Going beyond the economic: A more comprehensive measure of competitiveness

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Any discussion about business or economic success will invariably see the notion of competitiveness raised by participants. The elusive nature of the concept ensures it has remained a source of considerable debate. Its significance is obviously not in doubt though. For long enough, a narrow view of competitiveness was the norm. An almost total emphasis on costs prevailed. The core premise of this perspective is that companies, industries and nations compete solely on the basis of price. Challenge from low-cost market entrants still prompts such reactions today. Advocates of this thinking argue that reducing wages and other costs is the most appropriate response. The difficulty in sustaining a competitive position based on costs alone aptly illustrates the limitations of such a focus.

Practical implications

The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Citation

(2016), "Going beyond the economic: A more comprehensive measure of competitiveness", Strategic Direction, Vol. 32 No. 4, pp. 36-38. https://doi.org/10.1108/SD-01-2016-0012