radigms that significantly influence the performance outcome of the businesses have become vital factors of competitive advantage in the contemporary global business environment.
Scholars assert that in the contemporary times, resources like machine, factories, human capital or intellectual property can be bought from the open market and therefore, they are not effective resources that could provide competitive edge to a firm (Johnston, Scholes and Whittington, 2005). But Lynch (2003) believes that resource based strategy inherently includes all tangible and intangible assets that enable the firm to conceive of and implement strategies that improve its efficiency and effectiveness and therefore gives it the necessary advantage. It also true that organizational competencies in terms of organizational culture and leadership initiatives that exploit human capital for improved performance outcome is highly relevant element of competitive advantage (De Wit & Mayer, 2005). Hence, the research on the topic would greatly help identify factors and issues that facilitate businesses to gain leverage in the highly competitive business of contemporary times.
The proposed research study would be qualitative in nature and would involve comprehensive literature review. Observation and interviews have been two major methods of understanding and evaluating the factors that impact the changing business dynamics. The sample data primarily comprised of observations of general public and local businessmen on the various perspectives of business competition and issues that influence their performance.
The results showed the recessive trend had hugely impacted the business outcome and necessitated cost cutting measures to meet the challenges of the time and survive tough economic conditions. It was also found that the globalization and increasing multicultural environment also required more proactive measures to promote cross cultural understanding for improved teamwork. Workplace ...
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