Challenges Faced by Management

A company or an organization can create competitive advantage only when it is able to distinguish itself from the rivals by implementing value creating strategy over a longer period of time. It is said to have sustainable competitive advantage when other rival firms are unable to duplicate the value creating strategy of firm which has led to achievement of

Jenson interviewed business executives from diverse industries and organizational size, he stated that one of their largest challenges that leadership were concerned with was staffing – finding the correct personnel, keeping them, and ensuring they buy into the visual modality of the system. Having the right staff is important for any organization. With the right staff the company will retain loyal personnel who will not compromise the integrity of the business.

Management skills can be learned and developed. Management skills involve the importance of reflecting and adapting your practice. Sometimes the most difficult person to manage may be yourself. Learning to understand yourself as a manager can help you become a reflective person who is capable of adapting and improving their

Managers perform many functions and play many roles. They are responsible for handling many situations and these situations are usually different from one another.

Secondly, the author highlights the way how business entities can achieve sustainable competitive edge through improving strategic planning practices in a fundamental manner. It has to be acknowledged that one and half decade has passed since the publication of the article and the principles outlined in the article are not revolutionary by today’s standards, however, there are solid reasons to believe that the article has contributed to the emergence of companies with revolutionary approach to business.

For a business to be successful and have a competitive advantage, it is important to evaluate the company’s resources and capabilities (Pitt & Koufopoulos, 2012). Resources in a company are the productive assets owned (tangible or intangible) whereas capabilities are what the company can do with this (Grant, 2010). “Establishing competitive

Competitive strategy, after Porter, came to be defined as the strategy of a business unit which seeks to achieve sustainable Competitive Advantage (SCA). The literature on strategy deems the market-based view (MBV) and the resource –based view (RBV) as two approaches to giving businesses the competitive edge they need to compete in their industries. Aside from having competitive advantage as their ultimate goal, the two approaches are also similar in the sense that they both make use of particular tools and models in their undertakings. They also differ in numerous ways,

Through an internal environment analysis, companies can identify and understand their own unique resources, capabilities, and competencies that are required for their sustainable competitive advantage. Resources, capabilities, and core competencies are the foundation of competitive advantage. There is no competitive advantages are permanently sustainable in any companies, so they have to consist on their current advantages and develop new advantages by internally understanding and analyzing their resources and capabilities. Competitors have their own unique resources, capabilities, and core competencies to create values for their customers. Both tangible and intangible resources, which include individual, social and organizational phenomena, are combined to generate capabilities. In turn, company’s capabilities are used to build core competencies. Also, core competencies are as a source of competitive advantage for a company to win in the competitive market.

Finally, the competences are the skills that the company deploy its resources effectively. From the skills element’s viewpoint of BMW Group possesses knowledgeable, high quality and skilful staff, as well as the strong brand image and product design which make the Group competitiveness.

The resource audit, value chain analysis and core competence analysis help to define the strategic capabilities of a

When many corporations were struggling in unstable and unpredictable competitive environment in the 1990s, the proposition of the concept of core competence became the dominant framework in management theory (Liu, 2006). This essay will review the article entitled “the core competence of the corporation” by Prahalad and Hamel from three aspects. Initially the position of the article will be analyzed compared with the Porter’s positioning perspective followed by the presentation of three theoretical assumptions of the article. In the last part, the strength and weakness of the article would be critically investigated.

Over the past hundred years management has continuously been evolving. There have been a wide range of approaches in how to deal with management or better yet how to improve management functions in our ever changing environment. From as early as 1100 B.C managers have been struggling with the same issues and problems that manager's face today. Modern managers use many of the practices, principles, and techniques developed from earlier concepts and experiences.

Competitive advantage is explained by Mahoney and Pandian (1992) as the function of industry analysis, organizational governance and the firm’s effects in the form of resource advantages and strategies. In order for a firm to be competitive it must adapt to the volatile business environment and through strategic management decisions establish a competitive advantage that will ultimately produce superior performance relative to its competitors (Akimova 2000).

Managers are expected to do a multitude of things. A manager has to be a visionary and adaptive to meet the current demands of what is required of them at all level

Abstract—Core competencies are the crown jewels of a company and, therefore, should be carefully nurtured and developed. Companies can determine their future business directions based on the strengths of competencies. However, because generalized terms such as resource, asset, capability, and competence are not clearly explained in connection with competence theory, these posing difficulties in understanding many contemporary management concepts. In this paper, we provide a summary of the recent