Business strategy Essay Example | Topics and Well Written Essays - 2500 words

Business strategy - Essay Example This can be attributed to its marketing strategies which are mainly aimed at satisfaction of consumers. In the global business culture and environment, there exists a very wide range of competition. Competition mainly involves between organisations with related activities and producing related commodities. According to Grant (2005) another form of competition is the fight to gain financial superiority. In the matter of financial superiority and growth, all forms of organisations are ranked under the same scale. Under this evaluation, organisations and companies seek to gain a competitive advantage. Gaining competitive advantage in the global market is not an easy task. To gain competitive advantage globally requires an impression and satisfaction of the global consumer needs and wants (Porter, 2004). Over the years, the battle of competitive advantage has seen great improvements of produced goods. Additionally, innovation levels have also increased significantly. However, as much the re is a rise in the number of companies in the global market, there are companies which have established their brand in the market. Humans find it difficult replace their current commodity preferences if they are satisfied. This gives an advantage to companies which have stayed in the market for a long time. ... Additionally, strategic decisions also play a vital role in gaining the competitive advantage. The strategic decision making is aimed at putting the organisation in a long term competitive decision making. This involves a consideration of the all factors affecting the operations and activities of the organisation (Porter, 2004). According to Lynch (2009), factors should include both environmental factors: both internal and external factors. Internal factors comprise of adoption of new technology, human resource development and the advancement of the improvement of managerial activities. External factors comprise political, legal, technological and sociological factors. A consideration of all environmental factors is the best strategy in gaining a competitive advantage in the market. Most important of all is the evaluation of the company’s target market preferences. Preferences may include the change in taste, price, accessibility and technological preferences. With the consume rs being satisfied, the organisation may then focus on how to keep them satisfied (Grant, 2005). Taking Honda into perspective, it has covered its consumer’s needs and requirements. Honda Motor Company has established itself as one of the most successful business empires in the world. It is also an exhibit of a successful business competitive strategy. In an argument presented by Honda the Power of Dreams (2010), Honda has presented researchers and students with the best research tool. Many researchers and business students use Honda as they research option due to its development and success. The growth of the Honda Motor Company is attributed to the company’s urge to fulfil and satisfy the motor market wants and preferences.