Business Success Assignment Example | Topics and Well Written Essays - 2000 words

Business Success - Assignment ExampleIn methodicalness to satisfy customers, products should be competitively priced and should have the desired quality. This is the only was a firm can build up long term relationships with the customers.The goal of conducting the internecine analysis is to find the answer to the question that why the economic performance of some companies are better than the others in the competition. immanent analysis of a particular(a) firm analyzes and lists out the relative weaknesses and strengths of a company as contrastd to its competitors. By conducting Internal Analysis, the strengths as well as the weaknesses of the firm can be analysed. This helps to compare the strengths and weaknesses with that of other firms, too. Internal analysis also helps determine the resources along with the capabilities required that may help sustain the company in the competitive market. According to Porters Internal Value Chain, the primary activities required for the int ernal analysis are production, inbound logistics, sales and merchandise, warehousing and distribution along with the dealer take and customer service. The support activities required are infrastructure, procurement, human resource management and research and development technology. (Barney and Hesterly, n.d., A)Human resource is one of the key factors that influence a firms success in the competitive market. ... If a particular firm has rare and valuable resources that are difficult to be replicated by competitors, then the firm is at an inherent expedient position. However, the firm should strategies in place to leverage these strengths to generate competitive advantages. A business organization also needs to pay due attention to the nonphysical assets along with the tangible ones like brand equity, Intellectual Property and the knowledgebase residing within the employees of the company. This is highly beneficial while implementing and conceiving the strategies. If a companys c o-operative relationships are better, then quite by nature that firm is at an advantageous position. (Barney and Hesterly, n.d., A)However to maintain a smooth and uninterrupted supply of human resource, companies need to make sure that the employees in command are happy and the labourers in particular. It is seen from the past records that industries were there is a high tendency of labourers forming unions the net positivity is comparatively much less, as in steel, airlines and automobiles. Companies regardless of their size and domain of operation should strive to keep the tendency of forming labour unions at the lowest best to yield maximum profit. Fig. 1 shows how the percentage of profitability decreases with an increase in the percentage of employees unionized. Fig. 1 The Impact of Unionisation on Profitability(Source Robert M. Grant, 1998)Another important factor responsible for a companys success is the marketing skill. It might happen that the products offered by a fir m are of superior quality and is also offered at competitive prices, but the customers might be unsuspecting of the particular product. So, it is very much necessary to know the art of