2.0 Competitive Advantage
Competitive advantage is when a firm can perform something better than other organizations perform. It is defined as anything that a firm does exceptionally well compared to its rivals.
Sustained Competitive Advantage comes from maintaining higher profits than competitors over long period of time.
2.1 Resources-based View and Industrial/Organizational View
Resources-Based View
RBV view is a strategic management idea that each firm is unique and possesses resources and capabilities that provide the basis for its competitive advantage.
Its highlight on the internal resources of the company such as skills, financial resources, human resources and physical resources.
Industrial/Organizational View
I/O explain that a firm's performance is strongly influenced by its external environment.
2.2 Resources and Capabilities
Resources refer to input, such as equipment, human resources, processes into a firm's production process.
2.4 Objectives
Objectives is a desired or specific result of a planned activity that should be achieved by a specific time.
2.5 Strategy
A strategy is concerned with integrating activities and allocating resources, and the objective can be met.
2.6 Strategies
Strategies is a skillful person in designing and planning action and policy to achieve a major or overall aim.
2.7 Stakeholders
stakeholders refers to "individual or groups who can affect or are affected by the actions, decision, policies, practices or goals of an organization"
2.8 Opportunities and Threats
Opportunity refers to conditions in the external environment that, when exploited by the company, can help a company achieve its objectives.
Threats refer to conditions in the external environment that can prevent an organization from achieving its objectives.
2.9 Strengths and Weakness
Strength is defined as anything internal to the company that may lead to an advantage relative to competitors and a benefit relative to customers
Weakness is defined as anything internal that may lead to a disadvantage relative to competitors and customers.
Competitive advantage is when a firm can perform something better than other organizations perform. It is defined as anything that a firm does exceptionally well compared to its rivals.
Sustained Competitive Advantage comes from maintaining higher profits than competitors over long period of time.
2.1 Resources-based View and Industrial/Organizational View
Resources-Based View
RBV view is a strategic management idea that each firm is unique and possesses resources and capabilities that provide the basis for its competitive advantage.
Its highlight on the internal resources of the company such as skills, financial resources, human resources and physical resources.
Industrial/Organizational View
I/O explain that a firm's performance is strongly influenced by its external environment.
2.2 Resources and Capabilities
Resources refer to input, such as equipment, human resources, processes into a firm's production process.
FIRM'S
RESOURCES
|
1)
Physical
Resources
|
2)
Human
Resources
|
|
3)
Organizational
Resources
|
Capabilities refer to the firm’s
capacity to transform its resources into outputs value by the firm’s customers
and which can generate profits for the firm.
2.3 Vision and Mission Statements
Vision Statement is a statement about what your organization wants to become.
Example:
“To become a university of international repute”
Mission Statement is the purpose or reason for the organization's existence.
Example:
“To make meaningful contributions towards wealth
creation, nation building and universal human advancement through the exploration
and dissemination of knowledge”
|
2.4 Objectives
Objectives is a desired or specific result of a planned activity that should be achieved by a specific time.
2.5 Strategy
A strategy is concerned with integrating activities and allocating resources, and the objective can be met.
2.6 Strategies
Strategies is a skillful person in designing and planning action and policy to achieve a major or overall aim.
2.7 Stakeholders
stakeholders refers to "individual or groups who can affect or are affected by the actions, decision, policies, practices or goals of an organization"
2.8 Opportunities and Threats
Opportunity refers to conditions in the external environment that, when exploited by the company, can help a company achieve its objectives.
Threats refer to conditions in the external environment that can prevent an organization from achieving its objectives.
2.9 Strengths and Weakness
Strength is defined as anything internal to the company that may lead to an advantage relative to competitors and a benefit relative to customers
Weakness is defined as anything internal that may lead to a disadvantage relative to competitors and customers.
cute knowledge....
ReplyDelete