MGMT 2130 Chapter Notes - Chapter 6: Swot Analysis, Pest Analysis, Risk-Seeking
16 Aug 2016
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The assets, capabilities, employees, information, and knowledge that an organization controls. Providing greater value for customers than competitors can. A competitive advantage that other companies have tried unsuccessfully to duplicate and have for the moment, stopped trying to duplicate. Not the same as a long-lasting competitive advantage. Four conditions for this to exist (1) resources must be valuable (2) rare (3) imperfectly imitable (4) nonsubstitutable. Allow companies to improve their efficiency and effectiveness. Resources that are not controlled or possessed by many competing firms. Impossible or extremely costly or difficult to duplicate. No other resources can replace them and produce similar value or competitive advantage. A reluctance to change strategies or competitive practices that have succeeded in the past. Discrepancy between a company"s intended strategy and the strategic actions managers take when actually implementing that strategy. Assessment of the strengths and weaknesses in an organization"s internal environment and the opportunities and threats in its external environment.
