Sustainable Competitive Advantage – Key Factors and Long-Term Strategy Considerations
According to Hitt et al. (2014), sustainable competitive advantage is established when competitors cannot duplicate the benefits of the strategy used by an organization or when the competitors do not have the resources to attempt to imitate an organization. One of the things that makes a competitive advantage sustainable is the availability of valuable, imperfectly imitable, and rare resources that cannot be substituted. The second thing is total control of exploitable resources contributing to the organization’s success. Sustainability is a critical strategy-making consideration because it enables an organization to make long-term investments based on the availability of exploitable resources. Sustainability is also critical in strategy-making considerations because it increases efficiency, creates new opportunities, and attracts talent. According to Rafi (2021), sustainability reduces operating costs, leading to an increase in profit. Organizations can also leverage sustainability to attract talent by creating job security for employees. Sustainability also enables organizations to leverage opportunities, such as expanding into new markets, by enabling an organization to generate profits that can be used in the expansion. Do you need help with your assignment ? Contact us at eminencepapers.com.
Sustainability is knowable in the long term because it requires saving operating costs, increasing profitability, and reducing waste over the long term. Achieving sustainability is also a long process that includes various steps. The first step is creating a sustainability strategy linked to the organization’s vision. The second step is creating a culture of sustainability in the organization. Notably, this is achieved by creating sustainability policies and incorporating the sustainable process into the organization’s task management. The third step is setting long-term goals for achieving sustainability. The fourth step is continuously improving and reviewing the organization’s strategy. For example, Tesla has developed sustainability through continuous innovation over the years. Also, the company opened its patents to the public to enhance innovation and recently invented the Powerwall home battery to solve solar energy problems.
References
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2014). Strategic management: Concepts and cases: Competitiveness and globalization. Cengage Learning.
Rafi, T. (2021). Why Corporate Strategies Should Be Focused On Sustainability. Forbes. https://www.forbes.com/sites/forbesbusinesscouncil/2021/02/10/why-corporate-strategies-should-be-focused-on-sustainability/?sh=77565b987e9f.
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Question 
Sustainability
What makes a competitive advantage sustainable, and why is sustainability a critical strategy-making consideration? Is sustainability knowable in the medium and long term? Why or why not? Give an example to support your conclusion. Cite any sources used to support your answer.