Threat of new Entrants Essay Example | Topics and Well Written Essays - 250 words

Threat of new Entrants - Essay Example As a product, medical marijuana will provide increased competition especially because of the publication that it is receiving and perceptions that include many diseases that it can treat and improve symptoms. The capability for an entrant to satisfy a wide range of customer needs is a primary risk for the existing products (Vallaster et al., 2012). As a leader in the field of medicine, this is how I would assess the threat posed by medical marijuana. The strategies that I would implement to deal with this threat include corporate social responsibility and war gaming. Good corporate citizenship improves the reputation of an organization in the eyes of the communities and the customers who become loyal regardless of entrants. Considering that modern stakeholders are more interested in how organizations cater for the natural environment, an organization that practices the same is bound to not only retain but also increase its market share irrespective of entrants. In addition, the wargaming strategy would involve assessing how much the organization would be affected by entrants and devising ways of mitigating (Kaplan & Mikes, 2012). This would act as an opportunity for improvement. Personally, I think wargaming would be more effective although collaboration of both strategies would be more helpful with respect to future organizational performance. Moreover, I would also raise awareness with regard to the idea that the negative effects of medical marijuana overwhelm the perceived medicinal value.