Cultural Levels and Business
February 12, 2025
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 […]
Modern day Retail Stores have come a long way from the traditional mom and pop shops as well as Departmental Stores. The modern Store Designs have taken the concept of shopping to a new level. The modern Store Designs are all embracing keeping in view the functional, utilitarian as well as aesthetic values and requirements […]
Integrated marketing communication is an approach to promote products and services (brand promotion) where various modes of marketing are integrated so that similar message goes to the customers. According to integrated marketing communication, all aspects of marketing communication work together to promote brands more effectively among end-users and also for better results. Brands are promoted […]
Consultative selling process is not easy to handle and can be quite lengthy too. However a good salesman never loses his patience with each of his leads and pursues until each case to its logical conclusion. With every sales lead, one gets to learn and better one’s skill. Over a period of time, handling and […]
Brand Attributes portray a company’s brand characteristics. They signify the basic nature of brand. Brand attributes are a bundle of features that highlight the physical and personality aspects of the brand. Attributes are developed through images, actions, or presumptions. Brand attributes help in creating brand identity. A strong brand must have following attributes: Relevancy- A […]
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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