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d will prevail in the end, regardless of the difficulties. Also, at the same time, the firm should have the discipline to confront the most brutal facts of reality.

The Hedgehog concept: it is a simple, crystalline concept that flows from the understanding about the intersection of three circles which will be discussed later on in this paper.

strategy and competitive advantages  战略和竞争优势

According to Dr.Falih and Dr.Marion, the thrust of the field of strategic management is the analysis of the firm's sustainable competitive advantage. 'The discussion of competitive advantage is closely connected to the firm's resource endowment and its innovative capability. Two distinct schools of thought provide the bulk of the analysis. They are the resource-based view (RBV) and the industrial organization (I/O) view. The RBV emphasizes the link between the firm's resources and its performance. According to this view, the firm's unique resources (1) are the most important factor in creating and maintaining its sustainable competitive advantage. Resource uniqueness in terms of quality, rarity, and relevance determines the nature of the firm's strategic initiatives and, hence, performance. This view establishes a link between the firm's internal resource endowment and its overall performance by way of sustainable competitive advantage strategies. In our view, the firm's resource uniqueness, especially human resources, are the key instrument for monitoring, recognizing, assessing, and exploiting external opportunities. Moreover, innovative activities, as natural responses to market Stimuli, enable the firm to successfully exploit opportunities. The firm's performance improves as it succeeds in taking advantage of external business opportunities and, at the same time, minimize competitive threats' ( Falih,2009:259).

Basically, there is no doubt that a sustained competitive advantage is very much related to its successful innovative projects and techniques. As a result of that, the ability of a firm to take advantage of opportunities is bound to improve its performance as measured in terms of increased profit, productivity, market share as well as long term growth.

All in all, Successful opportunity exploitation helps the firm to improve its performance and, hence, long-term survival. 'Moreover, the firm's stockpile of strategic resources can enable it to capitalize on opportunities as well as avoid threats by means of strategies aimed to achieve sustainable competitive advantage. Lack of attention to the firm's external opportunities - in relation to its strategically relevant resources and sustainable competitive advantage - as the key determinant of organizational innovation has constituted a formidable obstacle toward the development of a comprehensive innovation theory' (viorel,2009) .

The hedgehog concept  刺猬的概念

In the business environment, there are several books which describe how the great companies became great. Jim Collins, in his book Good to Great, adds a new twist when he attempts to find out if a company can go from being just good to great, and if so, how. Collins in his book used a compared eleven companies that were able to make the leap from good to great to those that could not and found six distinguishing characteristics that set them apart: Level 5 leaders, first who本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。