Competitive
Competitive advantage is what sets an organization apart. A competitive edge is a necessary ingredient for an organization’s long-term success and survival. Unique resources provide a company with a sustainable competitive advantage. The four characteristics of unique resources are value, rarity, ability to duplicate, and ability to exploit. Resources that have all four of those characteristics can be used to form sustainable competitive advantages.
1) Does it add value | 2) is it rare | 3) Can firm exploit it? | 4) is it hard to duplicate and substitute?
Construct a 2-3 page paper, based on the four characteristics of a product with potential for sustainable competitive advantage and based on the research you conducted; identify and discuss a company that does an effective job of utilizing these resources in the competitive marketplace. Also describe the product in relation to the four characteristics of sustainable competitive advantages.
Answer preview
Competitive advantage makes the company that incorporates it in the business world to stand out in the market. This advantage may arise in ways such as access to natural resources, a better geographic location, highly skilled labor or easier access to technology places the company in a better position than the others. Each of the resources that give the firm a competitive advantage has four characteristics namely; the ability to add value to a company, scarcity, ability to be easily exploited by the holding company and the fact that the resource is hard to substitute or duplicate.
At the preliminary, the product should add value to the company meaning that whenever the company utilizes it, and it creates more value for the company. The value addition may be in the form of more sales, improved services or quality, expansion of the company and increased customer turnout. If a product adds value…
(700 words)