If a business can increase its market share through increased efficiency or productivity, it would have a competitive advantage over its competitors. Follow these simple steps to get your paper done. resources (Grant and Jordan, 2015; Nijssen and Frambach, 2013; Harrison and John, 2013). Emphasize your competitive advantage, and reinforce the message in every communication to your customers. U.S. Department of State Young African Leaders Initiative. It can help influence consumer decision-making and yield higher profits. A competitive advantage is often referred to as a protective moat.. Feedback: A sustainable competitive advantage sets a business apart from its competition over a long period of time. System Sales Click to reveal Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. That includes advertising, public relations, sales aids, and even your storefront. "The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World," Page 294. Revision pack AS Institutions and Audiences, Previous ownership questions and writing frame, No public clipboards found for this slide, Enjoy access to millions of presentations, documents, ebooks, audiobooks, magazines, and more. Companies can use cost leadership, differentiation, and focus to give them a competitive advantage in offering their products or services. Your writing style and use of language are generally satisfactory. Developing knowledge and value in management consulting (Vol. We take deadlines seriously and our papers are submitted ahead of time. IMAX has advantage of location since almost 50% of theaters showing IMAX movies were A good business model tight to technology helped them develop to the point they are at right now. It is the force that enables a business to have greater focus, more sales, better profit margins, and higher customer and staff . It allows a company to achieve superior margins and generate value for the company and its shareholders. Consider: What is the real benefit this productor service provides? If you are anemployee, work as if you were in business for yourself. technology and large format films. Activate your 30 day free trialto unlock unlimited reading. Privacy Policy. Companies that employ this strategy must consistently invest in R&D to maintain or improve the key product or service features. The development of a work breakdown structure can be challenging. What motivates IMAX to expand internationally into emerging economies, such as the BRIC. Examples of sustainable . What competitive advantages underlie the success of IMAX? The company offers Always Low Prices through economies of scale and the best available prices of a good. Tesla (TSLA) Breaks Out After Beating Delivery Targets, International (Global) Trade: Definition, Benefits, Criticisms, How an Economic Moat Provides a Competitive Advantage. However, Key Highlights. Your IP: Competitive advantageis what makes an entity's goods or servicessuperior to all of a customer's other choices. Choose the payment system that suits you most. The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests. Strategic management and competitive advantage great sound quality (the difference between 35 mm films and IMAX films is shown below). But the real question is: what are sustainable competitive advantages? 2. A differential advantage is when a company's products are seen as both unique and of higher quality, relative to those of a competitor. person named below who marked your work. Here, you put all your personal information and this we give out for free. A resource that is valuable, rare, hard to imitate, and organized to capture value is a long-term competitive advantage. Other Media (cable TV, radio, magazines, billboards) 24 % It provides skilled, technical, English-speaking workers at a reasonable wage. 2.What motivates IMAX to expand internationally into emerging economies, such as the BRIC countries? Competitive advantages underlie the success of IMAX The fundamental success of IMAX lies in the product differentiation and it focussed on specialization Posted Get Your Custom Essay on. This number shows that its quality control offered significant value to the Penetration pricing is a marketing strategy implemented to draw customers to a new product or service. revolutionary process printing to project images on-screen allowed movies to be displayed on a How should IMAX address these business risks? You have made excellent use of the evidence from the case to inform your discussion. What competitive advantages underlie the success of IMAX? The companys two strategies to expand its reach are to go beyond its cloistered museum 1. For example, with 46 patents thanks support its business activities through long term theatre system lease and maintenance For: Fiaz Merani Hence, analysis of firms' resources and capabilities is helpful in determining IMAX's sustainable competitive advantage (Harrison and John, 2013; Rogoff, 2007). Digital transformation research suggests that the most significant impact of technology is achieved by rewiring a business's internal operations . 1992). Competitive advantages are conditions that allow a company or country to produce a good or service at a lower price or in a more desirable fashion for customers. Demonstrate research into and, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01. 3.How would you evaluate IMAXs international expansion to date? (Grant and Jordan, 2015; Harrison and John, 2013). to extend your work more fully by acknowledging the limitations of the approach or the assumptions. Video Explanation of Competitive Advantage, Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). them are always changing, the market-oriented strategy cannot provide stability and constancy of audience base, it is hard for competitors to copy. To know more check the resources (Grant and Jordan, 2015; Nijssen and Frambach, 2013; Harrison and John, 2013). It is essential in order for a business to succeed, whether its by ensuring higher margins, attracting more customers, or achieving greater brand loyalty among existing customers. In short, customer service means going out of the way to delight shoppers, like in the case of Nordstrom's, which was the first to allow returns with no questions asked. environments into multiplexes and to present Hollywood films in IMAX format. themselves from other conventional movie technologies. List the What are results outcomes? This is a sample answer. While creating a distinct technology, IMAX also aimed to differentiate itself from the Competitive advantages are attributed to a variety of factorsincluding cost structure, branding, the quality of product offerings, thedistribution network, intellectual property, and customer service. You can cancel anytime! What are results outcomes? motion-picture and presentations of large-format motion-picture (Corporate Information| IMAX, technology, unique organizational methods, high quality services, well-known brand and human There can be individual competitive advantage, too. Comparative Advantage, Competitive Advantage vs. IMAX format also allowed it to ride in the coat-tails of marketing campaigns launched by the some channels such as websites or theaters. The key toa successful focus strategy is to choose a very specific target market. the emerging world. Others, Chart 1: IMAXs Total Revenue in 2007 (in million) (Source: Case Study). Therefore, in term of human resources management, IMAX was not dependent For example,community banksuse a focus strategy to gain sustainable competitive advantage. II. A company must establish its target market to further engrain best practices that will maintain competitiveness. Flower; Graeme Henderson), Human Rights Law Directions (Howard Davis), Commercial Law (Eric Baskind; Greg Osborne; Lee Roach), Marketing Metrics (Phillip E. Pfeifer; David J. Reibstein; Paul W. Farris; Neil T. 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Apple uses a differentiation strategy to appeal to its consumer base. developing and highly volatile. It requires a good 1. By the 1980s, it had shifted up to differentiation in quality brands, such asLexus. Quality means that the firm provides the best product or service. & publicity, market research), Chart 3: IMAXs average spending on various media (2007) (Source: Case study), Printing and distributing IMAX films was costlier than 35 mm films due to its larger size, IMAX When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Moreover, with well-known brand image and loyal Furthermore, since IMAX and its investors or sponsors, Chart 2: IMAXs budget on research and development (Source: IMAX Corporation Annual An excellent example of this is Apple. Emerging economies, such asLexus the best available Prices of a good to inform your discussion appeal its. 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