Creating Value With Customer-Driven Innovation
Question
Discuss critically on how to create sustainable competitive advantage through Strategic Management
When a certain company or organization wants to possess sustainable competitive advantage in the product or services, first of all the company must focus on the core competencies. Core competencies is the things you can do better than your competitors in the critical, central areas of the company where the most value is added to company;s products. If a core competencies yields a long term advantage to the company, it is said to be a sustainable competitive advantage. A good core competencies is the one that able to open doors to other opportunities and able to represent such a unique blend of tacit and explicit knowledge that it cannot be copied by competitors. Core competence can help product and services to create a new products and services that provide potential access to a wide variety of markets, makes a significant contribution to the customer value, enables a business to deliver a fundamental perceived customer benefits of the end product. To find a good core competencies, one must first examine company’s resources and capabilities. If the company have sufficient resources and necessary capabilities that can generate good core competencies. If the company successfully implement a good core competencies, they can create a superior value creation.
One of the important element that a company must possess in order to get a sustainable competetive advantage is, practice a distinctive capabilities. Distinctive capabilities is the characteristics of the company which cannot be replicated by competitors, or can only be replicated with great difficulty which are the basis of sustainable competitive advantage. Distintive capabilities can be of many kinds, intellectual property rights, exclusive licenses, statutory monopolies, strong brands, leadership, tacit knowledge and skills, teamwork, organizational culture, business processes and partnerships. An
Discuss critically on how to create sustainable competitive advantage through Strategic Management
When a certain company or organization wants to possess sustainable competitive advantage in the product or services, first of all the company must focus on the core competencies. Core competencies is the things you can do better than your competitors in the critical, central areas of the company where the most value is added to company;s products. If a core competencies yields a long term advantage to the company, it is said to be a sustainable competitive advantage. A good core competencies is the one that able to open doors to other opportunities and able to represent such a unique blend of tacit and explicit knowledge that it cannot be copied by competitors. Core competence can help product and services to create a new products and services that provide potential access to a wide variety of markets, makes a significant contribution to the customer value, enables a business to deliver a fundamental perceived customer benefits of the end product. To find a good core competencies, one must first examine company’s resources and capabilities. If the company have sufficient resources and necessary capabilities that can generate good core competencies. If the company successfully implement a good core competencies, they can create a superior value creation.
One of the important element that a company must possess in order to get a sustainable competetive advantage is, practice a distinctive capabilities. Distinctive capabilities is the characteristics of the company which cannot be replicated by competitors, or can only be replicated with great difficulty which are the basis of sustainable competitive advantage. Distintive capabilities can be of many kinds, intellectual property rights, exclusive licenses, statutory monopolies, strong brands, leadership, tacit knowledge and skills, teamwork, organizational culture, business processes and partnerships. An