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The Business of Economics

John Kay

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198292227
eISBN:
9780191596520
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198292228.001.0001
Subject:
Economics and Finance, Microeconomics

The first section of the book is concerned with how economics is, and should be used, in business. It stresses that the value of economics lies in being able to provide us with a better understanding ... More


The Strategic Audit

John Kay

in The Business of Economics

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198292227
eISBN:
9780191596520
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292228.003.0017
Subject:
Economics and Finance, Microeconomics

This chapter introduces the concept of the strategic audit. This begins with the identification of the company's distinctive capabilities and the subsequent selection of markets that can make the ... More


Sustainability

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0011
Subject:
Economics and Finance, Microeconomics

Case studies and statistical evidence are used in order to show that many companies are successful in building sustainable competitive advantage using their distinctive capabilities. However, ... More


The Structure of Strategy

John Kay

in The Business of Economics

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198292227
eISBN:
9780191596520
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292228.003.0006
Subject:
Economics and Finance, Microeconomics

The successful strategy of a firm originates in the requisite match between its internal capabilities and its external relationships. This is the basis of its ability to add value, i.e. to create an ... More


Foundations of Corporate Success: How Business Strategies Add Value

John Kay

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.001.0001
Subject:
Economics and Finance, Microeconomics

Corporate success derives from a competitive advantage, which is based on distinctive capabilities. Competitive advantage relates to the unique character of a firm's relationship with its suppliers, ... More


The Firm

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0019
Subject:
Economics and Finance, Microeconomics

Following the understanding of the market, the strategic audit focuses on the firm itself. Using the examples of British Airways and Benetton, this chapter illustrates how a deep understanding of the ... More


Markets

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0009
Subject:
Economics and Finance, Microeconomics

For firms to turn their distinctive capabilities to competitive advantage, they must choose the appropriate markets in terms of both product and geographic dimensions. The choice of markets must make ... More


Architecture

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0005
Subject:
Economics and Finance, Microeconomics

‘Architecture’ is introduced as the first of the three primary sources of distinctive capabilities and it refers to a network of relationship contracts within, or around, the firm. It can be ... More


Mergers

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0010
Subject:
Economics and Finance, Microeconomics

Mergers can add value when they enable distinctive capabilities to be exploited more widely or more effectively. However, as it is most often the case, mergers and alliances are the result of ... More


The Nation

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0020
Subject:
Economics and Finance, Microeconomics

Explains the relation between competitive advantage in the firm and competitive advantage in the national economy. In the context of a free market system, the former can lead to the other, given that ... More


Innovation

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0007
Subject:
Economics and Finance, Microeconomics

The final primary distinctive capability is ‘Innovation’. However, firms may often fail to secure the returns from innovation for themselves. In this context, the chapter analyses the problems of ... More


Contracts or Relationships

John Kay

in The Business of Economics

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198292227
eISBN:
9780191596520
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292228.003.0012
Subject:
Economics and Finance, Microeconomics

“Architecture” is introduced as the basis of competitive advantage for many companies. It refers to a network of relationship contracts within, or around, the firm. It can be sub‐divided into ... More


Conclusions

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0022
Subject:
Economics and Finance, Microeconomics

This concluding chapter discusses how the military analogy wrongly continues to exercise such a powerful hold on thinking about corporate strategy, and how it has lead to two of the most widespread ... More


A Brief History of Business Strategy

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0021
Subject:
Economics and Finance, Microeconomics

This chapter describes the evolution of business strategy. It begins with the 1960s perspective in which strategy was largely equated with corporate planning; the 1970s see an emphasis on ... More


Reputation

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0006
Subject:
Economics and Finance, Microeconomics

The second primary distinctive capability is ‘Reputation’, as it is the most important commercial mechanism for conveying information. Reputation can be costly to build, yet once established, it can ... More


Competitive Advantage

John Kay

in The Business of Economics

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198292227
eISBN:
9780191596520
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292228.003.0007
Subject:
Economics and Finance, Microeconomics

Using the example of six British supermarket chains, competitive advantage is explained and quantified. When there is no explicit comparator, competitive advantage can be measured in relation to the ... More


Pricing and Positioning, 2

John Kay

in Foundations of Corporate Success: How Business Strategies Add Value

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198289883
eISBN:
9780191718205
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828988X.003.0015
Subject:
Economics and Finance, Microeconomics

Successful companies must strive for stable competitive environments that can be the result of factors such as product homogeneity, stability of cost/demand conditions and limited number of sellers. ... More


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