Essay: Nucor Corp
Nucor Corp is steel firm that has grown from a small firm to a global firm by investing in efficiency and cost cutting strategies. The firm has decentralized management and competent homegrown management has enabled the firm to become a force in the global industry. Through acquisitions and mergers, the firm, Nucor Corp, has grown and its operations, marketing and promotion strategies have become strength in the firm. The major sources of weakness have been competition, technological changes and price fluctuations in the steel industry.
Among the key problems faced by Nucor Corp are the changes in prices in the market. Considering that the market forces were set by the market forces, Nucor Corp the fluctuations of the prices posed a major risk to the success if this firm.
To overcome this problem, the firm needs to employ many resources in market research to have the correct predictions about the future uncertainties. The results of the market research can be employed to ensure that Nucor Corp is at competitive advantage since it shall be able to set up the correct prices and therefore be able to manage the level of production. The correct level of production will guarantee that the resources are employed optimally. Through this, the firm will be able to optimize any opportunity arising in the competitive industry and monopolize the industry.
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