A firm has a sustained advantage when it is implementing a value creating strategy not simultaneously being implemented by any current or potential competitors and when these other firms are unable to duplicate the benefits of this strategy. A firm enjoying a sustained competitive advantage may experience these major shifts in the structure of competition, and may see its competitive advantages nullified by such changes. However, a sustained competitive advantage is not nullified through competing firms duplicating the benefits of that competitive advantage. To have the potential of sustained competitive advantage, a firm resource must have four attributes :
Competition is well known for providing great productivity which leaders to a growth in the economy. Not only can competition improve the quality of work, it can also improve innovation. Innovation is an important quality to have in a company because it aids in keeping products and services fresh. “Economic Influence on Marketing” claims, “To keep current, your business has to adapt to changes in the industry and must always keep its eye out for innovative, cutting-edge technology and product improvements” (Bradley). With the advancements of technology today, many new products come out on the market and the consumers taste begin to change.
With the introduction of new ideas, products, services or even methods of production using new technologies, the economy is able to benefit and perhaps grow. Entrepreneurship is able to contribute towards job creation, within the short or long run. With new ideas and opportunities, comes the need for human resources and thus new jobs are created. The need for labour therefore decreases the rate of unemployment within that specific country, thus having a positive effect on the economy. However, according to Carree, M.A. and Thurik, A.R. (2002) the relationship between unemployment and entrepreneurship is unclear.
Technological determinism is the idea that assumes that technology develops because of society, its values, and other extraneous factors. This theory argues that technology is not a force of nature, and as such whether something succeeds or fails is a matter of consumer choice and societal ideals. The best technology is not guaranteed to be a success and just because something sounds superior on paper does not mean it will be practical or profitable when it reaches the market or receive the backing of the consumer body that it requires to be successful. The on paper, better idea is often not the technology that is chosen due to consumer preferences, societal values, innovative mistakes, and countless other extraneous factors The copper cooled
Fear of change may also be generated by technological challenges. Patton argues that technology and innovation have a great power to disrupt, since the introducers of new technologies have a better understanding of them than the end-users. Change may al-so confront feelings of comfort or apathy in employees. Employees are often unwilling
In the absence of substitutes, the producer of such a product will wield substantial market power. Such exercise of market power can lead to allocative inefficiencies. Tension can arise between IPRs and competition law because IPRs create market power, even monopolies, depending upon the extent of availability of substitute products. IPRs tend to restrict competition, while competition law engenders
Scientific management is important because it can raise the standard of the living by making the workers more efficient and productive and adding extra incentives for their wages.
This would improve productivity. Generation Y is dominating in the workforce and one of the important traits of this generation is “Recognition” more than money. Therefore, the organizations should consider these aspects in order to improve employee engagement. This is also the most digitally sophisticated generation who is constantly looking for sustainable environment therefore, workplace is important in attracting and retaining Gen Y. Other such factors can include, location of a company, technological provisions and the flexibility, adaptability which supports both formal and informal engagement and interaction. Ensuring participation of the employees in a way to make them important and needed is again
The Journal of World Business article states there are disintegration-related advantages, location-specific advantages and externalization advantages (Kedia & Mukherjee, 2009). Disintegration-related advantages relate to the advantages that allow a company to focus on its core competencies by offshoring and modularity advantages. They allow the company to focus on innovation. They can do that by reallocating resources which can be benefitted by better quality of services and products. Offshoring a part of a company’s value chain can lead to modularity benefits of greater flexibility, speed and cost reductions.
Buyers are therefore willing to pay different prices from the same product that is produced by different firms, giving the individual to influence the market price of its product. 3. Selling costs: Under monopolistic competition, products are differentiated and these differences are made known to the buyers through selling costs. Due to this reason, selling costs constitute a integral part of the total cost under monopolistic
Collectivism, or group prioritized decision making, is widely regarded as a negative attribute when isolated. The world of Anthem is an example of a world based off of collectivism, where the most recent technology developed is a candle, which recently replaced torches. The world is undeniably primitive in some areas, but is clearly not in others. Almost all economic and social aspects of the society seemed to have been developed years ago, yet almost no progress has been made in scientific areas. Science isn’t likely to be a large or common factor in collectivist societies, and scientific research has a positive correlation to technological advances resulting in the lack of development in technology.
Progression of Technology After the 1940s technology rapidly advanced. The progression in technology has made things more convenient and more efficient. Along with a great appreciation of technology came negative ideas and conflicts. Nicholas Carr’s “Is Google Making Us Stupid?”