It’s Not Just the Data that is collected that Counts, but, the Quality of the Data as well
In God We Trust, Rest Have to Bring Data: The Importance of Data Collection All entities collect data for various reasons. Whether it is the government collecting data on economic growth, employment rate, budgetary purposes, or for welfare schemes, or it is the private firms collecting data on revenues and productivity, there is a need […]
Roles and Responsibilities of a Store Manager
Retail Store A fixed set up or location offering merchandise in small quantities to the consumers for their end-use is called a retail store. Store Manager An individual responsible for managing the overall functioning of the store is called a store manager. A store manager takes care of the day to day operations of the […]
Relationship Marketing with Business Associates and Partners
Business dynamics have forced the Organizations to recognize Customer as the most important factor responsible for its own existence and survival. Organizations have no option but to be customer centric. When we say that Organizations have to be customer centric, we are not only referring to the marketing and sales tuning in with the end […]
Using Social Media Channels with Multiple Business Objectives
Social Media Marketing is the latest game in marketing. Whether you have a product or a service to market, you have no option but to be present in various social media channels for this is where your existing and prospective customers are. More importantly your customers are talking and sharing their ideas, experiences and information […]
The Power and Perils of Influencers in a Social Media Driven World
What Makes Influencers So Powerful in our Social Media Driven World? We live in a world where social media has become indispensable and where content goes viral within no time if it engages the readers. Indeed, our lives are so dominated by Facebook, Instagram, and Twitter that we just cannot imagine a day where we […]
The activities and processes of the organization utilize certain assets. These assets are called resources. These resources can be created within the organization. They form the internal resources. Such generated resources are organization-specific. Otherwise they could be obtained externally from the suppliers available in the resource markets. They form the external resources. The externally obtained resources are organization-addressable.
In addition, resources can be categorised as specific or non-specific. Those resources which can only be used for extremely specialized intentions and are significant to the organization in adding value to goods and services are called specific resources.
Non-specific resources are less specific and are less significant in adding value. Also resources can be broadly classified as tangible and intangible. The physical assets that an organization possesses are called tangible resources. The physical resources, human resources and final resources come under this category.
The intellectual resources, technological resources and the organizational reputation together form the intangible resources. The patents and copyrights of the organization are typical examples of intellectual resources. The innovation capacity and innovation speed are examples of technological resources. Reputation is basically good-will that the organization has acquired among the customers. It is a critical resource of an organization.
An organization should posses some characteristics in order to have the ability to compete with other organizations in the market place. These characteristics form the competencies of the organization.
For any organization to survive in an industry competencies are must. At the same time competencies cannot be useful to an organization when they stand alone. It is when they combine together in the right combination that they help the organization to attain competitive advantage.
For instance consider an information technology organization. For this to compete in the software industry it should posses the competencies to write programs and design tools which have to be combined together to provide it with the competitive advantage in the industry.
An organization’s resources which are critical in imparting it with competitive advantage are called distinctive capabilities. When the capabilities originate from an attribute which other firms do not have then they form an organization’s distinctive capabilities. In addition to having a distinctive characteristic it should also be sustainable and appropriable.
When a distinctive capability is able to continue functioning over a period of time it is said to be sustainable. When the organization which holds a distinctive capability is able to benefit mainly from it then it becomes appropriable.
An organization can derive the distinctive capabilities mainly from the organizational architecture, organization reputation and innovation. The relationships between the organization and the stakeholders are critical in developing these three aspects of the organization.
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