Production should be at a reasonable cost without compromising the quality of products or services. In addition, after the production, the products or services should be made accessible to the prospect market at the required time (Jay & Gillian 2012). This would enable the business to remain competitively advantaged within the industry. As the company maximizes on achievement of results, it should also focus on remaining socially irrelevant. The company should be able to identify its weaknesses in ensuring that it meets its set objectives. For example, the costs of production should not outweigh the revenue flow (Jay & Gillian 2012). The products of the company should also remain relevant to the market to ensure that the business remains on top of its competitors.
Each market or field of operation in a business has external opportunities. It is the responsibility of the management to ensure that the business has a mechanism of exploiting such opportunities. However, the business should only adopt such responsibilities if they embrace the social value equation of the business (Jay & Gillian 2012). It is not prudent to pursue opportunities that present potential threats to the business, either internally or in the external environment (Jay & Gillian 2012). The threats that arise in a business present the organization with an opportunity to develop counter measures that will enable the business to be relevant and retain its competitive advantage.
A Cooperative strategy refers to a strategy where different firms work together to achieve a common objective. It is an attempt by companies to realize their goals and objectives by cooperating with other organizations instead of competing with them. Cooperative strategies are significant for firms competing in the global economy.