MANAGING STRATEGICALLY

Competitive Strategies

Breanne Wilson, Kimberley Linke, Chase Groeneveld, & Angela Okoye

Managing Strategically (MNGT-395-O2B)

October 23, 2023

Instructor: Judy McMillan-Evans, M. Ed.

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Table of Contents
Discussion of Five Generic Strategies:......................................................................................3
Discussion of your Chosen Strategy:........................................................................................4
Management Hot Spots..........................................................................................................5
Market Dynamics and Competition..................................................................................................5
Technological Innovation..................................................................................................................5
Customer Relationship Management................................................................................................6
Crisis Management...........................................................................................................................6

Team Member Signatures:......................................................................................................7

Works Cited.............................................................................................................................8

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Discussion of Five Generic Strategies:

3
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Discussion of your Chosen Strategy:

4
 MANAGING STRATEGICALLY

Management Hot Spots

Flytech recognizes the importance of effectively managing key concerns and making strategic

decisions in a rapidly expanding and highly competitive industry to ensure long-term success.

Market Dynamics and Competition

One of the most significant hot spots within our industry is the intense competition and ever-

changing market dynamics. This landscape is characterized by emerging technologies and

shifting customer preferences. To address this concern, Flytech is committed to a multifaceted

approach. We are investing in ongoing market research to stay ahead of emerging industry

trends. Equally important is our dedication to differentiation and innovation. We are continually

developing new and inventive products and services to meet the evolving needs of our

customers. Our goal is to distinguish Flytech from competitors by providing unique benefits and

value propositions. Through these strategies, we aim to improve our long-term performance and

competitive positioning, adopting a more accommodating and customer-focused approach.

Technological Innovation

Another critical management hotspot in our industry is technological innovation. Given the

constant emergence of new technologies, Flytech must remain at the forefront. To address this

concern, we are allocating substantial resources to research and development (R&D) to

consistently develop innovative products that set us apart from our competitors. Furthermore, we

are actively seeking partnerships with universities and start-ups to gain access to cutting-edge

technologies. This approach ensures that our products remain innovative and competitive,

establishing Flytech as an industry pioneer.

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Customer Relationship Management

Customer relationship management and maintaining high levels of customer satisfaction are

additional critical management hot spots. Strong customer relationships are essential for repeat

business and referrals. Our strategy entails providing excellent customer service and support,

facilitating the development of long-term relationships. These relationships will result in more

personalized service and faster, efficient responses to our customers' needs. We anticipate that

these efforts will have a positive impact on our Perceived Quality (PQ) ratings, leading to

increased customer satisfaction, loyalty, and positive word-of-mouth referrals.

Crisis Management

In an uncertain business landscape, Flytech acknowledges the importance of preparing for

unanticipated crises. Unexpected events that significantly impact a company's performance, such

as accidents, product failures, natural disasters, and cyberattacks, can occur. To ensure readiness,

we are prioritizing employee training and crisis simulations. We are examining and revising our

insurance coverage, including business interruption, product liability, and cyber insurance.

Additionally, we are developing a comprehensive crisis management plan to ensure that we can

navigate and overcome such challenges. This plan includes the creation of a business continuity

plan and facilitating the continuation of operations during crises by considering alternative

supply chains, backup data centers, and remote work arrangements.

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Team Member Signatures:

Name Signature
Breanne Wilson Breanne Wilson
Kimberley Linke Kimberley Linke
Chase Groeneveld Chase Groeneveld
Angela Okoye Dumebi Angela Okoye

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Works Cited
Gamble, J.E., Peteraf, M.A., & Thompson, A.A. (2024). Essentials of Strategic Management:
The Quest for Competitive Advantage (8th ed.). McGraw Hill LLC. https://prod.reader-
ui.prod.mheducation.com/epub/sn_cffce/data-uuid-
a0e8f8e5bffd456f83b6c0c94ba1791c#data-uuid-
cc14f07bf00a4a88b38ceea216e99fd0