methods.

My company of choice that has a sustained competitive advantage would be Costco. Although they are a large store, Costco focuses on selling a limited amount of items/brands which helps drives its increased sales volume. “Charging a lower price but selling a larger volume of a good allows a company to maintain its profits and expand its market share.” (Huebsch, n.d.) Since Costco is a warehouse and offers goods in bulk, they are able to sell at a much lower price compared to other competitors but outsell them because they are able to sell more. This allows them to maintain their profits as a mechanism to stay competitive.

References

Dyer, J., Godfrey, P., Jensen, R., & Bryce, D. (2016). Strategic management: Concepts and tools for creating real world strategy. Hoboken, New Jersey: John Wiley & Sons, Inc.

Horwath, R. (2014). Elevate: The three disciplines of advanced strategic thinking. Hoboken, New Jersey: John Wiley & Sons, Inc.

Huebsch, R. (n.d.). Cost leadership & competitive advantage. Chron. Retrieved from http://smallbusiness.chron.com/cost-leadership-com…

Porter, M.E. (1996). What is strategy?. Harvard Business Review, 74(6), 61-78. Retrieved from https://hbr.org/1996/11/what-is-strategy

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