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Sustainable Competitive Advantage: A Road to Success
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Chapter 1
Sustainable Competitive Advantage: A Road to Success
Dr. Jeevan Jyoti1 and Prof. Hardeep Chahal2
INTRODUCTION
Success of an organisation is reflected through its extent of competitiveness in the market (Mnjala, 2014). In most
industries, some organisations are more profitable than others, regardless of whether the average profitability of the
industry is high or low. The superior performers possess something special and difficult to imitate, which allows them to
outperform their rivals. These unique skills and assets (resources) are referred to as sources of competitive advantage
(Bharadwaj, Varadarajan & Fahy, 1993). A firm possesses sustainable competitive advantage when it implements a
value creating strategy, which is not being simultaneously implemented by current or potential competitors and when
other firms are unable to duplicate the benefits of this strategy (Barney, 1991).
To achieve competitive advantage, organisations need to constantly focus on the identification of differential
product strategies, building or reshaping core competencies, acquiring unique HR as well technological capabilities,
which can be harnessed to make the company successful in a highly competitive marketplace (Srivastava, Franklin &
Martinette, 2013). It can also be obtained by generating superior customer valueby offering lower prices or by providing
additional benefits and service that justify similar, or possibly higher, prices. Sustainability is achieved when the
advantage resists erosion by competitor’s behaviour (Porter, 1985).
One of the toughest questions for organisations to answer these days is “What is your sustainable competitive
advantage?” So, to answer this question and to solve the mystery behind the concept this book attempts to find out the
various indicators of sustainable competitive advantage. This book will rekindle the interesting understanding the
indicators and benefits of sustainable competitive advantage. This book offers a sound theoretical and empirical basis for
understanding the concept of sustainable competitive advantage. We envisage that this book will help organisations to
identify and improve their competitive advantage. It covers sustainable competitive advantage from three different
functional perspectives-marketing, human resource and financial management.
MARKETING MANAGEMENT PERSPECTIVE
Change is occurring at an accelerating pace; today is not like yesterday, and tomorrow will be different from today.
Continuing today’s strategy is risky; so is turning to a new strategy. Kotler, (2000). According to Theodore Levitt
(1960), the purpose of all business organisations is to create, manage and retain customers and this objective can only be
achieved by creating competitive advantage through strategic marketing practices like green marketing, brand equity,
product quality, customer relationship management etc. (Rahnama & Beiki, 2013). Green marketing is one of the most
important emerging concepts and plays a vital role in building successful business organisations by establishing
employer brand. In this context two papers have evaluated consumers’ purchase attitude towards green products. Chapter
2 identified the factors affecting the purchase decision of consumers toward green products. Authors revealed that
advertisement, eco-label and quality are the major factors which have significant influence on the purchase decision of
the consumers’ towards green products. They revealed that price and packaging have no significant influence on the
consumers’ purchase decision as they are ready to pay extra price for green products due to awareness about health
concerns as well as social or environmental issues. Similarly, chapter 3 revealed that green product attributes have high
impact on the green attitude other than environmental attitude, consumer awareness and psychological characteristics.
The authors concluded that the green product attributes help in building positive attitude towards the nature-oriented
products that can help to change the big picture about the image of the organisation.
American Marketing Association (AMA) defined brand as a name, term, sign, designor symbol or combination of
them intended to identify the goods or services of either one seller or a group of sellers, and to differentiate those goods
or services from those of competitors. The brand identity needs to focus on points of
1Assistant Professor, Department of Commerce, University of Jammu 2Head
of Department, Department of Commerce, University of Jammu
2  Sustainable Competitive Advantage: A Road to Success
differentiation that offer sustainable competitive advantage to the firm (Ghodeswar, 2008). In this context three chapters
have focused on customers’ brand attitudes. Chapter 4 stressed on self-brand connection, brand attitude and involvement
among adolescents and post-adolescent consumers in India. The study empirically proved that self-brand connection has
a positive impact on attitude as well as on attitude strength towards the brand. Further, authors also suggest that higher
self-brand connection leads to higher product involvement. Chapter 5 entailed upon the impact of sociological and
psychological variables for identifying the possible motivating factors behind the purchase of counterfeits of luxury
fashion brands. The likeness for counterfeit among females is much higher than their male counterparts possibly because
female consumers attach evaluations of products based on their sense of self-expression and self-presentation. Further,
chapter 6 is a case study in brand communication failure regarding Maggi in India. The authors revealed that the
company’s corporate communication lead to snowballing effect with food standards regulator and eventually turned into
disaster leading to disbelief about the processed foods amongst Indian consumers.
Some of the researchers have focused on customer relationship marketing (CRM) through value co-creation, retail
services, product quality and social marketing. In this context chapter 7 presented the impact of social media engagement
on value co-creation. The study captures a clear and strong impact of customer engagement on value co-creation in the
domain of social media. Specifically, personal motivation among SM engagement and information seeking and sharing
among value co-creation factors contribute highly. Chapter 8 validated constructs that help in measurement of retail
services and product quality in Indian apparel departmental stores. The next chapter 9 measured the impact of Customer
Relationship Management (CRM) on customer satisfaction in public and private sector banks in the state of Uttarakhand.
Six service quality dimensions are identified namely, tangibility, empathy, convenience, reliability, facilities, employee
behaviour that affect customer satisfaction. Chapter 10 measured the existence of co-creation behaviour between doctors
and patients. The findings revealed that there exists a relationship between co-creation behaviour and customer value
among patients. The next two chapters relate to role of destination attributes in enhancing tourists flow. Chapter 11
developed a framework of destination attributes that have significant impact on destination image and tourists’
satisfaction. The study found that attraction, accessibility and ancillaries services are most important destination
attributes that significantly contribute to destination image (cognitive, affective and unique image) and tourist
satisfaction. Further, chapter 12 explored the relationship between travel motivation, destination image and tourists’
attitude towards destination. Authors have identified positive relationship between tourists’ travel motivation and
destination image. They have suggested that tourism marketers should promote the destination image through proper
advertisement of destination attributes to increase the flow of tourists that can boost the local economy.
Following this there is another paper on social marketing as a sustainability tool. Chapter 13 confirmed social
marketing (Social responsibility, trustworthiness, transparency and comprehensive/citizenship activities) as a four factor
structure and empirically proved that there exists strong impact of social marketing dimensions on business performance
measures.
Lastly, the impetus of effective transportation and logistics management brings in numerous reimbursements in
terms of profitability and competitive advantage. In this context, chapter 14 is related to transportation and logistics
modes in which a group of firms (five) used small load carriers as their transportation mode and the other group of firms
(five) used trucks as their main transportation mode. The comparative analysis revealed that transportation and logistics
pattern resulted in improved business performance. Therefore, transportation is the base of efficiency & economy in
business logistics and expands other functions of logistics system. The chapter concludes that good transport system
working logistically improves not only the service quality but also organisation’s competitiveness.
HUMAN RESOURCE MANAGEMENT PERSPECTIVE
Strategic human resource management researchers have asserted that the use of high-performance human resource
practices contributes to firm performance (Huselid, 1995; Cappelli & Neumark, 2001). High performance human
resource practices refers to a set of interrelated HR practices that are intended to enhance the business performance.
These practices produce synergistic effect, which improves the organisational competency (Macduffie, 1995). High
performance human resource practices includes comprehensive recruitment and selection, incentive-based compensation,
performance management, extensive employee involvement, and detailed training initiatives, flexible work assignments,
self, managing teams (Posthuma, Campion, Masimova & Campion, 2013; Huselid, 1995). These practices enhance the
employees' knowledge, skills and abilities as well as
Sustainable Competitive Advantage: A Road to Success  3
their motivation level (Jones & Wright, 1992). Though it has been empirically proved that high performance human
resource practices result into better performance and is considered a vital contributor to organisational success (Guthrie,
2001; Huselid, 1995) but it has also been observed that now-a-days organisations have to cope up with globalisation,
tough competition, and new technology (Dewe & Kompier, 2010), which force management to seek new ways of
managing the business in order to attain sustainable competitive advantage.
Contemporary organisations are recognising the need of effective human resources practices for achieving
sustainable competitive advantage. High performance work system (HPWS) invests in the skills and abilities of the
employees in a way that facilitate in problem solving and innovative work behaviour. In this context our chapter 15
examines the impact of high performance human resource practices on business performance. The study helped to
identify the black box using innovation to understand the high performance human resource practices and business
performance relationship. The authors viewed that when organisations implement higher level of human resource
practices, the higher will the level of technical and non-technical innovation, which in turn enhance business
performance. Further, effective implementation of HPWS requires motivated employees to exhibit high level
performance and leaders play a great (Jyoti & Bhau, 2015) role in this context. Leadership ability helps in building
quality oriented senior–subordinate relationship (Jyoti & Rani, 2015). There are several styles of leadership but
transformational leadership is one of the most used styles in organisations to manage the change. In this context chapter
16 evaluated the direct impact of transformational leadership on leader member exchange. The authors have also
examined the indirect effect of transformational leadership on employee related outcomes i.e. relational identification,
satisfaction with leader and job performance through leader member exchange. The authors empirically proved that
transformational leaders establish high quality relationships with their followers by providing them friendly and fair
treatment. The motivational behaviour of leaders also inspire the followers to achieve the organisational goals. Similarly,
chapter 17 explored the relationship between transformational leadership and employee performance. In addition,
authors intended to study the mediating role of employee creativity in relationship between transformational leadership
and employee performance. They revealed that there is a positive relationship between transformational leadership and
employee performance and it is being mediated by employee creativity. On the same line chapter 18 gives a new insight
into leadership theory by identifying comprehensive view of women leadership especially in service sector. Women
differ in their leadership behaviours and styles as they tend to work better in complexity. They are better listeners and
emotionally more intelligent but the presence of women at senior position is quite few. The authors focused on
managerial perspective of leadership styles i.e. synchronising individual goals with organisational goals for efficiency,
effectiveness and gaining competitive advantage. The authors empirically advance an in-depth understanding of the
significance of transformational leadership styles adopted by women managers in attaining employee satisfaction and
enhanced employee performance. HPWS also motivates employees to exhibit discretionary workplace behaviours that
exceed one’s basic job requirements. Further, organisation of any nature cannot survive or prosper unless its employees
engage in activities that reflect positive organisation-relevant behaviours (Nezakati, Kohzadi & Asgari, 2010 and Banu,
Amudha & Surulivel 2012). In this context chapter 19 examined organisational citizenship behaviour (OCB) and its
impact on organisational performance and value creation in the higher education service system from the service users’
perspective. The study revealed that OCB and customer participation significantly contributes to co-creation of value.
Organisations in the present scenario need those employees who are not only technically sound but also are wellequipped with emotional and social skills. High emotionally intelligent employee experience, continuous positive moods
and feelings that in turn generate higher level of job satisfaction and well-being than their counter parts. In this context
chapter 20 empirically examined emotional intelligence framework in the banking sector. The authors have also
deliberated upon development of emotional intelligence scale. They have revealed emotional intelligence as an important
capability, which provides an outstanding framework to look at how people understand and manage their emotions.
HPWS also focus on implementing contemporary management practices to achieve sustainable competitive
advantage. In this context chapter 21 examined the impact of outsourcing on organisational performance of medium
scale industries and the moderating role played by cost leadership, differentiation and innovationstrategies in between
this relationship. The paper revealed that innovation strategy strengthens this relation the most. Authors viewed that
managers need to undertake outsourcing as a strategic component that can help to improve organisation’s innovation
capabilities and knowledge base, integrate it with complementary capabilities of the external partners, absorb new
competencies from the market, and create new capabilities and knowledge when technology and markets require change.
4  Sustainable Competitive Advantage: A Road to Success
Further, high performance work system also integrates the strategy with entrepreneurial skills. In this context
chapter 22 focused on the exploring the dimensions of strategic entrepreneurship and their impact on financial
performance. The authors revealed the managers, who manage their resources strategically and leverage human capital
for innovation, are able to gain competitive advantage and financial performance. Innovation provides the organisation
an edge over its competitors by achieving firm excellence, which ultimately results in enhanced financial performance.
Firms using a strategic perspective explore and exploit opportunities to establish sustainable competitive advantages.
They also revealed resourceful innovation and proactive change (two dimensions of strategic entrepreneurship) affects
financial performance directly as well as indirectly. So, change and innovation is the mantra for enhancing financial
performance.
FINANCIAL MANAGEMENT PERSPECTIVE
Ezra Solomon (1963) in his Book–“The Theory of Financial Management” defined Finance function as the study of
problems involved in the use and acquisition of funds by a business. There exists an inseparable relationship between
finance function on one hand and production, marketing, human resource management and other functions on the other.
Almost all business activities, directly or indirectly, involve the acquisition and use of funds. The finance function of
raising and using money has a significant effect on all other functions of the business (Pandey, 2009). The universal
activity which is concerned with the planning, acquisition, utilization and control of financial resources is known as
Financial Management. Sound financial management is the backbone of all kinds of organisations. Financial
Management is an essential part of the economic and non-economic activities, which leads to efficient procurement and
utilisation of finance in profitable manner (Paramasivan & Subramanian, 2009). Organisations with better financial
position and sound financial management policies are more flexible in formulating their production, marketing and H.R.
policies; possess better adaptability towards changing business environment and are able to use their resources efficiently
in order to gain sustainable competitive advantage. Financial literacy plays an important role in financial management
context. It is the ability to understand finance which helps organisations or individuals in making themselves more aware
about the financial resources and efficiently utilising them for earning higher profit. More specifically, it refers to the set
of skills and knowledge that allows an individual to make informed and effective decisions through their understanding
of finances. In this context chapter 23 assessed the awareness of youth about various aspects of financial literacy
including money management, financial products, stock markets, numeracy, risk–return trade off, insurance, personal
finance, budgeting and investment etc. Authors have also checked the difference in financial literacy level of the youth
understudy belonging to different demographic and socio–economic profiles. They revealed that youth population in the
state of Jammu and Kashmir lack adequate financial awareness and there is a significant association between financial
literacy and various socio-economic characteristics like age, income level, gender, education level and field of study.
Organisation needs money to run the short and long run operations in which capital market plays vital role
(Omoniyi, Omolade & Ashamu, 2014). Capital markets are financial markets for the buying and selling of long-term
debt or equity-backed securities. This market channels the wealth of savers to those who can put it to long-term
productive use. These markets are usually uncertain and unpredictable. To reduce the uncertainty of market, faced by
investors, financial derivatives have been introduced. Derivatives instruments provide an opportunity for investors to
protect themselves from uncertain and unpredictable behaviour of financial markets. These derivatives reduce the
uncertainty and bring more profit to the organisation which helps them to have competitive edge over the other
organisations.
Apart from financial literacy and efficient role of capital markets through provision of funds and risk management,
good governance also plays an important role in gaining sustainable competitive advantage. In this context corporate
governance plays a vital role in providing competitive edge through accountability, transparency, fairness and timely
disclosures. It aimed in preventing recurrence of corporate scandals; and on the other, to strengthen corporate
competitiveness. On these lines Chapter 24 explored the moderating role of Corporate Governance practices in between
free cash flow and asset utilisation in case of Indian companies. The authors indicated negative influence of free cash
flows on asset utilisation relationship and showed that an effective corporate governance mechanism weakens this
negative relationship, resulting in an increase in the efficiency of asset utilisation. In addition to better governance
mechanisms organisations are now-a-daysemphasising on environmental and social factors in order to succeed in the
present competitive era. In recent years environmental, social and governance (ESG) investing have attained significance
all over the world. Increasing concern and awareness of institutional and retail investors towards ESG investment is the
reflection of
Sustainable Competitive Advantage: A Road to Success  5
its growing acceptance. ESG investing is getting attention and acceptance globally by institutional and retail investors.
But the concept of ESG investing in India is still in budding stage. So, to clearly understand the concept of ESG chapter
25 examined the materiality of Environmental, Social and Governance (ESG) factors into investment decision making.
Authors also assessed the role of legislative and regulatory framework and its impact on integrating the ESG issues into
investment decision making in India. They revealed that materiality of ESG factors can be reflected through various
environmental disasters, social issues and corporate scams in India but the concept of ESG investing in India is still in
nascent stage. Further, the major challenges identified for the Indian institutional and retail investors in integrating the
ESG issues into investment decision making lack of proper disclosures of ESG issues by Indian companies, lack of
mandatory guidelines and norms, and lack of proper supply chain management of material information related to ESG
issues.
For achieving a real and sustainable development of the economy, growth of the priority sectors like agriculture and
small scale industrial sectors is a necessity. These sectors play a critical role in employment generation, reducing
poverty, regional disparity, supporting other sectors, output growth etc. However, growth of these sectors is constrained
by costly factors of production, lack of funds, weak resource base, poor infrastructure, shallow markets etc.But the most
important constraining factor is lack of fund and its timely availability. In order to overcome this problem financial
institutions and government support measures plays an important role. On this context, chapter 26 examined the effect of
government support, specifically being provided by the J&K Government through subsidies and tax incentives, on
business performance of small scale manufacturing industries. Authors reported that subsidies have insignificant effect
on sales turnover and return on fixed assets but have significant effect on profitability whereas tax incentives have
insignificant effect on all the above mentioned performance indicators. Similarly chapter 28 assessed the impact of
agricultural lending by J&K Grameen bank on the social development, economic empowerment and poverty alleviation
of the agriculturists of Jammu district. The author revealed that institutional credit has a positive and significant impact
on the socio-economic development and poverty alleviation of the agriculturists. Financial institutions in collaboration
with the government agencies, Non-government Organisations and Rural Development Organisations (RDO) need to
should initiate skill development activities for the rural youth both men and women.
Further, banks as a financial institution play a significant role in channelising the financial resources from the savers
to the borrowers, so their efficient performance and long run survival is must for the development of the economy
(Pathak, 2008). Credit creation is the major revenue generating activity of banks (Duaka, 2015). The process of credit
creation enable bank to face high default risk, which may bring the chance of financial distress. Therefore continuous
assessment of risk is required to take effective measures to meet long term survival adequately. On the same line our
chapter 28 examined the financial position and risk of bankruptcy in selected Indian public sector and private sector
banks, because bank with higher profits can easily control risk. Author revealed that there is no chance of financial
distress among selected banks and all the selected banks are financially safe. He also revealed public sector banks hold
better financial performance than private banks. The attainment of higher profitability would ensure safe credit norms
and this reflects the public sector banks would have better management of earnings, assets, capital which would easily
absorb the credit risk exposure and would add to the stability of banks.
In today’s world of high competition, business organisations can survive only by providing high quality products
and services to satisfy their customers in order to retain them, increase revenue, and spread positive word of mouth
communication. All this is ultimately visible in higher shareholders value. Over the past decades shareholders value has
become a widely used indicator for company success and competitive advantage. In this context our chapter 29
investigated the relationship between service quality and shareholders’ value of Indian commercial banks. Authors
revealed that all the banks under consideration are below the expectation of their respective customers as indicated by
their negative service quality scores. Further, they concluded that there exists significant relationship between service
quality and shareholders’ value. Lastly, Chapter 30 examined the impact of customer equity metrics namely customer
margin, customer retention rate, discount rate and total number of customers on shareholder value with reference to J&K
bank. Authors confirmed the positive influence of customer equity metrics namely customer margin, customer retention
rate and number of customers on shareholder value with exception to which discount rate has negative influence on
shareholder value. To further support the shareholder value vis-à-vis firm performance, the last chapter 31 aims to
understand the role of underwriter and auditor’s reputation on share prices. The authors conclude that reputation of the
auditor and underwriters significantly influence in setting higher prices for the shares in an initial public offering.
6  Sustainable Competitive Advantage: A Road to Success
CONCLUSION
Organisations are changing their traditional work system into high performance work system for generating and
sustaining competitive advantage. The focus is on increasing the effectiveness of all the functional area through
effective utilisation of available resources. In other words high performance work system enhances the employees’
knowledge and skill, which in turn generates sustainable competitive advantage and better performance. It also helps
organisations to create competitive advantage through effective internal marketing and external marketing practices
including product quality, customer relationship management, green marketing, brand image, brand equity, etc. It
also positively affects human resource practices, which result into innovative work behaviour, better leadership,
employee motivation, organisation citizenship behaviour, better entrepreneurial skills, etc. Effective and efficient
managing of human resources moreover, successfully leverage the human resources to achieve the organisation’s
strategic business objectives, and help to achieve considerable success in the marketplace. Further, organisations are
becoming more transparent in their functioning by following corporate governance rules and regulations. Corporate
governance covers a number of internal and external mechanisms that reduce agency cost and increase asset
utilization, which positively affect firm performance. To add further, financial literacy helps in appropriate
exploitation of financial institutions and capital markets that brings more financial resources for the organisations,
which can be used for investing in profitable projects. So, firms that indulge into resourceful innovation and
proactive change, better management of human resources, logistics and capital markets are able have an edge over
their competitors as well as sustain it for longer period.
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