Topic

Creating Shared Value to Build a Competitive Edge for Business Organizations

Essay guidelines:

Be discursive, analytical and critical (presenting opposing views);
Include theory (articles from peer reviewed journals) and lecture material and readings, as well as original, creative and critical thinking;
Where appropriate, support statements with data;
Draw from national or international examples/experiences where appropriate;
Cite sources, references/ bibliography/ netgraphy adequately (if citing internet websites or sources, please mention the date and time when it was accessed);
You may draw from various disciplines to convey and support your arguments;
Please see a proposed structure on page 4 (this is a suggested structure only).
Please discuss critically, drawing from data, academic sources, readings, lectures, where appropriate.

Answer Preview

How Businesses Can Create Shared Value and Attain a Competitive Advantage

The assertion by Porter and Kramer (2011) regarding the significance of shared value for firms cannot be overstated. Business corporations are struggling to remain relevant, by appealing to the customers who already have many alternatives. Since building a competitive edge requires the firm to engage in activities that directly solve the needs of the society and help in building a profitable enterprises, it is imperative that managers identify those gaps and fill them in the most appropriate manner (Christiansen, 2008). As discussed in Lecture 1, a strategic shared value plan can go a long way in helping a firm to achieve sustainable economic, social and environmental value (Hart, S. and Mark, 2003). As such, there are certain things that the firms can engage in to achieve shared value and a strategic competitive edge.

First, business corporations should invest in data security and safety, so as to safeguard the corporate digital assets, and secure the consumers and partners. Business organizations are increasingly relying on information technologies such as business intelligence, big data analytics, artificial intelligence, and cloud computing to streamline and enhance business efficiency. These technologies, while highly beneficial, are prone to cybersecurity threats (Morrow, 2018). If the cyber security measures are breached, the organizations risk losing critical data and digital assets, including having unauthorized persons accessing sensitive client data (Hovav and D’Arcy, 2004).

Word Count: 2400