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It might represent an essential change in philosophy for some companies, so strategists must be skilled to expect and constructively reply to issues and questions as they arise (Foss 2011).
In the long run, strategic management is about maintaining and creating a sustained competitive advantage (SCA). Strategies might be demarcated as plans for developing SCA. Therefore, SCA is the main thing that scholars of strategic management seek to clarify. It is defined as the organizational ability to build and appropriate more value than the opposition on a continuous basis. However, it must be noted that a firm having an SCA does not mean superiority in economic performance; instead SCA is a possibility for such a performance, which might or might not be realized. Entrepreneurial organizations vary in form and constituent from their enormous and well-established counterparts. Alternatively, they are viewed as more practical, better risk-takers, and not as much official than their big counterparts. Instead, they suffer or at least appear to, from their distinctive features of smallness and newness. Being small and new, they time and again lack the necessary resources to develop and survive competitive advantage. We can examine the exclusive characteristics of the entrepreneurial organizations through two distinct theoretical lenses, namely the resource-based view and resource dependence theory (Peng 2001).
In the present version, the resource-based view of strategy is considered by finding the potential to build and appropriate more value than the opposition to the resource benefits of organizations and the features of these sources. It focuses on competitive advantage created by the organization from its distinctive set of resources. An organization is said to possess a competitive advantage when it is executing a value constructing a strategy that is not executed by any potential or current
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In other words, principle-based standards mean moving away from reliance on detailed, prescriptive rules and relying more on high-level, broadly stated rules or Principles to set the standards by which regulated firms must conduct business (Black et al, 2007).
The primary concept is based on the idea that the middle class is the focus of the concept of justice providing for this social class also being the center of the development of the constitution. Through the middle class, the ideas of justice are lined to the idea of constitutions and the development of the polity becomes founded upon ideals that are focused on the justice that serves the greatest numbers of people.
Today, since all regions aim to be the ‘next Silicon Valley’ and tend to support innovative firms, it has become a topic of interest to understand the knowledge economy in which the achievement of firms depend on how well they can manage innovation and technological changes.
Entrepreneurs are people who create the businesses and capitalize on new opportunities. In a small business context, entrepreneurship is mainly concerned with wealth creation (Fournier, 1998). Such ventures consider entrepreneurship as a means of accumulating more wealth by managing the small business and growing them.
The relevance of the resource-based view can be explained by increasing importance of strategic vision of the organization and increasing role of fast response to changes affected international environment. In general, the concept of resource-based view is founded on the belief expressed by Campbell (1997) that competitive advantage is obtained if a company can obtain and develop resources (and human resources) which enable it to learn faster and apply its learning more effectively than its rivals.
cy of existing parameters of risk-based planning applications in the Federal administrative system, ranging from local government institutions to central government institutional apparatus. A vital paradigm shift in this respect is, inescapably, needed specially, due to a
The business strategy of AADC includes the ownership, operation and maintenance of the water and electricity distribution network assets, meter reading and services for the supply of water and electricity.
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Simple planning cannot be termed as innovation or strategic initiative. Understanding the relationship and link between strategy and innovation is the prime topic of discussion in the current study with extended
It explains more on how a company can reach its competitive advantage, by its use. Competitive advantage is the ability of a company to produce unique goods by using specific strategies. The paper below also analyses on how a Resource-based view can be used by a company to plan for its strategies and analyze the organization as a whole.
The current paper will provide a critical analysis of the strategic capabilities of eBay and how they can be utilised to achieve sustainable competitive advantage. The study has aimed to propose as well as justify a structure which can maximise the
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