Competitive advantage
Business process management
Mechanism (biology)
Competition (biology)
Competitor analysis
Best insight from top research papers
Key factors that contribute to a company's competitive advantage include work design, training, organizational culture, innovation orientation, and achieving a symmetric combination of price, product, and service advantages. Work design and training have a positive direct impact on the creative problem-solving process, which in turn enhances a firm's competitiveness . Organizational culture also positively influences the creative problem-solving process and its outcomes, leading to increased competitiveness . Innovation orientation promotes the fuzzy front-end activities of new product development projects, which ultimately contribute to competitive advantage . Additionally, achieving a symmetric combination of price, product, and service advantages leads to increased market performance . These factors, along with external and internal factors such as infrastructure, labor market efficiency, and innovation, contribute to a company's ability to defeat rivals and lead the market .
Related Questions
What are the key components of competitive advantage?4 answersA competitive advantage in business is achieved through various key components. These components include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology. Additionally, intellectual capital components, such as human capital and relational capital, play a significant role in creating a competitive advantage. However, it has been found that structural capital does not have a statistically significant effect on competitive advantage. Furthermore, sustainable competitive advantage is achieved by doing something better than competitors for a long period, which can be a company asset, value, quality, or characteristic that is difficult to reproduce. Overall, the key components of competitive advantage include access to resources, skilled labor, geographic location, technology, intellectual capital, and unique qualities that set a company apart from its competitors.What are the determinants of competitive advantage?4 answersDeterminants of competitive advantage include innovation orientation, organizational culture, business environment, raw material requirements, digital transformation, service quality, personal selling, entrepreneurial orientation, and absorptive ability. Innovation orientation positively impacts the fuzzy front-end (FFE) activities of new product development (NPD) projects, which in turn promote competitive advantage. Organizational culture, innovation, and the need for raw materials have a significant effect on competitive advantage. Competitive price strategies, service quality, and personal selling positively affect competitive advantage and purchasing decisions. Digital transformation is both a dependent and independent variable, influencing competitive advantage. Entrepreneurial orientation has a direct impact on competitive advantage and also increases absorptive abilities. These determinants contribute to the formation of competitive advantage and can be leveraged by organizations to enhance their competitiveness in the market.What are antecedents of competitive advantage?5 answersThe antecedents of competitive advantage identified in the abstracts include information and communication technologies (ICT) use, innovation, absorptive capacity, CEO's temporal leadership, customer relationship, supplier partnership, flexibility of the supply chain, creativity, corporate culture, knowledge management, selection ratio, and employee retention. These factors have been found to contribute to the development of competitive advantage in various industries and contexts. Additionally, the abstracts highlight the importance of considering the mediating role of factors such as corporate entrepreneurship, strategic thinking, and competitive advantage itself in understanding the relationship between antecedents and competitive advantage. Overall, the abstracts suggest that a combination of factors related to technology, innovation, relationships with customers and suppliers, organizational culture, and strategic decision-making can influence the achievement of competitive advantage in organizations.What are the key factors that contribute to a company's competitiveness and productivity?3 answersKey factors that contribute to a company's competitiveness and productivity include human capacities, the political and economic environment, financial capital, business capital, natural capital, technology capital, institutional capital, social capital, and infrastructure capital. Additionally, relativity, benchmarking, trilogy architecture, and pragmatism are important aspects of competitiveness and productivity. Furthermore, knowledge capital, indigenous innovation, FDI, import trade, labor productivity, human capital, research and development, and strong institutions play a significant role in a country's competitiveness. Moreover, a strong management approach, adaptability to technological changes, and creating competitive advantages are crucial for businesses to compete effectively. Lastly, the appropriate education and training of human resources are essential for improving productivity and promoting knowledge distribution within a company.What are the key factors that contribute to a product's competitive advantage?4 answersKey factors that contribute to a product's competitive advantage include high product quality, strategic orientation, innovation capabilities, network capabilities, and social capabilities. High product quality is essential for meeting customer needs and exceeding expectations, while also ensuring the product remains in demand. Strategic factors such as choices of businesses, diversifications, resource deployment, and value chain management are crucial for gaining a competitive advantage. Additionally, the ability to manage corporate level strategies, customer orientation, value chain, culture, and change management approaches are important for achieving competitive advantage. Overall, a combination of these factors, including product quality, strategic orientation, innovation capabilities, network capabilities, and social capabilities, contribute to a product's competitive advantage.How can companies maintain a competitive advantage?3 answersCompanies can maintain a competitive advantage by focusing on their entrepreneurial competencies and strategic assets. Entrepreneurial competencies play a crucial role in determining competitive advantage, and companies should identify and leverage their competencies to differentiate themselves from competitors. Strategic assets, which are intangible and hard to replicate, are key to creating and sustaining competitive advantage. However, these assets are often not reflected in financial statements, so companies should provide additional information about their strategic assets in their earnings conference calls and annual reports. Additionally, companies can enhance their competitive advantage through innovativeness and the development of new products, technologies, and business models. Organizational resilience and learning also contribute to sustained competitive advantage, with environmental dynamics playing a moderating role. By focusing on these factors, companies can maintain their competitive advantage in a dynamic and competitive market.
