HC3131 Effective Strategies to Provide a Competitive Advantage Assignment Sample

• Subject Code : HC3131
• University : Holmes Institute My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Management

Business Research Project

Table of Contents

Chapter 1: Introduction..

Introduction..

Research problem..

Research question..

Chapter 2: Literature review..

2.1 Introduction..

2.2 Importance of human resource management team..

2.3 Impact of collaboration in between HRM and organizational employees.

2.4 Evaluation of competitive advantage.

2.5 Benefits of HRM practices within the organizational context

2.6 concept of diversity in organizational culture.

2.7 Impacts of resources on competitive advantage.

2.8 Theoretical perspectives.

2.8.1 Resource based theory.

2.8.2 Decision making theory.

2.8.3 Modern organization theory.

2.9 conceptual framework.

2.10 Research gap.

2.11 Summary.

Chapter 3: Conclusion.

References.

Chapter 1: Introduction to Effective Strategies to Provide a Competitive Advantage

Introduction

As per the selected context, introduction chapter is responsible for developing an influential effect on the reader’s mind in order to proceed with the following context. In addition, in this context the researcher has chosen the selected topic in order to provide a clear as well as brief idea about the organizational strategies to earn or achieve more and more competitive advantage. Following that, the research conductor has also been able to produce research problem with research question which in turn, help the research conductor to generate an arguementive discussion in the section of literature review. In addition, the primary concern of this research project is to provide or deliver brief information about the concept of different types of organizational strategies in order to achieve the growth as well as competitive advantage which in turn, help the business organizations to maintain its organizational diversity. Henceforth, the research conductor tries to put a strong or powerful literature review in accordance with the research topic to draw an effective conclusion.

Research Problem

On the basis of a research context, it is known that the research problems are presented as a statement through which an issue or different issues can be highlighted in accordance with the respective research topic. Several researches have been able to show that the business organizations have faced with lots of difficulties in accordance with weak strategy, resources as well as inappropriate communication within the organizational context. Henceforth, the research conductor provides a deliberate investigation to promote the competitive advantage within the business organizational context.

Research Question

In accordance with the selected research context, the research questions are as follows:

• What are cooperate responsibility strategy for the business organization to match the availability of current resources?
• Does the available resources of business organizations have unique value in the market or industry?
• What are the key challenges to implement strategically decisions in the organizational context?
• What are the benefits or advantages of appropriate organizational strategies?

Chapter 2: Literature Review of Effective Strategies to Provide a Competitive Advantage

2.1 Introduction

As per the context of the business organization, the competitive advantage of a business firm has been represented as an entity which is far better than the opportunity. Henceforth, the authorities of the business organization always try to find better as well as developmental ways to achieve the competitive advantage from the global business industry (Alserhan and Shbail, 2020). In accordance with the selected research context, the primary focus of this topic is to provide a brief information about the concept of competition, strategy as well as competitive advantage. Following that, to achieve the competitive advantage from this business industry, every organization tries to incorporate an effective human resources management team in order to implement different types of strategically decisions within the organizational context.

2.2 Importance of human resource management team

In accordance with the present time or modern scenario, it can be said that the human resource management team of the business organizations is known as one of the crucial as well as popular element behind the success of a firm. This is because, the members of human resource management team are responsible for incorporation of different types of strategically decisions by using their skills and knowledge. In addition, the human resource management team of some business organizations have generated a sub team commonly known as situational leader team. The primary purpose or concern of this situational leader team is to act properly on the basis of arising situation within the organizational context. Following that this type of team is also responsible for delivering a variety of different influential speech to their staffs as well as employees in order to make them motivated about the work as well as organizational policies (Mwilu and Njuguna, 2020). It is known that, the business organizations are always looking for motivated employees in order to bring more productivity which in turn, help the company to earn or generate from profits from this competitive business industry.

2.3 Impact of collaboration in between HRM and organizational employees

Following that, the situational leaders as well as the human resource management team are also responsible for the delivery of proper or appropriate training procedure to their employees. As per the context of the business organizations propagated by Fridman et al., 2019), it is known that each and every organizations try to involve efficient employees within their organizational context in order to earn more profits which in turn, help the company to bring more revenues from the competitive business market industry. Henceforth the human resource management team do collaboration with the situational leaders of their respective business organizations to arrange proper training schedules to their employees in order to make them more efficient about the organizational deeds (Edeh et al., 2020). In addition, this type of organizational training programme not only scheduled or arrange for their newly recruited employees but also for their already existing employees in order to provide them brief as well as clear knowledge about the current technologies and tools.

In addition, this type of mentioned activities in between the human resource management team, situational leaders and the employees not only benefit or provide advantage to the employees. However, these kind of activities have also beneficial effect on the Human resource department too. Following that, the leaders as well as the human resource management team have to stay updated with the current scenario in accordance with the business industry which in turn, help the employees to get better information from their higher authorities (Malinoshevska, 2020). Besides, it can be said that proper or appropriate collaboration in between the mentioned element of the business organizations such as employees, human resource management team and situational leaders can build or develop a successful team as a whole which is responsible to achieve the respective business organizational goal. Moreover, proper cooperative work among them help the companies to earn more revenues and profits which in turn, helps the company to enhance its brand image as well as competitive advantage.

2.4 Evaluation of competitive advantage

It is known that, each and every company in this business industry wants growth and hence, the business authorities of their respective organization have set different types of organizational policies in order to achieve the competitive advantage within their organizational context. As per the context of the business organizational research stated by Wu et al., 2020), it is known that the competitive advantage of a company generally refers to its ability in accordance with the company’s product or service. Following that, the competitive advantage reflects on the superior performance of the business organizations within the same or average industry. In accordance with the context of competitive advantage of the business organizations propagated by Varma, Bhalotia and Gambhir, (2020) it is known that there are presences of multiple factors that are responsible for attributing the concept of competitive advantage. These factors are commonly known as higher profit margin, valuable resources, brand image as well as brand reputation, greater return on assets as also unique level of competence.

As per the researches stated by Statsenko and Zubielqui, (2020), there are presences of different types of ways through which a business organization can achieve its competitive advantage. Following that, the two main aspects or factors are known as cost differentiation as well as cost advantage. Moreover, cost differentiation factor of competitive advantage reflects on lower costs of product in order to influence the customers or consumers. On the other hand, cost advantage of competitive advantage is relied on the fact of higher degree of differentiation in order to compete with the rivals (Li et al., 2020.). Following that, in order to implement sustainable competitive advantage within the business organizational context, the companies should be provide a tough competition to their rivals or competitors over a longer period of time.

2.5 Benefits of HRM practices within the organizational context

As per the context of the research management propagated by Adero and Odiyo, (2020), it is known that the human resource management team are responsible for linking the organizational policies with the organizational values as well as visions in order to bring success. Following that, the human resource management team involve themselves with different types of activities in order to achieve the growth for the company. It is known that the society has been meet up with constant fluctuations and hence it creates a huge impact on the business organizations. Following that, the human resource management team plans accordingly in order to cope up with the fluctuations. In addition, the human resource management team have been responsible for developing a constant bridge in between the higher authorities of the company and their staffs about the fluctuating information in accordance with present circumstances.

Moreover, the human resource management team also act accordingly with arising issue in accordance with conflictions. It is known that no one can be able to avoid the business organization from this conflict situations. Henceforth, the human resource department always try to catch up and stay updated about the conflictions and plan accordingly which in turn, help the company for progressing with a smart move (Marchau et al., 2019). Besides, the human resource management team are always trying to build a good relationship in between the higher management authority and employee within the organizational context. Following that, these kind of activities create an influential effect among the employees with proper information about the work which in turn, enhance their performance as well as the company’s profitability and revenues.

2.6 concept of diversity in organizational culture

As per the context of the business industry propagated by Zhang et al., (2019), organizational culture has been dependent upon two crucial factors such as culture of staffs or employees as well as culture of the workplace. Following that, the diversity in organizational culture is dependent upon the presences of multiple factors which are commonly known as gender, ages, sex, educational background, religion as well as language and many more. Henceforth, the human resource management team of the business organizations has to implement different types of decisions in the workplace in order to handle with the selected issues (Haseeb et al., 2019). In order to encourage the workplace diversity within the organizational culture, the management team of the business organizations should incorporate different types of activities in order to educate their employees as well as staffs to maintain the proper work culture.

Following that, the management team have implemented different types of activities in order to mitigate with the issue of workplace diversity. These activities are commonly renowned as practicing inclusion, education as well as communication. All these selected activities have been incorporated within the organizational culture in order to provide morale support to their employees (Marchau et al., 2019). It is known that every individual in the business organizations have asked for healthy as well as safety environment and hence, the all these selected activities are meant to support their morale needs which in turn, helps the company to maintain its workplace culture.

2.7 Impacts of resources on competitive advantage

As per the context of the business management propagated by Gareche, Hosseini and Taheri, (2019), it is known that presence of available resources within the organizational context have been responsible for the generation of cost advantage criterion which in turn, help the business organization to achieve its competitive advantage. In accordance with the business industry, the resources of the organization have been identified as a source of value creation. Following that, in order to achieve the competitive advantages, the business organization should not only give their concentration on the available resources but also one its superior quality in order to defeat with their rivals. In addition, several researches have been able to show that there are presences of different elements that can act as a resource for the business organizations in order to achieve the competitive advantages Zhao, Tsai and Wang, (2019). These resources are commonly known as positive reputation and brand image of the organization, having knowledge to deal with proprietary, brand equity as also well established customer base, trademarks and many more.

2.8 Theoretical perspectives

2.8.1 Resource based theory

In accordance with business industry stated by Araya et al., (2019), resource based theory is one of the popular theory which is responsible for delivering a clear image about the opportunities of a business organization in order to earn or achieve the competitive advantages. Following that, strategically resources has been acted as a valuable asset for the business organizations in accordance with its value as well as rare and difficult to imitate capability. On the other hand, resource based theory involves the no substitutable criterion of the present assets. Moreover, this kind of theory provide brief idea to the business organizations with different strategies which in turn, help the organization to develop its foundation. It is known that, strong foundation of organization help the companies to enhance its capabilities. Henceforth, it can be said that the resource based theory is responsible for superior performance and sustainable competitive advantages for the business organizations.

2.8.2 Decision making theory

The selected theory is responsible for associating with the concept of the practices in accordance with human resource department of the business organizations. As per the concept of decision making theory, it can be said that the human resource department of business organizations have implemented different strategies as well as policies in order to maintain the diversity in the workplace culture (Zhao, Tsai and Wang, 2019). Following that, the decision making theory states in order to implement any strategically decisions, the management team should first analyze the conflicts as well as circumstances and then followed by effective decisions. In addition, the management authorities of the business organizations first have to identify the rationale of the present scenario. After that, appropriate strategically decisions have been made in order to improve different aspects of the business organizations. In addition, the decision making process has been categorized into three basis categories such as consumer decision making, business decision making as well as personal decision making (Guyader and Piscicelli, 2019).

2.8.3 Modern organization theory

As per the context of the business environment stated by Fainshmidt et al., (2019), it is known that the modern organization theory is also known as contingency theory. As per this selected theory, it can be said that, no organization can be able to follow a specific rule for every arising circumstances. On the other hand, in accordance with the business industry, it can be said, the management authorities should implemented different strategically decision on the basis of their knowledge, skills as well as arising conflicts. Following that, the selected contingency theory is very much different from the system theory in accordance with the business industry. In addition, the primary focus or concern of the selected theory namely, modern organization theory is relied on external determinants of the business organizations. Besides, this type of theory in reflects on the dynamic management style which in turn, emphasize the multivariate nature of the business organizations (Haseeb et al., 2019). In order to implement several strategically decisions on the basis of this modern contingency theory within the organizational context, the management authority should have to identify or analyze the internal as well as external situations which in turn, provide them brief information in accordance with the company’s resources as well as chances of competitive advantage.

2.10 Research gap

As it is mentioned earlier, the primary concern or objective of this research context is to identify the impacts of strategically decisions in the organizational context in order to identify the competitive advantage which in turn, is responsible maintaining the diversity in workplace culture. Following that, the research conductor has generated a research gap in order to meet up with the primary objective of this selected research context. The research conductor has not able to identify the various ways through which competitive advantage of an organization can maintain the diversity in work culture. Henceforth, in order to proceed with this task, further research should to be done for better information.

2.11 Summary

As per the above discussion in the literature review section, it can be said that the human resource management team holds a crucial place in accordance with the organizational context. Following that, the human resource department in association with the situational leaders have generated different types of work policies in order to maintain an appropriate work place culture. Besides, from the above discussion, it is known that the presence of available resources can be used as one of the important element for getting the competitive advantages from the business industry. On the other hand, it can be said that proper education or training in association with proper communication can able to build the morale of the organizational employees, which in turn, create an impact on their performance in order to enhance the profitability of the organization.

Chapter 3: Conclusion on Effective Strategies to Provide a Competitive Advantage

The selected research context is responsible for the delivery of a clear image about the concept of competitive advantage with implementation of proper strategically decisions within the business organization. Following that, in the introductory section, the research conductor has generated few research questions in order to proceed with the given or selected task. In the second portion of the given context, the research conductor has produced different sub points in order to provide brief information about the HRM practices as well as on the concept of competitive advantages.

References for Effective Strategies to Provide a Competitive Advantage

Adero, F.A. and Odiyo, W.O., 2020. Employee Characteristics, Contemporary Human Resource Management Practices and Organization Effectiveness. International Journal of Business Management, Entrepreneurship and Innovation, 2(2), pp.1-18.

Alserhan, H. and Shbail, M., 2020. The role of organizational commitment in the relationship between human resource management practices and competitive advantage in Jordanian private universities. Management Science Letters, 10(16), pp.3757-3766.

Araya-Castillo, L., Oradini, N.B., Yánez-Jara, V.M. and Duque, Á.A., 2019. Analysis of the Entry Mode Choice from Both Transaction Costs and Resource Based Theory. Revista Perspectiva Empresarial, 6(1), pp.7-20.

Edeh, J.N., Obodoechi, D.N. and Ramos-Hidalgo, E., 2020. Effects of innovation strategies on export performance: New empirical evidence from developing market firms. Technological Forecasting and Social Change, 158, p.120167.

Fainshmidt, S., Wenger, L., Pezeshkan, A. and Mallon, M.R., 2019. When do dynamic capabilities lead to competitive advantage? The importance of strategic fit. Journal of Management Studies, 56(4), pp.758-787.

Fridman, J., Barrett, L.F., Wormwood, J.B. and Quigley, K.S., 2019. Applying the theory of constructed emotion to police decision making. Frontiers in Psychology, 10, p.1946.

Gareche, M., Hosseini, S.M. and Taheri, M., 2019. A comprehensive literature review in competitive advantages of businesses. International Journal of Advanced Studies in Humanities and Social Science, 8(3, pp. 223-309.), pp.223-240.

Guyader, H. and Piscicelli, L., 2019. Business model diversification in the sharing economy: The case of GoMore. Journal of cleaner production, 215, pp.1059-1069.

Haseeb, M., Hussain, H.I., Kot, S., Androniceanu, A. and Jermsittiparsert, K., 2019. Role of social and technological challenges in achieving a sustainable competitive advantage and sustainable business performance. Sustainability, 11(14), p.3811.

Li, S., Zhang, X., Xu, H., Fang, S., Garces, E. and Daim, T., 2020. Measuring strategic technological strength: Patent Portfolio Model. Technological Forecasting and Social Change, 157, p.120119.

Malinoshevska, K., 2020. Procedure For Forming And Implementing The Strategy Of Enterprise Development. Three Seas Economic Journal, 1(1), pp.14-19.

Marchau, V.A., Walker, W.E., Bloemen, P.J. and Popper, S.W., 2019. Decision making under deep uncertainty: From theory to practice (p. 405). Springer Nature.

Mwilu, H. and Njuguna, R., 2020. Corporate Growth Strategies and Performance of Selected Savings and Credit Cooperative Societies in Nairobi City County, Kenya. International Journal of Business Management, Entrepreneurship and Innovation, 2(2), pp.19-30.

Statsenko, L. and de Zubielqui, G.C., 2020. Customer collaboration, service firms' diversification and innovation performance. Industrial Marketing Management, 85, pp.180-196.

Varma, A., Bhalotia, K. and Gambhir, K., 2020. Innovating for competitive advantage: managerial risk-taking ability counterbalances management controls. Journal of Management and Governance, 24(2), pp.389-409.

Wu, G.S., Peng, M.Y.P., Chen, Z., Du, Z., Anser, M.K. and Zhao, W.X., 2020. The Effect of Relational Embeddedness, Absorptive Capacity, and Learning Orientation on SMEs’ Competitive Advantage. Frontiers in Psychology, 11.

Zhang, N., Deng, X., Zhao, X. and Chang, T., 2019. Exploring the sources of contractors’ competitive advantage on international HSR construction projects. International Journal of Civil Engineering, 17(7), pp.1115-1129.

Zhao, Q., Tsai, P.H. and Wang, J.L., 2019. Improving financial service innovation strategies for enhancing china’s banking industry competitive advantage during the fintech revolution: A Hybrid MCDM model. Sustainability, 11(5), p.1419.

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