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Managing a business is heinous task that calls for extra capabilities of an incumbent in assessing the market dynamics and in the process of making informed decisions. With competition in nearly every aspect of business, a manager ought to be keen especially regarding the market trends so that he or she is in a position to strategically push the business in the market. That entails a look at the competitors’ strategies both business and corporate then compare it with his business’ to determine what is needed to be implemented and when. The focus of this paper is on the crucial elements or features that call for a manager’s attention regarding the market dynamics in the effort to operate competitively. These are the adoption of modern marketing, human resources and corporate technologies by competitors.
What scares you most in the year ahead – what one or two things could a competitor do to nail you?
The one thing that worries me most as we head into the New 2016 Year is the increasing trend in mobile subscription worldwide. With the trend rapidly growing and the fact that people including potential customers spend at least 54 percent of their time on digital interactions and applications (Haig, 2002). It is projected that in 2016 the focus will be on mobile marketing developments that will bring about a two-way relationship between a customer and a business brand (Haig, 2002).
Competitors in the beauty industry, specifically those running beauty parlor, should decide that in coming 2016 year they will embrace mobile marketing, and then they will render us competitively inferior. That is because, in my business plan, there is nothing mentioned of how I would build a relationship with the mobile as far as reaching potential customers. That is worrying because the growing technological innovations in the mobile development continue to create an array of opportunities and different ways of conducting business (Haig, 2002). Through mobile marketing, there are increased communication channels that provide for the sharing of information by consumers.
Given that I have no plans or capital to invest in making immobile marketing part of the operational model of my business, I will miss out on the opportunity to work competitively in the market. That is because it was expected that in 2006 due to the increasing demand for smartphones across the world there would be more sales through the mobile platforms than in another platform (Richardson, 2010).
The reason behind this is that consumers have a higher percentage reliance on mobile internet technology and as such, there is every need for me to widen the scope of sending product and service advertisements for my business through mobiles marketing so as to compete effectively in the market (Richardson, 2010). Therefore, I am worried about the fact that next year, I will not be able to amass enough sales and profits and that I will not be in a position to serve my customers with their best choices.
What new commodities or knowledge could your opponents initiate that might revolutionize the competition?
Some of the know-how that are expected to modify the sport is the conception of Self-service Human Resource and threshold function obligatory for reaching out to human resource information schemes. The utilization of self-service in various actions by the workers will play a significant function in bringing up to date and confirming the individual information of the member of staff and any other information associated to training projects (Bader, 2013).
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The managers of competitor businesses may also use the self-service applications in analyzing candidates’ profiles and also monitor absentee trends among their employees as well as in managing performance appraisal (Bader, 2013). That is out of the fact that the use of such applications as self-service by the management of the employees is critical in the reduction of human resource processing costs.
Additionally, the use of e-Selection application will be vital in reducing staffing and selection costs given there will be employee turnover and increased hiring efficiency in the sector and other businesses as well (Gilda Rusu-Zaga et al., 2013). Other game change elements will be in the form of using self-service applications by employees in attending to their assignments dually and in the process granting the professionals opportunity to concentrate on routine tasks (Gilda Rusu-Zaga et al., 2013).
What M&A contracts would amuse you ultimately?
As far as the attractiveness of commerce is apprehensive, the amalgamation and gaining between Coty, Inc. (COTY) P&G Specialty Beauty Business for a pot Merger association arrangement is going to surprise me for sure. The rationale is based on the changes that are expected to situate COTY tactically to progress its international management position in beauty. That will be primarily because the combination will result in the imminent of a very knowledgeable and miscellaneous decision-making team, with wide-ranging skilled in managing multifaceted worldwide customer services and driving modernism, inspiration, and development (Bader, 2013).
All these features are a prerequisite for the future success of the company. With such a team in place, Coty is going to be a strong global leader and challenger in beauty and as such, it will drive profitable growth and shareholder value over time. With my business, there is completely no chance of it making progress in a market comprising of COTY as a competitor.
In summary, all that is around the corner in coming New Year is going to impact the success of my beauty business negatively. With no mobile marketing platforms in lace, no use of information technology in HRM and ineffective leadership compared to competitors,’ chances for effective management of my business are minimal.
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