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Title: Developing Market as a Source of Competitive Advantage: The Role of Management Tools

Authors: Elvis Asiedu

Topic: Management

Abstract:

Abstract

Management tools are model based, and structured technical mechanisms that are used to define firms’ uniqueness and its perceived customer values. Though some of these tools have been in the realm of management for centuries now, few organisations know how to go through the options and select the right tools to assist them innovate, plan for future, improve quality, identify unmet customer needs, exploit competitor’s vulnerabilities, and build distinctive capabilities that are non-imitable and idiosyncratic to spell the firm’s uniqueness. This study investigates the role of management tools in developing market (markets) to respond to the increased competition in 21st century. The method for this study was two-fold: qualitative and quantitative analysis. The researcher used interviews, survey questionnaires and discussions with some bigwig managers in Neiva-Colombia to ascertain the data provided in this study.

 

An empirical review on the role of management tools in developing market as a source of competitive advantage was conducted. The review was conducted to determine how these tools have effectively performed in developing market. This was followed by a summary of methodology, data analysis, and conceptual framework. The results find that benchmarking & balanced scorecard, price optimization model, customer segmentation, supportive organisational culture, employee engagement survey, and technology are the most important tools managers and executives need to adopt to identify what goods and services consumers demand, so that the firm produces exactly what is demanded. Throughout the study, the author focuses on the use of right management tools and their roles in developing markets.

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    COMMENT - 1

  • Geethamma (Viewer) 16th Nov 2015 - 12:58 PM
    Good Morning: Elvis Asiedu

    Have a Nice day!
    I would like to inform that I read your article .I truly appreciate your article,
    The following notes I have questions,

    The renewed emphasis on growth and investment, which factors do business leaders view as most critical to success?

    Thanks& Regards
    Ms. Geethamma Jolly
    RN-MSN 2nd Year Student
    • Neeraj Sharma (Viewer) 24th Nov 2015 - 4:53 PM
      Thanks for well study, only want some suggestion for developing countries prospect, if.

  • COMMENT - 2

  • ISAAC TANDOH (Viewer) 16th Nov 2015 - 5:11 PM
    I write to inform you that I have read your article and it is good. The management tools you started could vary from one industry to the other and also o the success of the usage of those tools will be dependent on the skills and competence of the management team. I will like to know where does the human factor come to play in the usage of the management tools to gain market share. Additionally, most of the models you used were attributed to you. Are the models new models and your own creation since you clearly stated that they were not adopted from any authority but your self. weldone
    thank you.

  • COMMENT - 3

  • Elvis Asiedu (Author) 16th Nov 2015 - 5:37 PM
    Dear Colleagues,I am very sorry for responding to questions early. It is as a result of time difference. I must confess I just wake up.

  • COMMENT - 4

  • Elvis Asiedu (Author) 16th Nov 2015 - 5:42 PM
    Morning Geethamma Jolly,

    Thanks so much for such a wonderful question. Although all the six tools are very important, technology and outsourcing which I factored in my supportive organisational culture are very important in terms of growth and investment.

  • COMMENT - 5

  • Elvis Asiedu (Author) 16th Nov 2015 - 5:46 PM
    For example, Samsung company is one of the few companies which have invested in technology and outsourcing to grow their market share.

  • COMMENT - 6

  • Elvis Asiedu (Author) 16th Nov 2015 - 6:10 PM
    Dear Tando,
    Thanks for your question. Yes it is true that management tools vary from one industry to the other. However, I also believe that every organisation irrespective of the sector needs customer segmentation, employee survey engagement, bench-marking, price optimization model and technology. These tools are applicable in every industry because every company needs customer segmentation to define the market and understand value, every company needs benchmarking and balanced scorecard to monitor the value performance, every company needs organisational culture of outsourcing and alliance formation to plan and deliver the value of customers need. Apart from that, a firm can never be successful if employees are not engaged. Empployee engagement survey helps every industry to develop the value of their workers.The most expensive and valuable assets of a firm is its employees. Due to global war on top-talents, every firm wants to keep to the talent it has already built and developed. Every company is aware that it cost huge sums of money to recruit and train new employees. This makes employee engagement survey very important to any industry, no matter what the company does.
    Technology is another crucial tool that needs to be adopted and applied even in wooding industry. Technology allows industries to transform their marketing strategies to capture competitive advantage.

  • COMMENT - 7

  • Elvis Asiedu (Author) 16th Nov 2015 - 6:15 PM
    Dear Mr. Tando, human factor is very important that's why I was emphasizing on employee engagement survey. This is very important in market development because emotionally and intellectually engaged employees always create loyal and satisfied customers to improve market share and productivity. Engaged employees are not only loyal but also productive. It is obviously known that employee engagement survey is closely linked to customer engagement; therefore, firms can develop and cultivate more satisfied and loyal customers through employee engagement.

  • COMMENT - 8

  • Elvis Asiedu (Author) 16th Nov 2015 - 6:23 PM
    The models are not new but their combinations and how they must be used seems to be new. That's why I said Though some of these tools have been in the realm of management for centuries now, few organizations know how to go through the options and select the right tools to assist them innovate, plan for future, improve quality, identify unmet customer needs, exploit competitor’s vulnerabilities, and build distinctive capabilities that are non-imitable and idiosyncratic to spell the firm’s uniqueness. So as you can see the tools have been with us for centuries now. Iphone and Samsung are found of using these six tools and it has really helped them to innovate, plan for future and improve quality.

  • COMMENT - 9

  • THEOPHINE UGOCHUKWU ACHUGBU (Viewer) 24th Nov 2015 - 7:09 PM
    Dear Elvis, well done ! Very interesting paper.
    I have a comment:
    As you highlighted in your paper, "According to Asiedu (2015), developing innovative
    products and services allow firms to differentiate themselves from other competitors to keep
    consumers coming back".
    My question: In an ever changing business environment with very stiff competition for market share, especially from relatively new innovative companies, how can firms sustain their competitive advantage (s)
    Many Thanks and best of luck

  • COMMENT - 10

  • Elvis Asiedu (Author) 24th Nov 2015 - 7:24 PM
    Firms can only sustain their competitive advantage if the aforementioned management tools in my study are properly used. These tools can help firms to define their strategy, engage with employees and customers as well as monitor performance. A firm can use price optimization model just like the Chinese and Indians, as a powerful weapon to build their market and improve profit.
    Benchmarking and balance scorecard can be used to set strategies that are unique and invest their strengths that can differentiate them from other competitors. Samsung and apple 🍎 companies are using benchmarking and balance scorecard to differentiate their products from other phone companies.
    To amasss every

  • COMMENT - 11

  • Elvis Asiedu (Author) 24th Nov 2015 - 7:26 PM
    Firms can only sustain their competitive advantage if the aforementioned management tools in my study are properly used. These tools can help firms to define their strategy, engage with employees and customers as well as monitor performance. A firm can use price optimization model just like the Chinese and Indians, as a powerful weapon to build their market and improve profit.
    Benchmarking and balance scorecard can be used to set strategies that are unique and invest their strengths that can differentiate them from other competitors. Samsung and apple 🍎 companies are using benchmarking and balance scorecard to differentiate their products from other phone companies.
    To amass everything, I can say that every company irrespective of the sector need the six key management tools to sustain their competitive advantage to outperform the competition.
    Thanks.

  • COMMENT - 12

  • Elvis Asiedu (Author) 25th Nov 2015 - 6:49 PM
    Dear Dr. Sharma,
    Thanks for your compliment. There are several ways of developing a country's prospect. A country can develops its prospect through exploring unexplored market, availability of cheap production input, growing affluence, rapid economic development, and attractive government incentives. Technology can also be a factor to developing a country's prospect. Please can you explain your question further to understand if you are not ok with my answers. Thanks.