Cohesion Case Study Competitive Advantage
Competitive Advantage
To survive and thrive, an organization must create a competitive advantage. A competitive advantage is a product or service that an organization’s customers place a greater value on than similar offerings from a competitor. Unfortunately, competitive advantages are typically temporary because competitors often seek ways to duplicate the competitive advantage. In turn, organizations must develop a strategy based on a new competitive advantage.
When an organization is the first to market with a competitive advantage, it gains a first-mover advantage. The first-mover advantage occurs when an organization can significantly impact its market share by being first to market with a competitive advantage. As organizations develop their competitive advantages, they must pay close attention to their competition through environmental scanning. Environmental scanning is the acquisition and analysis of events and trends in the environment external to an organization. Information technology has the opportunity to play an important role in environmental scanning.
1. Business Dilemma
The Broadway Cafe has been in business since 1952 and has never had a single competitor in the neighborhood. One of your employees has heard a rumor that Starbucks might be opening a store a few blocks away. Your staff is worried and is looking to you to provide reassurance that the competition will not affect your business.
PROJECT FOCUS:
1.1 Determine a strategy for addressing your employees concerns, building loyalty among your customers, and remaining competitive in a changing market
1.2 Be sure to use information technology in your solutions including environmental scanning, competitive advantages, and first-mover advantages.
The threat of a new competitor in a market brings a lot of undue stress and angst to an already established business. A strategy needs to be established to address concerns of the employees and guiding them through the process
To survive and thrive, an organization must create a competitive advantage. A competitive advantage is a product or service that an organization’s customers place a greater value on than similar offerings from a competitor. Unfortunately, competitive advantages are typically temporary because competitors often seek ways to duplicate the competitive advantage. In turn, organizations must develop a strategy based on a new competitive advantage.
When an organization is the first to market with a competitive advantage, it gains a first-mover advantage. The first-mover advantage occurs when an organization can significantly impact its market share by being first to market with a competitive advantage. As organizations develop their competitive advantages, they must pay close attention to their competition through environmental scanning. Environmental scanning is the acquisition and analysis of events and trends in the environment external to an organization. Information technology has the opportunity to play an important role in environmental scanning.
1. Business Dilemma
The Broadway Cafe has been in business since 1952 and has never had a single competitor in the neighborhood. One of your employees has heard a rumor that Starbucks might be opening a store a few blocks away. Your staff is worried and is looking to you to provide reassurance that the competition will not affect your business.
PROJECT FOCUS:
1.1 Determine a strategy for addressing your employees concerns, building loyalty among your customers, and remaining competitive in a changing market
1.2 Be sure to use information technology in your solutions including environmental scanning, competitive advantages, and first-mover advantages.
The threat of a new competitor in a market brings a lot of undue stress and angst to an already established business. A strategy needs to be established to address concerns of the employees and guiding them through the process