Management Question: 1. Someone argues that no competitive advantage lasts forev

Question

Management Question:

1. Someone argues that no competitive advantage lasts forever. However, successful firms that have been competitive over centuries

are not rare. Does this argument contradict the phenomenon? Discuss.

2. Explain how the Internet is changing businesses around the world.

3. 7-Eleven, Circle K and VanGO are the most popular convenience stores in Hong Kong. Analyse the industry structure of convenience stores in Hong Kong and assess their attractiveness with Porter’s Five Forces model.

4. Assume that you have decided to establish and operate a restaurant in Hong Kong. Identify the market segment you intend to serve. What is the nature of customers’ needs and how would you satisfy those needs? Discuss in terms of the value chain concept.

5. Explain the VRIO framework. Discuss how to apply the framework for identifying a firm’s competitive advantage by using a real-life example.

Explanation / Answer

1. The statement that the competitive advantage doesn’t last forever is the right statement. There is nothing such factor which provides a product or an organization an everlasting competitive advantage. But there are organizations which are exhibiting the competitive advantage over centuries and hold the dominant place in the market.

This is because of the continuous monitoring and implementing changes in the strategies related to the competitive advantage. Once the competitive advantage is achieved, the organization make continuous monitoring in the market, competitor etc so that they can understand the changes and can work accordingly. Continuous changes in the strategies of achieving the competitive advantage can yield sustainable competitive advantage for the organization.

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