Competitive Advantage

Do some research and answer the following critical thinking questions from this week’s readings. In your analysis, cite a minimum of three (3) references from different sources (the textbook can be one source).Woman holding a pencil looking at computer monitor.

Apply the VRIO framework to assess whether your current employer or a previous one has a sustainable source of competitive advantage.
Describe the five steps of the strategic-management process. Which step of the strategic-management process do you believe is the most important? Defend your position.
Discuss why groupthink is dangerous and from your experiences, identify some best practices you witnessed or used to help employees or colleagues avoid falling victim to groupthink. In the workplace, how does groupthink affect how decisions are made and the outcomes from those decisions in the organization?

Sample Solution

workers rather than consumers. This theory is successful because the audience will promote brands that they like through features on social media platforms like hashtags or tags. These features are a benefit for brands because it is free labour and advertising, meaning that if they produce what a market wants then it will naturally be promoted and shared to the right audience. The joy of brands and fashion houses having social media accounts is that the consumers will be able to see the behind the scenes and see what goes into making these popular brands. The effect that this has on the consumer is that they will feel a connection and a sense of loyalty to a brand because they feel as though they are included within process. Platforms like Instagram can give this kind of behind the scenes services that make the consumer feel as though they are getting exclusive news and information, allowing them to feel more connected. Austin (2013) backs up this theory by stating “when it comes to Instagram, followers want to see behind-the-scenes images from their favourite companies that they would not normally be able to through traditional media.” By having the control over the marketing process, brands can pick and choose who they want to promote the products and think about who will appeal most to a target audience. By doing this the brand are also able to control opinion and perception meaning that by showing the best parts of the brand and its products it will mean that more people will want to not only purchase the products but also support the brand. “With the consumers’ increased use of retailers’ Internet Websites for searching out product information and purchasing, the websites have become key tools for retailers to commu

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