The Ways Of Competitive Advantage Development Assignment

The Ways Of Competitive Advantage Development - Assignment Example The government through its trade and finance departments play a significant role in making sure all SMEs obtain relevant information about the orientations. In addition, commercial banks, investment banks, and other financial institutions help the enterprises through the provision of credit facilities and guidance on feasible investment destinations (Reijonen 2012). The most significant aspect of orientation is developing a comprehensible understanding of how SMEs perceive and put the concept of marketing into practice. The practices of SMEs will determine their distinctive size, industry or even the crop of customers. Enterprises have adopted unique policies and practices that have to ensure their stability or growth. Bad decisions have resulted to decline in the performance of certain SMEs. However, the government plays important role in the process of ensuring all SMEs have equal opportunities to expand if they have attained all legal formalities. Market orientation is a business approach whose focus is to identify and meet the affirmed wants or needs of prospective customers. According to the philosophy of market orientation, all SMEs must create strategies and policies that are in consensus with the changing demands and expectations of consumers within its niche in the market. These enterprises are vital to the process of driving innovation and competition not only in the US but also in the world at large. They are arguably the backbone of major economies of the world, US included.... According to the philosophy of market orientation, all SMEs must create strategies and policies that are in consensus with the changing demands and expectations of consumers within its niche in the market (Porter & Kramer 62). These enterprises are vital to the process of driving innovation and competition not only in the US but also in the world at large. They are arguably the backbone of major economies of the world, US included. The enterprises provide the biggest chunk of employment opportunities to Americans (Porter & Kramer 2011). Besides, they account for the largest group of exporters in the US and largely rely on imported goods for production processes. The market outlook compliments the market orientation towards examining and resolving poor performance in the past, consumer demand, existing economic aspects, and business opinion. Interactions between market orientation and brand orientation will either promote or derail the competitive advantage of SMEs (Porter & Kramer 20 11). The brand orientation is identity-driven and always views the brand as the hub for a business organization together with its strategy. For enterprises whose major concern is brand orientation, it is inevitable to design brands that excel in the market against competitor’s which then appear less superior (Porter & Kramer 2011). Brand orientation is a costly process since it demands extensive and all-inclusive consultations. In contrast, market orientation is image-driven. The image of an organization will determine whether it is marketable and has incredible niche in the highly competitive market. Over the past few decades, brand orientation and market orientation appeared to have diverse strategic options. However, the perception has changed over the

Question #1 Essay Example | Topics and Well Written Essays - 1250 words

Question #1 - Essay Example For these variables, almost all random variables correspond to the measures of tendency. However, in B5 it should be noted that the measures of central tendency are far from each other. In fact, there exist two modes for the variable. Also since the mean and the median are calculated and are not in the sample, the chance of picking a random variable which is the same as these two measures is zero. If the data is significantly skewed, the mean becomes an inappropriate measure of central tendency. It should be noted that the mean will be more likely to be found on the dataset where the skewness can be found. For example, a data set which ranges from 7-40 which is positively skewed can have a mean which is 15 only because most of the data range from 7-18 for instance. The presence of outliers which are extremely low or high data can also adversely affect the effectiveness of the mean as a measure of central tendency. If data is significantly skewed, the mode becomes the best approximation of the data's center. Mean cannot be relied upon because of the presence of outliers while median can also be misleading. Thus, mode which represents the most number of variable can be best represent the data's center at this situation. If the data is significantly skewed, the range will not be affected. ... PART 2. a. Determine the range, sample standard deviation , and IQR for each of these random variables: D1, D5, D6, D7, SBC1, SBC8, B5. Critical thinking: b. How would the range, sample standard deviation , and IQR be affected when data is significantly skewed If the data is significantly skewed, the range will not be affected. It should be noted that as the range is only a measure of the dispersion of data, it does not indicate how the data looks like. The range is simply a measurement of the values within the data set. However, it should also be noted that the presence of outliers in the data set will make the range very high. A symmetrical data is expected to have a skewness of 0 because the standard deviation is zero. Thus, when the standard deviation of a data set is computed as zero, it follows that it is normally distributed. The interquartile range is affected by the dispersion of the data set. It should be noted that as it looks at the 50% of the data set, the gap between the 3rd and the 1st quartile cannot fully indicate the dispersion because of the presence of observations which are in the lowest or highest quartiles. However, it is effective in removing the possibility of being misled by the presence of outliers. c. If data is significantly skewed, what measure would be the best approximation of the data's dispersion If the data is significantly skewed, the interquartile range serves as the best measure of dispersion. It should be noted that the interquartile range measures the dispersion by looking at the 50% of the observation. It removes the possibility of having misleading measures of central tendency by capturing the middle of the data and leaving the outliers behind. This is in contrast with range which is