Categories of Fashion Retailing
In today’s world if internet and communication boundary has erased geographical boundaries, international retailing has brought the world market to the local store near you. Any international brand of fashion or product that you desire can be easily found in the city in your country. The rapid urbanisation, globalisation coupled with economic freedom enjoyed by […]
Steps in Advertising Process
“Mass demand has been created almost entirely through the development of Advertising” Calvin Coolidge in the New York Public Library. For the development of advertising and to get best results one need to follow the advertising process step by step. The following are the steps involved in the process of advertising: Step 1 – Briefing: […]
What is Customer Relationship ?
In CRM the alphabet ‘R’ means relationship. But there is always an ambiguity to understand the actual meaning of this relationship. This relationship between supplier and customer is not a personal relationship or a one-time transaction relationship; for example buying a refrigerator from a consumer’s outlet would not be called as a relationship. Relationship between […]
The Business Case for Sustainability: Why it Pays off to be Clean and Green
Why it Pays off to be Clean and Green and to Follow Sustainable Business Practices In recent years, there has been a growing body of research and evidence which indicates that it is profitable for corporates and firms to be clean and green or in other words, there is a business case for running an […]
Customer Retention – A Strategic Process to Retain Existing Customers
It is difficult to exactly define customer retention as it is a variable process. A basic definition could be ‘customer retention is the process when customers continue to buy products and services within a determine time period’. However this definition is not applicable for most of the high end and low purchase frequency products as […]
The concept of knowledge as the founding block for attaining competitive advantage has become quite prevalent in Management studies. All knowledge should begin form a piece of information.
For the conversion of information into knowledge there is a critical aspect to be noted. This is related to the timing of the retrieval of information. The information should be retrieved at the time when it is relevant based on the circumstances under which it is going to be applied. Occasionally situations can be different than those in the past requiring additional scrutiny of the existing information. In certain other situations the existing conditions can be so different that it will necessitate entirely new information. Thus the information past its time is obsolete for utility. But the information at the right time can result in knowledge which can be useful for the organization
There are two aspects for knowledge:
The resource-based view of the firm transformed the till then existing notion that internal knowledge is inferior in relation to market activities of the business. The previously existing strategy theories gave importance to market position and strategic choice.
On the other hand the resource-based view claimed that the competitive advantage is obtained from distinctive capabilities and know-how. According to this theory, knowledge and competencies possessed by the organization are the significant sources of business success in the present global world. The pursuit for promoting and fostering capabilities emerges as the main focal point for firms. It is in this circumstance that the concept of knowledge management has come to the forefront and attained extensive recognition among top management.
The second aspect of knowledge, namely knowledge creation depends on the below factors:
For knowledge creation and management to happen the organization has to become knowledge-centric. This is possible by building up an organizational context that assists the swift advancement of new knowledge. This organizational context encompasses the organization’s leadership, culture, structure and infrastructure.
In a knowledge-centric organization, the organizational context is expected to exhibit the below mentioned attributes:
Your email address will not be published. Required fields are marked *
