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Explaining how Prahalad and Krishman's RG, N1 formula applies to Operations - Essay Example

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In present days, the nature of association between customers and organizations has transformed radically. Traditionally, organizations developed the products and services by considering undifferentiated customers…
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Explaining how Prahalad and Krishmans RG, N1 formula applies to Operations
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"Explaining how Prahalad and Krishman's RG, N1 formula applies to Operations"

Today, organizations have reached to that point where convergence of internet, digitization, and the merging of industry and technology limitations are generating new demand forces in the market. Previously, it was anticipated that organizations build value and then communicated the value with the customers; however, this product oriented outlook of building value is swapped by co-creation of value through personalization of customers’ experience (Prahalad & Krishnan, 2008). Nowadays, new managerial demand arises which necessitates new bases of value formation in organizations. Prahalad and Krishnan had depicted that in today’s competitive business environment, organizations need to tailor the products by considering the requirements of each customer groups in order to gain access to new assortment of dealers. The out-dated methods of gaining competitive advantage are disappearing and new sources are evolving for organizations. Prahalad and Krishnan recommended that inner capability of an organization of reconfiguring the resources by concentrating on plainly recognized, apparent and robust business procedures which create connection between organizational strategy with business models and business tasks have become durable differentiators in today’s business environment. ...
Value in this sense is the exclusive and tailored experiences of customers. On the other hand, capacity denotes the magnitude and scope of organizations to fulfill the expectations of customers. In R=G and N=1 framework, it is being assumed that no organization is large enough to fulfill the requirements of one customer at a single time. Therefore, organizations focus on access to the resources rather than proprietorship (Leavy, 1975). The changing focus to the individual experiences of customers has saturated the industries separately. Diversity, flexibility, variation, and incessant innovation have become critical for success in today’s business environment which are embedded in the concept of R=G and N=1 formula. Competing in international business context necessitates executives to recognize the appropriate prospects for competency and innovation. Whatever the business is, finding the appropriate mix of capabilities for flexibility and efficiency is the key for success in R=G and N=1 framework. In business operation, N=1 requires businesses to concentrate on the value of separate customers experience and modify the products or services consequently. On the other hand, R=G requires businesses to concentrate on procuring raw materials for operations from ranges of suppliers. Applying R=G model in business operation delivers the prospect for organizations to pull the vital resources in order to generate personalized products or services for each customer (Johnston, 2008). The value of customers has changed from being product and service oriented to solution oriented and experience centric. Therefore, all organizations in modern days are pursuing access to best aptitude and best sources of resources which can lead to competitive Read More
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