Step 1: Define background related to business environment Organizations function in a dynamic business environment which keeps on changing. It is important to take into consideration the environmental factors that can influence the business and operations of an organization. There are several factors such as economic, technological, social, cultural, legal, political and so on. All these factors can leave an impact on the organization. For example, changes in technology would bring a change in the production process and the customer interactions. It is important to adapt to the changes and emerging trends in order to maintain a competitive advantage. Step 2: 1) Explain the internal and external driver Internal Driver: Corporate Culture: Tech Products Inc. needs to take into consideration its corporate culture as an internal driver that affects its strategic planning exercise. The scenario reflects that the company currently organizes its workforce by function, such as design, engineering, marketing, and retail. While this structure has worked well in the past, it is uncertain whether the current needs of the company would be met effectively or not. Corporate culture reflects the values, beliefs, and norms that direct employee behavior and decision-making within an organization. Tech Products Inc. must assess whether its current organizational structure fosters collaboration, innovation, and adaptability, which are essential for responding effectively to the evolving industry landscape. External Driver: Technological Advancements: Technological advancements represent an external driver that Tech Products Inc. needs to consider in its strategic planning. The scenario indicates that the company operates in a highly competitive industry where innovation is paramount. Moreover, the introduction of similar products in local, regional, and global markets recommends rapid technological advancements driving market shifts and creation. To remain competitive, Tech Products Inc. must continuously invest in research and development to innovate its product offerings, leverage emerging technologies, and stay competitive. Step 3: 2) Explain the alliance and example Precompetitive Alliance: Tech Products Inc. can form a precompetitive alliance to improve its organization and expand its market reach. A precompetitive alliance involves collaboration between competitors to share resources, knowledge, and expertise in areas where they do not directly compete. For instance, Tech Products Inc. can partner with a local or regional software development company like TechSolutions Ltd. TechSolutions has expertise in software services complementary to Tech Products Inc.'s hardware offerings. By forming a precompetitive alliance with TechSolutions, Tech Products Inc. can integrate their software solutions seamlessly with their hardware products, providing customers with a more comprehensive and value-added offering. This alliance helps both companies to utilize each other's strengths, develop innovation, and gain access to new markets without adjusting their competitive positions. Question: Please provide in-text citations and references for the above information.
Organizations function in a dynamic business environment which keeps on changing. It is important to take into consideration the environmental factors that can influence the business and operations of an organization. There are several factors such as economic, technological, social, cultural, legal, political and so on. All these factors can leave an impact on the organization. For example, changes in technology would bring a change in the production process and the customer interactions. It is important to adapt to the changes and emerging trends in order to maintain a competitive advantage.
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Internal Driver: Corporate Culture: Tech Products Inc. needs to take into consideration its corporate culture as an internal driver that affects its strategic planning exercise. The scenario reflects that the company currently organizes its workforce by function, such as design, engineering, marketing, and retail. While this structure has worked well in the past, it is uncertain whether the current needs of the company would be met effectively or not. Corporate culture reflects the values, beliefs, and norms that direct employee behavior and decision-making within an organization. Tech Products Inc. must assess whether its current organizational structure fosters collaboration, innovation, and adaptability, which are essential for responding effectively to the evolving industry landscape.
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External Driver: Technological Advancements: Technological advancements represent an external driver that Tech Products Inc. needs to consider in its strategic planning. The scenario indicates that the company operates in a highly competitive industry where innovation is paramount. Moreover, the introduction of similar products in local, regional, and global markets recommends rapid technological advancements driving market shifts and creation. To remain competitive, Tech Products Inc. must continuously invest in research and development to innovate its product offerings, leverage emerging technologies, and stay competitive.
Precompetitive Alliance: Tech Products Inc. can form a precompetitive alliance to improve its organization and expand its market reach. A precompetitive alliance involves collaboration between competitors to share resources, knowledge, and expertise in areas where they do not directly compete. For instance, Tech Products Inc. can partner with a local or regional software development company like TechSolutions Ltd. TechSolutions has expertise in software services complementary to Tech Products Inc.'s hardware offerings. By forming a precompetitive alliance with TechSolutions, Tech Products Inc. can integrate their software solutions seamlessly with their hardware products, providing customers with a more comprehensive and value-added offering. This alliance helps both companies to utilize each other's strengths, develop innovation, and gain access to new markets without adjusting their competitive positions.
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