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as manufacturing processes, technology, or market-based assets such as knowledge of customers or processes for new product development. Firms with a knowledge-based core competency can increase their advantage by learning from "contingent workers" such as technical experts, consultants, or temporary employees. Those outsiders bring knowledge inside a firm, such as sharing understanding of competing technologies. Moreover, interactions with contingent workers can provoke the firm to codify knowledge that was tacit in order to communicate with the temporary employees. The benefits of these interactions with outsiders increases with the "absorptive capacity" of the firm. However, there is some risk that these interactions cause leakage or dilution of knowledge assets to others who later hire the same temporary employees. Modern knowledge management theory now suggests that serendipity can be tapped as a strategic advantage for building a core competency.
477:, wrote a book in 1985 which identified three strategies that businesses can use to tackle competition. These approaches can be applied to all businesses whether they are product-based or service-based. He called these approaches generic strategies. They include cost leadership, differentiation, and focus. These strategies have been created to improve and gain a competitive advantage over competitors. These strategies can also be recognized as the comparative advantage and the differential advantage.
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groups they will target, it is essential to decide if they will take the cost leadership approach or differentiation approach. Focus strategy will not make a business successful. Porter mentions that it is important to not use all 3 generic strategies because there is a high chance that companies will come out achieving no strategies instead of achieving success. This can be called "stuck in the middle", and the business will not be able to have a competitive advantage.
58:
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implementing core capabilities are important strategic actions for any enterprise in order to pursue high long-term profits. In the end, real advantage can be created by the management's ability to unify corporate-wide technologies and production skills into competencies that capacitate individual businesses to adapt quickly to changing opportunities.
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resources over which it has direct control, and these resources have the ability to generate competitive advantage (Reed and
Fillippi 1990 cited by Rijamampianina 2003, p. 362). Superior performance outcomes and superiority in production resources reflect competitive advantage (Day and Wesley 1988 cited by Lau 2002, p. 125).
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due to contemporary issues regarding superior performance levels of firms in today's competitive market. "A firm is said to have a competitive advantage when it is implementing a value creating strategy not simultaneously being implemented by any current or potential player" (Barney 1991 cited by Clulow et al.2003, p. 221).
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price value to the customers. Lower costs will result in higher profits as businesses are still making a reasonable profit on each good or service sold. If businesses are not making a large enough profit, Porter recommends finding a lower-cost base such as labor, materials, and facilities. This gives businesses a lower
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business. Success comes to firms that can deliver a product or service in a manner that is different, meaningful, and based on their customers' needs and desires. Deciding on the appropriate price and quality depends on the business's brand image and what they hope to achieve in relation to their competition.
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To sustain leadership in a chosen core competency area, companies should seek to maximize their competency factors in the core products like being important in positioning its values, distinctive (differentiated), superior, communicable (visibility), unique, affordable, and profitable. When a company
706:
A firm's knowledge assets are an important intangible source of competitive advantage. For firm knowledge to provide a competitive advantage, it must be generated, codified, and diffused to others inside the organization. Many different types of knowledge can serve as a resource-based advantage, such
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The above-stated process has two main objectives, namely to create the intended image in the minds of the company's principal constituents and managing the process to create a favourable reputation in the minds of the important stakeholders. Gray and Balmer (1998) say that a strong image can be built
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is an important marketing concept. The main purpose of positioning is often to create the right perceptions in comparison to competitors. Thus, it creates competitive advantage. This positioning, or competitive advantage, is based on creating the right "image" or "identity" in the minds of the target
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Focus strategy ideally tries to get businesses to aim at a few target markets rather than trying to target everyone. This strategy is often used for smaller businesses since they may not have the appropriate resources or ability to target everyone. Businesses that use this method usually focus on the
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advantage. A cost advantage arises when a business can provide the same products and services as its competitors but at a lower cost. A differentiation advantage arises when a business can provide different products and services from its competitors which are more closely aligned to customers' needs.
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When businesses can find the perfect balance between price and quality, it usually leads to a successful product or service. A product or service must offer value through price or quality to ensure the business is successful in the market. To succeed, it is not enough to be "just as good as" another
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This strategy can also be called the segmentation strategy, which includes geographic, demographic, behavioral, and physical segmentation. By narrowing the market down to smaller segments, businesses are able to meet the needs of the consumer. Porter believes that once businesses have decided what
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refers to the ability gained through attributes and resources to perform at a higher level than others in the same industry or market (Christensen and Fahey 1984, Kay 1994, Porter 1980 cited by
Chacarbaghi and Lynch 1999, p. 45). The study of this advantage has attracted profound research interest
682:
Corporate identity is the reality of an organization. It refers to the distinct characteristics or core competencies of the organization. It is the mental picture of the company held by its audiences. Corporate communication refers to all the official and informal communication sources, through a
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The quotes above signify competitive advantage as the ability to stay ahead of present or potential competition. Also, it provides the understanding that resources held by a firm and the business strategy will have a profound impact on generating competitive advantage. Powell (2001, p. 132) views
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Cost leadership is a business's ability to produce a product or service that will be at a lower cost than other competitors. If the business is able to produce the same quality product but sell it for less, this gives them a competitive advantage over other businesses. Therefore, this provides a
710:
The competitiveness of a company is based on the ability to develop core competencies. A core competency is, for example, a specialised knowledge, technique, or skill. Yang (2015) concluded, with the examination of a long-term development model, that developing core competencies and effectively
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A differentiation advantage is gained when a business's products or services are different from its competitors. In his book, Michael Porter recommended making those goods or services attractive to stand out from their competitors. The business will need strong research, development, and design
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Successfully implemented strategies will lift a firm to superior performance by facilitating the firm with competitive advantage to outperform current or potential players (Passemard and
Calantone 2000, p. 18). To gain competitive advantage, a business strategy of a firm manipulates the various
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thinking to create innovative ideas. These improvements to the goods or service could include delivering high quality to customers. If customers see a product or service as being different from other products, consumers are willing to pay more to receive these benefits.
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Competitive advantage is the leverage a business has over its competitors. This can be gained by offering clients better and greater value. Advertising products or services with lower prices or higher quality piques the interest of consumers. This is the reason behind
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business strategy as the tool that manipulates resources and creates competitive advantage. Hence, a viable business strategy may not be adequate unless it possesses control over unique resources that have the ability to create such a relatively unique advantage.
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have provided a formal account of what constitutes an optimal business strategy. According to well-established variational methods, a business pursuing an optimal strategy will follow the shortest economic path that makes the most efficient use of resources.
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Competitive strategy is defined as the long term plan of a particular company in order to gain competitive advantage over its competitors in the industry. It is aimed at creating defensive position in an industry and generating a superior ROI
399:
is important when understanding competitive advantage. If the value proposition is effective, that is, if the value proposition offers clients better and greater value, it can produce a competitive advantage in either the product or service.
679:, image, and reputation are the fundamental components of the process of creating competitive advantage. Corporate identity through corporate communication creates corporate image and reputation, with an end result of competitive advantage.
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in low-wage economies due to terms of trade. Competitive advantage attempts to correct this issue by stressing on maximizing scale economies in goods and services that garner premium prices (Stutz and Warf 2009).
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Matusik, Sharon F., and
Michael B. Heeley (2005), "Absorptive capacity in the software industry: Identifying dimensions that affect knowledge and knowledge creation activities." Journal of Management 31 (4),
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variety of media, by which the company outsources its identity to its audiences or stakeholders. Corporate communication is the bridge between corporate identity and corporate image or reputation.
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needs of the customer and how their products or services could improve their daily lives. In this method, some firms may even let consumers give their inputs for their product or service.
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Matusik, Sharon F., and
Charles WL Hill (1998), "The utilization of contingent work, knowledge creation, and competitive advantage." Academy of management review, 23 (4), 680-697.
374:, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology and to proprietary information.
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Moorman, Christine, and Anne S. Miner. (1997), "The impact of organizational memory on new product performance and creativity", Journal of marketing research, 34 (1), 91-106.
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Ritala, Paavo, and Pia
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through a coordinated image-building campaign and reputation, on the other hand, requires a praiseworthy identity that can only be shaped through consistent performance.
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Clulow, Val; Gerstman, Julie; Barry, Carol (1 January 2003). "The resource-based view and sustainable competitive advantage: the case of a financial services firm".
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and natural resources are not necessary for a good economy. The other theory, comparative advantage, can lead countries to specialize in exporting primary goods and
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Barney, Jay, Mike Wright, and David J. Ketchen Jr.(2001), "The resource-based view of the firm: Ten years after 1991", Journal of
Management 27 (6), 625-641.
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Rijamampianina, Rasoava; Abratt, Russell; February, Yumiko (2003). "A framework for concentric diversification through sustainable competitive advantage".
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Alexander, A.; Martin, D. (2013). "Intermediaries for open innovation: A competence-based comparison of knowledge transfer offices practices".
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1406:, published 4 November 2009: one specific bidder "should be excluded from the competition based on an alleged unfair competitive advantage".
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An unfair competitive advantage may arise to the benefit of one or more businesses operating within a competitive context, for example in
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are part of the corporate identity; they form the foundation of corporate competitiveness. Core competencies fit within the "
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cost over those of other competitors. The company can add value to the customer via transfer of the cost benefit to them.
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defined two ways in which an organization can achieve competitive advantage over its rivals: a cost advantage and a
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Therefore, both corporate identity and core competencies are underlying internal factors of competitive advantage.
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group. This positioning decision exists of selecting the right core competencies to build upon and emphasize.
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Johnson, P.; Foss, N..J (May 2016). "Optimal
Strategy and Business Models: A Control Theory Approach".
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Competitive
Advantage: Creating and Sustaining Superior Performance by Michael E. Porter 1980
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Competitive
Advantage: Creating and Sustaining Superior Performance by Michael E. Porter 1980
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Creating Competitive Advantage: Give Customers a Reason to Choose You Over Your Competitors
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Gray, E. R.; Balmer, J. M. (1998). "Managing Corporate Image and Corporate Reputation".
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Yang, C. (2015). "The integrated model of core competence and core capability".
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Unstoppable: Finding Hidden Assets to Renew the Core and Fuel Profitable Growth
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Business concept that an organization outperforms competition in some regard
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by Peteraf M. & Barney J (2003). Managerial and Decision Economics 24.
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achieves this goal, it allows it to shape the evolution of an end market.
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if one bidder has access to information not available to other bidders.
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A core competency is a concept introduced by Prahalad and Hamel (1990).
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Value Migration: How to Think Several Moves Ahead of the Competition
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Competitive Advantage: Creating and Sustaining Superior Performance
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Beyond the Core: Expand Your Market Without Abandoning Your Roots
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Aaker, D. A.; Shansby, J. G. (1982). "Positioning Your Product".
1042:"Competitive advantage: logical and philosophical considerations"
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Competitive advantage seeks to address some of the criticisms of
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International Journal of Operations & Production Management
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is an attribute that allows an organization to outperform its
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Profit from the Core: Growth Strategy in an Era of Turbulence
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The World Economy: Resources, Location, Trade and Development
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A New Theory of Serendipity: Nature, Emergence and Mechanism
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Payne, Adrian; Frow, Pennie; Eggert, Andreas (2017-03-18).
1103:"Oxford Learning Lab - Watch it. Learn it. Badge it"
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909:, published 4 August 2008, accessed 17 January 2024
1127:"Business Strategies for a Competitive Advantage"
1452:Strategic Planning Kit for Dummies, 2nd Edition
463:The three forms of generic competitive strategy
370:A competitive advantage may include access to
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1317:Technological Forecasting & Social Change
950:(5th ed.). Upper Saddle River: Pearson.
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703:". Resources can be tangible or intangible.
860:Journal of the Academy of Marketing Science
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519:. Unsourced material may be challenged and
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946:Stutz, Frederick P.; Warf, Barney (2007).
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539:Learn how and when to remove this message
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1040:Powell, Thomas C. (1 September 2001).
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596:adding citations to reliable sources
517:adding citations to reliable sources
1620:Agent-based computational economics
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1516:Competitive Advantage in Business
1501:Examples of Competitive Advantage
1400:Government Accountability Officer
1077:Managerial and Decision Economics
2078:neoclassicalâKeynesian synthesis
1511:Porter and Competitive Advantage
1404:Health Net Federal Services, LLC
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1434:by David M. Kroenke pages 71â77
701:resource-based view of the firm
473:Michael Porter, a professor at
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2014:Critique of political economy
1466:by Chris Zook and James Allen
1222:10.1016/s0024-6301(98)00074-0
971:Passemard; Calantone (2000),
745:Business and economics portal
1356:10.1080/14783363.2013.820024
1190:10.1016/0007-6813(82)90130-6
1047:Strategic Management Journal
719:Unfair competitive advantage
919:Porter, Michael E. (1985).
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768:Differentiation (economics)
652:Underlying internal factors
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1290:Vuong, Quan-Hoang (2022).
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1000:10.1108/00251740310468031
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841:10.1108/03090590310469605
1344:Total Quality Management
481:Cost leadership strategy
30:Not to be confused with
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1792:Industrial organization
1615:Computational economics
1382:Harvard Business Review
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475:Harvard Business School
1997:Modern monetary theory
1662:Experimental economics
1632:Pluralism in economics
1605:Mathematical economics
1506:Competitive Advantage
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922:Competitive Advantage
907:Competitive advantage
753:Comparative advantage
560:Differential strategy
467:Further information:
425:comparative advantage
406:return on investment
384:competitive advantage
361:competitive advantage
302:Business Model Canvas
279:Managerial grid model
216:Competitive advantage
32:comparative advantage
18:Competitive Advantage
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1871:Social choice theory
1627:Behavioral economics
1610:Complexity economics
1450:Erica Olsen (2012).
1422:by Michael E. Porter
592:improve this section
513:improve this section
311:Strategic Grid Model
251:Frameworks and tools
126:Rita Gunther McGrath
77:Strategic management
1955:American (National)
1655:Economic statistics
1490:by Adrian Slywotzky
1210:Long Range Planning
988:Management Decision
783:Risk transformation
778:Resource-based view
288:Growthâshare matrix
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1398:See, for example,
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673:corporate identity
667:Corporate identity
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1150:Muilwijk, E.
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577:This section
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554:manufacturing
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498:This section
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433:raw materials
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393:brand loyalty
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284:PEST analysis
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270:Ansoff matrix
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55:
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51:
47:
43:
39:
38:
33:
19:
2616:Publications
2572:Publications
2539:
2135:Neoclassical
2125:Mercantilism
2034:Evolutionary
1896:Sociological
1869: /
1767:Geographical
1747:Evolutionary
1722:Digitization
1687:Agricultural
1650:Econometrics
1578:Price theory
1485:
1477:
1469:
1461:
1451:
1437:
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1425:
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1160:. Retrieved
1155:
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1134:. Retrieved
1130:
1121:
1110:. Retrieved
1106:
1097:
1080:
1076:
1070:
1051:
1045:
1035:
1018:
1014:
1008:
991:
987:
981:
975:, p. 18
972:
966:
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941:
921:
914:
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896:
863:
859:
849:
832:
828:
822:
816:, p. 45
813:
807:
722:
713:
709:
705:
694:
685:
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670:
662:
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646:
642:
638:
629:
614:
605:
590:Please help
578:
550:
535:
526:
511:Please help
499:
472:
450:
446:
442:
422:
410:
402:
389:
383:
381:
369:
360:
358:
315:Strategy map
215:
185:Sharon Oster
153:Liddell Hart
2410:von Neumann
2179:Supply-side
2164:Physiocracy
2108:Marginalism
1797:Information
1737:Engineering
1717:Development
1712:Demographic
1583:Game theory
1560:Theoretical
793:Value chain
657:Positioning
365:competitors
261:Five forces
221:Value chain
149:Jim Collins
104:Game theory
2635:Categories
2567:Economists
2440:Schumacher
2345:Schumpeter
2315:von Wieser
2235:von ThĂŒnen
2195:Economists
2094:Circuitism
2059:Humanistic
2054:Historical
2029:Ecological
2019:Democratic
1992:Chartalism
1982:Behavioral
1945:Mainstream
1906:Statistics
1901:Solidarity
1822:Managerial
1787:Humanistic
1782:Historical
1727:Ecological
1692:Behavioral
1162:2016-09-18
1136:2016-04-01
1112:2016-04-01
994:(4): 362.
799:References
429:ubiquitous
189:Chris Zook
176:J.C. Wylie
135:Gary Hamel
2485:Greenspan
2450:Samuelson
2430:Galbraith
2400:Tinbergen
2340:von Mises
2335:Heckscher
2295:Edgeworth
2174:Stockholm
2169:Socialist
2069:Keynesian
2049:Happiness
2009:Classical
1970:Mutualism
1965:Anarchist
1950:Heterodox
1847:Personnel
1807:Knowledge
1772:Happiness
1762:Financial
1732:Education
1707:Democracy
1642:Empirical
1552:Economics
1432:Using MIS
1364:154842270
1323:: 38â49.
1184:(3): 56.
888:168876012
880:0092-0703
608:June 2023
579:does not
529:June 2023
500:does not
382:The term
2596:Category
2576:journals
2562:Glossary
2515:Stiglitz
2480:Rothbard
2460:Buchanan
2445:Friedman
2435:Koopmans
2425:Leontief
2405:Robinson
2290:Marshall
2140:Lausanne
2044:Georgism
2039:Feminist
1987:Buddhist
1977:Austrian
1876:Regional
1852:Planning
1827:Monetary
1757:Feminist
1702:Cultural
1697:Business
1271:549-572.
731:See also
378:Overview
206:Concepts
73:Strategy
50:Strategy
42:a series
40:Part of
2611:Outline
2582:Schools
2574: (
2535:Piketty
2530:Krugman
2395:Kuznets
2385:Kalecki
2360:Polanyi
2250:Cournot
2245:Bastiat
2230:Ricardo
2220:Malthus
2210:Quesnay
2113:Marxian
2004:Chicago
1934:history
1929:Schools
1916:Welfare
1886:Service
1677:Applied
1402:(GAO),
600:removed
585:sources
521:removed
506:sources
452:Johnson
162:Sun Tzu
2520:Thaler
2500:Ostrom
2495:Becker
2490:Sowell
2470:Baumol
2375:Myrdal
2370:Sraffa
2365:Frisch
2355:Knight
2350:Keynes
2325:Fisher
2320:Veblen
2305:Pareto
2285:Menger
2280:George
2275:Jevons
2270:Walras
2260:Gossen
2184:Thermo
1862:Public
1857:Policy
1812:Labour
1777:Health
1458:, Inc.
1362:
1298:
954:
929:
886:
878:
2606:Lists
2601:Index
2552:Lists
2525:Hoppe
2510:Lucas
2475:Solow
2465:Arrow
2455:Simon
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