HOW SUCCESSFUL MANAGERS ACHIEVE COMPETITIVE ADVANTAGE
The Authors ask why do some companies lose their dominant positions while others manage to stay on top? e.g. blockbuster lost its position while companies like Netflix took over and other online video enterprises has held their position like Amazon prime video.
How does Infosys compete against its American rivals, Accenture, and McKinsey? These companies have strong managers who are in competitive struggle to survive and win. Managers must deliver the fundamental success drivers: Innovation, quality, speed, and cost competitiveness.
INNOVATION
Globalization and technological advances have accelerated the pace of change and thus the need for innovation. Innovation comes from people. It must be a strategic goal and well managed.
QUALITY
Quality must improve continually whether it is in the health sector, manufacturing, service industries or educational institutions. Quality of your goods or service must be excellent. Six Sigma is now necessary in determining zero defects in your goods.
SPEED
Services must meet the customers ever changing needs. In a competitive edge, service means giving customers what they want, when they want, and where they want it. This helps establish a mutually beneficial long-term relationships. It makes it easy and enjoyable for customers when it is done better and faster. How fast one can develop a new product to market and how fast one can respond to customers requests. Speed plus quality shows your company is operating efficiently.
LOWER COST.
Cost competitiveness means keeping costs low enough so the company can realize profits and price (goods and services) at levels that are attractive to consumers(Bateman, et al.18-21).
BEST MANAGERS DELIVER ALL FIVE ADVANTAGES.
citation: Bateman, Thomas S., et al. M: Management. McGraw-Hill Education, 2020.pp18-21.