Evaluating strategies for business competitiveness.

PGDAB 803 Marketing Strategy and Practice

Your tasks are to:PART A:Address the two tasks below: ï¿½Critically evaluate whether the statement above is true, false or neither, using relevant marketing literature. Choose one industry context through which you examine the statement above. (LO1)ï¿½Critically evaluate whether and how companies are changing their strategies based on the statement above. (LO1)PART B: Address the three tasks below:ï¿½Investigate whether there are changes in consumer consumption behaviour in your selected industry context and if so, explain why or why not consumer behaviour is changing

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Answers:

Companies are constantly changing their strategies in response to various internal and external factors. These changes are driven by a desire to remain competitive, increase profitability, and respond to changing customer needs and preferences.

One of the major ways companies are changing their strategies is by adopting digital transformation. This involves the integration of digital technology into all areas of the business, including operations, customer service, marketing, and product development. Companies are using digital tools to streamline processes, improve efficiency, and deliver a better customer experience. Digital transformation is particularly important in industries such as retail, finance, and healthcare, where customers are increasingly expecting digital options.

Another way companies are changing their strategies is by focusing on sustainability and social responsibility. Many consumers are becoming more environmentally and socially conscious, and they are expecting companies to do the same. Companies are responding by adopting sustainable practices, reducing their carbon footprint, and supporting social causes. These initiatives not only benefit the environment and society, but they can also improve a company's reputation and attract new customers.

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