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Can you please respond to this post below – you need to provide your own credible sources as a response.

What Defensive Strategies might industry incumbents pursue in turbulent and hypercompetitive markets?
Defensive strategies are used to when firms are placed in rapidly changing markets, these strategies may create rapid change, capitalize on it, or both (carpenter and Sanders, 2008). The rapid changes that come along in turbulent and hypercompetitive markets can become chaotic for firms to keep under control, which is why it’s important to be ready for these changes. Carpenter and Sanders (2008) lists the three levels firms will deal with during these chaotic times:

Activities designed to test today’s competitive strategy (defending today’s business) (p.186)
Activities designed to lead tomorrow’s competitive strategy (drive growth in emerging businesses) (p.186).
Activities designed to influence the pacing and timing of change (seeing options for future new business and growth initiatives) (p.186).

Cravens, Piercy and Baldauf (2009) discuss, “Developing a management framework to guide strategic thinking in changing markets is increasingly critical for researchers and executives in coping with the complex and rapidly changing global business environment” (p.31). These levels through all of the chaos must be dealt with by the correct guidance of a firm’s leadership. A firm’s leadership will be expected to guide them in order to improvise and adapt to these rapid changes within the market.
How can the use of Real-Options Analysis help in putting a Value on Staging and Pacing?
Carpenter and Sanders (2008), define real-options analysis as the, “Process of maximizing the upside or limiting the downside of an investment opportunity by uncovering and quantifying the options and discussion points embedded within it” (p.190). This analysis allows firms to take caution in their moves going forward as they will have a chance at being better positioned in the future as the competitive advantages begin to change in the market. Copeland (2001) indicates, “The real options approach is frequently advocated as an approach that offers a positive and radical reassessment of the value of risk and exploration” (p.772). Staging and pacing a firms’ flexibility in order to become more profitable and financially secure in the future takes a lot of patience but the rewards of using this analysis efficiently is certainly worth the wait.
References
Carpenter, M.A. & Sanders, Wm., G. (2008). Strategic management: A dynamic perspective. Upper Saddle River, NJ: Pearson Prentice Hall.
Copeland, T. (2001). Real Options Analysis and Strategic Decision Making. Organization Science, 12(6), 772-777. Retrieved February 23, 2018, from https://csumb-primo.hosted.exlibrisgroup.com/primo-explore/fulldisplay?docid=TN_informsorsc.12.6.772.10080&context=PC&vid=01CALS_UMB_alternate2&lang=en_US&search_scope=EVERYTHING&adaptor=primo_central_multiple_fe&tab=everything&query=any,contains,real%20option%20analysis&sortby=rank&offset=0.
Cravens , D., Piercy, N., & Baldauf, A. (2009). Management framework guiding strategic thinking in rapidly changing markets. Journal of Marketing Management, 25(1), 31-49. Retrieved February 23, 2018, from https://csumb-primo.hosted.exlibrisgroup.com/primo-explore/fulldisplay?docid=TN_tayfranc10.1362%2F026725709X410025&context=PC&vid=01CALS_UMB_alternate2&lang=en_US&search_scope=EVERYTHING&adaptor=primo_central_multiple_fe&tab=everything&query=any,contains,rapidly%20changing%20markets&sortby=rank&offset=0.
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