external environment of any industry

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Question 1

In the external environment of any industry, a business faces threats and has opportunities in two different categories: micro-environment and macro-environment. In the microenvironment a company faces threats from established rivals, substitutes to tits products and new entrants into the industry. Further, the government may have policies that are not favorable for a business’ survival, which is a macro-environmental threat. However there are opportunities such as availability of new technology, customer loyalty to a company and availability of cheap labour that an organization can take advantage of to make a profit that is above the average industry profit (Jarva, 2011).

The management of Intuitive Surgical Inc., needs to re-engineer the working process of the organization to enable it carry out its operations in the ever growing online market globally. In addition it should change its direction to focus on the international market. Since the US has been experiencing tough economic conditions in the recent years, the organization should consider venturing into the European market that is highly unexploited.

 

Understanding the external environment i operate in at personal and professional level is very important for me. For instance, once i identify the opportunities that are available to me, i will be able to match them with my strengths to give me an advantage over all my competitors in the work place since i will be able to have a better output than them. In addition, identification of threats gives me a chance to see whether there is a way i can convert them into opportunities and if not i will try to avoid them so that they affect me at the minimal level possible.

A study of the external environment will assist Intuitive Surgical Inc. invest in sustainable development by focusing on developing a sustainable competitive advantage. By combining use of new technology and innovation, the company will be able to produce robots at a lower cost than its rivals and create unique products that are different from those of any other company hence giving it a competitive edge. Further, the company will be able to get into closer relationships with suppliers and consumers and at the same time get a global focus in its operations.

Question 2

An analysis of the external environment of Intuitive Surgical Inc. reveals that the company faces many threats such as poor economic conditions and emergence of rivals in the industry. However, there are numerous opportunities available that the company can take advantage of to create a competitive advantage. For this reason, I would recommend the organization to embrace the relatively newer strategies of management available globally to propel the company to the next level.

First the management should use the adaptive strategy to create a unique market position that valuable. This strategy recognizes that the market is not static in nature. Hence it aims at aligning the organization goals and activities to cope with the changes that occur in the environment. As such, the organization focuses on mobilizing the resources at its disposal to take advantages of opportunities in the industry. Again, it looks for ways in which it can convert threats to the business into opportunities (Cheungsuvadee, 2006). For instance, taking into account the tough economic times in the US, the company can focus at finding a new market in other parts of the world that do not use robots in their surgical procedures. By entering such markets, the organization will gain a competitive advantage over its rivals by being a first mover.

In addition, it is prudent for the management to apply the strategy of ambidextrous organization since it is an efficient method of management. By the use of exploration and exploitation techniques, the company can come up with innovative ways of taking advantage of the new technologies available globally (Birkinshaw & Raisch, 2008). As a result, it will be able to create robots that can be used in other fields of medicine .Even more, it can diversify into other fields that have not yet embraced the use of artificial intelligence as a way of dealing with the risk of becoming obsolete because of the ever increasing advancements in technology. Likewise, by integrating the globalization approach into its management. The organization will be able to cut on transaction and intermediary costs by using the internet for marketing. Consequentially, there will be an increase in profitability through increased growth rate of sales (Gordon & McCarthy, 2011).

 

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