A firm can obtain its competitive advantage in many ways. Innovation by founders (e.g., instant photographs by Polaroid) is an obvious avenue. Location or government patronage is another.

Required:

a. List at least three other sources that a firm could use for developing a core competency.

b. For each of the three avenues, suggest actions that the firm must undertake to sustain its competitive advantage.

c. Describe how variations in required actions might translate into variations in the firms’ management planning and control systems.