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- Competitive advantage is, in very basic words, a position a firm occupies against its competitors. According to Michael Porter, the three methods for creating a sustainable competitive advantage are through: 1. Cost leadership - Cost advantage occurs when a firm delivers the same services as its competitors but at a lower cost; 2. Differentiation - Differentiation advantage occurs when a firm delivers greater services for the same price of its competitors. They are collectively known as positional advantages because they denote the firm's position in its industry as a leader in either superior services or cost; 3. Focus (economics) - A focused approach requires the firm to concentrate on a narrow, exclusive competitive segment, hoping to achieve a local rather than industry wide competitive advantage. There are cost focus seekers, who aim to obtain a local cost advantage over competition and differentiation focuser, who are looking for a local difference. Many forms of competitive advantage cannot be sustained indefinitely because the promise of economic rents invites competitors to duplicate the competitive advantage held by any one firm. A firm possesses a sustainable competitive advantage when its value-creating processes and position have not been able to be duplicated or imitated by other firms,. Sustainable competitive advantage results, according to the resource-based view theory in the creation of above-normal (or supranormal) rents in the long run. Analysis of competitive advantage is the subject of numerous theories of strategy, including the five forces model pioneered by Michael Porter of the Harvard Business School. The primary factors of competitive advantage are innovation, reputation and relationships. Competitive advantage occurs when a organization acquires or develops an attribute or combination of attributes that allows it to outperform its competitors. These attributes can include access to natural resources, such as high grade ores or inexpensive power, or access to highly trained and skilled personnel human resources. New technologies such as robotics and information technology either to be included as a part of the product, or to assist making it. The term competitive advantage is the ability gained through attributes and resources to perform at a higher level than others in the same industry or market (Christensen and Fahey 1984, Kay 1994, Porter 1980 cited by Chacarbaghi and Lynch 1999, p.45). The study of such advantage has attracted profound research interest due to contemporary issues regarding superior performance levels of firms in the present competitive market conditions. “A firm is said to have a competitive advantage when it is implementing a value creating strategy not simultaneously being implemented by any current or potential player” (Barney 1991 cited by Clulow et al.2003, p.221). Successfully implemented strategies will lift a firm to superior performance by facilitating the firm with competitive advantage to outperform current or potential players (Passemard and Calantone 2000, p.18). To gain competitive advantage a business strategy of a firm manipulates the various resources over which it has direct control and these resources have the ability to generate competitive advantage (Reed and Fillippi 1990 cited by Rijamampianina 2003, p.362). Superior performance outcomes and superiority in production resources reflects competitive advantage (Day and Wesley 1988 cited by Lau 2002, p.125). Above writings signify competitive advantage as the ability to stay ahead of present or potential competition, thus superior performance reached through competitive advantage will ensure market leadership. Also it provides the understanding that resources held by a firm and the business strategy will have a profound impact on generating competitive advantage. Powell (2001, p.132) views business strategy as the tool that manipulates the resources and create competitive advantage, hence, viable business strategy may not be adequate unless it possess control over unique resources that has the ability to create such a unique advantage. Summarizing the view points, competitive advantage is a key determinant of superior performance and it will ensure survival and prominent placing in the market. Superior performance being the ultimate desired goal of a firm, competitive advantage becomes the foundation highlighting the significant importance to develop same. In the event competitive advantage is gained by a firm wouldn’t it be necessary to sustain such value creating advantage for desired periods of time in order to gain maximized superior outcomes? As Ma state (2003, p.73) winning is a habit not a one time event. With the same view point Chaharbaghi and Lynch (1999, p.45) writes “ sustainable competitive advantage is a journey not a destination- it is like tomorrow which is inescapable but never arrives” stressing the idea that ones reached, all attempts should be made to sustain competitive advantage. Apparently academics view and stress the idea of sustaining competitive advantage. In my opinion, to understand the way to sustain it is first essential to confirm and establish the generic root causes for competitive advantage. As discussed above business strategy and resources are the important elements in creating a competitive advantage. This understanding will help to explore the different approaches or perspectives of sustainable competitive advantage. (Achieving a sustainable competitive advantage in the IT industry through hybrid business strategy- Tharinda Jagathsiri
- In der Wirtschaftswissenschaft bezeichnet man mit dem Begriff Wettbewerbsvorteil den Vorsprung eines Akteurs auf dem Markt gegenüber seinen Konkurrenten im ökonomischen Wettbewerb.
- En marketing y dirección estratégica, la ventaja competitiva es una ventaja que una compañía tiene respecto a otras compañías competidoras. Para ser realmente efectiva, una ventaja competitiva debe ser: difícil de igualar única posible de mantener netamente superior a la competencia aplicable a variadas situaciones Ejemplos de características de compañía que pueden constituir una ventaja competitiva: orientación al cliente, valor de la vida del cliente cualidad superior del producto contratos de distribución de largo período valor de marca acumulado y buena reputación de la compañía técnicas de producción de bajo costo, liderazgo en costes posesión de patentes y copyright monopolio protegido por el gobierno equipo profesional altamente cualificado La lista de ventajas competitivas potenciales es muy larga. Sin embargo, hay quien opina que en un mercado tan cambiante no existen realmente ventajas competitivas que se puedan mantener durante mucho tiempo. Se dice que la única ventaja competitiva de largo recorrido es que una empresa pueda estar alerta y sea tan ágil como para poder encontrar siempre una ventaja sin importar lo que pueda ocurrir.
- Un avantage compétitif (avantage concurrentiel) est tout ce qui permet à une organisation de surpasser la concurrence. Il est en cela différent du facteur clé de succès qui est commun à toutes les entreprises présentes sur le marché. Il est dit durable lorsque son possesseur est en mesure de conserver durablement l'avantage compétitif; ses concurrents sont alors tentés de l'imiter, ou d'établir un nouvel avantage compétitif qui rende caduc celui qui l'emportait à un moment donné. La notion d'avantage compétitif est parfois étendue à un pays, une localité, voire une personne très en vue dans son domaine d'activité. Les économistes préfèrent toutefois la notion d'avantage absolu, qui ne véhicule pas l'idée trompeuse d'une compétition directe entre nations ou zones géographiques.
- Vantaggio competitivo è un termine utilizzato nel marketing e divenuto centrale nella gestione strategica (o management strategico), anche a seguito dei contributi di Michael Porter.
- Men spreekt van concurrentievoordeel in de economie wanneer een onderneming op een bepaalde markt een product kan aanbieden dat zich op een positieve manier onderscheidt van de anderen. Voordelen kunnen worden ingedeeld in: De klant met een beter aanbod van dienst zijn (klantgerichte benadering). De concurrenten te slim af zijn (concurrentiegerichte benadering). Bij het behouden van een technisch concurrentievoordeel speelt het octrooirecht een belangrijke rol. In de biologie is er sprake van een concurrentievoordeel als een organisme (of soort) beter is aangepast aan de omgeving dan een ander organisme (of soort).
- Vantagem competitiva - VC pode ser entendida como uma vantagem que uma empresa tem em relação aos seus concorrentes. Há porém diferentes correntes teóricas que explicam a VC. De modo mais técnico pode-se dizer que a VC é a ocorrência de níveis de performance econômica acima da média de mercado em função das estratégias adotadas pelas firmas. Algumas das teorias que já foram vinculadas à explicação da VC são o posicionamento estratégico, a teoria dos recursos, as teorias baseadas nos processos de mercado e as teorias de competências dinâmicas. Com nítida vinculação mais a uma destas teorias, tem-se que a VC geralmente se origina de uma competência central do negócio. E que para ser realmente efetiva, a vantagem precisa ser: difícil de imitar única sustentável superior à competição aplicável a múltiplas situações Exemplos de características de empresas que poderiam constituir uma vantagem competitiva incluem: foco no cliente, valor para o cliente qualidade superior do produto distribuição ampla alto valor de marca e reputação positiva da empresa técnicas de produção com baixo custo patentes, direitos autorais e de propriedade industrial proteção do governo (subsídios e monopólio) equipe gerencial e de funcionários superior Há estudiosos que defendem que em um mundo competitivo que muda rápido, nenhuma destas vantagens pode ser mantida a longo prazo. Eles alegam que a única vantagem competitiva sustentável é construir uma empresa que esteja tão alerta e ágil que sempre irá encontrar uma vantagem, não importa que mudanças ocorram.
- Аванта́ж — вигода, користь, сприятливе становище.
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- Competitive advantage is, in very basic words, a position a firm occupies against its competitors. According to Michael Porter, the three methods for creating a sustainable competitive advantage are through: 1. Cost leadership - Cost advantage occurs when a firm delivers the same services as its competitors but at a lower cost; 2. Differentiation - Differentiation advantage occurs when a firm delivers greater services for the same price of its competitors.
- In der Wirtschaftswissenschaft bezeichnet man mit dem Begriff Wettbewerbsvorteil den Vorsprung eines Akteurs auf dem Markt gegenüber seinen Konkurrenten im ökonomischen Wettbewerb.
- En marketing y dirección estratégica, la ventaja competitiva es una ventaja que una compañía tiene respecto a otras compañías competidoras.
- Un avantage compétitif (avantage concurrentiel) est tout ce qui permet à une organisation de surpasser la concurrence. Il est en cela différent du facteur clé de succès qui est commun à toutes les entreprises présentes sur le marché. Il est dit durable lorsque son possesseur est en mesure de conserver durablement l'avantage compétitif; ses concurrents sont alors tentés de l'imiter, ou d'établir un nouvel avantage compétitif qui rende caduc celui qui l'emportait à un moment donné.
- Vantaggio competitivo è un termine utilizzato nel marketing e divenuto centrale nella gestione strategica (o management strategico), anche a seguito dei contributi di Michael Porter.
- Men spreekt van concurrentievoordeel in de economie wanneer een onderneming op een bepaalde markt een product kan aanbieden dat zich op een positieve manier onderscheidt van de anderen. Voordelen kunnen worden ingedeeld in: De klant met een beter aanbod van dienst zijn (klantgerichte benadering). De concurrenten te slim af zijn (concurrentiegerichte benadering). Bij het behouden van een technisch concurrentievoordeel speelt het octrooirecht een belangrijke rol.
- Vantagem competitiva - VC pode ser entendida como uma vantagem que uma empresa tem em relação aos seus concorrentes. Há porém diferentes correntes teóricas que explicam a VC. De modo mais técnico pode-se dizer que a VC é a ocorrência de níveis de performance econômica acima da média de mercado em função das estratégias adotadas pelas firmas.
- Аванта́ж — вигода, користь, сприятливе становище.
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