The Firm’s Global Strategies and the Effect of Group Knowledge Environmental Variables on the Decision-Making Process

A firm can only be successful if it applies effective strategies and possesses appropriate intrinsic resources and capabilities and related extrinsic information in order to analyze market opportunities and to capture market share to sustain competitive advantage in the global business landscape. In this context, consumer knowledge, within the framework of a groups’ consumer behavior, is a critical strategic factor in creating competitive advantage. Within this framework it is important to understand that competitive advantage can no longer be measured solely by the amount of resources that are readily accessible or by material production. Accessibility to consumer knowledge is an integral part of a firm’s core competencies. Strategically, consumer knowledge is an intangible resource that helps firms become more flexible and thus more competitive in the business environment (de Vita, Mercurio, & Testa, 2007).