A company can also gain an upper hand over its competitors when its capable to respond to external changes faster than other organizations. Academy of Management Executive, Vol. There are many ways to achieve the advantage but only two basic types of it: Development Development is believed to be a form of learning and training which changes the individual intellectually and not just changing their work skill or knowledge but the individual as a whole and it also helps the individual to grow in their career and also in all aspect of life.
Sustaining Competitive Advantage through Human Resource Development Human resource development is viewed as an important necessity to Walt Disney because to them training is seen as an important investment in the success of their company, while some organizations see training as necessary but expensive, Walt Disney make it top priority.
This view has gained significant ground among HR practitioners as basis of models for formation and structure of resources. Innovative products, processes or new business models provide strong competitive edge due to the first mover advantage.
The cost leadership and differentiation strategies are not the only strategies used to gain competitive advantage. Having a well designed and structured competence based training and development program; the organization can work towards ensuring that they have the right skills and the right people to achieve their organizational goals and sustain competitive advantage which can only be achieved by having employees that can effectively and efficiently perform their job.
It is believed that mentoring is a form of support in enabling women to progress up the career ladder particular in the area of professions and management. Performance management develops the capacity of the employee to meet, exceed and to achieve their full potential for the benefit of the organization as well as themselves, it can also serve as the basis for self development and ensure that the support and the guidance need by the employee to develop and improve is available.
Human resource development is concerned with enhancing organizational performance through effective development and deployment of organizational members. Technically these resources have been divided into two, non contingent and differentiating capabilities.
Higher profit margins lead to further price reductions, more investments in process innovation and ultimately greater value for customers. A company that possesses VRIO valuable, rare, hard to imitate and organized resources has an edge over its competitors due to superiority of such resources.
Differentiation strategy is used in this situation and company positions itself more on branding, advertising, design, quality and new product development like Apple Inc.
Every company must have at least one advantage to successfully compete in the market. Their employees are also provided with teachers who serve as mentors who has more experience and who can show the employees what should be done and what not to do.
Resources here imply financial and non financial both and they are equally important and interdependent. Such that the resource cannot be replaced even after the competitors having spotted the same.
Training Staffs are important resources to an organization in other to achieve economic and effective performance, in other to ensure that an organization has staffs that are capable of career advancement into the role of a specialist or a manager an organization needs to engage in adequate training.
For example, Subway and KFC.Knowledge Management and Competitive Advantage. competitive advantage. For example, through An Examination and Critique of the Use of Knowledge Management in Achieving and Sustaining.
Achieving Competitive Advantage Through Knowledge Management and Innovation: Empirical Evidences from the Indian IT Sector The IUP Journal of Knowledge Management, Vol. IX, No. 2, pp.April Achieving competitive advantage through knowledge sharing: Deducing the determinants of knowledge sh January · International Journal of.
ACHIEVING COMPETITIVE ADVANTAGE THROUGH KNOWLEDGE MANAGEMENT: EVIDENCE FROM MALAYSIAN SMEs LEE VOON HSIEN (Principal Researcher), Universiti Tunku Abdul Rahman.
The 2 kinds of Competitive Advantage and the 2 clearest ways to get it. Strategic Management Insight shows you how to maximize superior performance. Through external changes. When PEST factors change, many opportunities can appear that, if seized upon, could provide many benefits for an organization.
He's been using his.
Learn business strategy and gain a competitive advantage with eCornell's business strategy certificate program. This certificate program covers industry and competitive analysis, firm positioning options, game theory for business decisions, tactical pricing strategies and more.