Question

8. The primary source of competitive advantage in
Strategic HRM is
(1 Point)
people
technology
process​

Answer 1

Answer:

1. Strong research and development capabilities

A business can gain a strong competitive advantage in its industry if it has strong research and development capabilities. Strong research and development reflects in the company’s product development processes. Companies with strong research capabilities often lead the market with innovation.

2. Access to intellectual properties

The next source of sustainable competitive advantage a business can exploit is the holding of an intellectual right; which can exist in the form of trademarks, trade names, copyrights and patents.

3. Exclusive re-selling or distribution rights

Holding exclusive distribution right is another source of sustainable competitive advantage. When a company holds exclusive rights to a product within a given territory; that product can only be sourced from the distributor or holder of such rights.

4. Ownership of capital equipment

This source of competitive advantage is mainly exploited by companies operating in industries where heavy machinery is needed. Example of such industries where ownership of capital equipment is a competitive advantage includes publishing, manufacturing, oil exploration, construction and mining.

5. Superior product or customer support

Any company that has the capacity to quickly respond to customers need and provide subsequent support will have a competitive advantage over competitors.

6. Low cost or high volume production

If your business has the capacity to produce in high volume; then it can gain a sustainable competitive advantage by reducing its profit margin and recoup it through high volume sales and turnover.

7. Economic factors

The seventh source of sustainable competitive advantage is the economic factor of a region within a speculated time frame. A manufacturing company operating from China or India will have competitive advantage over a company manufacturing in the United States because the economic system in China is more favorable with respect to start up overhead and labor cost.

8. Superior database management and data processing capabilities

This source of competitive advantage is quite clear and understandable. A company that demonstrates the capacity to process data speedily will have a competitive advantage over other firms with lower processing capacity. This source of competitive advantage usually plays itself out in the banking industry, telecommunication industry and the service industry in general.

Answer 2

Answer:

Concept:

A framework connecting people management and development techniques to long-term corporate goals and outcomes is provided by strategic human resource management (strategic HRM). It puts a greater emphasis on long-term resource challenges in the context of organisational objectives and the changing nature of work. Recruiting, developing, rewarding, and retaining employees are all standard human resource functions. However, strategic human resource management takes these functions one step further by also taking into account the objectives and requirements of other organisational departments as well as the organisation as a whole.

Explanation:

• Strategic human resource management aims to ensure that HRM is completely integrated into strategic planning, that HRM policies are adopted and applied by line managers in their day-to-day work, and that HRM policies are coherent across policy areas and hierarchies. 
• Strong marketing strategy - The business with the most effective marketing approach prevails in the market. Without a question. Giant firms spend millions of dollars on marketing research and advertising each year in an effort to achieve a better competitive edge in the marketplace.
• Access to working capital - One of the most powerful long-term competitive advantages a company may have over rivals is access to operating cash. A million-dollar firm and a billion-dollar corporation, as well as a small business and a large business, differ by their access to working capital.
• Excellent management team and operations - A company with a good management team will be evident if you can demonstrate one to me that is the market leader in your field. Without a solid business team on the ground, attempting to use other sources of competitive advantage will only be fruitless. For chances to be seized and the necessary competitive advantage to be created, a business management team is necessary.
• Barriers to entry or monopoly - Some firms have an edge over rivals because admittance into their sector is restricted due to external factors. The mining and oil exploration sectors are an excellent illustration of a sector where entrance obstacles result in a competitive advantage (industries where licences are needed to gain entry because there is government restriction on entry). Monopoly may be acquired through having close links to the government and is also a long-lasting competitive advantage.
• Capital equipment Ownership - Companies that work in sectors where heavy machinery is required primarily take use of this source of competitive advantage. Publishing, manufacturing, oil exploration, building, and mining are a few examples of these businesses where having capital equipment gives you an advantage over your competitors.
• Exclusive re-selling - Possessing exclusive distribution rights is another source of long-term competitive advantage. One can only purchase a product from the distributor or owner of the rights when a corporation has exclusive rights to it inside a particular area.
• Economic factors - The economic component of an area within a speculative time frame is the seventh source of sustainable competitive advantage. Because China's economic structure is more advantageous in terms of start-up costs and labour costs, manufacturing companies operating from China or India will have a competitive edge over companies manufacturing in the United States.

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