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Robert Grant’s “The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation” is about exploiting an organization’s internal resources to propel its business model. The author explores the concept of how by simply assessing and becoming aware of a company’s resources, organizations can use that material to optimize their competitive advantage. The author details this information from a scholarly perspective in which he reveals that this approach was a long neglected one for strategy. Originally, organizations simply focused on the external environment and how best to adapt to it as the core of their strategic endeavors. He alludes to the fact that this tendency was partially due to the dearth of a proper framework for implementing strategic measures based on internal resources. Thus, he spends the duration of the article elucidating a framework which he believes effectively fulfills this void. In doing so he places equal emphasis on the capabilities a firm has (which are linked to their internal resources) for spearheading their strategy. He utilizes several examples of real businesses to illustrate the various aspects of the framework he proposes. The article concludes with a renewed understanding of how comprehending relationships between external forces and internal ones is crucial for effecting competitive...
There are five specific elements of the framework. The first involves organizations evaluating what capabilities and internal resources they actually have at their disposal. This is the quite possibly the most pivotal of the five steps because it is the foundation upon which the other four are underpinned. The author makes it clear that it is not possible to exploit those capabilities without adequate evaluation of what they fully entail. Thus, this step is actually comprised of two: one which focuses on the resources and a second which is based on an organization’s examination of its capabilities. The third facet of this framework is to quantify this information in terms of profit. Organizations must understand how lucrative these advantages are, as well as how they can translate them into profit. Once this information is ascertained the next procedure identified in the framework is to actually select a strategy. This step is vitally important because of what the author identifies strategy as: a long term trajectory for which to achieve business objectives. Moreover, it is largely predicated on the internal assets and abilities of an organization. The final step of the framework is to continually…
Marks & Spencer further has quality food products that are perishables such as salads and vegetables. This is complex and requires accurate and fast delivery to the UK food stores. The work entitled: "Keeping Real Time Tabs on Fresh Food Supply Helps Guarantee the quality of Perishable Products" cites the statement of the Head of Supply Chain Logistics and it at Marks and Spencer who states that in order to
Competitive Advantage In contemporary times, competition is getting tougher with the passage of time and therefore product leaders are propelled to present novel and unprecedented products, nevertheless, what is meant by 'best product'? And which type of product decisions do the product leaders make in this regard? Generally, when consumers purchase a product they comprehend that it gives them a superior level of satisfaction as compared to the other competing products
Competitive Advantage for INVs Competitive Advantage in Global Economy The seminal work of Oviatt and McDougall (1994) on international new ventures (INV) informed the literature, particularly with regard to posing different tenets than those commonly accepted in Uppsala model. Principally, the Uppsala model theories pointed to a number of attributes that were considered basic to firms moving into or intensifying their participation in foreign markets. The indicators of the Uppsala model
Strategic Planning for a Competitive Advantage in Health Care Strategic planning is essential for healthcare managers in maintaining high quality and cost effective healthcare in a competitive market. Planning techniques are vital in establishing a sustainable completive advantage. A successful healthcare manager must formulate a concise but comprehensive plan to take inventory of available resources, to discern the strengths, improves on the weakness, and establishes a plan that effectively prioritizes them.
Business Ritz Carlton Case Study Question 1; Competitiveness of Ritz Carlton Ritz Carlton appears to compete extremely effective, with a high level of service that has created a strong reputation of the delivery of five star services. To appreciate how and why the firm has been successful it is beneficial to look at the concept of competitive advantage. Michael Porter examined the ways that firms competed and argued that for firms to be successful
Services and Capabilities Implementing Service Expansion Evaluation of the Current Situation Formulation of the Desired Future State Implementation Lessons from Acxiom Expanding service offerings can be a daunting undertaking. It requires meticulous planning, particularly considering the organisation's current situation and its desired projections. This paper provides a plan for integrating new additional services into Smith's organisation. Attention is specifically paid to the steps the organisation can follow to seamlessly add new services, showing the appropriate