Newsletters, Press Releases, and Writing for the Press
Press Releases and their Importance The previous articles discussed the various aspects of media and the role of media in shaping public opinion. We had also discussed how press conferences and press meets are to be organized and listed some points for the successful media management strategies. Continuing in the same vein, this article discusses […]
Leveraging Influencer Partnerships in Social Media Marketing
Love them or hate them, there’s no denying the impact that influencers have on consumers purchasing decisions. Heard about influencer partnerships but not sure where to get started or if it’s the right marketing strategy for your business? You’re in the right place. In this article, we cover everything you need to know about influencer […]
Benefits of Strategic Management
There are many benefits of strategic management and they include identification, prioritization, and exploration of opportunities. For instance, newer products, newer markets, and newer forays into business lines are only possible if firms indulge in strategic planning. Next, strategic management allows firms to take an objective view of the activities being done by it and […]
Personal Factors affecting Consumer Behaviour
Consumer Behaviour helps us understand the buying tendencies and spending patterns of consumers. Not all individuals would prefer to buy similar products. Consumer behaviour deals with as to why and why not an individual purchases particular products and services. Personal Factors play an important role in affecting consumer buying behaviour. Occupation The occupation of an […]
Advertising on Social Networks
Marketing has always been relying on traditional print and visual media for advertising their products and services. The basis of the mass media both in print as well as in visual form is to release one common advertisement to the entire mass in general. Such advertising is controlled by the marketers who have control over […]
The primary problem in the field of strategic management is to answer the question on how firms attain and maintain the competitive advantage. The phenomenon of globalization has resulted in competitive battles fought on a trans-national basis especially in high-technology industries such as information systems services, and software. These globalized forms of competition have established the necessity for an elaborated concept to comprehend how competitive advantage is accomplished.
Multi national organizations like Microsoft, Oracle and IBM are pursuing a resource based strategy of building up useful technology assets, habitually shielded by an assertive attitude by means of intellectual property. Nevertheless, on a regular basis this strategy is not adequate to maintain an important competitive advantage. Successful firms in the global market are quite often those which can exhibit appropriate awareness and positive reaction to the changing business environment.
Fastness and adaptability in innovating products, combined with potential of the management to effectively bring together and reorganize competences both internal and external are features seen in successful firms. Therefore not to the shock of the industry it has been observed that firms which have gathered a huge bulk of priceless technology assets are still lacking the functional capabilities to exploit them.
It is possible that a firm’s competitive advantage is diminished over a period of time. There can be various factors that result in such an erosion of competitive advantage. The two main causes are as below:
Here lies the significance of dynamic capabilities. Strategists consider dynamic capabilities to be the key to competitive advantage.
The ability to achieve new forms of competitive advantage is referred to as dynamic capabilities. The two terms dynamic and capabilities by itself require in depth understanding while studying competitive advantage.
The ability to renovate competences so as to accomplish corresponding with the transforming business environment is referred to as dynamic.
The main characteristics of being dynamic are:
The important function of strategic management in fittingly modifying, incorporating and reconstituting the internal as well as the external organizational skills, resources, and functional competences to correspond with the necessity of a transforming environment relates to the term capabilities.
Thus dynamic capabilities address rapidly changing environment. They suggest an organization's capacity to accomplish new and innovative forms of competitive advantage.
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