APA format is required. References should be listed that is being answered. Each question lists a minimum number of unique scholarly references; the textbook is considered one unique reference (per question) regardless of how many times it is used. All references should be from the years 2010 to present day. Review the rubric that will be used to evaluate this paper. All work must be completed individually. 1. What does it mean for a company to have a competitive advantage? Use at least three unique references. Length: 4-5 paragraphs. 2. What is the value in documenting a business process? Use at least three unique references. Length: 4-5 paragraphs. 3. What are the advantages and disadvantages of centralizing the IT function? Use at least three unique references. Length: 4-5 paragraphs. 4. What is change management?  Use at least three unique references. Length: 4-5 paragraphs. Text book References: -Bourgeois, D., Smith, J., Wang, S., Mortati, J. (2019). Information Systems for Business and Beyond. https://opentextbook.site/informationsystems2019/ -Langer, A.M. (2018). Information Technology and Organizational Learning. 3rd edition. Taylor & Francis Group, LLC. ISBN: 978-1-138-23858-9.

1. What does it mean for a company to have a competitive advantage?

A company is said to have a competitive advantage when it possesses certain attributes or resources that allow it to outperform its competitors in the marketplace. These attributes or resources can take various forms, such as technological advancements, unique products or services, superior customer service, efficient production processes, strong distribution channels, or distinctive brand positioning.

Having a competitive advantage is crucial for a company’s long-term success and profitability. It allows the company to differentiate itself from competitors and attract customers by offering something that others cannot easily replicate or replicate at all. This leads to increased market share, customer loyalty, and ultimately, higher profits.

There are two main types of competitive advantage: cost advantage and differentiation advantage. Cost advantage refers to a company’s ability to produce goods or services at a lower cost than its competitors while maintaining similar quality levels. This allows the company to offer its products at a lower price, attracting price-sensitive customers.

On the other hand, differentiation advantage emphasizes the unique features, quality, or image of a company’s products or services that set it apart from competitors. This can be achieved through superior product design, innovation, exceptional customer service, or an established brand reputation. Customers are willing to pay a premium for these unique offerings, giving the company a competitive edge.

Having a competitive advantage is not a one-time achievement; it requires continuous efforts to maintain and improve. Competitors will always try to catch up or surpass a company’s advantage, so staying ahead of the game is essential. This may involve ongoing research and development, investing in new technologies, monitoring market trends, and constantly seeking ways to enhance customer satisfaction.

In conclusion, a competitive advantage allows a company to stand out in the competitive marketplace and outperform its rivals. It is achieved through unique attributes or resources that differentiate the company from others and lead to increased customer preference and loyalty. Sustaining and enhancing a competitive advantage is an ongoing process that requires dedication, innovation, and continuous improvement.

References:
Barney, J. B. (2011). Gaining and sustaining competitive advantage. Pearson Prentice Hall.
Liu, Y., Yang, X., Cao, X., & Liu, H. (2016). Investigating the influence of an organization’s innovativeness on competitive advantage and business performance: The moderating role of environmental dynamics. Industrial Marketing Management, 53, 135-146.
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78-93.

2. What is the value in documenting a business process?