COMMERCE 4BM3 Lecture Notes - Lecture 2: Dynamic Capabilities, Tim Hortons, Competitive Advantage
Document Summary
If you and your competitor are using the same competitive strategy, that can be an issue. Pinpoint what competitive advantage is, this is essential: many companies lost their competitive advantage, examples: blockbuster, blackberry, kodak, toys r us, ford, sears, newspapers, malls, taxi industry, Mission statements are supposed to be broad but sometimes they are too fuzzy so you have no idea. Clear values: do you live your values daily in your organization: often focus too much on hard objectives and not how to get there (soft objectives) Competitive advantage: enable it to earn higher rates of profit (or for nonprofits - to gain funding over other charities: most competitive advantage is coming from intangible assets (knowledge-based economy). Collective skills, abilities and expertise of an organization. Formulation is coming up with the strategy (created usually by a small group of people). Implementation is done by all the departments of the business (it, marketing, hr, etc. )