Define competitive advantage on three different ways
In general, a firm has a competitive advantage when it can create more economic value than rival firms
“A firm that achieves superior performance relative to other competitors in the same industry or the industry average has a competitive advantage.”
“A firm has a competitive advantage when it implements a strategy that creates superior value for customers and that competitors are unable to duplicate or find it too costly to try to imitate”
What influences competitve advantage and superior profitability?
Distinctive competencies (firm specific strenghts)
business model (uses its competencies to lower costs)
strategies (configuring the value chain to create distinctive competencies)
Fülle das Escalation of competition Modell aus
Name 5 Facts for Hypercompetition
A sequence of temporary advantages rather than sustained competitive advantages
Dynamic capabilities key to creating and renewing such advantages; thereby contributing to the escalation of competition in an industry
Specialized capabilities versus general capabilities
Action aggressiveness key in hypercompetition
Loss of market shares or dethronement for less competitively aggressive and slow-to-respond actors
Fill in the model, which refers to valuable resources
Implications of the resource-based view: name six general insights
Firm-specific human capital
Systems for governing, recruiting, development, and deployment employees
Resource orchestration capabilities
Bargaining abilities
Trustworthiness
Strategic corporate social responsibility
Implications of the resource-based view: name seven specific insights
Development of capabilities and core competences key
Ability to quickly grow the ‘installed base’ and generate content
Ability to collect, match, analyze, and use ‘big’ customer data
IT only a catalyst to leverage intangible human and business resources
Ability to create complementary physical/digital products and services
Ability to create and maintain digital infrastructure and platforms
Entrepreneurial orientation: pro-activeness, innovativeness, risktaking
Implications of the dynamic capabilities perspective: name four general insights
Creating and renewing capabilities for sequences of temporal advantage
Example: sensing, seizing, and transforming capabilities
Identifying and responding to environmental cues without evidence of economic value
Sustaining capabilities
Implications of the dynamic capabilities perspective: name 5 specific insights
Ability to rapidly create, test, and launch/abort digital business models
Ability to continuously rethink and extend core competences
Ability to nurture an organizational culture of entrepreneurship and innovation
Ability to swiftly transform the venture identity
Dynamically changing complementary relationships
Fülle das Modell mit den Einflussen auf die Rivalität aus (Die structure-conduct-performance)
Nenne ein paar Konzepte der CSP Perspektive die Entry und Rivalty bestimmen
Name some critical adavantages from the SCP Perspective
Ability to use antitrust advantages and advantages of being ‘too digital’ to be regulated (Die Fähigkeit, Vorteile aus dem Kartellrecht und Vorteile des "zu digital" Seins für die Regulierung zu nutzen)
Ability to operate cross-industry
Ability to understand and provide customer value
What are Implications of the relational view: general insights?
Developing and maintaining network resources
Filling resource gaps through strategic alliances
Alliance management capabilities
Diffusion of innovation and thus competitive advantage in close proximity
Knowledge sharing in clusters
Contingent work and semi-permeable firm boundaries
Network position and dominant design
What are Implications of the relational view: specific insights?
Digital platform or infrastructure management capabilities
Ability to effectively connect to and retain in digital ecosystems
Ability to generate social capital in digital networks
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