Advanced Management Accounting for Conference - myassignmenthelp

Question: Discuss about theAdvanced Management Accounting for Annual Conference. Answer: Competition is one of the threats that both big and small businesses are facing in the modern-day market. It, therefore, depends on which firm will use the internal resources appropriately to create a competitive advantage. Firms that maneuver up well in the modern day society are those that use internal factors to create strategic competitive advantages because most of the businesses are exposed to the same external environment and therefore hard to develop competitive advantages from the same(Claiborne, 2016). Nomad is a coffee shop located at the university. According to a survey, the shop does not yet have a competitor. Usually, a business faced with competition analyses its competitors regarding who they are what products they stock, their strengths, weaknesses, marketing strategies, threats and opportunities(Habibi, 2015). Nomad should have known the products they stock as to whether they are similar so that they can undertake product differentiation to be unique(Anderson, 2017 ). In product differentiation aimed at creating a competitive advantage, the firm provides high-quality products than those of its competitors. Nomad stick to what they can do, meaning that they give much attention to the internal environment as a source of competitive advantages. Again, the cafeteria tries to live by their mission statement to teach their goals. According to SWOT analysis of the firm, its major threats are the fact that it currently does not have competitors, it produces high-quality products, it has improved customer services and that it operates within the legal requirements. Its weakness is that it has not yet identified its competitor's strengths, weakness as well as the products they stock. However, the firm has opportunities to grow because of its renowned brand arising from quality services. It also has the opportunity of increasing the sales volume hence increased profit margins because of lack of competitors. The threats of this firm are a long-term competition that can lead to closure if competition arises in the future and not well managed. References Anderson, P., 2017. Consumer behavior in East/West cultures: Implications for marketing a consumer durable. In Proceedings of the 1996 Multicultural Marketing Conference, 4(8), pp.56-67. Claiborne, C., 2016. Self-image congruence as a model of consumer attitude formation and behavior: A conceptual review and guide for future research. In Proceedings of the 1990 academy of marketing science (AMS) annual conference, 4(6), pp.43-56. Habibi, M., 2015. Testing an extended model of consumer behavior in the context of social media-based brand communities. Computers in Human Behavior, 3(7), pp.54-76.