Competitive Advantage

Competitive Advantage

Roger Trapp, the author of “The Four Rs of Competitive Advantage,” highlights that the main purpose of a company is to create value and maintain clients. Technological advancements such as artificial intelligence and deep learning make it easier for executives to stay updated and develop a continuous relationship with consumers (Trapp, 2019). However, Trapp illustrates that organizations make the mistake of requesting customer emails only to send them generic marketing messages. Instead, organizations should tailor personalized messages that are of value on both ends.

Hitt et al. (2017) support the notion that the value creation strategy is core to attracting customers. Even though companies develop and control resources to strengthen their core competencies, business rivals will eventually observe and copy the advantages of the company’s value-creating approach. Therefore, all competitive edges have a limited lifespan (Hitt et al., 2017). Creating value for clients depends on product relevance and performance features that consumers will be willing to pay. Companies create value for clients by creatively utilizing their resources to develop capabilities and establish a competitive edge.

In this way, Trapp proposes the four Rs of a firm’s competitive advantage. They include Recognizing a client’s needs. This strategy helps clients identify solutions and Requests for a product or service. In turn, the firm will Respond to consumers’ desires and offer quality products or services (Trapp, 2019). The fourth is to Repeat or maintain these interactions and observe them construct lasting connections with clients making it difficult for competitors to match. Both Trap and Hitt et al. point out the importance of technology because it allows organizations to forge such interactions. It is essential for firms to make connections and maintain them through a continuous cycle.

References

Hitt, M., Ireland, R., & Hoskisson, R. (2017). Strategic Management. Boston, MA: Cengage Learning.

Trapp, R. (2019). The Four Rs Of Competitive Advantage. Retrieved 26 September 2020, from https://www.forbes.com/sites/rogertrapp/2019/08/31/the-four-rs-of-competitive-advantage/#7f5512f4496c

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The Internal Organization

Our topic of the week focuses on The Internal Organization.

Competitive Advantage

For this week’s current events discussion, I would like for you to identify an article that relates to the readings. In your post, you are to surmise the article, make the connection between the article and the weekly reading assignment, and share a link to the article. Please comment on your classmates postings as appropriate.

Note that articles should come from reputable business publication such as: The Wall Street Journal, Crains, Fortune, Forbes, The Economist, or the like.