Sustainment of The Mini Cases of the Industry

During these times of change business may have to change its orgainsation, operation and its nature to deal with the challenges of each stage in the business life cycle. For business to be successful they must constantly develop and change strategies to deal with the growth of the business or the life of the business may be cut short.

Organizational change involves changing old beliefs and habits in order to accommodate new experiences. The evolution of society, as well as the changing demands, creates a need for new services. As a result,

The ability of some firms to sustain longer term competitive advantage relates to their capabilities according to the resource based theory of the firm. Summarise this approach to explain why some firms perform better than others in an industry.

He suggested that sustained competitive advantage derives from the resources and capabilities a firm controls that are valuable, rare, imperfectly imitable, and not substitutable. He further added that the resources and capabilities can be viewed in form of tangible and intangible assets. There are four different categories of resources financial, physical, human, and organization.

The business world preys on those who stay static, and fail to evolve and innovate. There are solutions however and of course and it is worth investigating what aspects play

Change is inevitable. Every company should ensure that they are able to adapt to these changes; doing so allows them to remain

The present time is dominated by changing customer behaviours, different wants and needs and a fast evolving world. This is a challenge for current businesses. They need to adopt to quick changes, confront current business processes and bring new innovative products on the market. In order to keep the company on course successful businesses establish a mission, clarify values and identify a preferred vision.

To survive in today?s environment, a company must understand why change is necessary as well as being ready to direct their own change. According to Harvard researchers, ?there are three basic reasons why an organization must be able to effectively respond to change which include the escalating pace and volume of change, dealing with greater complexity and more intense competition.? (Isaksen & Tidd)

“Changes in behaviour, technology, demographics, natural resources, and other areas force businesses to continually look ahead and adapt.

Numerous businesses are not coming to terms with the fact that change is absolutely necessary; therefore, they may be unable to continue to compete with other businesses. Consequently, it does not make a difference if the company is a professional organization or a small family owned business, the old ways of doing business is all but obsolete. Every business or organization is constantly changing products and leadership. Although businesses are undergoing daily changes everywhere in the country, change is still very difficult for some people to handle.

In every organisation, large or small, be it a multimillion pound business to a sole trader, change is inevitable, it is an essential part of every business to allow for the organisation to be a better and successful business by updating their means of structure and moving forward with the developments of the world which are increasingly complex and possibly untested.

Today's business world is highly competitive. The way to survive is to reshape to the needs of a rapidly changing world. Resistance to change is a dead-end street for the individual and the organization. Customers are not only demanding excellent service, they are also demanding more. Organizations are reshaping themselves to change quickly in order to meet the needs of their customers. The organization's top leaders know they cannot throw money at every problem. They need highly committed and flexible workers.

One of the greatest artist Pablo Picasso once said, “Action is the foundational key to success”. Well, we all agree with this quote, but there are many variety of factors that also implies in aspect of life. In the field of business, one of the key elements that ultimately controls the destiny of an organization, is their competitive advantage in a particular industry. The competitive advantage is defined as “an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices”("Competitive Advantage | Business."). In order to deeper understand of competitive advantage in a firm, I chose to read the book “Competitive Advantage Creating And Sustaining Superior Performance” by Michael E. Porter. He is an economist, researcher, author and professor at Harvard Business School most of his career. His extensive researches and wrote many books about economic theory as well as strategy concepts that made him widely recognized in economics and field of business.

A resource is defined as "any tangible or intangible entity available to the firm that enables it to produce efficiently and effectively a market offering that has value for some market segments" (Hunt and Morgan 1995, 11). Resource Advantage theory specifically adopts a resource-based view of the firm. Defining resources as the tangible and

Barney, J. (1991), Firm resources and sustained competitive advantage. Journal of Management, 17(1) : pp. 99 - 120