One of the Key Questions Posed by 21st Century Managers

question 47

Essay

One of the key questions posed by 21st century managers is "How can we possibly compete when everyone can copy our technology and the competition is a click away?" One path to take involves creating a resource or set of resources for sustainable competitive advantage. List the four characteristics that such resources must have for the possibility of sustainable competitive advantage to exist. Why is it important to have all four simultaneously?

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Definitions:

No-Name Brand

Products that are sold without a brand name, often packaged plainly and priced lower than branded counterparts, focusing on basic functionality.

Professional Chefs

Skilled individuals who are trained in the art of food preparation, cooking, and presentation in a professional setting.

Prevent Arbitrage

Measures taken to stop the practice of buying a product in one market at a low price and selling it in another at a higher price to profit from the price difference.

Indirect Price Discrimination

A pricing strategy where different prices are charged for the same product or service in different markets or segments, not directly based on customer characteristics but indirectly through product versioning, location, or other non-personal factors.