Cultural Levels and Business
February 12, 2025
Retailing is defined as the process of selling merchandise to the consumers for their end use in small quantities. The retailer sells products to the end-users either in single units or in small quantities as per their need and capability. Retailer ……………………………. Consumer (End – User) Retailing How does retail work ? Let […]
In CRM the alphabet ‘R’ means relationship. But there is always an ambiguity to understand the actual meaning of this relationship. This relationship between supplier and customer is not a personal relationship or a one-time transaction relationship; for example buying a refrigerator from a consumer’s outlet would not be called as a relationship. Relationship between […]
The Rise of the Millennials The previous articles discussed the various aspects of strategy and how businesses can use different strategic options to respond to the multifarious needs of the 21st century business landscape. An aspect that is of crucial importance is the rise of the millennial generation or those born between 1980 and 1995. […]
The most popular terminology used for industrial advertising is Business to Business advertising. This type of advertising generally includes a company advertising its products or services for the companies which actually uses same or similar products or services or we can say that the advertising company should produce the products which the other company needs […]
Introduction The environment under which organization functions determines how it will conduct its business. Organizations have to constantly monitor and appraise the external business environment. Organizations have to make changes in its operations in accordance to the environment as to be profitable and effective. Therefore, understanding the business environment is important before developing any marketing […]
Knowledge management is the recognition, optimization and effective handling of intellectual assets to build value, enhance productivity, and achieve and maintain competitive advantage. This comprises of the summarization, combination, dissemination and utilization of knowledge in an organization. Thus the management of knowledge comprises of various tasks and functions. The generation of a knowledge management strategy includes an inspection of a range of interconnected notions and aspects. For this first the understanding of what is knowledge is required.
An awareness of what composes knowledge is decisive to its valuable management. For instance, when knowledge is deliberated to be identical with information the concentration will move towards the management of information systems as a substitute for knowledge management.
The different descriptions of knowledge indicate that it has much more meaning than information. There are efforts to differentiate among data, information and knowledge. Knowledge is developed from data, which is primarily processed into information. This information can form knowledge when it becomes an input to a system and when it is confirmed as an applicable, appropriate and functional part of knowledge.
A strategic framework for knowledge management should be relevant for an organization targeting to sustain competitive advantage. The framework should assist an organization to create a clear association between the competitive circumstance and a knowledge management strategy. It should support the organization to institute its competitive advantage. Even as each organization will locate its own distinctive connection between knowledge and strategy, any such competitive knowledge can be categorized on a degree of innovation comparative to the remaining of the particular industry into three groups as below:
After recognizing the competitive knowledge position of the organization it is required to do a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) to ascertain the strategic gaps in an organization’s knowledge.
This permits the organization to recognize where it has knowledge that it can take advantage of and where it needs to build up knowledge to sustain or expand its competitive position. This is accomplished by examining the organization’s knowledge position in two dimensions:
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