ECO5000 Economics for Managers : Foreign Rival Brand
Answer:
As a manager of a business concern, I once undertook a decision that was considered to be a bad one by the management. Essentially, a foreign rival brand entered the marker with lower priced products as well as supplies. However, I believed that the consumers of our domestic market can never abandon our brand that happened to be home-grown. Therefore, I took the bad decision of not developing competitive edge and devising competitive strategy aimed at restricting the entry of the new rival firm. However, with time, our firm passed on the opportunity to become the best player in the market and lost foothold that out firm required in order augmenting growth in the marketplace. Therefore, this can be regarded as a bad decision. As a leader, I should have provided proper leadership and adequate vision as well as focus that could avert mismanagement of opportunities as well as resources (Baumol & Blinder, 2015). This decision essentially proved to be a bad decision as this invalid decision of inaction led of loss of market share and revenue for the firm.
As rightly indicated by Nicholson & Snyder (2014), competitive advantage can be considered to be the factor that can help in reflecting an image of a better competition among the minds of the customers. Therefore, the current problem of loss of market share of the firm under consideration and subsequently revenue owing to entry of a new rival can be solved in different ways. The management of the firm needs to be aware of the behaviour of the consumers, that is what they really need and things that can offer them real value. Essentially, in a bid to be successful, management has the need to articulate the advantages that the firm provides essentially to the target market that is necessarily better than the competition (Baumol & Blinder, 2015).
References
Baumol, W. J., & Blinder, A. S. (2015). Microeconomics: Principles and policy. Cengage Learning.
Nicholson, W., & Snyder, C. M. (2014). Intermediate microeconomics and its application. Cengage Learning.
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