Diversity’s Importance To The Competitive Advantage David Calderone Management 300 Dec. 06, 2011 Table of Contents Cover Page – Pg. 1 Table of Contents – Pg. 2 Analysis of Topic – Pg. 3-9 References – Pg. 10 Appendix – Pg. 11-12 Diversity is important for workplaces to retain a competitive advantage in today’s global economy. “Diversity enriches the workplace by broadening employee perspectives, strengthening their teams, and offering greater resources for problem resolution” (Cox)
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four major business functions. They are manufacturing and production, sales and marketing, human resources, and finance and accounting. * Manufacturing and production: assembling the product, checking product quality, producing bulls of materials * Sales and marketing: Identifying customers, making customers aware of products, selling the products * Human resources: hiring employees, evaluating employee job performance, enrolling employees in benefits
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objectives and strategies in ways to make the organization more successful. This includes trying to create "sustainable" competitive advantages -- although most competitive advantages are eroded steadily by the efforts of competitors. A good recommendation should be: effective in solving the stated problem(s), practical (can be implemented in this situation, with the resources available), feasible within a reasonable time frame, cost-effective, not overly disruptive, and acceptable to key "stakeholders"
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a firm manages the formulation and implementation of its strategy.”[196] The strategic management process is “the coordinated means by which an organization achieves its goals and objectives.”[197] Others have described strategy as the pattern of resource allocation choices and organizational arrangements that result from managerial decision making.[198] Planning and strategy formulation sometimes called business planning, or strategic planning, have much in common, since formulation helps determine
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States used the niche market strategy to maintain competitive advantage from its rivals. They avoided large airports, focused mainly on short flights which are ideal for families and business people, as well as excluded seating requirement and on flight meals to reduce their cost South West Airlines tangible resources can be divided into three main categories; human resources; financial and physical resources (Henry, 2008). Physical resources refer to physical facilities and equipments that are
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services in. With these markets forever changing and evolving the managers of the organisations must constantly be forecasting and predicting what the markets might be doing in the future through past and current market trends to maximise competitive advantage and provide above average returns (Jarzabkowski, Balogun & Seidl 2007:5–7) as well as to understand the difference between discontinues and incremental change. According to Jarzabkowski et al (2007:5–7) In order for organisations to succeed
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components, or other resource input (5) Buyers *Industry Driving Forces (1) Increasing globalization (2) Product innovation (3) technology change and manufacturing process innovation (4) marketing innovation (5) entry and exit of major firms (6) Changes in cost and efficiency (7) Changing social concerns, attitudes, and lifestyles Chap-4 *Identifying Company Resource Strengths & Competitive Capabilities (1)A skill or important expertise (2)Valuable physical assets (3)Valuable human assets (4)Valuable
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CSAC05 1/13/07 9:21 Page 123 5 Analyzing Resources and Capabilities Analysts have tended to define assets too narrowly, identifying only those that can be measured, such as plant and equipment. Yet the intangible assets, such as a particular technology, accumulated consumer information, brand name, reputation, and corporate culture, are invaluable to the firm’s competitive power. In fact, these invisible assets are often the only real source of competitive edge that can be sustained over time. —HIROYUKI
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and competitive advantages our consultants have come up with four recommendations to create a more formal talent philosophy. 1. Create a long term career environment for employees 2. Value the ideas and contributions of people with diverse ideas and perspectives 3. See employees as assets to the company 4. Incorporate ethical principles for employees to follow Human Resources Strategy In order to develop a human resource strategy; there must be a linkage of the entire human resource
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Environmental analysis is a strategic tool. It is a process to identify all the external and internal elements, which can affect the organization’s performance. The analysis entails assessing the level of threat or opportunity the factors might present. These evaluations are later translated into the decision-making process. The analysis helps align strategies with the firm’s environment. Our market is facing changes every day. Many new things develop over time and the whole scenario can alter in
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