Blue Ocean Strategy

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…

the overall degree of switching costs. Most importantly, the reports generated by the marketing information system will assist the organization to differentiate its products theirs by enhancing their appeal. (Lientz, 2011). The application of that strategy is likely to ensure that the organization manages to stay ahead of the…

Reading Synthesis Both articles What is Strategy and Firm Resources and Sustained Competitive Advantage focus on the importance of strategic decisions in business from two different perspectives. What is Strategy carefully assess and breaks down the meaning of strategy, while Firm Resources and Sustained Competitive Advantage discusses sources of competitive advantage as it relates to strategy. As we move further, we will examine both articles and how they relate to each other from different…

Porter’s Five Forces Model The main purpose of using Porter’s 5 Forces is to determine the attractiveness of an industry and provide a starting point where a strategy can be formulated in understanding the competitiveness of other companies in operation (Porter, 1985). Competition/ Industry Rivalry As already noted, the consultancy industry is widely flooded and only the best firms offering business solutions are likely to service. As already indicated earlier, the big players of the industry…

research ideas. Legal is a narrow look at possible legislation coming forward, along with already passed legislation that can affect the organization. Environmental issues are factors relating to the political or social climate. “Unlike SWOT this strategy is more directly aimed at the external macro environmental factors that might be affecting the position of your business, the reason behind growth or decline in the market and also identify new directions for the business as a whole” (SWOT…

Strategic plans are a way to give an organizations mission, objective, and strategy a direction by using action steps to attain goals. They are long term plans that can reach out to five years into the future. Strategic planning can be broken up into two parts which are developing the strategy and putting that strategy into action and to do this steps need to be put into place (Barnat, n.d.). This allows for a clear direction and goal that can be…

To forge links between strategy, innovation and in turn, performance, BC needs to incorporate a cohesive set of human resource management practices, focusing on soft HRM and their people, such as selection, role design, learning and development and talent management, to garner…

The Importance of the Strategic Management Process Strategy enables businesses to evaluate the external opportunities and threats that effect their success and competitive advantage in the market. This paper explains the importance of strategy in business, and analyzes the main components of the strategic management (three-tier) process. It also discusses the significance of having a future oriented plan by defining an organization’s vision, mission statement, purpose, philosophy, and goals.…

1. “Leadership through Quality, is the customer” strategy. Xerox reviewed its business strategy that prevailed in the 1980’s. A Strategy Audit that acted as a reality check forced the following mea-culpa: - Xerox was losing significant share of the market that it pioneered in the 1960’s - Competitive entries were putting Xerox’s very survival at stake - When ruling supreme on the market in the 70’s, Xerox “lost sight of the customer” - The mission statement “We succeed through satisfied…

How does The Ritz-Carlton match up to competitive hotels? What are the key differences? The Ritz Carlton follows the five servqual dimensions to match up with competitive hotels. The hotel trains employees with high responsibility to help customers and provide prompt service. Secondly, the hotel managers assure knowledge and courtesy of employees. They have ability to convey trust and confidence for their clients. The hotel aims to solve all of customers‘ problems during their stay. Thirdly, the…