What are your thoughts on this response? No more than 180 words internet reference only if needed please.
From this session, I learned of the three competitive advantage strategies companies use to out-performed their competitors in the market. No matter the size of a business, it is paramount for all businesses to have strategy else resources would not be effectively and efficiently allocated. Secondly, the notion that first movers gain a sustainable competitive advantage in their industries might not true. First-mover advantages are usually short-term unless it is supported by the three competitive advantage strategies; cost advantages, value advantages, or focus advantage. For example, Google and Facebook were neither the first movers, yet both now dominate their respective markets. The takeaway from this session is that companies should strive to transform temporal or short-term advantages into long-term sustainable competitive advantages. Although we expect companies to change in this rapidly changing environment, stabilization is also needed, a particular value offered to clients, stakeholders, and the environment in the long term.