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In contrast to Porter's view, other writers emphasise how the ability to move between distinct business strategies - and sometimes exploit them in parallel - offers a competitive advantage in the modern market environment (Grant & Jordan, 2012, Morrison, 2009). For example, speed (responsiveness) now underpins the concept of time-based competitive advantage, whereby the ability to use modern technology to service markets is driven by a more strategic focus on innovation in order to create new or novel concepts which are valued by customers (Stalk, 1988). Significant business-level strategic flexibility is therefore required to exploit new/emerging industries, new customer segments and new sources of competitive advantage (e.g. service speed) which further reinforces the importance of a cohesive overarching corporate strategy (Grant & Jordan, 2012). Porter's view is predominately shaped by the competitive operating environment, but other arguments can be formed which place a greater emphasis in the internal resource and asset base of a company as a source of competitive advantage (Barney, 1991). A critical examination of the company's physical, human and organisational resources can identify specific attributes that support the generation of a sustainable competitive strategy (Morrison, 2009). Essentially, corporate resources must possess value (able to exploit market opportunities whilst defending against competitor threats), be rare (difficult for competitors to imitate), be difficult to imitate (such as the advantages arising from customer brand associations) and the resulting business approach must make it challenging for competitors to adopt a similar strategy using alternative resources (Johnson et al, 2015). This resource-based view of the firm helps to establish the importance of operational strategies in helping to deliver both business-level and corporate-level strategy (Johnson et al, 2014). Operational strategy is focussed on the effective deployment of resources and business processes in order to build (and deliver) the short-term objectives that move the business in the direction required (Mintzberg et al, 2009). However, this is not just about implementation - this should be an iterative process as an effective operational strategy can provide the market intelligence and awareness needed to respond quickly to changes in the business environment thus informing business and corporate strategy (Jenkins et al. 2016; Keichel, 2010; Lynch, 2009). DEFENDING COMPETITIVE STRATEGY Once a competitive advantage has been established it can quickly be eroded by competitors through imitation and/or innovation (Porter, 2004). Rather than constantly revising the operational and business strategy approaches outlined (above) (which can result in an inconsistent and incoherent corporate strategy), it has been argued that it is possible to create barriers that insulate the business from the competitive pressures being faced for a period of time (Grant & Jordan, 2012). These 'isolating mechanisms' can inhibit competitors from mirroring the way in which a business sustains its competitive advantage, reducing the speed at which resource values are eroded (Rumelt, 2012). The available literature highlights a range of mechanisms that can be employed (such as patent protection, copyrights and brand registration) (Clifton, 2009; Crane & Matten, 2010). The key attributes needed to be able to maintain these competitive barriers are the ability to identify that another company possesses a competitive advantage, the competences to diagnose the nature and features of that advantage, the drive and incentive to invest in measures that protect corporate returns and the ability to acquire the resources needed to build the isolation mechanisms required (Grant & Jordan, 2012). Given the emergence of the knowledge-based economy and the rate of technological change and innovation, one potential approach is to attempt to secure first-mover advantage i.e. being the first company to deliver a new product, process or service to the market (Johnson et al, 2014). Whilst the innovation required is likely to demand significant resource investment, significant competitive benefits can accrue such as the ability to set market operating standards, capture any limited or scarce resources required, enhance brand reputation (being seen to lead the way in the minds of consumers) and secure/establish a customer base (by creating buyer switching costs such as contract terms) (Lynch, 2009; Wall et al, 2010). However, depending on the success of any subsequent isolation mechanisms employed there are risks associated with such a strategy (Rumelt, 2012). Competitors can seek to imitate the technological innovation that has taken place (with the costs of imitation estimated at only 65% of the costs of innovation) and they can also identify what did not work well for the innovating organisation and exploit any resulting market dissatisfaction (Johnson et al, 2015). REFERENCES Alvesson, M., Willmott, H. (2012). 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Chichester: John Wiley & Sons Ltd. Grint, K. (2005). Problems, problems, problems: the social construction of leadership. Human Relations, 58(11), pp.1467-1494. Henry, A.E. (2011). Understanding Strategic Management, 2nd Edition. Oxford: Oxford University Press. Hooley, G., Piercy, N.F., Nicoulaud, B., Rudd, J.M. (2017). Marketing Strategy & Competitive Positioning, 6th Edition. Harlow: Pearson Education Ltd. Jenkins, M., Ambrosini, V., Collier, N. (2016). Advanced Strategic Management: A multi-perspective approach, 3rd Edition. London: Palgrave. Johnson, G., Whittington, R., Scholes, K., Angwin, D., Regnér, P. (2014). Exploring Strategy: Text and Cases, 10th Edition. Harlow: Pearson Education Ltd. Johnson, G., Whittington, R., Scholes, K., Angwin, D., Regnér, P. (2015). Fundamentals of Strategy, 3rd Edition. Harlow: Pearson Education Ltd. Keichel, W. (2010). The Lords of Strategy: The secret intellectual history of the new corporate world. Boston: Harvard Business Press Lynch, R.L (2009). Corporate Strategy, 5th Edition. Harlow: Pearson Education Ltd. McKeown, M. (2015). The Strategy Book, 2nd Edition. London: FT Publishing International. Mintzberg, H. (2007). Tracking Strategies: Towards a general theory. Oxford: Oxford University Press. Mintzberg, H., Ahlstrand, B., Lampel, J. (2009). Strategy Safari: your complete guide through the wilds of strategic management, 2nd Edition. Harlow: Pearson Education Ltd. Morrison, J. (2009). International Business: Challenges in a Changing World. Basingstoke: Palgrave Macmillan. Mullins, L.J., Christy, G. (2016). Management & Organisational Behaviour, 11th Edition. Harlow: Pearson Education Ltd. Nonaka, I., Takeuchi, H. (1995). The Knowledge-Creating Company: How Japanese companies created the dynamics of innovation. Oxford: Oxford University Press. Porter, M.E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors, New York: Free Press Inc. Porter, M.E. (2004). Competitive Advantage: Creating and Sustaining Superior Performance, New York: Free Press Inc. Rumelt, R. (2012). Good Strategy, Bad Strategy: The Difference and Why It Matters. London: Profile Books Ltd. Sitkin, A., Bowen, N. (2010). International Business: Challenges & Choices. Oxford: Oxford University Press. Slack, N., Brandon-Jones, A., Johnston, R. (2016). Operations Management, 8th Edition. Harlow: Pearson Education Ltd. Stacey, R.D., Mowles, C. (2016). Strategic Management and Organisational Dynamics: The challenge of complexity to ways of thinking about organisations, 7th Edition. Harlow: Pearson Education Ltd. Stalk, G. (1988). Time - the next source of competitive advantage. Harvard Business Review, July-August 1988, pp. 41-51. Thompson, J.L. (2001). Understanding Corporate Strategy. London: Thomson Learning. Volberda, H.W., Elfring, T. (2001). Rethinking Strategy. London: Sage Publications Ltd. Wall, S., Minocha, S., Rees, B. (2010). International Business, 3rd Edition. Harlow: Pearson Education Ltd. from:http://www.szdhsjt.com/literaturereview/ |
