Strategy and Firm Reputation
Ian Schmehl of Richardson, Texas, holds an MBA in international trade from Texas A&M International University and is well-versed in marketing, strategy development for corporates, and running business operations. As a director of AT&T’s Network Operations Center, Ian Schmehl oversaw corporate strategy that helped shape the company’s direction and provided frameworks for decision-making.
In order to be successful, entrepreneurs must have a clear vision for their firms and a strategy for how to achieve it. They must also be aware of the competitive landscape and learn how to gain a competitive advantage. Fierce rivalry among similar firms in the industry can significantly change a company’s strategy. Therefore, by clearly understanding the entrepreneurial process, entrepreneurs can differentiate themselves from the competition and create a unique selling proposition to attract and retain customers.
When considering competitive dynamics, reputation plays a key role. The capacity to develop a reputation is a crucial technique that firms can use to create a preference and stand out in the minds of consumers. As a result, they can create competitive moves that necessitate other market players to respond. Market leaders are especially known to use this approach, whereby they adopt strategies to manipulate and mitigate the forces of competition.
Usually, there are two main areas corporates can focus on: company reputation and product reputation. A good company reputation can build value and create a character that can be difficult for the competition to imitate. They can also use the strategy of customization when providing products and services to win the hearts of consumers. Users will be more likely to engage with firms that allow them to customize their experience and needs. This can lead to a better user experience and translate to more customers.
