The Grand Strategy Selection

Grand Strategy Selection
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Introduction.
Business organizations strive to implement the best strategies to enable them to have a competitive advantage within their respective industries. The strategy one pursues greatly influence its performance; therefore, managers need to carefully choose appropriate strategies by analyzing various factors (Amatulli, Caputo & Guido, 2011). These include both the strength and weaknesses that can be used to improve its performance and increase its competitiveness (Amatulli, Caputo & Guido, 2011).
Good strategies can greatly improve the company's market share. Therefore, strategic decisions are very critical in any company (Amatulli, Caputo & Guido, 2011). The jewelry industry is one of the unique industries that requires constant market research to stay competitive. Companies operating need to strategize effectively to stay afloat in the market (Peteraf et al., 2014).
Opportunities and Threats in the Jewelry Stores Industry.
Even though the jewelry business is lucrative because of several opportunities some of the threat needs to be considered. Some of the major opportunities is increased market, the demand for jewelry is steady therefore any company is sure of gaining more profit (Peteraf et al., 2014). With advanced technology, there are many new designs have emerged attracting more consumers (Peteraf et al., 2014). However, some of the threats include counterfeits and high levels of competition. There are many firm operating jewelry stores in the US the market is fragmented, this poses a threat to many companies (Peteraf et al., 2014).
The GE/McKinsey Matrix Applied to the Jewelry Store Industry.
In order to overcome some of the market challenges within the jewelry industry, a company needs to use various methods to make strategic decisions (Hill, Jones & Schilling, 2014). Strategic decisions will enable it to gain some competitive edge to improve its performance in the industry (Hill, Jones & Schilling, 2014). The GE/McKinsey Matrix can help the firm make an informed decision (Hi...