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MT 460 MT460 MT/460 Unit Discussions

MT 460 MT460 MT/460 Unit Discussions

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MT 460 MT460 MT/460 Unit Discussions

MT460 Unit Discussions
Unit 1:
How does competition amongst companies affect you in your daily life (personal and or professional)? Provide a real-world experience that might apply. For instance, consider how you recently chose between at least two products or services offered from rival companies. What factors made you decide to purchase one over the other? How do these companies compete?
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MT 460 MT460 MT/460 Unit Discussions

MT460 Unit Discussions
Unit 1:
How does competition amongst companies affect you in your daily life (personal and or professional)? Provide a real-world experience that might apply. For instance, consider how you recently chose between at least two products or services offered from rival companies. What factors made you decide to purchase one over the other? How do these companies compete?
1
Competition amongst companies affects my personal life as a consumer. Sometimes the competition can drive down the prices of items I want to purchase which creates consumer demand. The competition can also create companies to offer better services, new technology andhigher quality products in order to gain an advantage in the market.
According to Pearce & Robinson, (2013), “many businesses explicitly and all implicitly adopt one or more generic strategies characterizing their competitive orientation in the marketplace.” For example, I recently purchased a flat screen tv and had to choose between two retail giants in the marketplace, Amazon or Walmart. Walmart had the tv in stock that day and I could have gone, waited to be helped, waited in line, lifted it into my truck, unloaded it into my house and paid $300 more than Amazon’s price.
Amazon’s low price and delivery gave them the edge so as a consumer, that’s why I chose them. These two companies compete with low pricing, however, Amazon creates more demand with their speedy deliveries to your home and lower costs.Company competitions affect my professional life in mostly negative ways. I currently consult with a small garage near my home which is just starting up.
The long term goal is to grow as a company and hopefully expand. Also, the more the business succeeds, the more consulting I can do and get compensated for it. The issue is that the shop is competing against Walmart and Jiffy Lube. The capital is not available to purchases supplies in bulk to save moneyand lower prices, unlike the other companies.
Our action plan is to offer the fastest service, along with great quality which has been an issue for Walmart and Jiffy Lube. Their competition is to see who can offer the cheapest service period.
“Managers in each business function developtactics that delineate the functional activities undertaken in their part of the business and usually include them as a core part of their action plan” (Pearce & Robinson, 2013). We have chosen a way to compete with the other companies, however, building a customer base with lower priced services available ten minutes away will be a challenge.
2
How does competition amongst companies affect you in your daily life (personal and or professional)?
Competition amongst companies affects my daily life personally as a middle class consumer.There is an advantage to having competition amongst companies because it helps to provide desired products at affordable prices.
For example two companies offering similar products, one of the companies will have to develop a product that is more attractive or lower their price to boost more sales. It helps a middle class consumer like me to benefit from the similar yet less expensive product due to competition between the two companies.

MT 460 MT460 MT/460 Unit Discussions

MT 460 Management Policy and Strategy School: Kaplan University *Professor:DonnaDiMatteoGibson, MarcoMiros, Levitt,… Documents (348) Q&A (20) Textbook Exercises Management Policy and Strategy

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