Great ideas can come from anywhere. We observe and work side-by-side with our customers. For example, we put on uniforms, participate in fire and SWAT training, ride along on patrol and follow first responders as they address emergencies. We do this to better understand their personal challenges and end-to-end operations, and then we identify opportunities to innovate to help them be their best in the moments that matter.
Reputation of the firm Brand equity Capabilities refer to the firm's ability to utilize its resources effectively. An example of a capability is the ability to bring a product to market faster than competitors.
Such capabilities are embedded in the routines of the organization and are not easily documented as procedures and thus are difficult for competitors to replicate. The firm's resources and capabilities together form its distinctive competencies.
These competencies enable innovation, efficiency, quality, and customer responsiveness, all of which can be leveraged to create a cost advantage or a differentiation advantage. Cost Advantage and Differentiation Advantage Competitive advantage is created by using resources and capabilities to achieve either a lower cost structure or a differentiated product.
A firm positions itself in its industry through its choice of low cost or differentiation. This decision is a central component of the firm's competitive strategy. Another important decision is how broad or narrow a market segment to target.
Porter formed a matrix using cost advantage, differentiation advantage, and a broad or narrow focus to identify a set of generic strategies that the firm can pursue to create and sustain a competitive advantage.
Value Creation The firm creates value by performing a series of activities that Porter identified as the value chain.
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In addition to the firm's own value-creating activities, the firm operates in a value system of vertical activities including those of upstream suppliers and downstream channel members. To achieve a competitive advantage, the firm must perform one or more value creating activities in a way that creates more overall value than do competitors.
Superior value is created through lower costs or superior benefits to the consumer differentiation. Recommended Reading Porter, Michael E. Creating and Sustaining Superior Performance In Competitive Advantage, Michael Porter analyzes the basis of competitive advantage and presents the value chain as a framework for diagnosing and enhancing it.
This landmark work covers: The 10 major drivers of the firm's cost position Differentiation with the buyer's value chain in mind Buyer perception of value and signals of value How to defend against substitute products The role of technology in competitive advantage Competitive scope and its impact on competitive advantage Implications for offensive and defensive competitive strategy Competitive Advantage makes these concepts concrete and actionable.
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In March , the IRC endorsed the International Framework, released by the International Integrated Reporting Council (IIRC) in December , as guidance on good practice on how to prepare an integrated report. What is the EIF. Contact us. EIF Executive Secretariat at the WTO; Rue de Lausanne ; CH Geneva 2.