This document defines key business terms and concepts. It discusses that an organization operates within an environment that is constantly changing. It also explains that a strategy is a plan to deploy scarce resources and that there are different levels of strategy, including corporate, business, and functional strategies. Finally, it defines sustainable competitive advantage as arising from distinctive competencies, which are capabilities that a company performs better than its rivals.
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People are always asking for a list of fundamentals, a checklist they can use to start their own businesses. From your business type to your business model to your physical location, there are so many variables it's not easy to come up with a list that will work for everybody. The key, regardless of what type of business you're starting, is to be flexible!
Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.
There are no secrets to success. It is the result of preparation, hard work, and learning from failure.
This comprehensive study presentation guides students through the relationship between business and legislation. It outlines the main purposes of legislation in the business environment, including consumer protection, environmental laws, competition policy and health & safety. It also provides some recent case studies of firms and industries affected by changes in legislation.
Hi friends, I have uploaded a PPT on Different types of business letters & guidelines to write it. Please have a look and give your valuable comments and suggestions.
Summary of Blue Ocean Strategy and tools. To be used as a quick reference of the concepts and tools. Not a replacement to reading the book (www.blueoceanstrategy.com)
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Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
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2. Some Basic Definitions
• An organization is a group of people within some structure
who possess a common objective, usually expressed in a
mission statement.
• Organizations may be:
• for profit (frequently referred to as “firms”)
• not-for-profit
• A market is a place (real or virtual) where potential sellers
and buyers meet to exchange resources (which may be
money, products, services, etc.).
• An industry is a group of organizations competing in a
predefined market under similar bases of competition
3. General Bases of Competition
•A “basis of competition’ is a dimension upon which
companies choose to compete, e.g.,
• Price
• Quality
• Delivery
• Service
• Innovation
• Knowledge
• Others?
4. Organization and Environment
• An organization operates within an environment that is in a constant
state of change
• Too often we hear of change and its effects, but exactly what can
change?
6. Objective(s) of the Firm
•What is the objective of the firm?
• Maximize shareholder wealth
• Generate above average economic rents (profits)
•Shareholder: Someone who holds stock
(ownership) in the firm.
•Stakeholder: Anyone who possesses an interest in
the firm’s activities (govt., public pressure groups,
alumni, students, etc.)
7. Strategy
•To meet the organization’s objective, managers craft a
strategy. What’s a strategy?
• The science of planning and directing large-scale operations,
of maneuvering forces into the most advantageous position
prior to actual engagement with the enemy (Webster)
• A strategy is a plan to marshall or deploy scarce resources.
(Simpler)
•Levels of strategy:
• Corporate (Portfolio management)
• Business (Generate sustainable competitive advantage)
• Functional (Support the business level strategy)
8. Corporate-Level Strategy
• Diversification: the minimization of cash flow variance
• Integration
• Forward integration (one type of vertical):
• Gaining ownership or increased control over distributors or retailers (UA
buys Priceline)
• Backward integration (the other):
• Gaining ownership or increased control over suppliers (Amazon buys RCA
records)
• Horizontal integration
• Seeking ownership or increased control over competitors (Amazon buys
BestBookBuys.Com)
• Also approving (but not crafting) business-level strategies
9. Business-Level Strategy
• The primary objective of business-level strategy is to create sources
of sustainable competitive advantage.
• OK… what is sustainable competitive advantage?
• There are many definitions, used by different people in different ways.
• Here is a practical description. But first, we have to back up…
10. Sustainable Competitive
Advantage
•An asset is anything the firm owns or controls.
• Loosely, “Asset” is to Accounting as “Resource” is to
Management.
•Types of assets:
• Physical: plant equipment, location, access to raw materials
• Human: training, experience, judgment, decision-making skills,
intelligence, relationships, knowledge
• Organizational: Culture, formal reporting structures, control
systems, coordinating systems, informal relationships
11. Sustainable Competitive
Advantage
• A capability is usually considered a “bundle” of assets or
resources to perform a business process (which is composed of
individual activities)
• E.g. The product development process involves conceptualization, product
design, pilot testing, new product launch in production, process
debugging, etc.
• All firms have capabilities. However, a firm will usually focus on
certain capabilities consistent with its strategy.
• For example, a firm pursuing a differentiation strategy would focus on new
product development. A firm focusing on a low cost strategy would focus
on improving manufacturing process efficiency.
• The firm’s most important capabilities are called competencies.
12. Competencies vs. Core
Competencies vs. Distinctive
Competencies
• A competency is an internal capability that a
company performs better than other internal
capabilities.
• A core competency is a well-performed internal
capability that is central, not peripheral, to a
company’s strategy, competitiveness, and
profitability.
• A distinctive competence is a competitively valuable
capability that a company performs better than its
rivals.
13. Examples: Distinctive Competencies
• Sharp Corporation
• Expertise in flat-panel display technology
• Toyota, Honda, Nissan
• Low-cost, high-quality manufacturing capability and short
design-to-market cycles
• Intel
• Ability to design and manufacture ever more powerful
microprocessors for PCs
• Motorola
• Defect-free manufacture (six-sigma quality) of cell phones
14. Where are we?
•We are discussing sustainable competitive
advantage. Here we are now:
• AssetsCapabilitiesCompetenciesCompetitive Advantage
•Next is competitive advantage.
• A competitive advantage is simply an advantage you have
over your competitors.
• A competitive advantage is a special type of competency
that will produce competitive advantage provided:
A) it produces value for the organization, and
B) it does this in a way that cannot easily be pursued by competitors.