E I Individual assignment online Essay example - 1449 Words

Question 1: How Can Knowledge and Creativity to be used to provide competitive advantage in a competitive marketplace – and how might this advantage be protected and preserved at present? Introduction In todays global business, sustaining a competitive position is a supreme concern. Competition within the small and medium business industry is intense with many competitors. The ability of a firm to survive depends on how the firm takes advantage of the opportunities in the market place to satisfy its customers. Many companies have demonstrated their capabilities of being been sensitive to their customers by trying to understand customers’ needs and customers’ complaint taking initiatives to meet those needs. Knowlegde Creativity†¦show more content†¦Increasing globalization has resulted in more business opportunities but the marketplace has also become more crowded and competition has increased (McMullan and Shepherd 2006). Creativity enables the entrepreneur to act on these opportunities in ways which can result in competitive advantage for the organization. It can provide the basis for innovation and business growth, as well as impacting positively on society generally (Bilton 2007, quoted in Fillis 2006). As average business longevity is short, innovation becomes one of the sustainable sources of competitive advantage. Tidd et al (2005) define that there are four types of innovation: 1) Product innovation – a new products or developments on products, e.g. smart phone. 2) Process innovation – assembly line process, e.g. just-in-time production. 3) Positioning innovation – adjustment in context launched, e.g. Lucozade repositioned as a sports drink instead of a medicinal drink 4) Paradigm innovation – adjustment in models does, e.g. skype Either one type of innovation could benefit the corporate to obtain on favorable terms of competitive advantage. Each of them could be a remarkable step of corporates to be a cost leadership or differentiation advantage. Protection and preservation the advantage If the innovation is the creation of new knowledge and inventions and indeed, they are valuable assets to the company. This causes a question that howShow MoreRelatedEssay on Government Support of E-Business1256 Words   |  6 PagesAssignment 5- P6/P7 In this assignment I am going to explain how the government supports the development of e-business and I will use example to support my answers. Also I am going to produce a personal development plan to aid an individual to prepare for increased use of business online. Government e-commerce regulations about online business The E-commerce Regulations apply to businesses which sell goods or services to businesses or consumers through a number of different ways. 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