DQS Need To Be Answered Today By 3pm EST On-Time Work
2 Dqs Need To Be Answered Today By 3pm Est On Time Work Please No P
2 DQ's need to be answered today by 3pm EST. On-time work PLEASE! NO Plagiarism 275 word count for each question. Please add all answers under the questions. Applying Icon - Identify your own examples of organizations or products/services that fit into any two of the four quadrants in the ICON matrix in Figure 6-1 in Chapter 6.
Describe them, and explain why you think they fit appropriately into each quadrant. Business Model, Core Competency and Differentiation - What is the relationship between the terms business model, core competency and differentiation? Use a product or service or business with which you are familiar to illustrate the relationships.
Paper For Above instruction
The ICON matrix, depicted in Figure 6-1 of Chapter 6, serves as a strategic tool to categorize organizations or products based on their competitive advantage and value proposition. It is divided into four quadrants: Star, Cash Cow, Question Mark, and Dog. To illustrate this framework, I will identify examples of organizations that fit into two of these quadrants.
Firstly, Apple Inc. exemplifies a company positioned in the 'Star' quadrant. Known for its innovative technology products, Apple has a strong market share and high growth potential. Their core competencies include cutting-edge product design, seamless user experience, and a robust brand reputation. These core competencies contribute to their differentiation, allowing Apple to attract loyal customers who are willing to pay premium prices. Apple's strategic business model emphasizes premium product offerings paired with a highly integrated ecosystem, creating a competitive advantage that sustains their growth trajectory (Lashinsky, 2012). The company's ability to innovate continuously and maintain high margins exemplifies the attributes of a 'Star' in the ICON matrix.
Conversely, Blockbuster, the once-dominant video rental company, fits into the 'Dog' quadrant. Its core competencies were primarily centered around physical store operations and rental logistics, which became obsolete with the advent of digital streaming. The company's lack of innovation and inability to adapt to technological changes led to declining market share and profitability. The differentiation strategies of Blockbuster were based on physical convenience rather than technological innovation, which failed to sustain against more agile competitors like Netflix. Their business model, centered around physical locations and late fees, became a liability in the digital age, illustrating how misalignment with market trends can lead organizations into the 'Dog' quadrant (Levy & Weitz, 2012).
Relationship between Business Model, Core Competency, and Differentiation
The terms business model, core competency, and differentiation are interconnected elements that collectively define an organization’s competitive strategy. The business model describes how a company creates, delivers, and captures value; it encompasses revenue streams, cost structures, and operational logistics (Teece, 2010). Core competencies refer to the unique skills, technologies, or resources that give a company a competitive advantage. For instance, Samsung's core competency is its advanced manufacturing technology, which supports its extensive product range.
Differentiation involves establishing a distinct position in the market by offering unique attributes that are valuable to customers. A company leverages its core competencies to develop differentiated products or services (Porter, 1985). For example, Tesla differentiates itself through innovative electric vehicle technology—its core competency—thus aligning with its business model of sustainable energy and transforming the automotive industry. All three elements—business model, core competency, and differentiation—are intertwined; the core competency supports the business model by enabling differentiation strategies that provide competitive advantage and capture customer value (Prahalad & Hamel, 1990). A coherent integration of these elements fosters organizational success and sustainable competitive advantage.
References
- Lashinsky, A. (2012). Inside Apple: How America's Most Admired--and Secretive--Company Really Works. Houghton Mifflin Harcourt.
- Levy, M., & Weitz, B. (2012). Retailing Management (9th ed.). McGraw-Hill/Irwin.
- Teece, D. J. (2010). Business Model, Business Strategy and Innovation. Long Range Planning, 43(2-3), 172-194.
- Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. The Free Press.
- Prahalad, C. K., & Hamel, G. (1990). The Core Competence of the Corporation. Harvard Business Review, 68(3), 79-91.