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Introduction

Course: MGT401 Name: Shu (Luke) Tang Professor: Luo Yadong Topic: Final essay 1. What is competitive advantage, and what is ?core competence? For a company seeking competitive advantages, what are the generic competitive strategy choices it can use? What are the four building blocks through which it can establish its competitive advantages? 1. Based on power point definition, competitive advantage is when firm implements a strategy that creates superior value for customers and competitors are unable to duplicate it or find too costly to imitate it. 2. Core competencies are ?crown jewels of a company?, the activities the firm performs especially well compared to rivals and through which the firm adds unique value to its goods or services over a long period of time. It can also be called as Strategic Assets, Strategic Capabilities, and Critical Capabilities. 3. For a company seeking competitive advantages, the elements of Low cost, differentiation, and focus are the generic competitive strategy choices it can use. 4. Specifically, firm is using four building blocks like Quality, Efficiency, innovation, and customer responsiveness to establish its competitive advantages. 1. Superior quality includes quality design, reliability, durability, and image. When people think of a product or services, they think in these terms. For example, when people are on the market for a cell phone, many of them would pick an iphone (or Blackberry) ...read more.

Middle

It involves the integration of strategies, employees of all levels, and corporate management with creativity, innovation, and a variety of tools, including Apple's main driver, technology innovation to generate more revenue and reduce their cost. The combination of these core competencies enables companies such as Apple or Wal-Mart to get ahead of competition within their industry, as well as, successfully progress into other industries if that is a goal. Leading differentiation are those who "continuously generate new competitive advantages that destroy, make obsolete, or neutralize the industry leader's advantages, leaving the industry in disequilibrium and disarray". 1. What is innovation? What does it comprise? What can you recommend concerning how to effectively execute innovation to generate better returns for the company? 1. Based on power point definition, Innovation meaning the use of new knowledge to transform organizational processes or create commercially viable products and services. 1. In detail, we have divided innovation into three levels, such as invention level, innovation level, and imitation level. 1. From invention level, we know that Invention is the act of creating or developing a new product or process. It can Brings something new into being. And the important fact is that Technical criteria determine the success of an invention. 2. Another level is Innovation. This level of innovation is a little bit different from what we have mentioned earlier about the general definition of innovation. ...read more.

Conclusion

They believe Innovation is about process. Whatever the result is, you as an innovator have to give it a try. In this case, there is no losing or win. Joe Violette, who reminded us that innovation is most often carried out in teams, suggested that leadership's role is also "to provide a work environment of openness built on trust where every member of the team feels free to express their views/opinions without fear of ridicule or reprisal." As long as innovation is a risk taking process, there is no a one hundred percent correct result. During the video, we know that LG. believes innovative technologies takes time. It requires you to listen to customer. Learning from failure is also a lesson that all companies have to take. Lastly is to sharp things up to generate revenue at low cost. For example, LG believes in innovative technologies because they have a passion and commitment to create new and convenient experiences for individual and their families. Its electronic department like fridge center states that whether it's time or energy savings, beautiful options for your kitchen or the latest technologies, LG's home appliances are designed to enhance your overall experience by creating great everyday moments. Therefore, the tone of top should also not only gradually deliver its vision to employees, but also need to be patient about innovation process. It is important for us to fully understand customer?s needs to increase the probability of a valuable innovation. ...read more.

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