Discuss the Industrial Organization (I/O) approach in relation to competitive advantage.
Question:
Discuss the Industrial Organization (I/O) approach in relation to competitive advantage.
External business environment
The external environment constitutes the market conditions, demand-supply fluctuations, major rivals and their competitive strategies, new entrants in the market, and threats and opportunities associated with them. External environment to business directly impacts the level of business operations and its productivity. It facilitates the business with opportunities that are to be identified at the right time and availed through the right decision to fight the competitive environment.
Answer and Explanation:
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View this answerI/O approach refers to the Industry Organization approach that emphasizes every firm to achieve a competitive advantage in the industry. This approach...
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Chapter 2 / Lesson 2Competitive advantages that result from effective business strategies can inform corporate strategies to adapt and maintain them. See how strategies create/enhance value, and examples of several ways to achieve a competitive advantage.