Adapting Marketing to the New Economy
Companies in 21st century have to adapt to ever changing environment. At present, companies represent a curious mix of old as well as the new economy. A great deal of research has already been done with respect to the old economy, but for the new economy, companies are learning it rather hard way. Companies have […]
Social Factors affecting Consumer Behaviour
Consumer Behaviour is an effort to study and understand the buying tendencies of consumers for their end use. Social factors play an essential role in influencing the buying decisions of consumers. Human beings are social animals. We need people around to talk to and discuss various issues to reach to better solutions and ideas. We […]
Introduction to E Commerce and Internet
We are living in the age of technological advances. Development in our society began to happen post the World Wars, where in Industrial revolution started changing the face of economies. With evolution of Information Technology we first heard the Radio and later the TV that could capture pictures from the air and show it on […]
What are Retail Mannequins? – Driving Sales in the Retail Industry
Visual Merchandising plays an important role in increasing the sales of any retail store. The presentation and display of the merchandise play an important role in attracting the customers into the store and prompting them to buy the products. Mannequins in simpler words also called as dummies play an important role in visual merchandising. What […]
Distribution Channels – Meaning and Their Significance
Various marketing intermediaries are used in transferring the products from the hands of producers to the final consumers or industrial users. These marketing intermediaries carry alternate names such as wholesalers, distributors, retailers, franchised dealers, jobbers, authorised dealers and agents. Such marketing intermediaries compromise the distribution channel. These distribution channels minimize the gap between point of […]
The concept of knowledge as the founding block for attaining competitive advantage has become quite prevalent in Management studies. All knowledge should begin form a piece of information.
For the conversion of information into knowledge there is a critical aspect to be noted. This is related to the timing of the retrieval of information. The information should be retrieved at the time when it is relevant based on the circumstances under which it is going to be applied. Occasionally situations can be different than those in the past requiring additional scrutiny of the existing information. In certain other situations the existing conditions can be so different that it will necessitate entirely new information. Thus the information past its time is obsolete for utility. But the information at the right time can result in knowledge which can be useful for the organization
There are two aspects for knowledge:
The resource-based view of the firm transformed the till then existing notion that internal knowledge is inferior in relation to market activities of the business. The previously existing strategy theories gave importance to market position and strategic choice.
On the other hand the resource-based view claimed that the competitive advantage is obtained from distinctive capabilities and know-how. According to this theory, knowledge and competencies possessed by the organization are the significant sources of business success in the present global world. The pursuit for promoting and fostering capabilities emerges as the main focal point for firms. It is in this circumstance that the concept of knowledge management has come to the forefront and attained extensive recognition among top management.
The second aspect of knowledge, namely knowledge creation depends on the below factors:
For knowledge creation and management to happen the organization has to become knowledge-centric. This is possible by building up an organizational context that assists the swift advancement of new knowledge. This organizational context encompasses the organization’s leadership, culture, structure and infrastructure.
In a knowledge-centric organization, the organizational context is expected to exhibit the below mentioned attributes:
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