Competition

Competition
Competition is a contest between individuals, groups, animals . It arises whenever two or more parties strive for a goal which cannot be shared. Business is often associated with competition as most companies are in competition with at least one other firm over the same group of customers.

Advantages of Competition
Brand once a brand develops a loyal customer base, competitors will have a hard time prying those folks away. Some people will only buy Apple computers, others will only drive Harleys, Be it through smart advertising, quality products, or the ultimate achievement

Advantages of Competition
Quality: It didnt take long for Google to become the king of search engines. Why? Its product was just that good. And as long as a company continues to deliver top-notch goods or services, a cult of happy buyers will usually continue to follow.

Pricing Power

Some businesses are large enough that they can under-price their competitors. Wal-Mart is an example.

Five dimension of competitive advantages

Product Advantage An enterprise will gain product advantage if it create superior product value higher than the competitors Cost Advantage An enterprise will gain cost advantage if its cumulative operating cost is lower than competitors

Five dimension of competitive advantages

Knowledge advantages There are three types of knowledge advantage Product Knowledge Market knowledge Technical Knowledge

Five dimension of competitive advantages

Relationship Advantage It is fundamental to establish trust. They help in secure revenue , operations and minimize transaction costs Structural Advantage They include organizational system, relationship of management and employers, it is obtained by being flexible , speedy , responsive ,innovative ,task orientated.

Competencies
2 Ws

Competencies are the human capabilities and work-related behaviours that provide a competitive advantage to an organisation

Competency
A cluster of related abilities, commitments, knowledge, andskills that enable a person (or an organization) to act effectively in a job or situation

Business Knowledge Customer Focus Communication

Result Focus
Leadership Proactivity Innovation Collaboration

Stamina & Adaptability

Conceptual Thinking

Competency Clusters

Business Knowledge

Understands the Industry Financial acumen Knowledge of company products Overview of business

Leadership
Sets out clear standards and goals Motivates others to achieve and maintain high standards Works to reach consensus and agreement wherever possible Welcomes constructive criticism Identifies and shares success stories

Result Focus
Takes on challenging but achievable goals Identifies gaps and seeks to overcome them Sets targets, monitors efficiency and effectiveness Decides on optimum work approach Maximises use of available technology

Customer Focus
Anticipates and forecasts customer requirements Defines quality standards for customer service Develops partnership with the customer Enhances long term relationship with customer Creates new solutions to meet customer needs

Collaboration
Builds effectively team within a function/ country Encourages and supports colleagues to achieve goals Develops information-sharing networks Creates team effectiveness using people skills

Proactivity
Seizing opportunities as they arise

Handling crises swiftly and effectively

Exceeding the bounds of ones formal authority

Conceptual Thinking
Develops concepts/ patterns perceived in a set of facts Rapidly identifies key issues/ actions in a complex situation Seeing connections or patterns Using vigorous, original analogies or metaphors

Innovation
Adapts and applies different new approaches to situations Modifies standard approaches for more effective outcomes Develops original approaches to non-routine situations Encourages innovation and creativity in others , supports new ideas

Communication
Listens carefully to others, tries to help people with problem Adapts language and style to meet the needs of the audience Structures information in a way that addresses others issues

Encourages open discussions through questioning

Stamina & Adaptability

Sustain and work long hours

Flexible and adapts to change

Maintain high performance under stress

Types of Competencies
Aptitudes Natural ability that prepares the person to fulfill the responsibilities Way of thinking or behaving needed to fulfill the responsibilities Acquired ability or experience needed to fulfill the responsibilities Information and understanding needed to fulfill the responsibilities

Attitudes

Skills

Knowledge

The Twelve Competencies

Time Management and Prioritizing

Ability to manage time, both your own and others. Includes such skills as: negotiating priorities; exercising self-discipline; controlling interruptions by shaping the behavior of others whose priorities are not your own; being timeeffective versus timeefficient.

Setting Goals and Standards

Ability to manage activities and projects toward measurable goals and standards, setting these jointly with others so as to develop their understanding and commitment. Includes the following skills: distinguishing among wishes, activities, and quotas; reducing barriers to the goal-setting process; evaluating goals against the major criteria of effective goal setting; using goals to motivate.

Planning and Scheduling Work

Ability to manage projects (one-time programs) and processes (ongoing work flow) by applying the major tools and techniques of management.

Listening and Organizing

Ability to understand, organize, and analyze what you are hearing so as to decide what to think and do in response to a message.

Giving Clear Information

Ability to assess a situation, determine the objectives, and give clear, concise, wellorganized, convincing messages that will best meet the objective.

Getting Unbiased Information

Ability to use questions, probes, and interviewing techniques to obtain unbiased information and to interpret it appropriately

Training, Coaching, and Delegating

Ability to develop people. Includes the following skills: selecting the right people; reaching agreement on plans for action; keeping a balance between input and output; transferring responsibility to the employee; giving feedback effectively; providing appropriate rewards.

Appraising People and Performance

Ability to carry out a constructive performance appraisal involving joint evaluation of past performance, agreement on future expectations, and development of a plan to see that these expectations are met. Also, the ability to give effective Feedback on an ongoing basis.

Thinking Clearly and Analytically

Ability to apply logic and think clearly so as to effectively interpret situations and information before deciding what actions to take. Includes the following skills: identifying valid premises and drawing logical conclusions from them; separating

Disciplining and Counseling

Ability to provide counseling and discipline in a positive manner to restore the employees performance to within the accepted standards or norms without loss of face (respect, trust) on anyones part

Identifying and Solving Problems

Ability to identify barriers that keep you from achieving your goals and standards, and apply a systematic set of procedures to eliminate or reduce the causes (root problems)

Making Decisions, Weighing Risk

Ability to construct a decision matrix that helps to examine options; identify limits, desirables, and risks to be considered; assign weights to each alternative; and select the best option for meeting the desired goals and standards.

Conclusion

Hard work beats talent when talent doesnt work hard Dedication + motivation = success