COMM1170 Week 1

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Last updated 9:32 AM on 2/18/25
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12 Terms

1
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Resource Based View (RBV)

Focuses on an organization's internal resources as the primary source of competitive advantage.

2
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Sustained Competitive Advantage

A firm has sustained competitive advantage when it implements a value-creating strategy not simultaneously being implemented by current or potential competitors.

3
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Operational Excellence

A strategic approach emphasizing reliable products/services at competitive prices, with efficient internal business processes (eg. cost efficiency, efficient internal business processes)

4
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Customer Intimacy

A strategic approach focused on personalizing solutions and services to meet varied customer needs (eg. detailed customer knowledge with operational flexibility so they can respond quickly to almost any need, customizing produce to fulfill special requests)

5
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Product/Service Leadership

A strategic approach where firms aim to produce innovative products/services and continuously seek new solutions for customer problems.

6
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Strategic Leaders

  • Broader, longer term focus (3-5 years of planning)

  • Identify, acquire and develop the resources. Explore opportunities to create new resources or capabilities that can provide a competitive edge

  • Make decisions that shape competitive strategy, resource allocation priorities, market entry or exit decisions, mergers, acquisition and partnerships

7
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Operational Managers

  • Short term focus (days to months) on execution of the organisations operations

  • Managing and deploying the existing resources effectively

  • Make decisions to optimise resource allocation and implement standard operating procedures (eg. streamline processes, control costs and increase productivity)

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Phases of Organisation Life Cycle

Stages a firm goes through: Startup, Growth, Maturity, Decline, and Renewal.

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Maturity Phase

A stage in the organization's life cycle characterized by stagnation, bureaucracy, and innovation failure.

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Renewal Phase

A phase where organizations seek reorganization, merger, acquisition, or sale to adapt and grow.

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Deline Phase

growth and innovation slows, creating diminishing returns

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4 tests of a competitive power

  • Valuable

  • Rare

  • Inimitable

  • Organisation