4. BUSINESS RELATIONSHIPS MANAGEMENT’S IMPACT ON COMPETITIVE ADVANTAGE
Introduction to competitive advantage
In modern global economy and globalised market it is of high importance to be competitive and ahead of your business rivals or competitors. Competitive advantage is (Warf, 2010. p. 559) “an improvement on the traditional theory of comparative advantage”. Sustainable competitive advantage is considered (Baaij, Greeven and Van Dalen, 2004) a cornerstone concept in strategy practice and research. In his influential book Michael Porter (1985a) identified the principles of competitive advantage which are namely a) cost advantage, b) differentiation and c) focus.
Furthermore, technology, innovation, dynamic capabilities, business intelligence …show more content…
Business Relationships Management can provide an organisation with many benefits, especially by improving communication practices and relationships with suppliers, customers, and internal relationships. This could enhance NewTech’s competitive advantage which is a key component for every company in global market.
Therefore, the following recommendations to NewTech’s board of directors are proposed in order to enhance NewTech’s competitive advantage and assist its efforts to remain a leading company in global market of smart technologies:
1. Deployment of a dedicated Business Relationships Management team which should take charge of all the internal and external relationships of the company.
2. Change company’s structure and culture in order to comply with the new company’s strategy and role distribution. Structural and cultural changes would refresh NewTech’s approach to business and enhance innovation.
3. Enhance IT’s role in the company. The newly appointed Business Relationships Management team should be the liaison between the IT and the
Introduction to competitive advantage
In modern global economy and globalised market it is of high importance to be competitive and ahead of your business rivals or competitors. Competitive advantage is (Warf, 2010. p. 559) “an improvement on the traditional theory of comparative advantage”. Sustainable competitive advantage is considered (Baaij, Greeven and Van Dalen, 2004) a cornerstone concept in strategy practice and research. In his influential book Michael Porter (1985a) identified the principles of competitive advantage which are namely a) cost advantage, b) differentiation and c) focus.
Furthermore, technology, innovation, dynamic capabilities, business intelligence …show more content…
Business Relationships Management can provide an organisation with many benefits, especially by improving communication practices and relationships with suppliers, customers, and internal relationships. This could enhance NewTech’s competitive advantage which is a key component for every company in global market.
Therefore, the following recommendations to NewTech’s board of directors are proposed in order to enhance NewTech’s competitive advantage and assist its efforts to remain a leading company in global market of smart technologies:
1. Deployment of a dedicated Business Relationships Management team which should take charge of all the internal and external relationships of the company.
2. Change company’s structure and culture in order to comply with the new company’s strategy and role distribution. Structural and cultural changes would refresh NewTech’s approach to business and enhance innovation.
3. Enhance IT’s role in the company. The newly appointed Business Relationships Management team should be the liaison between the IT and the