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Generic strategies can be applied in any business organization irrespective of size and nature of products. Strategies to Define your Competitive Advantage To define the competitive advantage: State the customer value proposition. Knowledge which is difficult to define and codify is known as: a) Explicit. Democrats think their best chance to win Iowa Senate seat is to focus on issues against Republican's compelling personal story. It describes how the choice of competitive scope, or the range of a firm's activities, can play a powerful role in determining competitive advantage. best However, they cannot sustain it by themselves II. Can Wellness. Chapter 2 - The Context of Managing Strategically 1) Competitive advantage can best be described as A) increased efficiency. Focus is the easiest and least costly of the three strategies for most companies. Physical assets such as a firm’s property, plant, and equipment, as well as cash, are considered to be tangible resources. Ans: F Page 9 22. This theory proves to be a powerful tool to understand the competitiveness of the business environment. In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place.In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The focus strategy has two variants, cost focus and differentiation focus. It is also similar to comparative advantage, but not identical in nature. Competitive advantage can best be described as: A. increased efficiency. C) a strength of the organization. This is why competitive analyses can often last for months or even years. According to Porter, various management tools like … From ~30% to ~45% of superior organizational performance can be explained by firm effects (resource based view) and ~20% by industry effects (I/O view). In doing so, a competitive advantage can be achieved. A firm achieves a competitive advantage by adding value to its products and services or reducing its own costs more effectively than its rivals in the industry. Competitive Advantage. It is the reason behind brand loyalty, and why you prefer one product or service over another. There are three different types of competitive advantages that companies can actually use. They are cost, product/service differentiation, and niche strategies. Once a firm acquires a competitive advantage, they are usually able to sustain the competitive advantage for an extended period of time. Guerrilla. Since customer service can be an important source of competitive advantage, progressive managers A. work hard to establish and maintain high standards of customer service. C. a strength of the organization. Sustainable Competitive Advantage High Performance Work Systems - A Peer-Reviewed Academic ... It helps decision-makers measure their performance against rivals and make effective future strategies. C. a strength of the organization. Competitive Advantage can be described as something, that the competing firms are not able to do, or it is something owned by the firm that the rivals firms wish to have. What sets an Organization apart C. We defined a nation’s industry as internationally successful if it possessed competitive advantage relative to the best worldwide competitors. Question 2 of 20 Which one of the following factors is considered to make an organization’s resources unique? 31. However, it is not information technology that gives a company a competitive advantage; it’s the way they use information technology that makes the difference. Question 2. Before a competitive advantage can be established, it is important to know the: 1. Competitive advantage can best be described as: A. increased efficiency. There are three marketing ways you can sustain a competitive advantage with a focus strategy. In business theory, sustainable competitive advantage is associated with cost leadership, differentiation, or cost … A firm achieves a competitive advantage by adding value to its products and services or reducing its own costs more effectively than its rivals in the industry. hyper-competitive markets help sustaining it III. Viswanadham & Raghavan (1997) describe this concept as the ability of a business process to effectively C) a strength of the organization. Question 3 Purchase management is critical to keeping an organization well-supplied. Some common examples of competitive advantage include: The team. Thus, it can be said that the countries that lack natural resources develop new methods or processes that lead to national comparative advantage. Companies have a variety of reasons for being attentive to CSR. Let’s take a look at the ins-and-outs of a procurement department and some best practices to follow when purchasing inventory. This indicates that the best approach is to look into both external and internal factors and combine both views to achieve and sustain competitive advantage. However, they cannot sustain it by themselves II. … Drop all the files you want your writer to use in processing your order. Competitive advantage occurs only when there is a situation of resource heterogeneity and resource immobility. E) aggressive research and development. I. A SWOT analysis can be described best as. In 2016, it emerged that previous research into emissions from diesel engines was flawed and that they were much worse for the environment than other types of engines. What Sets An Organization Apart C. A Strength Of The Organization D. Intangible Resources - Ask Public. Increased Efficiency B. I. Select the best grantees. c) Tacit. Motel 6 has sustained competitive advantage for over 50 years by focusing on budget-conscious consumers. C) a strength of the organization. Ans: T Page 8 20. … Competitive advantage is determined by the structure of the industry. A business can be a low-cost operator in a market segment, a middle or high price tier, and still enjoy competitive benefits. A company has a sustainable competitive advantage when it acquires some qualities or attributes which are different from other competitors in the market and which makes it outstanding in the market. Porter’s Five Forces Framework is a tool for analyzing the competition of a business. B. provide every customer with goods and services that are high in quality and low in cost. The term can be defined to mean “anything that a firm does especially well when compared with rival firms”. E) aggressive research and development. D. intangible resources. B) firm-based theory. How HR Can Be Used as a Competitive Advantage. Sustainable competitive advantage is the key to business success. hyper-competitive markets help sustaining it III. I. C) hybrid of country-based and firm-based theories. How to evaluate a competitive advantage?- Evaluate Resources. The basis for a competitive advantage often lies in the resources and abilities that are already available, even though the resources may not initially be recognized.- Clarify Goals. Has a clear idea of what the business seeks to accomplish been established? ...- Define Customers. ...- Examine Competitors. ... The key concepts within this view are therefore Firm Resources and Sustainable Competitive Advantage. Once higher U.S. worker productivity, the actual labor content of a product, logistics costs and other factors are fully accounted for, China’s cost advantage will be negligible, BCG predicts. 3. Competitive advantage can best be described as: A. increased efficiency. Being the market leader and having a great corporate reputation can be part of a powerful brand and a competitive advantage (i.e. In today’s competitive environment it is very important to … Unique access to technology or production methods. Mark Michaels is the owner of Delectable Delights, a specialty store offering chocolates, candies, and fruit baskets. Value Chain Analysis can be utilised to identify tools and processes which are valuable to the organisation and its products, and which can be used to gain a competitive advantage. Nike can increase automation work, which requires some capital investment, so that it will require less labor and thus lower labor costs. A. Durability . By The Enterprise World. 5 Best ways to create a killer competitive advantage ... a competitive advantage is anything which can help you to outmaneuver your competition. The tangibility of a firm’s resources is an important consideration within resource-based theory. D. All of the above E. 5. Competitive Advantage in Technology Intensive Industries 203 In more abstract terms, one can say that a firm has a competitive advantage when it … Competitive Advantage can be described as something, that the competing firms are not able to do, or it is something owned by the firm that the rivals firms wish to have. For data that can help leaders measure and manage culture toward alignment with business.. It helps decision-makers measure their performance against rivals and make effective future.. The external environment IV at the ins-and-outs of a business buzzword is also often called porter. Years, then they are usually able to sustain the competitive advantage Definition - <... 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