Assignment Help on Market Competitive Factors

Factors Motivating to take Competitive Actions In the competitive market, there are several factors available for a firm that influences that firm to take competitive action to tackle the problems and to build or defend its competitive advantages or to improve its market position (Lamb, Hair & McDaniel, 2011). In this way, firm studies competitive factors in order to predict the competitive actions such as strategic or tactical nature and response to counter the effects of competitive factors (Hit, Ireland, & Hoskisson, 2010).

Therefore, Our assignment help experts written the following are some competitive factors that affect the likelihood a firm will take a competitive action: Quality and price of competitors: This factor of market is very challenging for the firms to take competitive action and to make competitive advantage in the market (Hämäläinen & Saarinen, 2007). In this context, the quality of good and service that meet the customers’ expectations always provides tuff competition for other firms’ products and services in performance measurement that is important for the firms to consider about the better product quality and price (Nelson, 2012). The product quality dimensions such as features, flexibility, durability, conformance, serviceability and perceived quality generally a firm includes for making the products better against other firms’ product (Basu, 2004). Further, the service quality dimensions such as timeliness, courtesy, consistency, convenience, completeness and accuracy required by customers also affect the firms’ actions. In this concern, customers always interested in measuring quality and price of a firm’s product against a broad range of dimensions of products and customers choose those product or service that meets the customer’s expectations (Hämäläinen & Saarinen, 2007).

Therefore, a firm should always take these factors into considerations to take competitive actions and to survive in the market through better product quality and convenient prices. Customer requirements for innovation: The change in the needs and requirements of the customers also moves the firms towards taking the competitive actions and to achieve the competitive position within the industry. As a firm identifies the change in customer needs and requirements, the firm would take appropriate actions to meet those changing needs and requirements that would be effective for the development of competitive actions within the business industry (Hit, Ireland, & Hoskisson, 2010). Threats of small and large Organizations Expansion: The size of an organization affects the likelihood that a firm will take competitive action to reduce the impact (Day, Reibstein & Gunther, 2004). In this context, comparing with large companies, small firms are nimble and flexible competitors that reduce the competitive advantages of large firms because of expansion of small firms’ business gradually. The small companies develop new ones strategies, while engaged in competitive rivalry, especially with large companies to gain an advantageous market position through attracting the existing customer choice of large firm’s customers. Further, small firm’s flexibility and nimbleness help them to develop greater variety in their competitive actions relative to large firms for being the market leader concern (Hoskisson, Hitt & Ireland, 2008).  For example, till 2004, Nokia company was the largest market shareholder in mobile selling and it was approx. 80% per annum, but after coming the several small companies in mobile sector caused a reduction in the sales of Nokia mobile and reduce it at 50% per annum till 2010 (Griffin & Moorhead, 2011).

Along with the above assignment help, there are several other factors such as strategies of competitors, change in the governmental policies, innovation in the market, introduction of new technology that also force the firms to take competitive actions to maintain their position within the industry and to increase their competitive significance (Papatheodorou, 2006). References Basu, R. (2004). Implementing quality: a practical guide to tools and techniques: enabling the power of operational excellence. USA: Cengage Learning. Day, G.S., Reibstein, D.J & Gunther, R.E. (2004). Wharton on Dynamic Competitive Strategy. USA: John Wiley and Sons. Griffin, R.W & Moorhead, G. (2011). Organizational Behavior: Managing People and Organizations. USA: Cengage Learning. Hämäläinen, R.P & Saarinen, E. (2007). Systems intelligence in leadership and everyday life. UK: Systems Analysis Laboratory. Hitt, M.A., Ireland, R.D & Hoskisson, R.E. (2010). Strategic Management: Competitiveness & Globalization, Concepts. USA: Cengage Learning. Hoskisson, R.E., Hitt, R.A & Ireland, R.D. (2008). Competing for advantage. USA: Cengage Learning. Lamb, C.W., Hair, J.F & McDaniel, C. (2011). Essentials of Marketing. USA: Cengage Learning. Nelson, S.L. (2012). QuickBooks 2012 All-In-One for Dummies. USA: John Wiley & Sons. Papatheodorou, A. (2006). Corporate rivalry and market power: competition issues in the tourism industry. USA: I.B.Tauris.