IndexExecutive SummaryIntroductionCompetitive strategiesThe importance of competitive strategiesCorporate strategyInternational strategySustainabilityLenovo and the application of competitive strategiesLenovo and competitive capacityThe application of corporate strategyThe application of international strategyThe application of sustainabilityConclusionsReferencesExecutive SummaryCompetitive strategies are considered the key to the success of every company. Operating in the technology sector, Lenovo is considered the leading company, not only locally but also globally. Lenovo's success has depended on appropriately competitive strategies including corporate strategy, international strategy and sustainability. In this report, the importance of competitive strategies, especially corporate strategy, international strategy and sustainability, and the application of these strategies in the case of Lenovo are discussed. The main reason for Lenovo's competitive ability and success lies in the effective application of strategies including corporate strategy, international strategy and sustainability. The first point considered by Lenovo when implementing the corporate strategy was the repositioning of the corporate portfolio. It not only helps improve the company's position, but also aligns with Lenovo's core value of innovation. Furthermore, Lenovo's success in many countries depends largely on international strategies. Lenovo's sustainability strategies have been recognized, and Lenovo subsidiaries in China and the United States have been recognized for their contributions to society and the environment. These awards not only demonstrate Lenovo's social responsibility, but also help enhance Lenovo's reputation and strengthen its position in the global market. These strategies by Lenovo have been applied effectively over a long period of time and help transform Lenovo into one of the most successful PC manufacturers in the world. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Introduction The world is becoming flat and it opens doors for many industries to expand their business globally. There are many opportunities available to companies. However, to benefit from globalization and succeed, companies must also face and overcome many challenges. One of the most important challenges is competition. The reason why competition plays an important role in the growth of any company is that in the era of internationalization, companies not only compete with local companies in the same industry but also with competitors from various countries. Furthermore, competition in business is also aligned with improving economic efficiency and customer satisfaction (Ford & Hakansson, 2013). As a result, competitive strategies are considered the key to the success of any company. Operating in the technology sector, Lenovo is considered the leading company, not only locally but also globally. Lenovo's success has depended on appropriately competitive strategies including corporate strategy, international strategy and sustainability. Second, this report will demonstrate the importance of competitive strategies, especially corporate strategy, international strategy, and sustainability, and the application of these strategies in the case of Lenovo. Competitive strategies The importance of competitive strategies Chevalier-Roignant and Trigeorgis (2012) insist that although internationalization opens up many opportunities for companies, only a few have managed to exploit all the opportunities, meanwhile most companies have struggled to processcompetitive strategies. In particular, Grundy (2017) believes that the 90% idea of ​​the business plan is only mid-level and is not capable of bringing innovation or innovation to business performance. Hence, managers are always under pressure to create the most effective competitive strategies as they are the core value of successful business. There are some popular types of competitive strategies, which are corporate strategy, competitive dynamics, corporate strategy, acquisitions and structure, international strategy, cooperative strategy, and sustainability. While all strategies are important, the priority of each strategy is not identical across companies, even across companies in the same industry. Specifically, for McKinsey, a leading global consultancy firm, corporate strategy, international strategy and sustainability are three priorities. Business Strategy The first strategy that companies need to constantly focus on is business strategy. Business strategy is defined as the combination of business policies and plans to achieve long-term business objectives (Lynch, 2006). Furthermore, Johnson et al. (2008) add that corporate strategy should consider all business units of the company and address challenges, especially corporate portfolio management and resource allocation. In particular, among all the considerations regarding the business, the first point that companies need to think about is the management of the company portfolio. The reason is that business portfolio management is related to which activities should be involved in the operation of businesses, how capital should be disbursed to business units, and ensuring the alignment of individual goals with business objectives (Pidun et al., 2011 ). As a result, business portfolio management can lay the foundation for a business. In addition to corporate portfolio management, resource allocation is also at the heart of corporate strategy. Resource allocation describes the distribution of raw materials, human resources, technology, and managerial resources to all parts of an organization (Morris & Jamieson, 2004). Huang et al. (2011) highlight that resource allocation plays an important role in business operations as it helps ensure that each business unit receives adequate resources and balances demand from business departments and resource availability. Furthermore, resource allocation is not always consistent because it depends on the priorities and objectives of companies in different periods of time (Huang et al., 2011). Therefore, distributing resources appropriately can help companies avoid material shortages and immediately adapt to any changes in business goals. International Strategy Internationalization means that boundaries between countries are blurred due to free trade (Velho, 1999). Consequently, globalization lays the foundation for the creation of multinational enterprises, and one of the requirements for multinational enterprises is that they must continuously reevaluate their international strategies to improve financial and social performance (Hitt et al., 2016). In particular, companies must identify their own core values ​​that meet the stringent requirements of customers globally while rivals cannot, as well as establish identical guidelines for both local and international staff to ensure mutual company goals. companies (Collis, 2014 ). One of the advantages of globalization is that companies can take advantage of foreign materials and resources to compensate for local resource limitations while presenting exceptional strengths to international customers and reducing costs (Luo & Bu, 2018). Like onetwo-sided coin, when a company decides to expand internationally, it must also deal with discrepancies in foreign laws and regulations and find ways to adapt with diversifying cultural values ​​(Reynolds, 2016). Therefore, internationalization is not only an opportunity, but also a challenge for both large and small businesses. With the aim of optimizing the benefits of globalization, companies must consider all the advantages and disadvantages to set the most appropriate solution.international strategies. Sustainability In recent years, with the aim of improving reputation, companies should not only care about operational performance but also be responsible to the community, environment, ethics and all stakeholders (Wagner & Svensson, 2014 ). In other words, the economy, society and environment must be taken into consideration by businesses when carrying out business activities (Asif et al., 2011). Furthermore, Bini et al. (2018) point out that incorporating sustainability strategies into competitive strategies significantly helps companies achieve long-term profitability. The reason why companies should also pay great attention to sustainability strategies can be explained by the theory of symbolic capital. Specifically, symbolic capital illustrates a good reputation and brand that can lay the foundation for companies to expand their business or enter new markets (Gergs, 2003). Furthermore, symbolic capital is able to act as a lever for companies to strengthen their position in the market (De Clercq & Voronov, 2009). Therefore, to a certain extent, the role of sustainability has become undeniable, and sustainable development has been paid more attention. However, it is never easy to develop adequate sustainable strategies for businesses. Teh and Corbitt (2015) argue that managers must consider long-term objectives and have a clear vision on each step to implement sustainable strategies. Furthermore, companies must balance responsibility towards society and the environment with economic and financial development, which is very complicated and requires careful consideration by the board of directors (Borland, 2019). Despite all the requirements, in the long run sustainability is still one of the ultimate wishes of any company and sustainable strategies are still the key concept of competition. Lenovo and the Application of Competitive Strategies Lenovo and Competitive Capability Initially founded in China in 1984, Lenovo is now among the Fortune Global 500 companies and operates in 180 countries around the world (Lenovo, 2019). Furthermore, according to Lenovo's annual report for the year 2018/19, Lenovo is the leading company for innovation through continuous pursuit of new technologies such as the application of 5G technology and one of the top five companies that registered the faster growth. Over the course of 35 years, Lenovo has expanded its business from one developing country to 180 different markets, including more developed markets such as the United States and the United Kingdom. Although Lenovo has developed at a very rapid level, the company's managers always give priority to the development of a sustainable global business. The main reason for Lenovo's competitive ability and success lies in the effective application of strategies including corporate strategy, international strategy and sustainability. The application of the business strategy The first point considered by Lenovo when implementing the business strategy was the transfer of the business portfolio. When managers realized the rapid development of the mobile market in recent years, in 2018, Lenovo decided to transfer 135 milliondollars, which should have been spent on advertising, to invest in key markets of the mobile business (Lenovo, 2019). The result of this capital reallocation is the increase in financial assets by $126 million. It can be seen that Lenovo distributes a certain amount of business portfolio effectively by investing in innovation. It not only helps improve the company's position, but also aligns with Lenovo's core value of innovation. In addition to capital reallocation, other resources, such as materials and human resources, have also been reallocated in markets that have seen mobile business flourish. According to Lenovo's annual report (2019), the change in business strategy works successfully when Lenovo's market share improved, which led to the total revenue growth of 15%. Therefore, the change in business strategies will have a huge impact on Lenovo's competitive ability in the global market. Applying International Strategy Lenovo's successes in many countries stem considerably from international strategies. With the aim of expanding the business in developed countries, one of the first steps of the international strategies was the acquisition of the IBM Personal Computing Division in 2004. Since IBM was headquartered in the United States and the company's workforce was 25,000 people around the world, the acquisition of IBM Personal Computing The division immediately transformed Lenovo into the world's leading manufacturer of personal computers (Guo, 2018). Although there were many limitations in the beginning because Lenovo came from a developing market and the business culture in the two countries is significantly different, Lenovo still developed a creative strategy when going abroad. Holstein (2014) explains that the way Lenovo accessed global business is different from that of other Chinese companies as Lenovo was willing to invest a huge amount of money to make its brand recognizable among other companies and always offer the most up-to-date technology to customers. The result of the international strategies is enormous and Lenovo is now among the 5 largest PC manufacturers in the world. The application of sustainability In addition to rapid business development, Lenovo also pays close attention to sustainable development. As a PC manufacturer, Lenovo has had to use a large number of materials that have proven to be harmful to the environment. However, in recent years, Lenovo has pioneered the use of recycled plastic in its products (Lenovo, 2018). Furthermore, Lenovo also uses natural materials such as bamboo and sugarcane to package finished products (Lenovo, 2018). In terms of stakeholders, Lenovo has tried to involve more stakeholders by undertaking surveys or questionnaires. Based on the information provided in the surveys, Lenovo was able to address many controversial issues on conflict minerals, protecting human rights, and reducing carbon emissions (Lenovo, 2019). Lenovo's sustainability strategies have been recognized, and Lenovo subsidiaries in China and the United States have been recognized for their contributions to society and the environment. These awards not only demonstrate Lenovo's social responsibility, but also help enhance Lenovo's reputation and strengthen its position in the global market. Please note: this is just an example. Get a custom paper from our expert writers now. Customize EssayConclusionIt is never easy for a company to stand out in the global market. Consequently, to achieve the goal of expanding business, companies must develop creative and appropriate competitive strategies. In particular, companies must make a decision between many strategies,. 340-367.