Describe some competitive advantage strategies that are based on business processes
What will be an ideal response?
Some of the competitive strategies that are based on business processes include:
1. Locking in customers—organizations can lock in customers by making it difficult or expensive for customers to switch to another product. This strategy is also called establishing high switching costs.
2. Locking in suppliers—organizations can lock in suppliers by making it difficult to switch to another organization, or, stated positively, by making it easy to connect to and work with the organization.
3. Creating entry barriers—competitive advantage can be gained by creating entry barriers that make it difficult and expensive for new competition to enter the market.
4. Establishing alliances—another means to gain competitive advantage is to establish alliances with other organizations. Such alliances establish standards, promote product awareness and needs, develop market size, reduce purchasing costs, and provide other benefits.
5. Reducing costs—organizations can gain competitive advantage by creating better business processes at reduced costs. Such reductions enable the organization to reduce prices and/or increase profitability.
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Indicate whether the statement is true or false
When you are not sure whether it is acceptable to text in a business situation, you should…
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Fulton Foods employs workers from a labor market composed of 31 percent black workers, 11 percent Hispanic workers, and 2 percent Asian workers. The racial composition of the workers at Fulton Foods is 56 percent white, 30 percent black, 12 percent Hispanic, and 2 percent Asian. Based on these figures, the protected class at Fulton Foods is
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A conditional probability P(B|
A) is equal to its marginal probability P(B) if A) it is a joint probability. B) statistical dependence exists. C) statistical independence exists. D) the events are mutually exclusive. E) P(A) = P(B).