Management Essay Example | Topics and Well Written Essays - 500 words - 3

Management - Essay Example 2005). This phenomenon creates an integrated world economy where production, trading and selling of goods and services reach beyond national and territorial boundaries. More than 40 years ago, economist and managers all over the world have been highlighting the vital role of state in the process of economic development. Most of them pointed out that unregulated markets, left to their own devices would polarize the distribution of income where small and medium size companies will be suck-up into corporate giants. To some extent, this would create confusion, panics, crises, recessions, and depressions. Along this same line of framework, in order to survive, corporations and businesses would need to find more innovative strategies to cope with the emerging industrialization and economic developments. The pressure is now on the hands of international managers as how they can strengthen their companies in order to face the difficult changes of a highly competitive and open market. A key factor that often puts companies out of business is competition. This is a major headache among business managers and planners. However, on the positive side, competitors are essential to spur companies to strive to do better. Although competitors have a potential of derailing a business, they are also indispensable learning tools for managers who want to get ahead of the competition-both today and for the future. By replicating and enhancing the strategies of the opponent, one can beat the other in their own game. Before a manager takes a move, an inventory of competitors should be taken. In order to gain an upper hand, it is not enough that we study the competitor. We have to learn to anticipate their responses to certain situations through the use of game theory, simulations, scenario planning and conjoint analysis. This would broaden your range of options for reacting to moves of the competitor. Also, a deep understanding on how changes in technology and public policy can