Definitions Paper Organizations are under a constant battle to survive. Maintaining a competitive advantage will help an organization with profitability and achieving long-term success. Innovation, creativity, and design are three processes used by organizations to maintain a competitive advantage. Innovation, creativity, and design are vital components to maintaining a competitive advantage because all are part of creating new ideas or improving on existing products or services.
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Definitions Paper Organizations are under a constant battle to survive. Maintaining a competitive advantage will help an organization with profitability and achieving long-term success. Innovation, creativity, and design are three processes used by organizations to maintain a competitive advantage. Innovation, creativity, and design are vital components to maintaining a competitive advantage because all are part of creating new ideas or improving on existing products or services. The concept
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information. “Strategic marketing means looking at the whole of a company’s portfolio of products and markets, and managing the portfolio to achieve the company’s overall goals”. (Jain, 1987). “ Strategic marketing as seen as a process consisting of:analyzing environmental, market competitive and business factors affecting the corporation and its business units,identifying market opportunities and threats and forecasting future trends in business areas of interest for the enterprise ,and participating in setting
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Communication Process 2 Web site, the sender, and receiver This web site was developed by QinetiQ Organization, to inform the public of the type of services that are offered by the company and how they came into existence. QinetiQ is a British company that was privatized and created from the infrastructure of the United Kingdom Ministry of Defense Research Agency. After the company became public, they entered into acquisition and acquire several US companies and became QinetiQ North America
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in order to gain competitive advantage over others.’ According to Thomas B et al (2011) Innovation is seen in terms of creativity and the generation of new ideas. Although research tells that a few of these ideas will be commercially viable. Most often a company gains superiority through innovation, innovative products, process or new business models to provide a strong competitive advantage due to first move advantage. Innovation is in different forms, it can be product process and service innovation
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Definition See environment for the interpretive perspective of the organization and its strategic management implications. Strategic management is about charting how to achieve a company's objectives, and adjusting the direction and methods to take advantage of changing circumstances (Faulkner and Campbell, 2003, 3). ""The field of strategic management deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the
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Organizations have increasingly recognised the potential for their people to be a source of competitive advantage. Creating competitive advantage through people requires careful attention to the practices that best leverage their assets. This change in the mindset of executive decision-makers has spurred an increasing body of academic research attempting to reveal the effect of organisation’s HRM practices and its performance. The successful human resource practices that may increase performance
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therefore if used well by organizations it will benefit them enormously hence giving them a competitive edge over competitors. These roles of IT could be seen as an enabler, initiator or even a facilitator with the help of technologies such telecommunication and networking, computing among others. This discussion therefore looks at how IT supports business processes and decision making to give an organizations competitive edge. Introduction Information technology (IT) has become a theme of severe concern for management
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gaming consoles had left Lego trailing in the entertainment field. Jorgen Vig Knudstorp was appointed as the CEO to revamp the company’s business process, organization structure and information systems. Knudstorp was quick to act and first made changes in the company’s production process. He encouraged designers to use the unused components in development of new products and design, thus reducing the number of unused components and reduced losses as the cost of production of each unit was very expensive
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Strategic Management External and Internal Assessments 1 External Strategic Assessment “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” – Charles Darwin “Nothing focuses the mind better than the constant sight of a competitor who wants to wipe you off the map.” – Wayne Calloway, Former CEO, PepsiCo 2 1 External Audit – Sources of Information •Internet •Libraries •Suppliers •Distributors •Salespersons
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