SSH 301 Lecture Notes - Lecture 5: Intellectual Capital, Competitive Advantage, Strategic Management
17 Oct 2017
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Important for competition: as competition stiffens, entrepreneurs with no strategy hit a dead end. What impacts companies to create strategies: structural, trends, demographics, niches, not stagnant strategy needs to change. Experimenting entrepreneurs is important: adapting and finding new ways in response to the market and the consumers, the world shift from financial capital (resources) intellectual capital (software; computers), far more important for effective production. Intellectual capital: human capital, structural capital (software"s, cumulative, customer capital (network) Strategic management: developing a game plan for business: vision, mission, goals. Turn strategy into goals: why: profitable business, competitive advantage: having something nobody else has. Small businesses don"t have competitive advantages aside from location: competitive advantage with brand name. Competitive advantages: you have something other companies don"t, and the market/ consumers realize that : products, services, prices, the way they sell. *finding people and matching them to jobs* - significant for competitive advantage. Set specific goals and objectives (has to be measurable quantifiable time and.
