Business management Essay Example | Topics and Well Written Essays - 2000 words - 3

Business management - Essay Example ives and the resources available (human, physical, financial etc.), each company prioritizes some competitive criteria, according to market tendencies and concentrates its efforts to get a competitive position relating to concurrence’. Ryanair is a firm that operates for many years in the airline industry. The main characteristic of the firm’s strategic choices is that they are all directed towards the provision of low cost services to the customers. This strategy has helped the firm to survive in its market and expand its activities in many countries (apart from Britain). The potential differentiation of the firm’s strategic choices is examined in this paper trying to identify the reasons that led the firm to remain stable in its strategies since its establishment. The strategic direction of a firm that operates within the modern market is an issue that can be criticized and evaluated primarily by the firm’s owners/ stakeholders. At a first level the firm’s managers have a series of strategic options available (like Porter’s five forces model and SWOT analysis that will be analyzed in the following sections) that can help them to decide on the appropriateness of their strategic choices. However, the use of the above mentioned strategic tools requires the competency of the managers to understand all the aspects and the role of these tools – in order for the firm to be actually benefited. The accurate and the extensive industry analysis is also mentioned by many researchers as an appropriate tool offering to the firms’ managers the appropriate support towards the development of the corporate initiatives and the increase of effectiveness of the corporate plans. In this context, it is noticed by Pritsker (1997, 3 2) that ‘industry analysis typically focuses on a companys external dimensions such as its markets, customers, and competitors’. In the case of Ryanair the strategic tools chosen by the firm’s managers should be appropriately customized