Strategy in Achieving Sustainable Competitive Advantage
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Strategy in Achieving Sustainable Competitive Advantage
Being competitive is very different than achieving sustainable competitive advantage. Achieving competitive advantage needs to be a core part of strategy and instilled within the management philosophy so that the organization will continually be innovative and entrepreneurial and this strategy is the foundation of the organizational culture. Competitive advantage requires organizations to do the following:
- Adapt to external environmental changes
- Be customer driven and focused
- Have flexible strategies and processes that can meet the needs and diverse requirements of customers, suppliers, distributors, regulators, and stakeholders
- Be able to quickly respond to the fast pace of change in the environment by recognizing and taking advantage of opportunities that emerge
- Proactively meet and exceed the needs of customers in light of existing competition
- Actively engage in R & D to continuously prioritize the development of new products, services, processes, markets, and technologies
Organizations that are more adaptable, focused, flexible, responsive, proactive, and engaged in R & D are in a more favorable position not only to adapt to the complex, dynamic external environment but to generate change within that environment and sustain competiveness. Innovation and entrepreneurship are the key sources of sustainable competitive advantage as evident from leading entrepreneurs such as Richard Branson (Virgin Group), Bill Gates (Microsoft), Pierre Omidyar (eBay), and Mark Zuckerberg (Facebook). Continuous innovation, entrepreneurial activity, and an ability to bring about positive changes are the key success factors (KSFs) that define corporate performance in the dynamic, complex, knowledge economy of the 21st century. Strategy in Achieving Sustainable Competitive Advantage
The Role of Innovation, Entrepreneurship, and Strategy in Achieving Sustainable Competitive Advantage
Innovative and entrepreneurial organizations develop a strategy that can effectively lead to the commercialization of the new and novel products or services in the marketplace with a sustainable competitive advantage. Strategic management and entrepreneurship are dynamic processes that are intended to enhance organizational performance (Kuratko & Audretsch, 2009). Strategic management focuses on how competitive positioning can create advantages for organizations that, in turn, enhance performance (Porter, 1980, 1996) and achieve sustained competitive advantage. Strategic planning requires top management to focus beyond the current external environment and envisage the organization’s market position in the short, medium, and long term. It necessitates the ability to evaluate the resources and core competencies in terms of how they can be utilized to create new sources of value.
Innovation and entrepreneurship are the key to successfully developing competitive advantages. The challenge is to develop innovation and entrepreneurship as a core competence of the organization. In a global competitive economy, the most successful strategies are those that are integrated with innovative and entrepreneurial activities that offer superior value and create wealth. Strategy and strategic management define the direction of the organization and how well it is achieved. Management needs to develop a strategy that focuses on the best ways for the organization to create and sustain a competitive advantage while simultaneously identifying and developing new opportunities. Innovation and entrepreneurship are focused on searching for new opportunities that will create value for the organization, customers, and stakeholders. Strategy is focused on sustaining competitive advantage and achieving above-average returns. Simultaneously embracing entrepreneurial philosophies, an entrepreneurial climate, and entrepreneurial strategic behaviors increases the likelihood an organization will identify and use its unique capabilities as a pathway to increasing its performance (Ireland, Covin, & Kuratko, 2009). Therefore, the integration of innovation and entrepreneurship for opportunity identification and development and a strategy for sustaining competitive advantage are necessary for value and wealth creation. Organizations that can develop competitive advantages today, while using innovation and entrepreneurship to cultivate tomorrow’s advantages, increase the chance of survival and growth in the long term.
Strategy in Achieving Sustainable Competitive Advantage
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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