In such environ, it is important for an organisation to find a 'differential aspect' of its product or service in order to survive the market competencies, otherwise the organisation will be driven out of the business ruthlessly.
"Having a competitive advantage is like having a gun in knife fight". The paper explores this statement and illustrates the key factors through which a firm can attain this competitive gun while all the competitors remain fighting with their competitive knives. It goes for a gross understanding of the term 'competitive advantage', realising how it can be interpreted as 'a gun in the knife fight', plus analysing and examining a bunch of important issues underlying this concept.
The focus of this paper remains to be the factors that need to be addressed by an organisation in its quest to dig out a competitive advantage to create and maintain its position in the market that is unbeatable for its competitors in a specific point in time. There happen to be several areas where a firm can manage to obtain a competitive advantage against its competitors. These areas are discussed in this paper with the help of the literature available on the given subject.
"Having a competitive advantage is like having a gun in a knife fight". Consider a fight in which everybody has got a knife as weapon and using it in all ways to win the battle. During this fight, one of the fighters manages to acquire a gun. A gun in a knife fight implies having a weapon or an advantage through which any battle or competition could be won in way that nobody else could be able to claim victory for a long time. In the context of businesses, this statement entails having a competitive advantage or that aspect of an organisation, which can be utilised to fight the battle of competition and gain a superior weapon over other competitors. An exploration of this statement first of all lies in a profound understanding of the term competitive advantage and the necessary issues associated with it. The statement will be explored further in the paper after an illustration of what actually is meant by the term 'competitive advantage'.
A competitive advantage is simply an aspect of the organisation that it possesses or offers to the customers. In order for an organisational aspect to constitute as a 'competitive advantage', it has to be unique in the market not adopted by any other current or potential firm in the market. This phenomenon can also be understood in the words of Barney (1991, p102) as, "a firm is said to have competitive advantage when it is implementing a value creating strategy not simultaneously being implemented by any current or potential competitors". This value strategy can be in any form, as long as it is providing benefit to the customers and the organisation directly or indirectly. For instance, if a firm manages to produce its products at a lower cost than all other firms in the market, it is a direct benefit to the customer in the form of reduced prices and an indirect benefit to the organisation in the shape of enhanced sales. This can only become possible when the firm has identified unique ways to lower the product costs, either unknown or inapplicable to other firms.
Porter (1985, p3) illustrates the conception of competitive advantage as the ability of a firm to create value for its customers in a way that proposes more benefit
This paper demonstrates an insightful study into the concept of competitive advantage for the success of an organisation in today's competitive environment. The contemporary business environment is marked with rapid transformation in terms of opportunities and threats…
Effective internal management of an organization demands that people and facilities in the organization are managed well. This introduces the concept of organizational behavior which involves how people within the organization react to changes, decisions and practices of management by managers.
The research delves on ambiguity, uncertainty, and complexity. Value-based effective marketing and management strategies resolve ambiguity, uncertainty, and complexity issues. Body Idea of value My idea of value, including business or entity value, equates to the popularity of the company’s products and services.
To define, “operations management is a term used to define all the activities directly related to the production of goods and services” (Shtub and Karni (2010, p.1). Therefore, the concept of operations management is of considerable significance in determining the operational efficiency of a business.
Operations strategies are the main key of measurement of performance of any business entity. The main concern of business entities is how they will survive and can continue their functions in effective manner. For this purpose, an efficient operations strategy set the long term directions for the business and these directions ensure the future success of any organization.
The essay use examples to illustrate the perspectives which are critical for ones understanding. Introduction Critical Management Scholars like Cradden (2005) argue that the functional image of a business gets detached from members and stakeholder experiences.
According to them strategy process is the way in way strategies are being formulated. Strategy content is the out of strategy process and the section deals with questions like what is required in order to realize importance of strategic thinking.
Nasim and Sushil (2011: 186) emphasise that managing change has shifted from the trade-offs approach to the paradox thinking paradigm. They argue that managing changes involves managing various paradoxes, specifically balancing change and continuity efforts.
Historically, the role of line managers were to allocate tangible resources effectively, establish controls to ensure high performance of workers, and create a system of transactional rewards that were contingent on employees meeting performance targets. The traditional organisation which maintained highly bureaucratic authority hierarchies are no longer practical in most industries as they tend to limit production of innovation and have a tendency to de-motivate workers.
That is, there is also a corresponding change in the human resource, wherein diversity can be in the form of racial, gender, age, educational, and expertise differences-professional and cultural differences.
Along with these changes within the organisation, society has also been exposed to a new sociological perspective that best describes the contemporary society of today: deconstruction.
The conclusion from this study states that it is recommended to the management of new Wal-Mart store that they should use mixed approach to carry out day to day operations. This mix approach includes both centralized and decentralized functions. For example, there should be a separate cash counter for each department.
5 pages (1250 words)Essay
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