The importance of knowledge management strategy to improve the current state of car mart inc

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The importance of knowledge management strategy to improve the current state of car mart inc

Using information technology to gain and manage knowledge What is knowledge in a business? Useful and important knowledge already exists in your business.

It can be found in: You can tailor this market knowledge to target particular customers with specific types of product or service. Your files of documents from and about customers and suppliers hold a wealth of information which can be invaluable both in developing new products or services and improving existing ones.

Your employees are likely to have skills and experience that you can use as an asset. Having staff who are knowledgeable can be invaluable in setting you apart from competitors. See the page in this guide: Using this knowledge in the right way can help you run your business more efficiently, decrease business risks and exploit opportunities to the full.

This is known as the knowledge advantage. Basic sources of knowledge Your sources of business knowledge could include: You may be able to develop mutually beneficial knowledge sharing relationships with customers by talking to them about their future requirements, and discussing how you might be able to develop your own products or services to ensure that you meet their needs.

You can use formal surveys to gather this knowledge or ask for their views on a more informal basis. Market knowledge - watch developments in your sector.

How are your competitors performing? How much are they charging?

Company Background

Are there any new entrants to the market? Have any significant new products been launched? Knowledge of the business environment - your business can be affected by numerous outside factors.

You could consider setting up a team of employees to monitor and report on changes in the business world. Professional associations and trade bodies - their publications, academic publications, government publications, reports from research bodies, trade and technical magazines.

The importance of knowledge management strategy to improve the current state of car mart inc

Trade exhibitions and conferences - these can provide an easy way of finding out what your competitors are doing and to see the latest innovations in your sector. Product research and development - scientific and technical research and development can be a vital source of knowledge that can help you create innovative new products - retaining your competitive edge.

Organisational memory - be careful not to lose the skills or experience your business has built up. Non-executive directors - these can be a good way for you to bring on board specialised industry experience and benefit from ready-made contracts. Exploiting your knowledge Consider the measurable benefits of capturing and using knowledge more effectively.

The following are all possible outcomes: An improvement in the goods or services you offer and the processes that you use to sell them. For example, identifying market trends before they happen might enable you to offer products and services to customers before your competitors. Increased customer satisfaction because you have a greater understanding of their requirements through feedback from customer communications.Strategic Planning, Hypercompetition, and Knowledge Management Syed H.

Akhter Marquette University, Strategic planning and knowledge management departure from the current state, an inflection point that will create new opportunities and new. HR planning is necessary for monitoring the employer's performance management systems, training supervisors to produce unbiased feedback and adapting the system to meet the needs of employees and.

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The Miller Center undertakes a broad range of activities, including developing retail education programs in for undergraduates, stimulating student interest in retail careers, offering continuing education programs, hosting conferences, sponsoring workshops and seminars, serving as an international resource center for retailing and conducting.

Companies like Wal-Mart use information technology to implement competitive strategies for strategic advantage. Successful knowledge management creates techniques, technologies, and rewards for getting employees to share what they know and to make better use of accumulated workplace knowledge.

Chapter 2-Rainer. 50 terms. . Wal-Mart is big. To understand just how big, consider that on Nov. 23, , the year-old retailer sold more than $ billion worth of goods in a single day. The company has 4, stores.

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