Boom Logistics is an Australian firm that specializes in lifting solutions, provision of access equipment, crane hire and sales. Lifting solutions also offers crane hire services, tower cranes, engineered lifting solutions and takes responsibility for the equipment, the job and safety. For a company like Boom Logistics to thrive well there is always the need of having a clearly defined strategy. The strategies should be reputable and in accordance with the economic situation.
The knowledge and understanding of a firm's strategy for instance, internal environment will improve the company's performance. For Boom Logistics, there are several prospects already set in place in relation to maintaining a competitive edge and analyzing its financial position. The internal environment has been analyzed frequently in order to promote the company's competitive advantage through value-creation. This value creation is usually based on the company's capabilities, core competencies and unique characteristics.
Boom Logistics has been analyzing its internal environment to address the profitability differences. This is usually done using SWOT analyses, which weighs the strengths, opportunities and contrasts them with the weaknesses and threats facing the company. The analysis and definition of Boom's strategies has made it achieve its goals and business objectives. The company has been balancing its internal factors with the aim of improving its performance. Auditing is frequently done to ensure everything runs smoothly financially. Owing to the progressive analysis of its internal environment, Boom Logistics has been in a position to achieve a competitive advantage. This is usually achieved when the internal business situation has been clearly understood. The factors delimiting the company's performance are easily tackled.
Resources and Capabilities Supporting Boom's Competitive Advantage
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There are a number of resources and capabilities supporting competitive advantage in the company. For Boom Logistics, there are experienced technicians who promote the company's operations and have proper modern art and technology equipment. The financial situation is also stable and can be used to the company's advantage to support its performance against its competitors.
Well-defined prospects in the company play a major role in supporting the competitive advantage. Proper managerial roles and human resource have as well been supporting the company's performance. Proper advertising methods and proper business environment have helped promote effective company's operations hence beating its competitors. Technological advancements also play an important role towards the improvement of the company's operations.
The company uses SWOT analysis to support its competitive advantage, it identifies and promotes the strengths and opportunities, at the same time it addresses the company's threats and weaknesses. There are also tangible resources for the company that include financial, organizational, technological and physical resources and can help improve Boom's competitive advantage. Intangible resources available include human resources, reputation and innovation resources. These have been useful in promoting the performance and relationship with business clients.
Core competencies are significant in propelling a business to higher heights. The core competencies in a company should also be used to give it a unique identity against its competitors. Boom Logistics has a number of core competencies that have been propelling it to greater heights. It has been able to merge its intangible and tangible resources with the aim of improving its performance. The above-mentioned resources also serve as core competencies for the company. After several years in business, the continued practice and experience has led to another core competency for the company. Other core competencies in the company include managerial operations and use of human resource managers. This has been a major tool promoting the operations in the business thereby improving its performance against the competitors. The continued use of SWOT analysis is also a competency since it has been playing a major role in addressing the weaknesses and threats faced.
The company has also encouraged diversity and culture; this has helped improve operations in the business by encouraging team spirit. The main idea was to achieve customer satisfaction.
Boom Logistics Company has learned how to apply different business operations to improve its service provision. The continued use of its key resources and capabilities has helped the company to realize its goals. This implies that the trick behind any business success is to study its internal environment and know the strengths and resources to be used for its advantage against the competitors. It is very clear that the company has a very good and solid system enhanced by good leadership and good employee skills.
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Arthur, Thompson, et al. Crafting and Executing Strategy: the Quest for Competitive Advantage: Concepts and Cases. 17th Edition: New York: McGraw-Hill Higher Education, 2010.