THE CONTEXT OF MANAGING STRATEGICALLY
An article titled ‘With Competition Fierce, Even Elite Law Firms Resort to the Unusual’ and written by Elizabeth Olson was published in the New York Times newspaper on January 10, 2017. It talks about how the fierce competition in the law industry in America is prompting firms to take unusual steps to boost their profiles. According to Olson, companies are undertaking various practices such as changing pay structure, hiring new lawyers, demoting some staff and partners, and seeking new strategies to distinguish their brands from those of the competitors. It stipulates that geographical diversity and increased mergers include the additional strategies that law firms are embracing (Olson, 2017).
This article relates to the week’s reading about competitive advantage because what the law firms are doing is seeking a competitive edge over their competitors. According to Coutler (2013), strategic management involves formulating and implementing strategies that allow an organization to develop and maintain a competitive advantage. Competitive advantage refers to what a company has or can do those others do not or cannot. A new business environment that is driven by the information revolution, technology, and globalization is prompting the firms to seek new business strategies (Coulter, 2013, Pg. 4). Therefore, the law corporations formulating and implementing any viable strategy to be unique from its competitors, which would enhance its survival.
Formulating and implementing new strategies is an essential factor for the survival of every business organization. Currently, availability of information, globalization, and technology makes business environment volatile hence probing for new strategies. Customers are seeking for business firms with unique products that would serve their needs. Therefore, without uniqueness in your organization, there are high chances of being competed out from the industry. It is critical for all firms to formulate and implement unique strategies.
Coulter, M., 2013. The Context of Managing Strategically. In: Strategic Management in Action. Boston: Prentice Hall, pp. 1-49.
Olson, E., 2017. With Competition Fierce, Even Elite Law Firms Resort to the Unusual. [Online]
Available at: https://www.nytimes.com/2017/01/09/business/dealbook/with competition-fierce-evenelite-law-firms-resort-to-the-unusual.html
[Accessed 2 March 2017].
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