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Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. There are three/four generic strategies, either lower cost, differentiated, or focus. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating itself ...
A core competence is, for example, a specialised knowledge, technique, or skill. The core capability is the management ability to develop, out of the core competences, core products and new business. Competence building is, therefore, an outcome of strategic architecture which must be enforced by top management in order to exploit its full ...
Chan and her team (the University of Hong Kong) (2017, [6] 2019 [7]): Holistic competency is an umbrella term inclusive of different types of generic skills (e.g. critical thinking, problem-solving skills), positive values, and attitudes (e.g. resilience, appreciation for others) which are essential for students' life-long learning and whole ...
Strategic management tools. In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
This is the least effective of the four strategies. It is without direction or focus. Miles, Snow et al. (1978) have identified three reasons why organizations become reactors: Top management may not have clearly articulated the organization's strategy. Management does not fully shape the organization's structure and processes to fit a chosen ...
In business, a competitive advantage is an attribute that allows an organization to outperform its competitors.. A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology and to proprietary information.
Other aspects of cost leadership include tight operational controls across the business, avoidance of customers whose needs incur additional costs, and limits on expenditure in areas such as advertising and customer service. [5] The concept is one of the generic business strategies developed by Michael Porter. [citation needed]
The planning processes of most best practice organizations not only define what will be accomplished within a given time-frame, but also the numbers and types of human resources that will be needed to achieve the defined business goals (e.g., number of human resources; the required competencies; when the resources will be needed; etc.).