The focus of our research is to analyze, within the framework of the theory of resources and capabilities (TRC), what is the importance of intangible assets in the strategic management of the firms. An empirical application for the financial sector has been provided, a highly competitive industry which is undergoing big and major changes, and in particular the Santander Group. Specifically, we have analyzed the configuration of strategy, within the Group, at different levels: Corporate, Business, Segment and Functional. Meanwhile, due to the huge importance that corporate level is acquiring, we have also analyzed the values that underpin the organization, the source of competitive advantage, growth strategy and business levels that directly depend upon it. To respond to these objectives, we have developed a questionnaire for managers of Santander Group offices. We show the preliminary results in which we want to emphasize, as well as predicted by TRC, the importance of intangible assets in achieving results, both in terms of competition as well as purely economic. It is also noteworthy, according to managers' perception, that the competitive advantage on which strategy is built is differentiation with a scope focused on the entire market. Similarly, this differentiation is supported by its financial strength, leadership and brand image.
This paper analyzes the value chain of the Galician textile-clothing sector and the main sources of differentiation. To respond to these objectives, 40 in-depth interviews with executives were carried out followed up by a questionnaire. Results indicate that the differentiation focused on specific segments must be the foundation on which companies compete in international fashion markets. Among the variables that contribute most to the creation of that differentiation are the brand and the design. The latter is a strategic variable of the value chain that should not be subcontracted. Galician companies need to have better control of the operations in the value chain, especially the finishes and control of end quality.
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