Working on this assignment has made me learn some of the most important lessons in marketing analysis and company management in general. In particular, how to analyze company performance in the current highly competitive environment featured very strongly. That is, from the basics of how to use market probing tools to strategies that the corporations apply to remain competitive. From the group work, ideas of how to effectively manage the firm’s strategy and how to make change successful and more comfortable within the company came out strongly. All this period, I have opened up to new ideas that were unfamiliar as well as the personal views that are connected to management. Through diverse readings, class lessons, group discussions, and informative, together with clarifying class charts have changed my perspective on what a good corporate manager should be, especially in effecting change within the company.
Besides leadership and management issues relating to corporate management, there is a critical theory of management that came out strongly during much of the discussions. This theory is essential in analyzing the most dynamic industries, especially those that are highly competitive. In the current global marketplace where companies compete for few customers, it is vital for corporate managers to understand the market dynamics so as to take advantage of every opportunity that arises (Kotler & Keller, 2010). Besides, analyzing the market environment using various tools would put the company at a higher competitive advantage.
One of the most important concepts that were thoroughly discussed by the group was that of decision theory. The reason was that most members did not really understand the model. The belief was that the concept was complicated and could not necessarily be applicable in analyzing the market of the company. However, the group found out that it was the best model to study the company. Moreover, I understood how the concept relates well to leadership and management.
At the beginning of the discussion, decision theory was perceived to be complicated and only applies to advanced corporate analysis. Moreover, the group members believe that the concept is old and cannot be used in the modern technologically advanced companies. Researches that the members of the group carried out proved otherwise. What I find out from the discussion was that the concept is much applicable in today’s market situation, particularly in analyzing those companies within the highly competitive environment (Kotler & Keller, 2010). Even though other market analytic tools are essential, decision theory enables the company to know its position in the market and where to focus on to increase its market share and revenue. It also allows the company to take advantage of other options that are available (Kotler & Keller, 2010).
Using this theory, it is essential for the companies to understand their position in terms of market share in order to direct their resources in areas that will provide them with additional advantage (Kotler & Keller, 2010). The company must understand their position whether they are the market leader or not and invest their resources based on that analysis. Moreover, the company must be able to understand the market segment it should focus on, for instance, the consumers or the enterprise’s segments (Kotler & Keller, 2010). Besides, the company must also analyze the actions of the competitors. That is, the strategies the competitor applies. This will increase the company positioning in the market. In particular, the concept emphasizes the application of the core competencies by the organizations to increase their competitive advantage (Kotler & Keller, 2010).
Effective and efficient application of the core competency will automatically increase the company’s competitive advantage. Core competency may include technological know-how, skilled employees, good management, leadership, as well as financial capabilities (Kotler & Keller, 2010). Practical application of the core competency will increase the value of the company products. This will give the company has an increased advantage over its competitors in the market. Analyzing the core competencies and the position will enable the company to deliver value to its customers (Kotler & Keller, 2010).
The theory is not only applicable in the corporate analysis but also in the managerial activities in businesses. Basically, the model is useful in both professional and business practices. The concept suggests that companies must put emphasis on their strengths to attain their primary objective, which is profit-making (Kotler & Keller, 2010). In order to be successful, businesses should maximize their core competency; in this case, their strengths to optimize on the opportunities that are available. In addition, companies should also use the concept to understand the dynamics of the market they are operating in as well as their position in the market (Kotler & Keller, 2010). This knowledge will enable the businesses to know where to focus their resources. In addition, companies will understand their customer needs.
Similarly, corporate leaders can use the model to organize their activities and increase their performance. The concept can be applied by corporate leaders to optimize the opportunities that are available, improve their management capabilities, and increase their competencies both at the corporate and individual levels (Kotler & Keller, 2010). In other words, corporate managers can use the theory to analyze the business environment, both internal and external. This knowledge would be essential in the decision-making process.
Although achievements in the group discussion, especially on the applicability of theories in company analysis problems, could not be avoided, especially at the beginning of the debate. One of the issues that featured prominently was the diversity in terms of the views and understanding of some of the concepts. This was due to the diverse academic and cultural backgrounds of the group members.
However, the team learned to take advantage of the existing diversity to do individual researches in the area of study. Most members could hardly agree on some of the issues. However, the harmonization of each particular view resulted in the final work, especially in the application of the theories in the company analysis. The group members researched various concepts, and as the group came to the normalization stage, the members agreed on the ideas that are most applicable in the analysis.
Despite these challenges, I came to realize that leadership ability is essential at individual and corporate levels. Similarly, to be successful in managing the organization, it is necessary to understand some of the concepts that explain the dynamics of the environment that is organizing operations. However, in this discussion, decision theory clearly came out as the most popular concept in the company analysis. Therefore, the debate within the group enables me to understand some of the ideas that are concerned with corporate management and marketing analysis, especially decision theory concepts.
Reference
Kotler, P. & Keller, KL, 2010, Marketing Management, Pearson, New Jersey.