Question

Why are Competitiveness, Productivity, Strategy and Flexibility crucial ( very important) for Organizations and Businesses? Explain.

Answer 1

answer-

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Competitiveness-

Competitiveness is curcial for organizations and businesses because it helps them to be better or superior than thier competitors in the market.When there is competitiveness in organizations and businesses then they focus on providing product or services that are of high quality to customers.Competitiveness improves organization and businesses's sustainability of business. Businesses run longer in market when they compete with each other.

for example- Apple has competitive advantage in differentiation in which apple focus on providing superior and innovative products to customers so that it can always be ahead of its competitors like Samsung, Lenovo, Xiaomi etc.

Productivity-

Productivity is crucial for businesses and organization because it makes them efficient and increases their business profit. Productivity leads to lower business cost by increasing output in less input and maximize profit. If your business has productivity then you will manufacture faster, better and at low cost than your competitors. It will give an edge to businesses and organization in the market.Having high productivity means increased competitiveness.

Strategy-

Strategy is crucial for businesses and organization because strategy helps them to make efficient and effective business decisions which leads to achievement of vision, mission and overall goals of business and organization.Strategy is like a long term plan which help businesses and organization know what is their strenghts and weaknesses are. Strategy helps in better utilization of organization's resources.Businesses and organization operate in envrionment which is uncertain and very competitive so strategy helps them to tackle such forces.

for example- Company uses SWOT analysis to analyze thier business environment so that they can implement strategy to achieve thier end goal.

some example of strategy like growth strategies, business strategy like low cost leadership or differentiation and functional level strategy like HR, marketing etc.

these strategies at each level of management helps businesses and organizations to achieve thier vision and mission.

Flexibility-

Flexibility is crucial for organizations and businesses so that they can deal with uncertain forces present in the business environment. Flexibility helps in reducing business risk and improve sustainability. Businesses that are not flexible or rigid in nature like do not like to adapt or change exit from market in less time. there are forces like technology advancement, changes like laws and regulations, changes in customer's preferences and market trends etc which require organizations and businesses to be flexible. failing to adapt means business failure.

the great example of business failure due to lack of flexibility are NOKIA which failed to adopt android OS when it was trending decade ago, Kodak failed to adopt Digital or DSLR photography. some other example of organization like Blackberry, Xerox.

NOte- hope these ideas and views will help you in your question home work. Please please give this an UPVOTE if it helped you. it helps me too. i appreciate it. THANKYOU..