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Despite the seemingly good macroeconomic indicators, the Russian economic development has been hampered recently by the serious barriers created by the economic policy-makers. The competitiveness level of the Russian economy is still going in downswing. One of the reasons for the plunging is the fact that the excess profits gained from the natural resources exports were hardly ever used to modernize the economy.
Our magazine publishes some fragments from a report made by S. Glazyev, corresponding mem¬ber of the Russian Academy of Sciences, Head of the National Development Institute. The report was made at the Russian Social and Economic Development Strategy in the Context of Globalization workshop held to mark the 10th anniversary of the National Development Institute which is part of the Social Sciences Directorate of the Russian Academy of Sciences.
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During the last decade such factors as the company capitalization and the company market value growth have been making an increasingly high contribution to the company competitive position change. Not very long ago it was necessary to make quality product in large quantities, have access to the financial resources and be able to use the resources of the administrative authorities in order to be a leader. Now the answer to the question «what are your capitalization figures?» is one of the leading factors influencing the outcome of the negotiations on partnership, strategic alliance formation, or investment attraction chances. If you do not start managing your company value now, tomorrow might turn out to be late as there will be no business to manage.
The special importance factor is the quality of the company management. It is the quality that is the prerequisite for the business success in today's competitive environment.
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The term value based management is now a symbol of the latest developments in the sphere of financial management and the management technologies that enable effective planning, monitoring and a business strategy choice made to achieve the economic goals set. As the real property are the most durable goods among the durables and are the commodities with the best investment accumulation capabilities, the well-thought-through and efficient real property value-based management is one of the most important factors contributing to the rise of any business' competitiveness level.
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Today the competitive advantages of the company are to a great extent determined by the patens, licenses, trademarks, and goodwill it has. A good example of this is the market activity of the new so called «de-capitalized» companies where there is often a small ordinary capital that are engaged in brand management. It is noteworthy that the market competition development brings about the notion that the asset values are less connected with the actual value of the company and more with the intangible asset value the company has (its brand, goodwill, etc.) Probably this is the reason why the following point of view prevails on the Russian market today: intangible assets are one of the best leverages in the market activity management.
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When the competition is fierce, even the market leaders have to address the rather complex issue of maintaining the leading position. The traditional means (such as the market share increase and the price decrease to enter into the price-based competition) often prove to be inefficient. Today the consumer loyalty is becoming an increasingly important factor contributing to the company success. This is the reason why the competitors have become much more interested in consider¬ing such issues as brand management, its value assessment and the brand use as an instrument in the competition.
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As a rule, sooner or later every businessman asks himself a question: how competitive my competitor is? In what way will he be using his resource in the competition? How can I estimate the efficiency level of the competitors' measures taken to confront me? The competition against a strong competitor raises the risks of the considerable market share loss and if the worst case scenario is implemented, the competitor runs the risks of winding up. Therefore, in order to see the essence of the competition between the leaders and those who aspire to be leaders, it is necessary to find the competitive position assessment methods and identify the characteristics of each of the competitors.
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