HRM 3430 Chapter 1: Differentiation Strategy to Very Specific Markets
11 Feb 2018
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Document Summary
A competitive advantage refers to the organization"s characteristics. This enables the organization in order to increase and raise profitability in order to level one up on their competitors and rivals. A competitive advantage is how one organization/business/company is seen as more better, more successful, more victorious, more triumphant, more effective. These are the specific and particular parts and features and things of the organization that help and aid the company/business to succeed. Competitive advantages can be seen as tangible, intangible, capability. Tangible: long-term economic resources that are physically present. These are very beneficial to the organization/business/company. Examples: the physical work environment building, money, the land that the work is being conducted on, the materials and parts that they have. Intangible: not physically present and are received from business/company events that have already happened/occurred. It doesn"t have substance, you can"t touch it, you can"t hold it, you can"t see it. It can be a lease, a legal aspect, copyright, trademarking, labelling.
