What Are the 5 Building Blocks of Competitive Advantage? Provide

question 30

Essay

What are the 5 building blocks of competitive advantage? Provide examples of hospitality firms whose strategy focuses on one or more of these building blocks.

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Definitions:

Peers

Individuals who are equal to one another in terms of status, age, or another specific criterion, often considered within a social or professional context.

Core Values

Fundamental beliefs or principles that act as guiding lights for behavior and decision-making within an organization or individual life.

Ethical Decision Making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles, considering the impact of decisions on stakeholders.

Firm's Purpose

The fundamental reason for a company's existence beyond just making profits, often reflecting its values, mission, and the positive impact it aims to create for stakeholders.