What does it take to run a marathon?Vision to see the goal, training to reach peak fitness, the positive mental attitude to stick with the task and the strategic plan that brings these variables together. Months of preparation are required and progress has to be carefully monitored to keep the runner firmly on course.Along the way there may be times of stress or de-motivation. That is when the athlete must refocus on the goal and the sense of personal achievement it will bring. At all times the strategy must be clear, giving direction, providing inspiration, ensuring ultimate success.Vision and StrategyAs it is with the runner, so it is in business where without vision, training and the right mental approach, the company cannot achieve its goals. Every organisation is made up of individuals who need to be motivated, engaged, given direction and most importantly, a goal to aim for.Individuals may not reach the goal on their own but through working in teams, inspiring each other, they … [Read more...] about Developing & Engaging Your People – The Competitive Advantage
Rbv competitive advantage
Opening a new coffee shop is not extremely difficult in and of itself, but opening one with a competitive advantage that allows it to thrive rather than flounder in the local market is a challenge that requires planning ahead. Nonetheless, there are several proven routes to competitive advantage used by coffee shops, and one may be successful for yours.Quality DifferentiationThe quality of your products can convert those who currently drink at other establishments to yours and hook those who might be one-time visitors to return. To ensure high quality, you have to check quality at every step of the service process, from the sources of your coffees and other products, to the systems, staff, and equipment you use to store, grind, brew, and serve. You may need to have unique or unusual sources for your products so that you are not competing closely with other shops who share the same suppliers. Researching suppliers may be the best method for this type of advantage, unless you have … [Read more...] about Open a Coffee Shop With a Competitive Advantage
A competitive advantage could simply be defined as the advantage or ability a firm has over its rivals in the industry; or the ability a firm has to outperform its industry rivals.A firm is said to have a competitive advantage when it has the capabilities or means to push out its rivals in striving for the favour of customers. This applies internationally or locally as well as to both services and products.Thus, a sustainable competitive advantage is the persistence the firm applies despite efforts by competitors or potential entrants to copy or overtake it. Sustainability therefore, requires that strategic assets are not easily available to others and imperfectly mobile. This will be considered later.Porter (1990) states that, though not all nations are in the forefront of competition, the home nation which shapes the competitive advantage is the starting point for a firm's competitive advantage and also from which it must be sustained. However, in whatever field of endeavor, … [Read more...] about Sustaining Competitive Advantage
As I've traveled around the country over the past several years working with companies and their salespeople, I've been amazed to find that they do not know, and cannot articulate, their competitive advantage! How can companies and their salespeople expect prospects and customers to give their time and attention if they do not understand, clearly and concisely, what that company can do for them that no one else can do? That's what I call selling in the pit.Companies and salespeople who don't understand their competitive advantage are all in a deep pit saying things like, "Our product is better quality," or, "Our service is better," or, "I'm my company's competitive advantage." Even if the salesperson is the company's competitive advantage, they won't convince their customers just by saying so because many of their competitors will be saying the exact same thing! That's selling in the pit! To get out of the pit, salespeople have to define quality. They have to show the prospect what … [Read more...] about Stop Selling in the Pit – What’s Your Competitive Advantage?
All of us in business are constantly thinking of ways to stay ahead of our competitors, but what actually is competitive advantage? Many strategy specialists discuss competitive advantage and the need for it in business, yet very few of them actually define the term. The difficulties in finding a suitable definition may simply be the result of competitive advantage meaning what it is; i.e. an advantage in terms of competitiveness, where no exact definition is given because it is company or product specific.The notion that competitive advantage is company specific is supported by Hay and Williamson (1991, p42), where they define the term as a, "deceptively simple idea of assessing a company's capabilities and market position by how they give it advantage relative to competitors". They bring forward the opinion that competitive advantage can only be found by making a comparison between a company and its competitors. This is further supported by Barney (1991, p99) who also brings in the … [Read more...] about What Is Competitive Advantage?