3343 words (13 pages) Essay. In basic sense, a firm is a place where a product or service originates. How about receiving a customized one? These forces are "the entry of, Competitive advantage and sustainable competitive advantage (PORTER 1985). The decisions made to date have resulted in strong financial and subscriber growth. Customers want firms to be proactive in perception of their needs and wants as part of a value creating process. Focus The value chain is a way of locating the sources of CA. The idea of competitive advantage in the sector has not taken center stage in any public discussions; yet when statements concerning competitive advantage arise; it is often multifaceted with vague accurate definition. competitive advantage. A company cannot just boast of providing superior performance or quality, it has to actually deliver the said quality and the customers or consumers have to be able to perceive and see it as well, which is what sets it apart from other products. ADVERTISEMENTS: Here is a compilation of essays on the ‘Competitive Advantage of a Firm’ for class 11 and 12. Philippine consumers preferred the taste of Jolliness’s hamburger by a wide margin. The latest iPad which was released in March 2012 (Mintel) has up to 64 gigabytes of internal storage and over 85million iPhones and iPad touches are in existence (BURROW 2012). Introduction to the Topic: Over the years, the understanding of how a firm can attain and maintain sustainable competitive advantage is major area of research in the field of management. Get Custom Essay on strategic management for competitive advantage. (25)Reputation Olins (1990) refers to reputation as an organizational identity, which includes everything that the organization does and concerns itself with in four major areas of its activity: first, products/services – what it makes or sells; second, environments … Competitive Advantage in Tourism and Hospitality Organizations Introduction Hospitality and tourism are closely related fields. Can customer value be a source of CA? Competitive Advantage: Question 1/2: A competitive advantage is a position that a firm occupies in its competitive landscape. For the purpose of this essay, Porter’s strategies will be examined Differentiation This is the establishment and delivery of a distinct and unique product which is of great value to consumers. competitive advantage. Cost and differentiation advantages are known as positional advantages since they describe the firm position in the industry as a leader in either cost or differentiation. INTRODUCTION If a value creating strategy is implemented by an Organization and it is not being implemented at the same time by another organization, one can say the organization has a competitive advantage over its competitors. The skills and resources underlying the company’s competitive advantage must sustain the duplication. Competitive advantages. Or is Apple achieving its CA through brand equity and loyalty? Competitive advantage helps a company to let them perform beyond the expectation compared to its competitors (Namada, 2018). The SCP framework is a deterministic approach. Start the assignment with 2–3 paragraphs providing a description of Kirby's business and the industry in which he operates. Creating innovation for competitive advantage: A Procter & Gamble case study Introduction Companies must innovate in order to keep ahead of their competitors. Maintaining competitive advantage is crucial to many businesses or organizations' success in order to survive in the market. (HE, 2012). 3- Example. The following essay is going to attempt to assess the above proposition and try to find if it is possible to add value continually over a period of time. This essay examines how operational effectiveness and the resources can be used to enhance competitive advantage of an organization. FMCG. Along these lines, Michael Porter has provided five competitive forces that can assist any company in maintaining the advantage. The competitive advantage results from implementing a value creating strategy that is not implemented simultaneously by its competitors. Without people, businesses would lack the ability to have the innovations to differentiate their products or services from their contenders in, having sustainable competitive advantage has become imperative so as to survive. In conclusion, managers must be aware of what their competition companies are doing and what their competitive advantages are and try to come up with a strategy to overcome their competitors’ competitive advantage. Find paragraphs, long and short essays on the ‘Competitive Advantage of a Firm’ especially written for college and management students. It is concluded that creating CA or choosing the initial strategy will not sustain the success of a business. An example of such firm that has achieved competitive advantage through differentiation is Apple Inc. Apple’s products consist of iPod, iTunes, iPad, iPhone, MacBook Air laptop, MacBook Pro laptop, iMac desktop. 45 Best essays On Competitive Advantage But a study done by WRIGHT et al(1990) concluded that firms with combined strategies outperforms firms with specialized strategies. The most famous company’s history dates back to the time when Philip Morris started business with a single store for tobacco and cigarettes in 1847 in London on Bond Street. Continuous improvement and strategy is the means to sustain CA faster than a competitor can imitate your existing advantages. (JOBBER 2010) This essay will critically analyze how competitive advantage is created i.e. The MacBook Air laptops are portable and relatively lightweight. Companies according to Michael Porter (1998) need competitive advantage in order to achieve its strategic goals. Customer equity is all about attracting, developing and retaining customers. Competitive Edge essaysCompetitive edge is defined as how effectively an organization meets the needs of customers relative to others that offer similar goods or services. Describe what is means to have a competitive advantage – give an example. BP’s true competitive advantage is not in the commodities or services it sells, their success stems from the … Strategy might signify a constant competitive benefit. (KOTLER and ARMSTRONG) Strategies For Creating Competitive Advantage Jobber(2006)said that there are four generic strategies to achieving competitive advantage: differentiation, cost leadership, differentiation focus and cost focus. 2. a. A company is said to have competitive advantage over its rivals when its profitability is greater than the average profitability and profit growth of other companies competing for the same set of customers (Jones & Hill, 2008). Competitive advantage is defined as an idiosyncratic lead a firm has over its fellow challengers and emulators. Competitive advantage can be achieved by engaging in efficient operational processes that will yield high performance in the organization. Fast moving consumer goods (FMCG) is also called Consumer Packaged Goods (CPG). Superior innovative skills will result in better technology and innovation Superior Resources These are the substantial requirements that facilitate a firm to effect its skills. All examples of topics, summaries were provided by straight-A students. Because of this competitive advantage Dell has been able to grow tremendously over the past few years. Executives must select their firm’s source of competitive advantage by choosing to compete based on low-cost versus more expensive features that differentiate their firm from competitors. Apple’s competitors are Microsoft, Google, Research in Motion and Nokia(a long time ago) which makes its customer bargaining power and threat of substitute high(NAIR and LANG 2012) . … (2016, Aug 20). It is the set of activities that a company undertakes in order to perform its business. It is important that cost is minimized at all fronts. There are two schools of thought pertaining to how firms should choose the competitive strategy that best suits them. However, Jolliness’s competitive advantage was that they were mother to the greater tasting burger. Companies around the world develop a competitive analysis to determine their competitors and how to conquer the market system and be a leader in it. Retail Information System In the United States, the SEJ was the first big convenient store company to introduce and develop a proprietary Retail Information System (RIS) as a support feature of the POS program. 3- Example. Describe why the concept of above-average returns is important – give examples 1. c. What is the strategic difference between an I/O model company and resource-based model- give examples? Corporate Social Performance can be an important aspect of the business. The use of discount prices to get high sales. "Sources of competitive advantage rarely yield added value that can be sustained over time. Quality Workforce for Competitive Advantage Essay. Success stories in the business world requires product differentiation or low prices or a combination of both, but the firm has to be able to know which strategy best suits it in its industry. Get an idea for your paper Competitive advantage is characterized by superior performance which could be an attribute to outperform the competitors whether current or potential; or gaining a higher market share in a particular industry thereby ensuring market leadership; or ultimately, maximization of profit. 4- Result. Competitive advantages are conditions that permit an organization or nation to deliver a decent or administration at a lower cost or in a more alluring manner for clients. One question to ask is “what happened to Nokia? Customer Value Construct This may be assessed as how firms create value for their customers and how customers perceive superior value in what a firm is offering compared to its rival. ADVERTISEMENTS: Here is a compilation of essays on ‘Strategic Management’ for class 9, 10, 11 and 12. There are many competitive, “Competitive advantage literally is the ability to sustain profits that exceed the average for the industry through developing distinctive competencies: distinctive, because the competitors don’t have them and because they are fundamentally difficult to replicate” (Berry, 2012). Target corporation’s competitive lies in several fronts. Philippine consumers preferred the taste of Jolliness’s hamburger by a wide margin. For example, Aguilar (1967) and Fahey and King (1977) invented the phrase environmental scanning, which concentrated on how the executives scan their organizations’, efficiently. Write a 700 word paper in which you analyze how the selected organization is meeting the concepts of Competitive Advantages as outlined in Hisrich and Kearney (2014), on page 69. Empire Essays represents the ultimate choice for students seeking assistance in essays, term papers, book reports, annotated bibliographies, Thesis and Dissertations among other forms of writing. Business Strategy and competitive advantage Competitive advantage and IT have often been misjudged and misinterpreted by management and business strategists. The 2nd school of thought opines that the strategies may be combined together to achieve CA. New competitors are in the industry like Samsung, which has been able to imitate the iPhone. An organization must implement a set of competitive advantages which can maintained and required for the customer, fulfilling their requirements with the goal that they will pay for the value to. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly . Apple iTunes was launched in 2001 and Nokia didn’t see the imminent threat. However, a differentiator has to put into consideration its prices relative to that of its rivals by cutting down costs such that they do not have an effect on differentiation. An organization must aim to initiate a profitable and sustainable spot against your competitors in the same industry. For this reason, the organization ought to have an understandable competitive advantage. Classification Porter's focus strategy is a mix of both the differentiation and the cost leadership strategies i.e. McDonald's competitive advantage is based on brand recognition. Competitive Advantage of Zero Motorcycle Zero Motorcycle has been the world's largest producer of high performance electric motor cycle. Main Body Paragraph 2. They believe that the value chain necessary for cost leadership is quite different from that of differentiation strategy and that while differentiation deals with better quality, cost leadership deals with lowering costs wherever possible. 1.1. An example of such company that has shown excellent levels of proactivity with customers is Procter and Gamble. All examples of topics, summaries were provided by straight-A students. This essay examines how operational effectiveness and the resources can be used to enhance competitive advantage of an organization. This essay will critically analyze how competitive advantage is created i. e. Porter’s 3 generic strategies: differentiation, cost leadership and focus: giving theories and practical examples. Competitive advantage(CA) is an advantage competitors gain by providing or offering customers or consumers greater value for their money through product and service differentiation or through lower prices. As a result of this, Apple has a strong brand loyalty from its millions of followers who are willing to pay extra for an Apple product. Many debates are going on regarding the fact that social media is good or bad. Firms must have barriers that make imitation of strategies difficult. One is of the opinion that firms should choose one of the generic strategies and commit all resources to making it work. I will first discuss what competitive advantage is an Introduction Techniques that a manager can use to motivate employees include: keeping positive momentum. Start the assignment with 2–3 paragraphs providing a description of Kirby's business and the industry in which he operates. 6 after everyone had gone, my mother was a victim of crime or true life on the bus and some arcs. These sources arise as a result of attributes such as price, quality, creativity and innovation. It is imperative for a firm to choose the height of competitive advantage it wants to attain in the industry. Exploring Swot Analysis And Competitive Advantage Strategic Management Business Essay. This chapter explains generic business-level strategies that executives select to keep their firms competitive. The world recognition associated with the brand McDonald’s itself is … 5.7 Conclusion. Sustainable competitive advantage is an edge a firm enjoy over its competitors by offering superior values to customer that result in superior profit and growth. 1- State One Advantage. Organizations like Google™, Amazon, Apple ®, Android, Facebook ®, Siri ®, Virgin Group ®, Microsoft ®, and eBay ® have done this successfully. Competitive advantage through people is critical for a business to succeed. Porter's 3 generic, It is a no-frill carrier. Browse our samples and select the most compelling topic as an example for your own! Market research indicated that Filipinos still preferred Jollied burgers’ spicy taste to McDonald’s plain beef patty, so the In this type of contemporary business organization, what is the central role that IT is playing for Harrison Kirby? In addition, targeting either a narrow or broad market helps firms further understand their … We can custom-write anything as well! Additionally, the organization can decide to use heterogeneous and immobile resources … 1. a. Such company is said to be “stuck in the middle” and will compete at a disadvantage, leading to it having less profit than a rival company who adopts one of the generic strategies. The three significant automobiles in the US were […] Words: 1710 Length: 6 Pages Document Type: Essay Paper #: 90912008. For instance: a company should be able to differentiate its products based on a particular target market segment because if the differences in products does not appeal to consumers in that target market as opposed to consumers in broad market, there would be no basis for differentiation and competitive advantage will not have been achieved. McDonald’s core competency is providing convenience when people need and want to eat fast food at prices that are competitive and provide best value for the customer's money.One of McDonald’s competitive advantages is its focus on consistency of quality, production of food and use of raw materials all around the world. Get an idea for your paper COMPETITIVE ADVANTAGE. For a competitive advantage to be sustainable, the, Competitive Advantage Nokia has entered a stage of business inertia and Apple through differentiation has achieved CA. Eharmony case study competitive advantage for essays on bad driving habits Aca papers on advantage eharmony case study competitive self-citing. There are ways that aid a business in reaching the levels of success. Discuss the advantages and disadvantages. Focus Porter’s focus strategy is a mix of both the differentiation and the cost leadership strategies i. e. difference or cost leadership within a small target market segment. 2- Expand/Explain Advantage. The same can be achieved by charging a higher amount on the same product through differentiation. The term competitive advantage describes the attributes that give a business an opportunity to perform better than the other organizations in similar ventures. Sustainable competitive advantage, on the other hand, can be achieved if the company’s resources and capabilities are inimitable and non-substitutable (Gamble, Thompson, & Strickland, 2016). COMPETITIVE ADVANTAGE Sample Essay. For any company to maintain a competitive advantage, the company must develop the advantage such that it is "rare, costly to imitate, no substitutable, and nontransferable" (Snyman, J.H., 2006). Hire a Professional to Get Your 100% Plagiarism Free Paper. Essay Structure. They developed programs in which employees live and work with customers which has led to many innovative and profitable products(BLOCKER et al 2011). By Sun Tzu Are You on a Short Deadline? Porter(1985) affirms that CA grows essentially out of the value a firm is able to create for its customers. Competitive advantage and motivation. There, Question 1: Competitive advantage A distinctive competence is a unique firm-specific strength that allows a company to better differentiate its products and/or achieve substantially lower costs than its rivals and thus gain a competitive advantage. Therefor a competitive advantage enables the firm to create superior value for its customers and superior profits for its self. Competitive advantage can occur using new technologies […] In this type of contemporary business organization, what is the central role that IT is playing for Harrison Kirby? Find paragraphs, long and short essays on ‘Strategic Management’ especially written for school and college students. These fields have grown together and have assumed the form of well-established industries in many economies today. Competitive Advantage 2183 Words | 9 Pages. In this essay, the retail chain’s competitive advantage will get diagnosed and explained leading to a conclusion as to why it has been doing quite well despite the fact that it has never changed its business model since its inception in the 1960s. Competitive Advantage When a firm sustains profits that exceed the average for its industry, the firm is said to possess a competitive advantage over its rivals. Cost Leadership In this strategy, the company offers a matching product of its rivals, or an assortment of different products that consumers equally find attractive but at a lower cost. 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