'In the current economic climate, what are the biggest challenges and Essay

'In the current economic climate, what are the biggest challenges and biggest opportunities facing new managers entering indus - Essay Example Finding unique strategy There are many innovations, as upshots of reaching certain competitive advantage in order to be on top of the competition, especially now that the current economic climate demands key players to do the right move in order to survive the tough and challenging times. The challenge therefore is to think of a strategy that is something new or as a new way, one that is unique and hard to emulate in order to achieve a highly sustainable competitive advantage. According to Porter, the only way to ensure a sustainable competitive advantage on the part of an organization is to employ strategies that are unique or hard to outdo (Porter, 1990). The current economic climate for instance allows the mobile phone producers to initiate strategies that are far better than the other. However, common to their prevailing strategies is to come up with new innovations from time to time, leading to facing off the old product trends or models. This gives the opportunity for consumers to become more sophisticated and look for what could benefit them to the fullest, including the opportunity to find for the best price at their advantage resulting to a strong market power that is enough for them to have remarkable bargaining power. On the other hand, this may challenge the competing companies to look for a more feasible strategy that along the way will have the ability to meet both the needs of the target consumers and the company. Finding for the best resource Considering the point that the current economic climate would mean finding the available or best resources in order to guarantee continuous operation, the other challenge for most managers in various organizations is finding the relevant resources linked to their actual operation. This is evident to many outsourcing activities initiated by major international companies (Cornejo, 2009). The case of call centers for instance is a perfect manifestation that many companies are employing third parties in order t o minimize their cost and guarantee profitability on the process. Not only that. Outsourcing human resource is proven effective especially if organizations will have to employ human resource with associated low labour cost. This is evident how international companies like call centers outsourced or instituted their operation in developing countries like in Asia where they could save on their actual operational cost. China for instance is a remarkable country with available resources especially the human resource that could be tapped to guarantee higher profitability. The challenge on the other hand is that there is on-going competition for allocating the best resource, which means individual companies will have to compete in this aspect, the hard way, knowing that having limited resources is not far from the impossibility with the current economic climate. Opportunity for creativity Despite the associated challenge in finding a sustainable competitive advantage through having unique strategy that is hard to emulate or copy, managers will have the opportunity to be as creative as possible in this aspect so as to initiate their goals (Chaston, 2012). They will have the opportunity to go beyond the limit, and think of possibilities that are not yet realised in the current set up of the prevailing economic climate. Consider the point of the highly differentiated offerings for mobile communication gadgets and the remarkable upgrade from