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Chapter 3 : competitive advantage
Reflection: Value creation is at the heart of any successful strategy. In order to prosper, the firm must also be able to capture the value it generated. In order to create and capture the value, the firm must have a sustainable competitive advantage. The search for the underlying sources of specialness is an obsession in strategic management. Any specific competitive advantage derives from the firm’s context. Context means a firm’s assets, its organization, its industry, and its nonmarket environment. Competitive advantage is a characteristic of both the firm and its relationship to its environment.
There are too many kinds of competitive advantage, and they can be divided into two categories: advantages based on the firm’s position and advantage based on the firm’s capabilities.
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