COMMERCE 4BM3 Lecture Notes - Lecture 2: Dynamic Capabilities, Tim Hortons, Competitive Advantage
25 Nov 2018
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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. )
